M 
28.04
+3.05%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 2.74bn
FY2016FY2025
Net income
BRL 1.14bn
FY2016FY2025
Free cash flow
BRL 1.35bn
FY2016FY2025
Shareholders' equity
BRL 6.30bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.74bn | BRL 2.54bn | BRL 2.03bn | BRL 1.80bn | BRL 1.29bn | BRL 1.08bn | BRL 1.31bn | BRL 1.23bn | BRL 1.16bn | BRL 1.11bn |
| Gross profit | BRL 2.08bn | BRL 2.12bn | BRL 1.74bn | BRL 1.46bn | BRL 1.02bn | BRL 806.8m | BRL 1.03bn | BRL 950.2m | BRL 883.1m | BRL 848.9m |
| Research and development | — | — | BRL 1 | BRL 0 | BRL 0 | BRL 1 | BRL 0 | BRL 0 | BRL 0 | BRL 0 |
| Operating income | BRL 1.87bn | BRL 1.71bn | BRL 1.36bn | BRL 1.20bn | BRL 622.4m | BRL 1.15bn | BRL 698.9m | BRL 736.5m | BRL 635.7m | BRL 654.2m |
| Net income | BRL 1.14bn | BRL 1.34bn | BRL 1.02bn | BRL 769.3m | BRL 453.1m | BRL 964.2m | BRL 471.0m | BRL 472.9m | BRL 369.4m | BRL 311.9m |
| Diluted earnings per share | 2.31 | 2.38 | 1.75 | 1.31 | 0.76 | 1.61 | 0.78 | 0.79 | 0.66 | 0.53 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 13.15bn | BRL 12.51bn | BRL 11.54bn | BRL 10.88bn | BRL 10.66bn | BRL 10.56bn | BRL 9.58bn | BRL 8.88bn | BRL 8.64bn | BRL 7.95bn |
| Cash and short-term investments | BRL 771.9m | BRL 1.19bn | BRL 1.18bn | BRL 1.02bn | BRL 778.5m | BRL 1.22bn | BRL 908.0m | BRL 855.8m | BRL 896.0m | BRL 467.4m |
| Total liabilities | BRL 6.86bn | BRL 6.87bn | BRL 4.60bn | BRL 4.29bn | BRL 4.30bn | BRL 4.33bn | BRL 3.99bn | BRL 3.52bn | BRL 3.44bn | BRL 3.50bn |
| Debt | BRL 5.44bn | BRL 5.43bn | BRL 3.17bn | BRL 2.96bn | BRL 3.02bn | BRL 3.12bn | BRL 3.10bn | BRL 2.81bn | BRL 2.73bn | BRL 2.88bn |
| Shareholders' equity | BRL 6.30bn | BRL 5.65bn | BRL 6.93bn | BRL 6.58bn | BRL 6.36bn | BRL 6.23bn | BRL 5.59bn | BRL 5.34bn | BRL 5.19bn | BRL 4.45bn |
| Shares outstanding | 493m | 563m | 584m | 589m | 595m | 598m | 602m | 597m | 562m | 587m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.35bn | BRL 1.49bn | BRL 1.19bn | BRL 1.20bn | BRL 701.7m | BRL 508.9m | BRL 961.4m | BRL 853.0m | BRL 714.8m | BRL 650.9m |
| Capital spending | −BRL 2.7m | −BRL 37.8m | −BRL 26.0m | −BRL 25.2m | −BRL 21.9m | −BRL 21.1m | −BRL 41.6m | −BRL 71.2m | −BRL 16.3m | −BRL 8.4m |
| Free cash flow | BRL 1.35bn | BRL 1.45bn | BRL 1.16bn | BRL 1.18bn | BRL 679.8m | BRL 487.8m | BRL 919.9m | BRL 781.9m | BRL 698.5m | BRL 642.5m |
| Dividends paid | −BRL 492.0m | −BRL 513.4m | −BRL 384.2m | −BRL 208.4m | −BRL 237.0m | −BRL 148.4m | −BRL 225.3m | −BRL 301.1m | −BRL 81.3m | −BRL 115.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 846.8m | BRL 827.0m | BRL 901.8m | BRL 617.5m | BRL 694.1m | BRL 525.7m | BRL 936.3m | BRL 545.2m |
| Gross profit | BRL 725.3m | BRL 555.4m | BRL 620.0m | BRL 488.8m | BRL 530.8m | BRL 440.6m | BRL 761.7m | BRL 457.1m |
| Operating income | BRL 664.5m | BRL 481.5m | BRL 673.6m | BRL 403.7m | BRL 426.5m | BRL 361.8m | BRL 630.8m | BRL 366.8m |
