NASDAQ : AFYA
Afya Limited — Financial statements
Consumer Staples · Education & Training Services · Brazil
Last price 10.45 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 924.60M
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Financial statements
Afya Limited (AFYA) reported revenue of 3.83B BRL (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.83B | 3.70B | 3.30B | 2.88B | 2.33B | 1.72B |
| Cost of Revenue | 1.38B | 1.31B | 1.22B | 1.11B | 859.55M | 652.30M |
| Gross Profit | 2.45B | 2.38B | 2.09B | 1.77B | 1.47B | 1.07B |
| Selling, General & Admin | 1.14B | 1.11B | 1.01B | 939.17M | 798.15M | 622.62M |
| Other Operating Expenses | -4.97M | 95.00K | 7.29M | -15.64M | 7.25M | 3.56M |
| Operating Expenses | 1.20B | 1.17B | 1.07B | 998.08M | 805.40M | 626.18M |
| Operating Income | 1.25B | 1.22B | 1.01B | 768.02M | 664.10M | 440.89M |
| Interest Expense | -455.82M | -439.45M | -366.35M | -386.30M | -288.65M | -175.65M |
| Interest & Investment Income | 195.72M | 187.98M | 102.80M | 107.12M | 95.01M | 58.81M |
| Earnings From Equity Investments | 15.36M | 13.92M | 11.74M | 9.49M | 12.18M | 11.80M |
| Currency Exchange Gain (Loss) | -4.50M | -3.10M | -8.94M | -681.00K | -17.97M | |
| Other Non Operating Income (Expenses) | -104.97M | -111.52M | -74.96M | -67.12M | -54.21M | -44.42M |
| EBT Excluding Unusual Items | 895.37M | 863.70M | 678.18M | 430.54M | 428.43M | 273.46M |
| Merger & Restructuring Charges | -2.75M | -2.75M | -1.79M | -962.00K | ||
| Pretax Income | 892.61M | 860.95M | 676.39M | 429.58M | 428.43M | 273.46M |
| Income Tax Expense | 94.69M | 92.50M | 27.47M | 24.17M | 35.68M | 31.18M |
| Earnings From Continuing Operations | 797.92M | 768.44M | 648.92M | 405.42M | 392.76M | 242.28M |
| Minority Interest in Earnings | -15.65M | -15.98M | -17.41M | -19.09M | -19.19M | -18.96M |
| Net Income | 782.27M | 752.46M | 631.51M | 386.32M | 373.57M | 223.33M |
| Net Income to Common | 782.27M | 752.46M | 631.51M | 386.32M | 373.57M | 223.33M |
| Shares Outstanding (Basic) | 89.83M | 90.48M | 90.12M | 89.83M | 90.34M | 93.29M |
| Shares Outstanding (Diluted) | 90.39M | 91.27M | 91.15M | 90.54M | 90.66M | 94.10M |
| EPS (Basic) | 8.71 | 8.32 | 7.01 | 4.30 | 4.14 | 2.39 |
| EPS (Diluted) | 8.65 | 8.24 | 6.93 | 4.27 | 4.12 | 2.37 |
| Free Cash Flow | 1.43B | 1.37B | 1.30B | 925.19M | 675.77M | 505.00M |
| Free Cash Flow Per Share | 15.85 | 14.96 | 14.21 | 10.22 | 7.45 | 5.37 |
| Dividend Per Share | 3.45 | 3.45 | 1.35 | |||
| Gross Margin | 64.02% | 64.46% | 63.21% | 61.41% | 63.09% | 62.06% |
| Operating Margin | 32.66% | 32.89% | 30.68% | 26.71% | 28.51% | 25.64% |
| Profit Margin | 20.44% | 20.35% | 19.11% | 13.43% | 16.04% | 12.99% |
| Free Cash Flow Margin | 37.44% | 36.94% | 39.21% | 32.17% | 29.02% | 29.37% |
| EBITDA | 1.49B | 1.47B | 1.24B | 964.15M | 795.38M | 541.80M |
| EBITDA Margin | 38.96% | 39.67% | 37.54% | 33.52% | 34.15% | 31.51% |
| D&A For EBITDA | 241.07M | 251.00M | 226.50M | 196.12M | 131.28M | 100.91M |
