T 
40.72
-0.88%
Close of 10 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 4.62bn
FY2016FY2025
Net income
BRL 1.58bn
FY2016FY2025
Free cash flow
BRL 1.49bn
FY2016FY2025
Shareholders' equity
BRL 7.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 4.62bn | BRL 3.72bn | BRL 3.36bn | BRL 2.62bn | BRL 3.47bn | BRL 3.56bn | BRL 1.84bn | BRL 1.64bn | BRL 1.08bn | BRL 1.39bn |
| Research and development | — | — | — | — | — | — | — | — | — | BRL 79.5m |
| Operating income | BRL 2.28bn | BRL 2.20bn | BRL 1.94bn | BRL 1.88bn | BRL 2.65bn | BRL 2.66bn | BRL 1.25bn | BRL 1.25bn | BRL 757.7m | BRL 1.14bn |
| Net income | BRL 1.58bn | BRL 1.69bn | BRL 1.37bn | BRL 1.45bn | BRL 2.21bn | BRL 2.26bn | BRL 1.11bn | BRL 1.07bn | BRL 648.3m | BRL 862.1m |
| Diluted earnings per share | 4.59 | 4.92 | 3.97 | 4.21 | 6.43 | 6.57 | 3.21 | 3.11 | 1.88 | 2.50 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 22.51bn | BRL 20.43bn | BRL 19.34bn | BRL 17.31bn | BRL 15.90bn | BRL 14.11bn | BRL 11.29bn | BRL 8.62bn | BRL 8.05bn | BRL 8.41bn |
| Cash and short-term investments | BRL 1.29bn | BRL 751.0m | BRL 1.31bn | BRL 1.08bn | BRL 384.8m | BRL 896.0m | BRL 2.42bn | BRL 819.5m | BRL 1.65bn | BRL 1.66bn |
| Total liabilities | BRL 14.90bn | BRL 13.49bn | BRL 12.81bn | BRL 10.74bn | BRL 9.21bn | BRL 8.08bn | BRL 6.30bn | BRL 4.04bn | BRL 3.71bn | BRL 4.10bn |
| Debt | BRL 10.97bn | BRL 9.80bn | BRL 9.70bn | BRL 8.16bn | BRL 6.80bn | BRL 6.25bn | BRL 5.34bn | BRL 3.30bn | BRL 3.01bn | BRL 3.29bn |
| Shareholders' equity | BRL 7.61bn | BRL 6.94bn | BRL 6.52bn | BRL 6.57bn | BRL 6.68bn | BRL 6.03bn | BRL 4.99bn | BRL 4.57bn | BRL 4.35bn | BRL 4.31bn |
| Shares outstanding | 344m | 344m | 344m | 344m | 344m | 344m | 344m | 344m | 344m | 344m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.53bn | BRL 1.54bn | BRL 756.4m | BRL 2.01bn | BRL 1.45bn | BRL 517.5m | BRL 896.2m | BRL 1.20bn | BRL 1.47bn | BRL 1.56bn |
| Capital spending | −BRL 43.8m | −BRL 44.3m | −BRL 75.3m | −BRL 178.5m | −BRL 52.4m | −BRL 41.2m | −BRL 18.8m | −BRL 36.4m | −BRL 16.3m | −BRL 6.6m |
| Free cash flow | BRL 1.49bn | BRL 1.50bn | BRL 681.1m | BRL 1.83bn | BRL 1.40bn | BRL 476.4m | BRL 877.4m | BRL 1.16bn | BRL 1.46bn | BRL 1.55bn |
| Dividends paid | −BRL 1.02bn | −BRL 1.01bn | −BRL 1.00bn | −BRL 1.67bn | −BRL 1.55bn | −BRL 1.11bn | −BRL 651.3m | −BRL 960.2m | −BRL 608.3m | −BRL 931.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.07bn | BRL 1.04bn | BRL 1.20bn | BRL 1.18bn | BRL 1.26bn | BRL 982.9m | BRL 1.09bn | BRL 991.0m |
| Operating income | BRL 821.5m | BRL 606.2m | BRL 554.7m | BRL 473.3m | BRL 653.8m | BRL 597.3m | BRL 581.9m | BRL 558.2m |
| Net income | BRL 567.1m | BRL 353.6m | BRL 364.1m | BRL 340.6m | BRL 510.0m | BRL 365.2m | BRL 506.8m | BRL 409.3m |
| Diluted earnings per share | 0.55 | 0.34 | 1.06 | 0.99 | 1.48 | 1.06 | 1.47 | 1.19 |
