17.73
+3.14%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 9.69bn
FY2016FY2025
Net income
−BRL 656.8m
FY2016FY2025
Free cash flow
BRL 336.9m
FY2016FY2025
Shareholders' equity
BRL 2.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 9.69bn | BRL 10.67bn | BRL 11.37bn | BRL 10.18bn | BRL 7.08bn | BRL 4.26bn | BRL 5.16bn | BRL 4.83bn | BRL 3.71bn | BRL 3.26bn |
| Gross profit | BRL 1.18bn | BRL 1.93bn | BRL 1.94bn | BRL 1.89bn | BRL 1.12bn | BRL 685.0m | BRL 835.0m | BRL 795.9m | BRL 606.2m | BRL 464.8m |
| Operating income | BRL 273.7m | BRL 820.9m | BRL 907.0m | BRL 823.6m | BRL 476.0m | BRL 297.8m | BRL 388.9m | BRL 436.5m | BRL 232.5m | BRL 62.5m |
| Net income | −BRL 656.8m | BRL 79.5m | BRL 508.1m | BRL 508.3m | BRL 204.2m | −BRL 76.2m | BRL 278.9m | BRL 271.7m | BRL 153.4m | −BRL 181.5m |
| Diluted earnings per share | -5.01 | 0.58 | 3.49 | 3.46 | 1.41 | -0.53 | 1.93 | 1.88 | 1.06 | -1.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 9.48bn | BRL 11.51bn | BRL 10.28bn | BRL 10.24bn | BRL 7.51bn | BRL 6.11bn | BRL 5.12bn | BRL 4.91bn | BRL 4.61bn | BRL 4.77bn |
| Cash and short-term investments | BRL 1.85bn | BRL 2.38bn | BRL 1.59bn | BRL 1.51bn | BRL 1.27bn | BRL 1.43bn | BRL 840.0m | BRL 713.7m | BRL 866.4m | BRL 1.20bn |
| Total liabilities | BRL 6.97bn | BRL 8.01bn | BRL 6.96bn | BRL 7.21bn | BRL 4.76bn | BRL 3.56bn | BRL 2.74bn | BRL 2.71bn | BRL 2.63bn | BRL 2.76bn |
| Debt | BRL 4.09bn | BRL 4.77bn | BRL 3.79bn | BRL 3.52bn | BRL 2.61bn | BRL 2.23bn | BRL 1.48bn | BRL 1.41bn | BRL 1.62bn | BRL 1.89bn |
| Shareholders' equity | BRL 2.50bn | BRL 3.49bn | BRL 3.32bn | BRL 3.04bn | BRL 2.75bn | BRL 2.55bn | BRL 2.39bn | BRL 2.20bn | BRL 1.98bn | BRL 2.01bn |
| Shares outstanding | 131m | 136m | 146m | 147m | 145m | 144m | 145m | 145m | 144m | 145m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 784.9m | BRL 1.35bn | BRL 829.1m | BRL 401.7m | BRL 324.3m | BRL 291.7m | BRL 566.7m | BRL 577.4m | BRL 260.4m | BRL 280.3m |
| Capital spending | −BRL 447.9m | −BRL 494.7m | −BRL 570.3m | −BRL 444.0m | −BRL 233.1m | −BRL 129.0m | −BRL 273.7m | −BRL 168.6m | −BRL 122.9m | −BRL 127.8m |
| Free cash flow | BRL 336.9m | BRL 858.8m | BRL 258.8m | −BRL 42.3m | BRL 91.2m | BRL 162.7m | BRL 292.9m | BRL 408.8m | BRL 137.5m | BRL 152.5m |
| Dividends paid | −BRL 189.9m | −BRL 91.1m | −BRL 142.1m | −BRL 54.5m | −BRL 40.1m | −BRL 3.2m | −BRL 162.4m | −BRL 175.0m | −BRL 166.0m | −BRL 84.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.48bn | BRL 2.31bn | BRL 2.18bn | BRL 2.40bn | BRL 2.63bn | BRL 2.48bn | BRL 2.49bn | BRL 2.77bn |
| Gross profit | BRL 287.4m | BRL 223.7m | BRL 165.5m | BRL 291.6m | BRL 364.9m | BRL 381.1m | BRL 423.4m | BRL 495.6m |
| Operating income | BRL 28.9m | −BRL 56.7m | BRL 25.7m | BRL 28.8m | BRL 86.3m | BRL 131.6m | BRL 127.4m | BRL 218.0m |
| Net income | −BRL 10.0m | −BRL 96.5m | −BRL 627.1m | −BRL 39.6m | BRL 22.3m | −BRL 12.4m | −BRL 97.6m | BRL 50.5m |
