I
9.82
+4.25%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 15.37bn
FY2016FY2025
Net income
BRL 98.4m
FY2016FY2025
Free cash flow
−BRL 160.2m
FY2016FY2025
Shareholders' equity
BRL 4.32bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 15.37bn | BRL 15.33bn | BRL 14.96bn | BRL 16.95bn | BRL 13.69bn | BRL 8.76bn | BRL 10.02bn | BRL 9.62bn | BRL 7.49bn | BRL 6.82bn |
| Gross profit | BRL 1.85bn | BRL 1.82bn | BRL 1.51bn | BRL 1.81bn | BRL 1.70bn | BRL 565.3m | BRL 1.19bn | BRL 1.32bn | BRL 1.15bn | BRL 971.8m |
| Operating income | BRL 934.0m | BRL 1.17bn | BRL 790.0m | BRL 1.16bn | BRL 1.29bn | −BRL 53.3m | BRL 676.3m | BRL 701.5m | BRL 496.6m | BRL 479.3m |
| Net income | BRL 98.4m | BRL 264.7m | BRL 30.7m | BRL 278.9m | BRL 537.2m | −BRL 491.8m | BRL 337.4m | BRL 201.3m | BRL 6.4m | BRL 21.5m |
| Diluted earnings per share | 0.66 | 1.77 | 0.21 | 1.85 | 3.53 | -3.23 | 2.14 | 1.29 | 0.04 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 14.39bn | BRL 15.96bn | BRL 14.53bn | BRL 15.20bn | BRL 14.52bn | BRL 12.41bn | BRL 9.38bn | BRL 9.02bn | BRL 7.92bn | BRL 7.06bn |
| Cash and short-term investments | BRL 1.60bn | BRL 2.46bn | BRL 2.96bn | BRL 2.29bn | BRL 1.09bn | BRL 1.61bn | BRL 646.1m | BRL 486.9m | BRL 543.3m | BRL 431.6m |
| Total liabilities | BRL 9.54bn | BRL 10.89bn | BRL 10.45bn | BRL 10.90bn | BRL 10.12bn | BRL 8.61bn | BRL 5.88bn | BRL 5.82bn | BRL 5.29bn | BRL 5.04bn |
| Debt | BRL 5.63bn | BRL 6.39bn | BRL 6.77bn | BRL 6.48bn | BRL 5.53bn | BRL 5.12bn | BRL 3.06bn | BRL 2.81bn | BRL 2.84bn | BRL 3.06bn |
| Shareholders' equity | BRL 4.32bn | BRL 4.56bn | BRL 3.69bn | BRL 3.92bn | BRL 4.04bn | BRL 3.46bn | BRL 3.23bn | BRL 2.92bn | BRL 2.39bn | BRL 1.78bn |
| Shares outstanding | 150m | 150m | 150m | 151m | 152m | 152m | 157m | 156m | 163m | 95m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 348.4m | BRL 2.20bn | BRL 1.99bn | BRL 1.88bn | −BRL 156.4m | BRL 113.2m | BRL 657.7m | BRL 614.7m | BRL 303.4m | BRL 254.0m |
| Capital spending | −BRL 508.6m | −BRL 590.9m | −BRL 505.2m | −BRL 488.6m | −BRL 470.3m | −BRL 335.8m | −BRL 483.6m | −BRL 470.7m | −BRL 237.5m | −BRL 293.5m |
| Free cash flow | −BRL 160.2m | BRL 1.61bn | BRL 1.49bn | BRL 1.39bn | −BRL 626.7m | −BRL 222.6m | BRL 174.1m | BRL 144.0m | BRL 65.9m | −BRL 39.5m |
| Dividends paid | −BRL 94.5m | −BRL 13.1m | −BRL 105.2m | −BRL 200.9m | −BRL 200.9m | −BRL 126.8m | −BRL 108.7m | −BRL 36.2m | −BRL 10.4m | −BRL 20.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 4.01bn | BRL 3.81bn | BRL 3.52bn | BRL 3.80bn | BRL 4.11bn | BRL 3.94bn | BRL 3.91bn | BRL 3.98bn |
| Gross profit | BRL 485.5m | BRL 441.5m | BRL 412.1m | BRL 460.3m | BRL 534.6m | BRL 443.7m | BRL 483.0m | BRL 477.7m |
| Operating income | BRL 249.7m | BRL 222.8m | BRL 185.5m | BRL 247.3m | BRL 295.0m | BRL 214.6m | BRL 221.2m | BRL 306.2m |
| Net income | BRL 86.9m | BRL 3.9m | −BRL 34.4m | BRL 35.1m | BRL 86.8m | BRL 10.9m | BRL 68.4m | BRL 109.2m |
