M 
18.05
+12.53%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 2.36bn
FY2016FY2025
Net income
BRL 420.4m
FY2016FY2025
Free cash flow
−BRL 142.2m
FY2016FY2025
Shareholders' equity
BRL 1.52bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.36bn | BRL 1.57bn | BRL 1.15bn | BRL 799.5m | BRL 619.6m | BRL 513.3m | BRL 407.8m | BRL 360.0m | BRL 590.6m | BRL 602.8m |
| Gross profit | BRL 816.4m | BRL 526.6m | BRL 399.8m | BRL 266.5m | BRL 225.8m | BRL 139.0m | BRL 161.9m | BRL 70.7m | BRL 165.7m | BRL 79.8m |
| Operating income | BRL 495.0m | BRL 274.8m | BRL 216.5m | BRL 105.3m | BRL 84.7m | −BRL 68.9m | BRL 93.7m | −BRL 54.6m | BRL 97.4m | BRL 10.6m |
| Net income | BRL 420.4m | BRL 251.5m | BRL 155.8m | BRL 105.9m | BRL 83.0m | −BRL 100.1m | −BRL 96.3m | −BRL 202.3m | −BRL 1.2m | −BRL 112.2m |
| Diluted earnings per share | 4.88 | 2.99 | 1.84 | 1.25 | 0.98 | -1.18 | -1.13 | -2.38 | -0.01 | -3.37 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 5.57bn | BRL 4.15bn | BRL 3.44bn | BRL 2.82bn | BRL 2.69bn | BRL 2.08bn | BRL 2.24bn | BRL 1.84bn | BRL 2.19bn | BRL 2.29bn |
| Cash and short-term investments | BRL 551.8m | BRL 331.1m | BRL 257.1m | BRL 193.8m | BRL 116.0m | BRL 58.1m | BRL 14.2m | BRL 19.0m | BRL 10.1m | BRL 78.7m |
| Total liabilities | BRL 4.05bn | BRL 2.61bn | BRL 2.10bn | BRL 1.64bn | BRL 1.62bn | BRL 1.08bn | BRL 2.15bn | BRL 1.65bn | BRL 1.78bn | BRL 1.88bn |
| Debt | BRL 876.0m | BRL 511.4m | BRL 338.9m | BRL 125.4m | BRL 124.9m | BRL 125.8m | BRL 1.14bn | BRL 1.21bn | BRL 1.28bn | BRL 1.30bn |
| Shareholders' equity | BRL 1.52bn | BRL 1.54bn | BRL 1.34bn | BRL 1.18bn | BRL 1.07bn | BRL 1.00bn | BRL 81.4m | BRL 170.2m | BRL 357.6m | BRL 362.4m |
| Shares outstanding | 86m | 84m | 85m | 85m | 84m | 85m | 85m | 85m | 85m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −BRL 79.1m | BRL 6.5m | −BRL 150.7m | BRL 78.0m | BRL 95.3m | BRL 33.8m | BRL 136.8m | BRL 131.3m | BRL 66.1m | BRL 13.2m |
| Capital spending | −BRL 63.2m | −BRL 27.2m | −BRL 31.5m | −BRL 20.3m | −BRL 10.3m | −BRL 5.4m | −BRL 1.3m | −BRL 6.1m | −BRL 534,000 | −BRL 10.3m |
| Free cash flow | −BRL 142.2m | −BRL 20.7m | −BRL 182.2m | BRL 57.7m | BRL 85.0m | BRL 28.5m | BRL 135.5m | BRL 125.2m | BRL 65.5m | BRL 3.0m |
| Dividends paid | −BRL 100.7m | −BRL 54.7m | −BRL 428.7m | −BRL 128.5m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 731.1m | BRL 627.8m | BRL 704.7m | BRL 548.3m | BRL 664.9m | BRL 439.0m | BRL 367.7m | BRL 501.7m |
| Gross profit | BRL 280.2m | BRL 249.5m | BRL 225.2m | BRL 226.2m | BRL 221.3m | BRL 148.4m | BRL 115.9m | BRL 166.1m |
| Operating income | BRL 176.9m | BRL 168.7m | BRL 138.7m | BRL 120.3m | BRL 147.0m | BRL 93.3m | BRL 49.0m | BRL 88.7m |