| Diluted earnings per share | -0.08 | -0.73 | -4.78 | -0.30 | 0.17 | -0.09 | -0.72 | 0.37 |
| Cash from operations | BRL 303.0m | BRL 119.0m | BRL 357.0m | BRL 312.0m | BRL 106.0m | BRL 67.0m | BRL 591.0m | BRL 227.0m |
| Capital spending | −BRL 64.0m | −BRL 81.0m | −BRL 161.0m | −BRL 94.0m | −BRL 96.0m | −BRL 95.0m | −BRL 174.0m | −BRL 94.0m |
| Free cash flow | BRL 239.0m | BRL 38.0m | BRL 196.0m | BRL 218.0m | BRL 10.0m | −BRL 28.0m | BRL 417.0m | BRL 133.0m |
| Total assets | BRL 9.45bn | BRL 9.32bn | BRL 9.48bn | BRL 9.98bn | BRL 10.13bn | BRL 10.69bn | BRL 11.51bn | BRL 11.32bn |
| Cash and short-term investments | BRL 2.04bn | BRL 1.82bn | BRL 1.85bn | BRL 1.65bn | BRL 1.44bn | BRL 1.71bn | BRL 2.38bn | BRL 2.17bn |
| Debt | BRL 188.5m | BRL 3.90bn | BRL 4.09bn | BRL 3.94bn | BRL 4.22bn | BRL 4.26bn | BRL 4.77bn | BRL 4.51bn |
| Shareholders' equity | BRL 2.29bn | BRL 2.32bn | BRL 2.50bn | BRL 3.08bn | BRL 3.16bn | BRL 3.31bn | BRL 3.49bn | BRL 3.71bn |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 12.2% | 18.1% | 17.0% | 18.5% | 15.9% | 16.1% |
| Operating margin | 2.8% | 6.8% | 7.4% | 8.2% | 6.5% | 0.4% |
| Net margin | -6.8% | 0.7% | 4.5% | 5.0% | 2.9% | -1.8% |
| Return on equity | -26.2% | 2.3% | 15.3% | 16.7% | 7.4% | -3.0% |
| Return on assets | -6.9% | 0.7% | 4.9% | 5.0% | 2.7% | -1.2% |
| Free cash flow yield | 65.0% | 93.7% | 66.4% | 39.8% | 26.6% | 20.2% |
| Revenue growth | -9.1% | -6.2% | 11.7% | 43.7% | 66.4% | -17.5% |
| Earnings growth | -926.0% | -84.4% | -0.0% | 148.9% | -368.0% | -127.3% |
| Current ratio | 2.40x | 2.20x | 1.91x | 1.90x | 1.92x | 2.20x |
| Debt to equity | 1.64x | 1.37x | 1.14x | 1.16x | 0.95x | 0.87x |
| Equity ratio | 26.4% | 30.3% | 32.3% | 29.7% | 36.6% | 41.8% |
| Interest coverage | 0.69x | 1.67x | 2.61x | 3.78x | 2.33x | 0.11x |
| Buybacks as a share of market value | 3.9% | 6.4% | 0.8% | -1.3% | -0.8% | 0.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -1.6% | 17.9% | 11.0% |
| Operating income | -30.7% | -1.7% | -1.3% |
| Net income | — | 53.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 15.3% | 16.5% | 16.4% | 16.4% |
| Operating margin | 5.4% | 6.7% | 6.8% | 6.8% |
| Net margin | -2.8% | 1.0% | 1.1% | 1.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.5 | 41.0 | 8.3 | 7.9 | 14.2 | -39.6 | 13.1 | 10.7 | 17.1 | -9.6 |
| Price to sales | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.7 | 0.7 | 0.6 | 0.7 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 5 years. Last went ex-dividend on 2 Jan 2025.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.699 | 0.806 | 0.452 | 0.432 | 0.867 | 1.017 | 1.091 | 0.585 |
- 2-for-1 split · 13 Feb 2013
- 1-to-1 reverse split · 20 Jul 2010
- 1-to-1 reverse split · 12 Feb 1999
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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