M 
16.10
-0.25%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 1.84bn
FY2016FY2025
Net income
BRL 300.8m
FY2016FY2025
Free cash flow
BRL 96.6m
FY2016FY2025
Shareholders' equity
BRL 1.57bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.84bn | BRL 1.58bn | BRL 1.38bn | BRL 1.09bn | BRL 738.1m | BRL 506.3m | BRL 439.5m | BRL 311.0m | BRL 297.9m | BRL 396.6m |
| Gross profit | BRL 1.05bn | BRL 977.7m | BRL 887.8m | BRL 695.1m | BRL 403.0m | BRL 199.4m | BRL 157.0m | BRL 39.0m | −BRL 16.8m | BRL 83.0m |
| Operating income | BRL 618.0m | BRL 508.4m | BRL 469.5m | BRL 322.4m | BRL 146.6m | BRL 15.6m | −BRL 36.9m | −BRL 116.6m | −BRL 162.8m | −BRL 75.9m |
| Net income | BRL 300.8m | BRL 284.9m | BRL 277.9m | BRL 216.5m | BRL 102.5m | −BRL 4.7m | −BRL 45.0m | −BRL 95.0m | −BRL 138.4m | −BRL 99.4m |
| Diluted earnings per share | 1.25 | 1.26 | 1.15 | 1.04 | 0.49 | -0.02 | -0.18 | -0.59 | -0.80 | -0.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 4.11bn | BRL 3.87bn | BRL 2.74bn | BRL 2.59bn | BRL 1.45bn | BRL 1.48bn | BRL 1.38bn | BRL 1.01bn | BRL 1.22bn | BRL 1.51bn |
| Cash and short-term investments | BRL 590.2m | BRL 768.8m | BRL 546.9m | BRL 780.1m | BRL 202.7m | BRL 378.9m | BRL 124.9m | BRL 60.6m | BRL 67.8m | BRL 330.7m |
| Total liabilities | BRL 2.53bn | BRL 2.42bn | BRL 1.28bn | BRL 1.35bn | BRL 357.0m | BRL 377.5m | BRL 268.5m | BRL 264.3m | BRL 377.0m | BRL 512.8m |
| Debt | BRL 1.87bn | BRL 1.90bn | BRL 997.8m | BRL 972.2m | BRL 201.5m | BRL 264.0m | BRL 150.2m | BRL 181.2m | BRL 299.4m | BRL 450.1m |
| Shareholders' equity | BRL 1.57bn | BRL 1.45bn | BRL 1.46bn | BRL 1.24bn | BRL 1.09bn | BRL 1.10bn | BRL 1.11bn | BRL 750.3m | BRL 846.6m | BRL 997.9m |
| Shares outstanding | 241m | 227m | 242m | 208m | 208m | 250m | 250m | 161m | 173m | 173m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 148.9m | −BRL 57.4m | −BRL 124.4m | BRL 144.8m | BRL 134.7m | BRL 150.2m | BRL 85.9m | BRL 40.2m | BRL 24.5m | BRL 133.1m |
| Capital spending | −BRL 52.4m | −BRL 41.9m | −BRL 44.6m | −BRL 61.6m | −BRL 36.5m | −BRL 10.2m | −BRL 5.4m | −BRL 2.9m | −BRL 12.0m | −BRL 3.6m |
| Free cash flow | BRL 96.6m | −BRL 99.3m | −BRL 169.0m | BRL 83.2m | BRL 98.2m | BRL 140.0m | BRL 80.4m | BRL 37.3m | BRL 12.5m | BRL 129.5m |
| Dividends paid | — | −BRL 33.9m | −BRL 1.2m | −BRL 12.8m | −BRL 8.1m | −BRL 8.1m | −BRL 8.1m | −BRL 8.1m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 472.2m | BRL 461.2m | BRL 492.7m | BRL 482.7m | BRL 450.1m | BRL 412.4m | BRL 432.6m | BRL 419.5m |
| Gross profit | BRL 270.9m | BRL 255.4m | BRL 273.7m | BRL 301.9m | BRL 288.0m | BRL 264.6m | BRL 266.7m | BRL 264.5m |
| Operating income | BRL 163.6m | BRL 189.1m | BRL 160.6m | BRL 155.0m | BRL 178.6m | BRL 160.8m | BRL 141.8m | BRL 156.9m |