| Net income | BRL 174.0m | BRL 156.1m | BRL 111.9m | BRL 117.8m | BRL 120.6m | BRL 70.2m | BRL 45.0m | BRL 89.2m |
| Diluted earnings per share | 1.67 | 1.50 | 1.30 | 1.37 | 1.40 | 0.82 | 0.54 | 1.06 |
| Cash from operations | −BRL 103.0m | −BRL 78.0m | BRL 16.0m | −BRL 53.0m | −BRL 38.0m | −BRL 4.0m | BRL 25.0m | BRL 22.0m |
| Capital spending | −BRL 12.0m | −BRL 5.0m | −BRL 16.0m | −BRL 16.0m | −BRL 20.0m | −BRL 9.0m | −BRL 5.0m | −BRL 4.0m |
| Free cash flow | −BRL 115.0m | −BRL 83.0m | BRL 0 | −BRL 69.0m | −BRL 58.0m | −BRL 13.0m | BRL 20.0m | BRL 18.0m |
| Total assets | BRL 6.86bn | BRL 6.17bn | BRL 5.57bn | BRL 5.49bn | BRL 4.58bn | BRL 4.21bn | BRL 4.15bn | BRL 3.98bn |
| Cash and short-term investments | BRL 883.7m | BRL 823.7m | BRL 551.8m | BRL 355.4m | BRL 241.9m | BRL 402.9m | BRL 331.1m | BRL 326.6m |
| Debt | BRL 173.6m | BRL 907.3m | BRL 876.0m | BRL 808.9m | BRL 498.3m | BRL 528.5m | BRL 511.4m | BRL 479.7m |
| Shareholders' equity | BRL 2.30bn | BRL 2.12bn | BRL 1.52bn | BRL 1.81bn | BRL 1.69bn | BRL 1.61bn | BRL 1.54bn | BRL 1.55bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 34.6% | 33.5% | 34.7% | 33.3% | 36.4% | 27.1% |
| Operating margin | 20.4% | 20.1% | 18.8% | 19.6% | 19.5% | -10.7% |
| Net margin | 17.8% | 16.0% | 13.5% | 13.2% | 13.4% | -19.5% |
| Return on equity | 27.7% | 16.3% | 11.6% | 9.0% | 7.7% | -10.0% |
| Return on assets | 7.6% | 6.1% | 4.5% | 3.8% | 3.1% | -4.8% |
| Free cash flow yield | -0.6% | 1.3% | -4.6% | 3.8% | 4.1% | 1.5% |
| Revenue growth | 50.1% | 36.4% | 44.0% | 29.0% | 20.7% | 25.9% |
| Earnings growth | 67.2% | 61.4% | 47.1% | 27.7% | -182.9% | 3.9% |
| Current ratio | 2.18x | 2.46x | 2.39x | 2.78x | 1.84x | 2.12x |
| Debt to equity | 0.58x | 0.33x | 0.25x | 0.11x | -0.23x | -0.08x |
| Equity ratio | 27.3% | 37.1% | 39.0% | 41.9% | 39.9% | 48.4% |
| Interest coverage | 7.15x | 16.23x | 9.29x | 5.35x | 5.50x | -1.42x |
| Buybacks as a share of market value | -2.4% | 0.8% | -0.2% | -0.4% | 0.7% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 43.4% | 35.6% | 11.8% |
| Operating income | 67.5% | — | 16.7% |
| Net income | 58.3% | — | 28.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.2% | 34.2% | 33.9% | 31.5% |
| Operating margin | 19.6% | 18.6% | 15.8% | 14.0% |
| Net margin | 17.1% | 15.9% | 13.1% | 5.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 3.9 | 2.5 | 5.0 | 3.2 | 4.1 | -6.8 |
| Price to sales | 0.7 | 0.4 | 0.7 | 0.4 | 0.5 | 1.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 2 Jan 2026.
| FY2025 | FY2024 | |
|---|---|---|
| Paid in the year | 5.331 | 0.646 |
- 111-for-100 split · 2 Jan 2026
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.