V 
14.47
+4.55%
Close of 6 Nov 2026, in BRL
At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 2.06bn
FY2016FY2025
Net income
BRL 261.3m
FY2016FY2025
Free cash flow
BRL 316.4m
FY2016FY2025
Shareholders' equity
BRL 1.71bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 2.06bn | BRL 2.17bn | BRL 2.26bn | BRL 1.88bn | BRL 1.62bn | BRL 1.94bn | BRL 2.01bn | BRL 1.73bn | BRL 1.57bn | BRL 1.72bn |
| Gross profit | BRL 694.7m | BRL 777.1m | BRL 822.8m | BRL 669.6m | BRL 491.4m | BRL 342.8m | BRL 441.2m | BRL 423.3m | BRL 353.5m | BRL 446.6m |
| Operating income | BRL 301.7m | BRL 474.4m | BRL 440.4m | BRL 359.6m | BRL 181.8m | BRL 43.1m | BRL 128.0m | BRL 184.7m | BRL 127.8m | BRL 137.7m |
| Net income | BRL 261.3m | BRL 380.9m | BRL 213.3m | BRL 24.5m | BRL 59.7m | −BRL 202.5m | BRL 54.3m | BRL 100.0m | BRL 27.7m | BRL 88.3m |
| Diluted earnings per share | 3.33 | 4.76 | 2.67 | 0.31 | 0.76 | -2.85 | 0.77 | 1.42 | 0.39 | 1.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 3.15bn | BRL 2.94bn | BRL 2.55bn | BRL 2.66bn | BRL 3.10bn | BRL 2.87bn | BRL 2.52bn | BRL 2.25bn | BRL 2.06bn | BRL 2.07bn |
| Cash and short-term investments | BRL 764.9m | BRL 602.2m | BRL 422.0m | BRL 365.2m | BRL 390.0m | BRL 486.5m | BRL 318.5m | BRL 311.6m | BRL 313.6m | BRL 400.6m |
| Total liabilities | BRL 1.43bn | BRL 1.12bn | BRL 1.21bn | BRL 1.39bn | BRL 1.79bn | BRL 1.76bn | BRL 1.40bn | BRL 1.16bn | BRL 1.07bn | BRL 1.08bn |
| Debt | BRL 784.6m | BRL 599.2m | BRL 710.0m | BRL 867.2m | BRL 1.27bn | BRL 1.31bn | BRL 945.3m | BRL 830.8m | BRL 805.5m | BRL 801.5m |
| Shareholders' equity | BRL 1.71bn | BRL 1.79bn | BRL 1.30bn | BRL 1.24bn | BRL 1.26bn | BRL 1.06bn | BRL 1.10bn | BRL 1.07bn | BRL 979.0m | BRL 980.7m |
| Shares outstanding | 78m | 80m | 80m | 80m | 79m | 71m | 70m | 70m | 71m | 72m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 368.9m | BRL 438.2m | BRL 649.1m | BRL 544.2m | BRL 201.0m | BRL 284.5m | BRL 249.4m | BRL 200.7m | BRL 81.9m | BRL 223.1m |
| Capital spending | −BRL 52.5m | −BRL 79.2m | −BRL 51.2m | −BRL 90.8m | −BRL 111.9m | −BRL 128.6m | −BRL 115.0m | −BRL 75.7m | −BRL 46.5m | −BRL 97.4m |
| Free cash flow | BRL 316.4m | BRL 359.0m | BRL 598.0m | BRL 453.4m | BRL 89.1m | BRL 155.9m | BRL 134.5m | BRL 125.0m | BRL 35.4m | BRL 125.7m |
| Dividends paid | −BRL 136.6m | −BRL 24.6m | −BRL 97.7m | −BRL 23.1m | −BRL 2.0m | −BRL 44.3m | −BRL 42.3m | −BRL 10.6m | −BRL 24.9m | −BRL 24.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 505.7m | BRL 447.0m | BRL 531.4m | BRL 540.4m | BRL 490.1m | BRL 500.7m | BRL 589.2m | BRL 579.7m |
| Gross profit | BRL 171.1m | BRL 173.0m | BRL 188.0m | BRL 180.1m | BRL 158.2m | BRL 168.4m | BRL 198.0m | BRL 210.4m |
| Operating income | BRL 75.6m | BRL 113.2m | BRL 90.3m | BRL 65.8m | BRL 55.8m | BRL 104.3m | BRL 78.0m | BRL 107.1m |