| Diluted earnings per share | 0.58 | 0.03 | -0.23 | 0.23 | 0.58 | 0.07 | 0.46 | 0.73 |
| Cash from operations | BRL 123.0m | BRL 338.0m | BRL 273.0m | BRL 79.0m | BRL 13.0m | −BRL 16.0m | BRL 604.0m | BRL 771.0m |
| Capital spending | −BRL 81.0m | −BRL 162.0m | −BRL 133.0m | −BRL 87.0m | −BRL 246.0m | −BRL 42.0m | −BRL 184.0m | −BRL 178.0m |
| Free cash flow | BRL 42.0m | BRL 176.0m | BRL 140.0m | −BRL 8.0m | −BRL 233.0m | −BRL 58.0m | BRL 420.0m | BRL 593.0m |
| Total assets | BRL 14.93bn | BRL 14.56bn | BRL 14.39bn | BRL 14.45bn | BRL 14.92bn | BRL 15.33bn | BRL 15.96bn | BRL 15.31bn |
| Cash and short-term investments | BRL 1.87bn | BRL 1.87bn | BRL 1.60bn | BRL 1.62bn | BRL 1.68bn | BRL 1.93bn | BRL 2.46bn | BRL 2.34bn |
| Debt | BRL 5.66bn | BRL 5.71bn | BRL 5.63bn | BRL 5.63bn | BRL 5.60bn | BRL 5.82bn | BRL 6.39bn | BRL 6.21bn |
| Shareholders' equity | BRL 4.10bn | BRL 4.10bn | BRL 4.32bn | BRL 4.20bn | BRL 4.32bn | BRL 4.31bn | BRL 4.56bn | BRL 4.14bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 12.0% | 11.9% | 10.1% | 10.7% | 12.4% | 6.5% | — | — |
| Operating margin | 6.1% | 7.6% | 5.9% | 6.8% | 9.4% | -2.4% | — | — |
| Net margin | 0.6% | 1.7% | 0.2% | 1.6% | 3.9% | -5.6% | — | — |
| Return on equity | 2.3% | 5.8% | 0.8% | 7.1% | 13.3% | -14.2% | — | — |
| Return on assets | 0.7% | 1.7% | 0.2% | 1.8% | 3.7% | -4.0% | — | — |
| Free cash flow yield | 70.5% | 229.1% | 205.6% | 193.2% | 25.4% | 36.3% | — | — |
| Revenue growth | 0.2% | 2.5% | -11.8% | 23.8% | 56.2% | -12.5% | — | — |
| Earnings growth | -62.8% | 761.4% | -89.0% | -48.1% | -209.2% | -245.7% | — | — |
| Current ratio | 1.78x | 1.72x | 1.63x | 1.65x | 1.33x | 1.19x | — | — |
| Debt to equity | 1.30x | 1.40x | 1.83x | 1.65x | 1.37x | 1.48x | — | — |
| Equity ratio | 30.0% | 28.6% | 25.4% | 25.8% | 27.8% | 27.9% | — | — |
| Interest coverage | 1.49x | 2.11x | 1.43x | 1.95x | 3.49x | -0.89x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.0% |
| Buybacks as a share of market value | 0.1% | -0.2% | 0.8% | 1.0% | -0.0% | 3.2% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.2% | 11.9% | 8.4% |
| Operating income | -6.9% | — | 7.6% |
| Net income | -29.3% | — | 7.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 12.0% | 11.2% | 10.9% | 11.7% |
| Operating margin | 6.9% | 6.5% | 6.2% | 6.4% |
| Net margin | 1.2% | 1.1% | 0.8% | 1.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 15.4 | 6.4 | 62.8 | 6.4 | 4.3 | -4.8 | 10.9 | 18.5 | — | 50.3 |
| Price to sales | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.5 | 0.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 21 years. Last went ex-dividend on 6 Oct 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.502 | 0.605 | 0.301 | 0.833 | 1.006 | 0.664 | 0.185 | 0.764 |
- 2-for-1 split · 28 Apr 2010
- 1-to-1 reverse split · 26 Feb 2008
- 20-for-1 split · 25 Apr 2005
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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