M 
4.55
+2.25%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 10.94bn
FY2016FY2025
Net income
−BRL 1.04bn
FY2016FY2025
Free cash flow
−BRL 635.5m
FY2016FY2025
Shareholders' equity
BRL 5.33bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 10.94bn | BRL 9.01bn | BRL 7.43bn | BRL 6.65bn | BRL 7.12bn | BRL 6.65bn | BRL 6.06bn | BRL 5.42bn | BRL 4.76bn | BRL 4.25bn |
| Gross profit | BRL 2.89bn | BRL 2.38bn | BRL 1.69bn | BRL 1.32bn | BRL 1.84bn | BRL 1.87bn | BRL 1.84bn | BRL 1.80bn | BRL 1.61bn | BRL 1.39bn |
| Research and development | — | — | BRL 44.6m | BRL 35.8m | BRL 0 | BRL 0 | BRL 0 | BRL 0 | BRL 0 | BRL 0 |
| Operating income | BRL 1.43bn | BRL 649.9m | BRL 103.0m | BRL 440.1m | BRL 591.0m | BRL 671.9m | BRL 740.7m | BRL 741.9m | BRL 733.7m | BRL 454.8m |
| Net income | −BRL 1.04bn | −BRL 503.2m | −BRL 29.8m | −BRL 176.6m | BRL 804.9m | BRL 550.1m | BRL 690.2m | BRL 690.3m | BRL 653.4m | BRL 557.1m |
| Diluted earnings per share | -1.85 | -0.89 | -0.05 | -0.37 | 1.66 | 1.14 | 1.56 | 1.55 | 1.47 | 1.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 28.53bn | BRL 29.43bn | BRL 25.07bn | BRL 22.60bn | BRL 20.22bn | BRL 18.06bn | BRL 14.69bn | BRL 13.64bn | BRL 14.56bn | BRL 12.42bn |
| Cash and short-term investments | BRL 2.85bn | BRL 3.74bn | BRL 2.74bn | BRL 2.52bn | BRL 2.44bn | BRL 2.68bn | BRL 2.01bn | BRL 2.38bn | BRL 3.08bn | BRL 2.00bn |
| Total liabilities | BRL 22.37bn | BRL 21.96bn | BRL 17.51bn | BRL 16.03bn | BRL 13.63bn | BRL 12.03bn | BRL 9.58bn | BRL 8.76bn | BRL 8.76bn | BRL 6.98bn |
| Debt | BRL 8.60bn | BRL 9.78bn | BRL 7.85bn | BRL 7.43bn | BRL 5.23bn | BRL 4.65bn | BRL 3.20bn | BRL 2.86bn | BRL 3.47bn | BRL 2.31bn |
| Shareholders' equity | BRL 5.33bn | BRL 6.43bn | BRL 6.75bn | BRL 5.83bn | BRL 6.12bn | BRL 5.67bn | BRL 4.84bn | BRL 4.63bn | BRL 5.54bn | BRL 5.18bn |
| Shares outstanding | 563m | 563m | 562m | 483m | 485m | 483m | 443m | 444m | 443m | 441m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −BRL 335.5m | −BRL 400.7m | −BRL 823.9m | −BRL 1.01bn | −BRL 280.8m | BRL 689.9m | −BRL 98.2m | BRL 625.6m | BRL 332.4m | BRL 461.4m |
| Capital spending | −BRL 300.0m | −BRL 267.2m | −BRL 227.1m | −BRL 364.0m | −BRL 179.0m | −BRL 180.0m | −BRL 208.7m | −BRL 191.8m | −BRL 75.4m | −BRL 89.7m |
| Free cash flow | −BRL 635.5m | −BRL 667.9m | −BRL 1.05bn | −BRL 1.37bn | −BRL 459.8m | BRL 510.0m | −BRL 307.0m | BRL 433.8m | BRL 257.0m | BRL 371.7m |
| Dividends paid | — | — | −BRL 999 | −BRL 194.2m | −BRL 310.4m | −BRL 163.9m | −BRL 491.9m | −BRL 455.7m | −BRL 282.4m | −BRL 156.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 3.00bn | BRL 2.78bn | BRL 3.04bn | BRL 2.88bn | BRL 2.71bn | BRL 2.28bn | BRL 2.38bn | BRL 2.44bn |
| Gross profit | BRL 905.9m | BRL 740.5m | BRL 818.2m | BRL 851.6m | BRL 796.8m | BRL 654.1m | BRL 633.0m | BRL 644.7m |
| Operating income | BRL 473.8m | BRL 377.7m | BRL 458.6m | BRL 378.7m | BRL 309.4m | BRL 206.6m | BRL 161.3m | BRL 311.8m |