| Net income | BRL 427.4m | BRL 316.1m | BRL 421.6m | BRL 221.1m | BRL 264.4m | BRL 234.0m | BRL 512.5m | BRL 279.6m |
| Diluted earnings per share | 0.86 | 0.64 | 0.85 | 0.45 | 0.54 | 0.47 | 0.91 | 0.50 |
| Cash from operations | BRL 246.0m | BRL 384.0m | BRL 532.0m | BRL 338.0m | BRL 235.0m | BRL 332.0m | BRL 537.0m | BRL 259.0m |
| Capital spending | — | −BRL 12.0m | — | — | −BRL 8.0m | −BRL 8.0m | −BRL 13.0m | −BRL 7.0m |
| Free cash flow | — | BRL 372.0m | — | — | BRL 227.0m | BRL 324.0m | BRL 524.0m | BRL 252.0m |
| Total assets | BRL 13.21bn | BRL 13.29bn | BRL 13.15bn | BRL 12.80bn | BRL 12.31bn | BRL 12.62bn | BRL 12.51bn | BRL 12.38bn |
| Cash and short-term investments | BRL 506.8m | BRL 913.9m | BRL 771.9m | BRL 1.06bn | BRL 742.3m | BRL 1.24bn | BRL 1.19bn | BRL 1.42bn |
| Debt | BRL 5.06bn | BRL 5.42bn | BRL 5.44bn | BRL 5.49bn | BRL 5.12bn | BRL 5.47bn | BRL 5.43bn | BRL 3.60bn |
| Shareholders' equity | BRL 6.76bn | BRL 6.48bn | BRL 6.30bn | BRL 6.02bn | BRL 5.91bn | BRL 5.75bn | BRL 5.65bn | BRL 7.34bn |
Financial ratios
Data as of 29 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 75.9% | 83.4% | 85.5% | 81.1% | 78.9% | 74.6% | — | — |
| Operating margin | 68.1% | 67.2% | 66.9% | 66.6% | 48.3% | 106.5% | — | — |
| Net margin | 41.7% | 52.7% | 50.3% | 42.8% | 35.2% | 89.1% | — | — |
| Return on equity | 18.1% | 23.8% | 14.7% | 11.7% | 7.1% | 15.5% | — | — |
| Return on assets | 8.7% | 10.7% | 8.8% | 7.1% | 4.2% | 9.1% | — | — |
| Free cash flow yield | 9.1% | 9.0% | 6.9% | 6.9% | 4.0% | 2.9% | — | — |
| Revenue growth | 7.6% | 25.4% | 12.9% | 39.5% | 19.1% | -17.2% | — | — |
| Earnings growth | -14.9% | 31.4% | 32.6% | 69.8% | -53.0% | 104.7% | — | — |
| Current ratio | 1.25x | 1.43x | 1.42x | 1.37x | 1.45x | 1.84x | — | — |
| Debt to equity | 0.86x | 0.96x | 0.46x | 0.45x | 0.48x | 0.50x | — | — |
| Equity ratio | 47.9% | 45.1% | 60.1% | 60.5% | 59.7% | 59.0% | — | — |
| Interest coverage | 2.72x | 4.90x | 3.94x | 3.23x | 3.50x | 8.37x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 12.4% | 3.6% | 0.8% | 1.1% | 0.5% | 0.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.1% | 20.4% | 9.9% |
| Operating income | 15.9% | 10.1% | 11.5% |
| Net income | 14.0% | 3.4% | 12.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 79.5% | 81.2% | 80.3% | 79.3% |
| Operating margin | 67.7% | 67.3% | 68.9% | 64.9% |
| Net margin | 47.0% | 46.9% | 49.6% | 44.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.8 | 8.9 | 16.3 | 16.8 | 24.6 | 14.6 | 42.3 | 30.7 | 35.9 | 37.0 |
| Price to sales | 4.9 | 4.7 | 8.2 | 7.2 | 8.7 | 13.0 | 15.3 | 11.8 | 11.5 | 10.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 1 Oct 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.855 | 1.023 | 1.033 | 0.996 | 0.717 | 0.499 | 0.455 | 0.47 |
- 3-for-1 split · 23 Jul 2018
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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