T 
33.14
+1.50%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 5.77bn
FY2016FY2025
Net income
BRL 891.7m
FY2016FY2025
Free cash flow
BRL 945.6m
FY2016FY2025
Shareholders' equity
BRL 5.11bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 5.77bn | BRL 5.22bn | BRL 4.44bn | BRL 3.79bn | BRL 2.98bn | BRL 2.60bn | BRL 2.28bn | BRL 2.11bn | BRL 2.23bn | BRL 2.18bn |
| Research and development | BRL 1.01bn | BRL 945.3m | BRL 844.8m | BRL 719.8m | BRL 564.1m | BRL 463.7m | BRL 397.8m | BRL 382.1m | BRL 365.1m | BRL 326.5m |
| Operating income | BRL 1.11bn | BRL 878.8m | BRL 697.5m | BRL 900.8m | BRL 534.3m | BRL 393.8m | BRL 325.5m | BRL 225.7m | BRL 139.2m | BRL 212.3m |
| Net income | BRL 891.7m | BRL 717.5m | BRL 734.8m | BRL 498.1m | BRL 368.5m | BRL 295.0m | BRL 209.8m | BRL 59.5m | BRL 93.0m | BRL 152.7m |
| Diluted earnings per share | 1.49 | 1.19 | 1.20 | 0.81 | 0.60 | 0.51 | 0.36 | 0.12 | 0.19 | 0.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 9.45bn | BRL 8.53bn | BRL 8.83bn | BRL 10.62bn | BRL 9.95bn | BRL 5.15bn | BRL 3.54bn | BRL 2.39bn | BRL 2.49bn | BRL 2.44bn |
| Cash and short-term investments | BRL 1.79bn | BRL 1.94bn | BRL 3.13bn | BRL 2.74bn | BRL 2.88bn | BRL 1.04bn | BRL 1.54bn | BRL 452.8m | BRL 387.2m | BRL 288.8m |
| Total liabilities | BRL 4.01bn | BRL 3.54bn | BRL 3.82bn | BRL 6.03bn | BRL 5.46bn | BRL 2.54bn | BRL 1.06bn | BRL 1.10bn | BRL 1.23bn | BRL 1.22bn |
| Debt | BRL 1.84bn | BRL 1.66bn | BRL 1.74bn | BRL 1.76bn | BRL 1.84bn | BRL 325.1m | BRL 450.7m | BRL 478.7m | BRL 671.7m | BRL 652.4m |
| Shareholders' equity | BRL 5.11bn | BRL 4.68bn | BRL 4.72bn | BRL 4.31bn | BRL 4.23bn | BRL 2.60bn | BRL 2.48bn | BRL 1.29bn | BRL 1.26bn | BRL 1.22bn |
| Shares outstanding | 599m | 605m | 613m | 615m | 617m | 576m | 577m | 490m | 494m | 500m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.20bn | BRL 1.11bn | BRL 952.1m | BRL 915.6m | BRL 424.5m | BRL 371.7m | BRL 345.3m | BRL 417.8m | BRL 329.8m | BRL 260.5m |
| Capital spending | −BRL 257.6m | −BRL 242.3m | −BRL 277.2m | −BRL 181.1m | −BRL 176.2m | −BRL 85.0m | −BRL 60.4m | −BRL 82.5m | −BRL 51.4m | −BRL 105.1m |
| Free cash flow | BRL 945.6m | BRL 872.3m | BRL 674.9m | BRL 734.4m | BRL 248.3m | BRL 286.7m | BRL 284.9m | BRL 335.4m | BRL 278.4m | BRL 155.4m |
| Dividends paid | −BRL 357.8m | −BRL 265.4m | −BRL 412.2m | −BRL 140.0m | −BRL 143.6m | −BRL 108.2m | −BRL 49.9m | −BRL 51.5m | −BRL 76.5m | −BRL 141.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 1.92bn | BRL 1.70bn | BRL 1.26bn | BRL 1.56bn | BRL 1.49bn | BRL 1.46bn | BRL 1.38bn | BRL 1.33bn |
| Operating income | BRL 387.0m | BRL 374.7m | BRL 267.1m | BRL 307.4m | BRL 261.8m | BRL 274.9m | BRL 216.4m | BRL 248.8m |