| Net income | −BRL 626.6m | −BRL 77.7m | BRL 41.4m | BRL 87.0m | −BRL 811.9m | −BRL 358.8m | −BRL 249.8m | −BRL 12.7m |
| Diluted earnings per share | -1.11 | -0.14 | 0.07 | 0.15 | -1.44 | -0.64 | -0.44 | -0.02 |
| Cash from operations | BRL 136.0m | −BRL 233.0m | BRL 94.0m | BRL 83.0m | BRL 240.0m | −BRL 90.0m | −BRL 201.0m | BRL 362.0m |
| Capital spending | −BRL 85.0m | −BRL 65.0m | −BRL 70.0m | −BRL 73.0m | −BRL 77.0m | −BRL 78.0m | −BRL 63.0m | −BRL 65.0m |
| Free cash flow | BRL 51.0m | −BRL 298.0m | BRL 24.0m | BRL 10.0m | BRL 163.0m | −BRL 168.0m | −BRL 264.0m | BRL 297.0m |
| Total assets | BRL 28.35bn | BRL 28.25bn | BRL 28.53bn | BRL 28.46bn | BRL 27.41bn | BRL 28.76bn | BRL 29.43bn | BRL 27.33bn |
| Cash and short-term investments | BRL 3.35bn | BRL 2.90bn | BRL 2.85bn | BRL 3.36bn | BRL 2.55bn | BRL 2.77bn | BRL 3.74bn | BRL 2.19bn |
| Debt | BRL 1.75bn | BRL 8.38bn | BRL 8.60bn | BRL 8.75bn | BRL 7.85bn | BRL 9.36bn | BRL 9.78bn | BRL 8.43bn |
| Shareholders' equity | BRL 4.58bn | BRL 5.21bn | BRL 5.33bn | BRL 5.26bn | BRL 5.16bn | BRL 6.00bn | BRL 6.43bn | BRL 6.57bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 26.4% | 26.4% | 22.7% | 19.8% | 25.9% | 28.2% | — | — |
| Operating margin | -1.4% | 1.7% | 4.5% | 6.6% | 17.9% | 12.6% | — | — |
| Net margin | -9.5% | -5.6% | -0.4% | -2.7% | 11.3% | 8.3% | — | — |
| Return on equity | -19.6% | -7.8% | -0.4% | -3.0% | 13.2% | 9.7% | — | — |
| Return on assets | -3.7% | -1.7% | -0.1% | -0.8% | 4.0% | 3.0% | — | — |
| Free cash flow yield | -0.8% | -3.2% | -14.2% | -17.8% | -2.8% | 24.1% | — | — |
| Revenue growth | 21.4% | 21.3% | 11.8% | -6.6% | 7.1% | 9.8% | — | — |
| Earnings growth | 107.1% | 1587.7% | -83.1% | -121.9% | 46.3% | -20.3% | — | — |
| Current ratio | 8.94x | 1.68x | 2.07x | 2.03x | 2.37x | 2.37x | — | — |
| Debt to equity | 1.61x | 1.52x | 1.16x | 1.27x | 0.86x | 0.82x | — | — |
| Equity ratio | 18.7% | 21.9% | 26.9% | 25.8% | 30.3% | 31.4% | — | — |
| Interest coverage | -0.22x | 0.32x | 0.58x | 1.68x | 19.51x | 23.89x | — | — |
| R&D as a share of sales | — | — | 0.6% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | -0.1% | -16.4% | 0.4% | -0.5% | -9.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.1% | 10.5% | 8.7% |
| Operating income | 48.1% | 16.3% | 11.1% |
| Net income | 80.7% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.4% | 24.3% | 25.1% | 27.5% |
| Operating margin | 10.4% | 7.7% | 8.1% | 9.7% |
| Net margin | -7.7% | -5.1% | -0.8% | 3.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.4 | -3.4 | -122.1 | -12.0 | 4.2 | 9.6 | 8.0 | 4.6 | 5.3 | 4.5 |
| Price to sales | 0.2 | 0.2 | 0.5 | 0.3 | 0.5 | 0.8 | 0.9 | 0.6 | 0.7 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 22 Sept 2022.
| FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.396 | 0.64 | 0.34 | 1.111 | 1.03 | 0.30 | 0.694 | 0.388 |
- 3-for-1 split · 18 Dec 2009
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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