| Net income | BRL 106.3m | BRL 197.0m | BRL 78.5m | BRL 67.3m | BRL 87.2m | BRL 67.8m | BRL 75.6m | BRL 70.8m |
| Diluted earnings per share | 0.46 | 0.84 | 0.33 | 0.28 | 0.36 | 0.28 | 0.33 | 0.31 |
| Cash from operations | BRL 84.0m | BRL 171.0m | BRL 162.0m | — | −BRL 60.0m | BRL 46.0m | −BRL 57.0m | −BRL 4.0m |
| Capital spending | −BRL 8.0m | −BRL 10.0m | −BRL 15.0m | −BRL 18.0m | −BRL 10.0m | −BRL 7.0m | −BRL 14.0m | −BRL 12.0m |
| Free cash flow | BRL 76.0m | BRL 161.0m | BRL 147.0m | — | −BRL 70.0m | BRL 39.0m | −BRL 71.0m | −BRL 16.0m |
| Total assets | BRL 4.22bn | BRL 4.33bn | BRL 4.11bn | BRL 4.48bn | BRL 3.78bn | BRL 3.89bn | BRL 3.87bn | BRL 3.59bn |
| Cash and short-term investments | BRL 642.1m | BRL 723.9m | BRL 590.2m | BRL 913.4m | BRL 519.2m | BRL 715.9m | BRL 768.8m | BRL 675.3m |
| Debt | BRL 130.4m | BRL 1.81bn | BRL 1.91bn | BRL 2.30bn | BRL 1.76bn | BRL 1.90bn | BRL 1.90bn | BRL 1.65bn |
| Shareholders' equity | BRL 1.89bn | BRL 1.78bn | BRL 1.57bn | BRL 1.68bn | BRL 1.53bn | BRL 1.49bn | BRL 1.45bn | BRL 1.46bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 57.2% | 62.1% | 64.4% | 63.6% | 54.6% | 39.4% |
| Operating margin | 33.6% | 37.1% | 39.2% | 34.3% | 21.8% | 3.4% |
| Net margin | 16.4% | 18.1% | 20.2% | 19.8% | 13.9% | -0.9% |
| Return on equity | 19.1% | 19.7% | 19.0% | 17.5% | 9.4% | -0.4% |
| Return on assets | 7.3% | 7.4% | 10.1% | 8.4% | 7.1% | -0.3% |
| Free cash flow yield | 5.2% | -0.4% | -2.0% | 6.1% | 5.1% | 4.0% |
| Revenue growth | 16.7% | 14.3% | 26.2% | 48.0% | 45.8% | 15.2% |
| Earnings growth | 5.6% | 2.5% | 28.4% | 111.3% | -2259.0% | -89.4% |
| Current ratio | 2.20x | 2.23x | 2.62x | 2.84x | 2.61x | 3.84x |
| Debt to equity | 1.15x | 1.27x | 0.64x | 0.74x | 0.15x | 0.20x |
| Equity ratio | 38.3% | 37.4% | 53.2% | 47.8% | 75.2% | 74.4% |
| Interest coverage | 1.94x | 2.95x | 3.65x | 6.01x | 8.04x | 1.18x |
| Buybacks as a share of market value | -6.2% | 6.0% | -15.9% | -0.2% | 17.0% | -0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.9% | 29.4% | 12.3% |
| Operating income | 24.2% | 108.6% | — |
| Net income | 11.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 59.4% | 61.4% | 59.1% | 51.5% |
| Operating margin | 33.0% | 32.6% | 29.2% | 17.0% |
| Net margin | 17.2% | 18.4% | 16.5% | 7.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 10.7 | 6.8 | 11.8 | 11.0 | 13.0 | -324.2 | -58.0 | -7.2 | -5.2 | -6.8 |
| Price to sales | 1.8 | 1.2 | 2.4 | 2.2 | 1.8 | 3.0 | 5.9 | 2.2 | 2.4 | 1.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 22 Apr 2026.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2014 | FY2013 | FY2012 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.126 | 0.623 | 0.298 | 0.262 | 0.139 | 0.228 | 0.507 | 0.184 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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