| Net income | BRL 688.5m | BRL 228.8m | BRL 265.1m | BRL 243.3m | BRL 188.7m | BRL 194.6m | BRL 185.0m | BRL 291.0m |
| Diluted earnings per share | 1.16 | 0.39 | 0.44 | 0.41 | 0.32 | 0.33 | 0.31 | 0.48 |
| Cash from operations | BRL 461.0m | BRL 309.0m | BRL 344.0m | BRL 325.0m | BRL 351.0m | BRL 196.0m | BRL 402.0m | BRL 221.0m |
| Capital spending | −BRL 86.0m | −BRL 137.0m | −BRL 57.0m | −BRL 29.0m | −BRL 71.0m | −BRL 74.0m | −BRL 62.0m | −BRL 40.0m |
| Free cash flow | BRL 375.0m | BRL 172.0m | BRL 287.0m | BRL 296.0m | BRL 280.0m | BRL 122.0m | BRL 340.0m | BRL 181.0m |
| Total assets | BRL 12.99bn | BRL 13.05bn | BRL 9.45bn | BRL 9.22bn | BRL 8.96bn | BRL 8.69bn | BRL 8.53bn | BRL 8.78bn |
| Cash and short-term investments | BRL 2.02bn | BRL 1.43bn | BRL 1.79bn | BRL 2.01bn | BRL 2.09bn | BRL 1.94bn | BRL 1.94bn | BRL 2.15bn |
| Debt | BRL 4.80bn | BRL 4.64bn | BRL 1.84bn | BRL 1.75bn | BRL 1.69bn | BRL 1.63bn | BRL 1.66bn | BRL 1.63bn |
| Shareholders' equity | BRL 5.46bn | BRL 4.96bn | BRL 5.11bn | BRL 5.08bn | BRL 4.90bn | BRL 4.80bn | BRL 4.68bn | BRL 4.80bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 19.3% | 16.8% | 15.7% | 23.7% | 17.9% | 15.2% |
| Net margin | 15.4% | 13.7% | 16.5% | 13.1% | 12.4% | 11.4% |
| Return on equity | 17.5% | 15.3% | 15.6% | 11.6% | 8.7% | 11.3% |
| Return on assets | 9.4% | 8.4% | 8.3% | 4.7% | 3.7% | 5.7% |
| Free cash flow yield | 5.8% | 5.3% | 4.4% | 4.3% | 2.0% | 1.8% |
| Revenue growth | 10.5% | 17.6% | 17.1% | 27.4% | 14.7% | 13.8% |
| Earnings growth | 24.3% | -2.4% | 47.5% | 35.2% | 24.9% | 40.6% |
| Current ratio | 1.96x | 2.42x | 2.90x | 1.87x | 1.65x | 1.39x |
| Debt to equity | 0.32x | 0.34x | 0.35x | 0.37x | 0.39x | 0.06x |
| Equity ratio | 54.0% | 54.9% | 53.5% | 40.6% | 42.6% | 50.6% |
| Interest coverage | 4.24x | 4.26x | 2.94x | 3.77x | 6.13x | 16.55x |
| R&D as a share of sales | 17.4% | 18.1% | 19.0% | 19.0% | 18.9% | 17.9% |
| Buybacks as a share of market value | 1.0% | 1.4% | 0.2% | 0.4% | -7.1% | 0.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.0% | 17.3% | 11.7% |
| Operating income | 7.3% | 23.1% | 17.1% |
| Net income | 21.4% | 24.8% | 16.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 18.1% | 18.7% | 18.2% | 15.9% |
| Net margin | 14.6% | 14.8% | 14.1% | 11.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 30.3 | 22.6 | 28.1 | 34.1 | 47.9 | 56.1 | 59.2 | 74.5 | 53.0 | 26.2 |
| Price to sales | 4.7 | 3.1 | 4.7 | 4.5 | 5.9 | 6.4 | 5.4 | 2.1 | 2.2 | 1.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 24 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.51 | 0.61 | 0.45 | 1.979 | 0.31 | 0.31 | 0.213 | 0.14 |
- 3-for-1 split · 4 May 2020
- 5-for-1 split · 22 Mar 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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