O 
18.84
+3.63%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 1.05bn
FY2014FY2025
Net income
BRL 60.1m
FY2014FY2025
Free cash flow
−BRL 388.1m
FY2014FY2025
Shareholders' equity
BRL 1.44bn
FY2014FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.05bn | BRL 903.5m | BRL 776.3m | BRL 626.2m | BRL 435.5m | BRL 392.0m | BRL 348.2m | BRL 295.9m | BRL 231.6m | BRL 174.7m |
| Operating income | BRL 311.0m | BRL 262.5m | BRL 242.8m | BRL 49.8m | BRL 79.0m | BRL 95.7m | BRL 61.1m | BRL 43.1m | BRL 2.5m | BRL 28.8m |
| Net income | BRL 60.1m | BRL 60.9m | BRL 40.1m | −BRL 149.0m | −BRL 62.0m | BRL 20.1m | −BRL 19.5m | BRL 64.3m | −BRL 144.1m | −BRL 26.2m |
| Diluted earnings per share | 0.16 | 0.18 | 0.12 | -0.52 | -0.22 | 0.08 | -0.07 | 0.22 | -0.50 | -0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 4.34bn | BRL 3.33bn | BRL 2.26bn | BRL 2.07bn | BRL 1.21bn | BRL 670.9m | BRL 653.1m | BRL 703.4m | BRL 714.1m | BRL 642.4m |
| Cash and short-term investments | BRL 922.4m | BRL 601.8m | BRL 323.0m | BRL 240.8m | BRL 401.4m | BRL 16.6m | BRL 13.8m | BRL 12.1m | BRL 10.7m | BRL 51.8m |
| Total liabilities | BRL 2.79bn | BRL 2.46bn | BRL 1.52bn | BRL 1.49bn | BRL 836.6m | BRL 588.1m | BRL 751.5m | BRL 785.2m | BRL 862.6m | BRL 606.0m |
| Debt | BRL 2.23bn | BRL 1.97bn | BRL 1.18bn | BRL 1.07bn | BRL 577.2m | BRL 337.4m | BRL 459.5m | BRL 508.9m | BRL 611.9m | BRL 93.5m |
| Shareholders' equity | BRL 1.44bn | BRL 778.2m | BRL 706.0m | BRL 550.5m | BRL 355.6m | BRL 67.4m | −BRL 110.2m | −BRL 90.7m | −BRL 155.0m | BRL 36.4m |
| Shares outstanding | 385m | 332m | 332m | 286m | 287m | 252m | 287m | 287m | 287m | 287m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 242.9m | BRL 184.0m | BRL 35.5m | BRL 12.7m | −BRL 93.2m | BRL 86.0m | BRL 59.2m | BRL 68.2m | BRL 46.8m | — |
| Capital spending | −BRL 631.0m | −BRL 556.1m | −BRL 255.3m | −BRL 197.3m | −BRL 122.8m | −BRL 41.8m | −BRL 38.0m | −BRL 39.5m | −BRL 82.3m | — |
| Free cash flow | −BRL 388.1m | −BRL 372.1m | −BRL 219.9m | −BRL 184.7m | −BRL 216.0m | BRL 44.2m | BRL 21.2m | BRL 28.7m | −BRL 35.4m | — |
| Dividends paid | — | — | — | −BRL 21.6m | −BRL 4.5m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 622.8m | BRL 331.1m | BRL 264.3m | BRL 281.1m | BRL 264.2m | BRL 240.8m | BRL 230.2m | BRL 249.1m |
| Operating income | BRL 107.2m | BRL 91.0m | BRL 79.2m | BRL 79.5m | BRL 79.6m | BRL 53.0m | BRL 42.8m | BRL 84.3m |
| Net income | −BRL 11.1m | BRL 18.8m | BRL 19.3m | BRL 23.3m | BRL 23.8m | −BRL 6.3m | −BRL 10.5m | BRL 37.1m |
| Diluted earnings per share | -0.03 | 0.04 | 0.05 | 0.06 | 0.06 | -0.02 | -0.03 | 0.11 |
| Cash from operations | −BRL 546.0m | BRL 79.0m | BRL 72.0m | BRL 3.0m | BRL 119.0m | BRL 47.0m | BRL 97.0m | BRL 27.0m |
| Capital spending | −BRL 232.0m | −BRL 169.0m | −BRL 166.0m | −BRL 138.0m | −BRL 211.0m | −BRL 114.0m | −BRL 188.0m | −BRL 171.0m |
| Free cash flow | −BRL 778.0m | −BRL 90.0m | −BRL 94.0m | −BRL 135.0m | −BRL 92.0m | −BRL 67.0m | −BRL 91.0m | −BRL 144.0m |
| Total assets | BRL 11.33bn | BRL 4.45bn | BRL 4.34bn | BRL 4.22bn | BRL 4.05bn | BRL 3.39bn | BRL 3.33bn | BRL 3.33bn |
| Cash and short-term investments | BRL 1.54bn | BRL 870.1m | BRL 922.4m | BRL 1.06bn | BRL 1.01bn | BRL 549.6m | BRL 601.8m | BRL 794.2m |
| Debt | BRL 347.6m | BRL 2.28bn | BRL 2.28bn | BRL 2.19bn | BRL 1.99bn | BRL 2.04bn | BRL 1.97bn | BRL 1.99bn |
| Shareholders' equity | BRL 4.85bn | BRL 1.46bn | BRL 1.44bn | BRL 1.42bn | BRL 1.40bn | BRL 771.8m | BRL 778.2m | BRL 784.1m |
Financial ratios
Data as of 11 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 29.6% | 31.7% | 31.3% | 3.6% | 24.4% | 25.7% |
| Net margin | 5.7% | 6.7% | 5.2% | -23.8% | -14.2% | 5.1% |
| Return on equity | 4.2% | 7.8% | 5.7% | -27.1% | -17.4% | 29.8% |
| Return on assets | 1.4% | 1.8% | 1.8% | -7.2% | -5.1% | 3.0% |
| Free cash flow yield | 10.3% | 10.1% | 4.0% | 3.3% | 0.5% | 2.3% |
| Revenue growth | 16.3% | 16.4% | 24.0% | 43.8% | 11.1% | 12.6% |
| Earnings growth | -1.2% | 51.8% | -126.9% | 140.2% | -409.1% | -203.0% |
| Current ratio | 2.36x | 2.15x | 2.29x | 1.80x | 3.19x | 0.78x |
| Debt to equity | 1.51x | 2.46x | 1.64x | 1.87x | 1.59x | 4.91x |
| Equity ratio | 33.2% | 23.3% | 31.2% | 26.6% | 29.5% | 10.1% |
| Interest coverage | 1.11x | 1.40x | 1.43x | 0.19x | 0.84x | 1.88x |
| Buybacks as a share of market value | -15.9% | 0.0% | -16.0% | 0.3% | -13.8% | 12.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.8% | 21.8% | 18.7% |
| Operating income | 84.2% | 26.6% | — |
| Net income | — | 24.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 29.4% | 25.8% | 24.9% | 20.6% |
| Net margin | 6.2% | 0.4% | -0.7% | -5.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 110.3 | 51.6 | 79.9 | -16.2 | -31.0 |
| Price to sales | 6.3 | 3.5 | 4.1 | 3.9 | 4.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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