M 
15.35
+3.30%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 18.85bn
FY2016FY2025
Net income
BRL 3.28bn
FY2016FY2025
Free cash flow
−BRL 3.89bn
FY2016FY2025
Shareholders' equity
BRL 15.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 18.85bn | BRL 21.78bn | BRL 18.93bn | BRL 19.18bn | BRL 12.24bn | BRL 9.89bn | BRL 10.59bn | BRL 9.72bn | BRL 10.56bn | BRL 10.00bn |
| Gross profit | BRL 8.94bn | BRL 7.34bn | BRL 8.12bn | BRL 11.44bn | BRL 4.64bn | BRL 3.43bn | BRL 4.49bn | BRL 3.86bn | BRL 3.94bn | BRL 3.43bn |
| Research and development | — | — | — | BRL 143,000 | BRL 465,000 | — | BRL 1.5m | — | — | — |
| Operating income | BRL 7.19bn | BRL 5.18bn | BRL 6.04bn | BRL 10.17bn | BRL 3.17bn | BRL 1.80bn | BRL 3.42bn | BRL 2.19bn | BRL 3.76bn | BRL 4.30bn |
| Net income | BRL 3.28bn | BRL 1.25bn | BRL 1.70bn | BRL 4.13bn | BRL 695.6m | BRL 86.1m | BRL 1.44bn | BRL 782.7m | BRL 1.80bn | BRL 1.71bn |
| Diluted earnings per share | 1.62 | 0.62 | 0.84 | 2.05 | 0.34 | 0.04 | 0.71 | 0.39 | 0.90 | 0.91 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 71.01bn | BRL 59.10bn | BRL 54.64bn | BRL 50.55bn | BRL 41.36bn | BRL 33.45bn | BRL 33.26bn | BRL 30.82bn | BRL 30.61bn | BRL 24.56bn |
| Cash and short-term investments | BRL 7.67bn | BRL 6.39bn | BRL 7.00bn | BRL 8.12bn | BRL 5.68bn | BRL 6.18bn | BRL 4.97bn | BRL 3.01bn | BRL 4.81bn | BRL 2.82bn |
| Total liabilities | BRL 54.73bn | BRL 45.10bn | BRL 41.57bn | BRL 38.72bn | BRL 32.79bn | BRL 25.51bn | BRL 24.82bn | BRL 22.38bn | BRL 22.12bn | BRL 20.41bn |
| Debt | BRL 37.27bn | BRL 33.90bn | BRL 30.67bn | BRL 29.05bn | BRL 26.92bn | BRL 20.07bn | BRL 19.18bn | BRL 17.03bn | BRL 16.91bn | BRL 16.19bn |
| Shareholders' equity | BRL 15.79bn | BRL 13.61bn | BRL 12.46bn | BRL 11.46bn | BRL 8.26bn | BRL 7.74bn | BRL 8.14bn | BRL 8.23bn | BRL 8.16bn | BRL 3.90bn |
| Shares outstanding | 2,020m | 2,020m | 2,023m | 2,020m | 2,020m | 2,020m | 2,020m | 2,020m | 1,994m | 1,887m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 5.75bn | BRL 7.17bn | BRL 6.82bn | BRL 6.49bn | BRL 4.59bn | BRL 4.15bn | BRL 5.00bn | BRL 3.69bn | BRL 3.34bn | BRL 4.19bn |
| Capital spending | −BRL 9.63bn | −BRL 6.33bn | −BRL 5.44bn | −BRL 2.99bn | −BRL 9.52bn | −BRL 1.24bn | −BRL 1.37bn | −BRL 2.32bn | −BRL 1.98bn | −BRL 2.68bn |
| Free cash flow | −BRL 3.89bn | BRL 841.6m | BRL 1.38bn | BRL 3.50bn | −BRL 4.93bn | BRL 2.91bn | BRL 3.63bn | BRL 1.37bn | BRL 1.36bn | BRL 1.51bn |
| Dividends paid | −BRL 974.7m | −BRL 748.7m | −BRL 382.4m | −BRL 769.1m | −BRL 275.2m | −BRL 972.8m | −BRL 1.54bn | −BRL 1.21bn | −BRL 1.27bn | −BRL 1.25bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 4.83bn | BRL 4.38bn | BRL 3.25bn | BRL 6.35bn | BRL 4.66bn | BRL 4.60bn | BRL 6.21bn | BRL 5.59bn |
| Gross profit | BRL 2.21bn | BRL 2.32bn | BRL 1.14bn | BRL 3.51bn | BRL 2.05bn | BRL 2.25bn | BRL 1.83bn | BRL 2.03bn |
| Operating income | BRL 1.72bn | BRL 1.47bn | BRL 906.0m | BRL 2.88bn | BRL 1.41bn | BRL 1.53bn | BRL 941.9m | BRL 1.45bn |