| Net income | BRL 36.1m | BRL 55.9m | BRL 84.8m | BRL 49.0m | BRL 54.1m | BRL 73.4m | BRL 63.1m | BRL 90.3m |
| Diluted earnings per share | 0.46 | 0.71 | 1.08 | 0.62 | 0.69 | 0.94 | 0.79 | 1.13 |
| Cash from operations | BRL 34.0m | BRL 40.0m | BRL 108.0m | BRL 128.0m | BRL 26.0m | BRL 144.0m | BRL 174.0m | BRL 102.0m |
| Capital spending | −BRL 31.0m | −BRL 29.0m | −BRL 24.0m | −BRL 14.0m | −BRL 22.0m | −BRL 22.0m | −BRL 65.0m | −BRL 17.0m |
| Free cash flow | BRL 3.0m | BRL 11.0m | BRL 84.0m | BRL 114.0m | BRL 4.0m | BRL 122.0m | BRL 109.0m | BRL 85.0m |
| Total assets | BRL 2.97bn | BRL 3.04bn | BRL 3.15bn | BRL 2.87bn | BRL 2.86bn | BRL 2.95bn | BRL 2.94bn | BRL 2.82bn |
| Cash and short-term investments | BRL 569.3m | BRL 645.8m | BRL 764.9m | BRL 532.1m | BRL 497.8m | BRL 627.2m | BRL 602.2m | BRL 542.2m |
| Debt | BRL 694.0m | BRL 180.3m | BRL 784.6m | BRL 605.0m | BRL 573.4m | BRL 597.7m | BRL 599.2m | BRL 607.1m |
| Shareholders' equity | BRL 1.71bn | BRL 1.71bn | BRL 1.71bn | BRL 1.72bn | BRL 1.74bn | BRL 1.75bn | BRL 1.79bn | BRL 1.69bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 33.7% | 35.8% | 36.5% | 35.6% | 30.4% | 17.7% |
| Operating margin | 14.6% | 23.6% | 17.5% | 14.5% | 15.7% | -6.0% |
| Net margin | 12.7% | 17.5% | 9.5% | 1.3% | 3.7% | -10.4% |
| Return on equity | 15.3% | 21.2% | 16.4% | 2.0% | 4.7% | -19.0% |
| Return on assets | 8.3% | 12.9% | 8.4% | 0.9% | 1.9% | -7.1% |
| Free cash flow yield | 39.1% | 47.0% | 63.6% | 57.9% | 28.9% | 42.3% |
| Revenue growth | -5.0% | -3.7% | 20.0% | 16.3% | -16.6% | -3.4% |
| Earnings growth | -31.4% | 78.6% | 771.3% | -59.0% | -129.5% | -473.0% |
| Current ratio | 2.42x | 2.88x | 2.30x | 1.87x | 1.55x | 1.20x |
| Debt to equity | 0.45x | 0.33x | 0.54x | 0.69x | 0.95x | 1.16x |
| Equity ratio | 54.2% | 61.0% | 51.0% | 46.4% | 40.6% | 37.0% |
| Interest coverage | 2.71x | 3.77x | 3.25x | 1.54x | 1.62x | -1.32x |
| Buybacks as a share of market value | 2.0% | 0.0% | -0.3% | -1.3% | -10.9% | -0.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.1% | 1.2% | 2.3% |
| Operating income | -5.7% | 47.6% | 3.5% |
| Net income | 120.2% | — | 7.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 34.8% | 35.4% | 31.9% | 28.6% |
| Operating margin | 18.3% | 18.8% | 15.1% | 12.6% |
| Net margin | 15.2% | 10.5% | 6.2% | 5.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.3 | 5.1 | 7.7 | 29.9 | 11.3 | -3.2 | 21.6 | 12.5 | 46.5 | 18.1 |
| Price to sales | 0.8 | 0.9 | 0.7 | 0.4 | 0.4 | 0.3 | 0.6 | 0.7 | 0.8 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 13 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.36 | 3.081 | 1.777 | 1.264 | 0.263 | 0.29 | 0.345 | 0.959 |
- 11-for-10 split · 16 May 2017
- 11-for-10 split · 9 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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