| Cash from operations | BRL 534.0m | BRL 264.0m | BRL 245.0m | BRL 657.0m | BRL 496.0m | BRL 131.0m | BRL 504.0m | BRL 325.0m |
| Capital spending | −BRL 11.0m | −BRL 6.0m | −BRL 17.0m | −BRL 13.0m | −BRL 8.0m | −BRL 4.0m | −BRL 25.0m | −BRL 9.0m |
| Free cash flow | BRL 523.0m | BRL 258.0m | BRL 228.0m | BRL 644.0m | BRL 488.0m | BRL 127.0m | BRL 479.0m | BRL 316.0m |
| Total assets | BRL 22.70bn | BRL 23.27bn | BRL 22.51bn | BRL 21.81bn | BRL 21.50bn | BRL 21.03bn | BRL 20.43bn | BRL 20.19bn |
| Cash and short-term investments | BRL 544.2m | BRL 1.60bn | BRL 1.29bn | BRL 1.07bn | BRL 896.9m | BRL 802.6m | BRL 751.0m | BRL 1.03bn |
| Debt | BRL 185.5m | BRL 11.68bn | BRL 10.97bn | BRL 10.33bn | BRL 10.31bn | BRL 10.25bn | BRL 9.80bn | BRL 10.02bn |
| Shareholders' equity | BRL 8.07bn | BRL 7.96bn | BRL 7.61bn | BRL 7.65bn | BRL 7.61bn | BRL 7.30bn | BRL 6.94bn | BRL 6.96bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 49.3% | 59.1% | 57.6% | 71.7% | 76.4% | 74.7% | — | — | — | — | — | — |
| Net margin | 34.2% | 45.6% | 40.7% | 55.4% | 63.8% | 63.5% | — | — | — | — | — | — |
| Return on equity | 20.8% | 24.4% | 21.0% | 22.1% | 33.1% | 37.6% | — | — | — | — | — | — |
| Return on assets | 7.0% | 8.3% | 7.1% | 8.4% | 13.9% | 16.0% | — | — | — | — | — | — |
| Free cash flow yield | 10.9% | 11.0% | 5.8% | 15.2% | 10.4% | 3.9% | — | — | — | — | — | — |
| Revenue growth | 24.4% | 10.6% | 28.5% | -24.6% | -2.5% | 93.5% | — | — | — | — | — | — |
| Earnings growth | -6.7% | 23.8% | -5.6% | -34.5% | -2.2% | 104.7% | — | — | — | — | — | — |
| Current ratio | 1.57x | 1.23x | 2.01x | 3.02x | 1.51x | 2.80x | — | — | — | — | — | — |
| Debt to equity | 1.44x | 1.41x | 1.49x | 1.24x | 1.02x | 1.03x | — | — | — | — | — | — |
| Equity ratio | 33.8% | 34.0% | 33.7% | 38.0% | 42.1% | 42.7% | — | — | — | — | — | — |
| Interest coverage | 2.49x | 2.83x | 2.47x | 3.01x | 6.28x | 8.15x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 5.7% | 4.4% | 3.4% | 3.7% | 3.9% | 3.5% |
| Buybacks as a share of market value | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 20.9% | 5.4% | 11.6% |
| Operating income | 6.7% | -3.0% | 5.6% |
| Net income | 2.9% | -6.9% | 5.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 53.7% | 57.9% | 63.7% | 67.0% |
| Net margin | 39.2% | 42.5% | 49.5% | 52.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 8.9 | 6.7 | 9.7 | 8.2 | 5.7 | 5.1 | 9.7 | 7.6 | 11.3 | 8.3 |
| Price to sales | 3.0 | 3.0 | 3.9 | 4.6 | 3.6 | 3.2 | 5.8 | 5.0 | 6.8 | 5.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 17 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.068 | 3.229 | 2.871 | 3.576 | 4.986 | 3.729 | 1.201 | 1.285 |
- 3-for-1 split · 5 Dec 2012
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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