| Net income | BRL 1.41bn | BRL 627.0m | BRL 605.8m | BRL 1.23bn | BRL 897.2m | BRL 545.1m | BRL 217.9m | BRL 422.0m |
| Diluted earnings per share | 0.70 | 0.31 | 0.30 | 0.61 | 0.44 | 0.27 | 0.11 | 0.21 |
| Cash from operations | BRL 2.15bn | BRL 378.0m | −BRL 136.0m | BRL 2.20bn | BRL 1.80bn | BRL 1.25bn | BRL 1.92bn | BRL 2.04bn |
| Capital spending | −BRL 1.68bn | −BRL 142.0m | −BRL 2.16bn | −BRL 144.0m | −BRL 1.55bn | −BRL 3.91bn | −BRL 2.05bn | −BRL 1.79bn |
| Free cash flow | BRL 467.0m | BRL 236.0m | −BRL 2.30bn | BRL 2.06bn | BRL 255.0m | −BRL 2.66bn | −BRL 130.0m | BRL 253.0m |
| Total assets | BRL 79.12bn | BRL 76.06bn | BRL 71.01bn | BRL 69.27bn | BRL 64.51bn | BRL 62.67bn | BRL 59.10bn | BRL 59.08bn |
| Cash and short-term investments | BRL 10.65bn | BRL 9.31bn | BRL 7.67bn | BRL 7.71bn | BRL 6.36bn | BRL 6.27bn | BRL 6.39bn | BRL 8.39bn |
| Debt | BRL 43.54bn | BRL 40.15bn | BRL 37.27bn | BRL 40.28bn | BRL 38.98bn | BRL 37.67bn | BRL 34.13bn | BRL 34.43bn |
| Shareholders' equity | BRL 17.74bn | BRL 16.34bn | BRL 15.79bn | BRL 15.55bn | BRL 14.70bn | BRL 14.20bn | BRL 13.61bn | BRL 13.51bn |
Financial ratios
Data as of 22 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 47.4% | 33.7% | 42.9% | 59.7% | 37.9% | 34.6% | — | — |
| Operating margin | 38.1% | 23.8% | 31.9% | 53.0% | 27.5% | 25.7% | — | — |
| Net margin | 17.4% | 5.7% | 9.0% | 21.5% | 5.7% | 0.9% | — | — |
| Return on equity | 20.8% | 9.2% | 13.7% | 36.1% | 8.4% | 1.1% | — | — |
| Return on assets | 4.6% | 2.1% | 3.1% | 8.2% | 1.7% | 0.3% | — | — |
| Free cash flow yield | 46.1% | 40.5% | 36.7% | 28.4% | 42.3% | 16.2% | — | — |
| Revenue growth | -13.5% | 15.1% | -1.3% | 56.7% | 23.8% | -6.6% | — | — |
| Earnings growth | 162.6% | -26.8% | -58.8% | 494.1% | 707.8% | -94.0% | — | — |
| Current ratio | 1.54x | 1.70x | 1.30x | 1.17x | 1.35x | 1.07x | — | — |
| Debt to equity | 2.36x | 2.51x | 2.48x | 2.56x | 0.43x | 0.66x | — | — |
| Equity ratio | 22.2% | 23.0% | 22.8% | 22.7% | 20.0% | 23.1% | — | — |
| Interest coverage | 2.48x | 1.90x | 1.88x | 2.98x | 2.39x | 2.11x | — | — |
| R&D as a share of sales | — | — | — | 0.0% | 0.0% | — | 0.0% | 0.1% |
| Buybacks as a share of market value | 0.0% | 0.1% | -0.1% | 0.0% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.6% | 13.8% | 8.3% |
| Operating income | -10.9% | 31.9% | 10.9% |
| Net income | -7.4% | 107.1% | 14.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 40.1% | 45.5% | 43.5% | 41.8% |
| Operating margin | 30.4% | 36.3% | 33.3% | 33.1% |
| Net margin | 11.1% | 13.2% | 11.1% | 11.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 9.3 | 16.4 | 16.8 | 5.3 | 33.7 | 316.0 | 26.7 | 28.9 | 17.9 | 17.6 |
| Price to sales | 1.6 | 0.9 | 1.5 | 1.1 | 1.9 | 2.8 | 3.6 | 2.3 | 3.0 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 23 years. Last went ex-dividend on 8 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.785 | 0.485 | 0.417 | 0.193 | 0.38 | 0.144 | 0.482 | 0.508 |
- 4-for-1 split · 28 Nov 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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