| EBIT | 1.25B | 1.22B | 1.01B | 768.02M | 664.10M | 440.89M |
| EBIT Margin | 32.66% | 32.89% | 30.68% | 26.71% | 28.51% | 25.64% |
| Effective Tax Rate | 10.61% | 10.74% | 4.06% | 5.62% | 8.33% | 11.40% |
Balance sheet
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.01B | 1.13B | 911.01M | 553.03M | 1.09B | 748.56M |
| Cash & Short-Term Investments | 1.01B | 1.13B | 911.01M | 553.03M | 1.09B | 748.56M |
| Accounts Receivable | 819.72M | 717.37M | 595.90M | 546.44M | 452.83M | 378.35M |
| Other Receivables | 58.48M | 36.48M | 25.73M | 43.75M | 27.81M | 25.58M |
| Receivables | 878.19M | 753.85M | 621.62M | 590.19M | 480.64M | 403.93M |
| Inventory | 12.19M | 11.83M | ||||
| Other Current Assets | 65.51M | 62.95M | 57.15M | 60.29M | 51.74M | 42.53M |
| Total Current Assets | 1.95B | 1.94B | 1.59B | 1.20B | 1.64B | 1.21B |
| Property, Plant & Equipment | 1.59B | 1.61B | 1.50B | 1.38B | 1.23B | 1.08B |
| Long-Term Investments | 54.96M | 46.52M | 54.44M | 51.83M | 53.91M | 48.48M |
| Goodwill | 1.53B | 1.53B | 1.53B | 1.33B | 1.26B | 1.18B |
| Other Intangible Assets | 4.05B | 4.06B | 4.01B | 3.46B | 2.78B | 2.72B |
| Long-Term Accounts Receivable | 32.99M | 34.98M | 35.95M | 39.48M | 42.57M | 27.44M |
| Long-Term Deferred Tax Assets | 7.30M | 12.55M | ||||
| Other Long-Term Assets | 116.15M | 125.48M | 115.88M | 117.35M | 191.76M | 180.31M |
| Total Assets | 9.33B | 9.36B | 8.83B | 7.58B | 7.20B | 6.45B |
| Accounts Payable | 145.99M | 123.58M | 128.08M | 108.22M | 71.48M | 59.10M |
| Accrued Expenses | 288.27M | 253.57M | 241.53M | 220.06M | 180.74M | 158.01M |
| Current Portion of Long-Term Debt | 126.36M | 60.67M | 363.55M | 179.25M | 207.38M | 143.20M |
| Current Portion of Leases | 57.63M | 55.77M | 45.58M | 36.90M | 32.46M | 24.95M |
| Current Income Taxes Payable | 98.63M | 112.64M | 4.25M | 3.88M | 16.15M | 11.65M |
| Current Unearned Revenue | 104.31M | 158.03M | 161.05M | 153.49M | 133.05M | 114.58M |
| Other Current Liabilities | 64.68M | 119.78M | 196.15M | 356.77M | 264.43M | 255.01M |
| Total Current Liabilities | 885.87M | 884.04M | 1.14B | 1.06B | 905.69M | 766.51M |
| Long-Term Debt | 1.92B | 1.99B | 1.83B | 1.62B | 1.74B | 1.30B |
| Long-Term Leases | 1.01B | 1.01B | 932.76M | 837.67M | 737.07M | 689.13M |
| Long-Term Deferred Tax Liabilities | 28.27M | |||||
| Other Long-Term Liabilities | 577.75M | 579.13M | 586.12M | 423.71M | 568.93M | 687.35M |
| Total Liabilities | 4.40B | 4.47B | 4.52B | 3.94B | 3.95B | 3.45B |
| Common Stock | 17.00K | 17.00K | 17.00K | 17.00K | 17.00K | 17.00K |
| Additional Paid-In Capital | 2.30B | 2.32B | 2.34B | 2.37B | 2.38B | 2.38B |
| Retained Earnings | 2.78B | 2.63B | 2.01B | 1.38B | 1.00B | 631.32M |
| Treasury Stock | -410.43M | -306.01M | -273.95M | -299.15M | -304.95M | -152.63M |
| Comprehensive Income & Other | 222.06M | 202.81M | 187.50M | 155.07M | 123.54M | 94.10M |
| Total Common Equity | 4.89B | 4.85B | 4.27B | 3.60B | 3.20B | 2.95B |
| Minority Interest | 40.23M | 39.39M | 40.63M | 41.51M | 51.32M | 51.87M |
| Shareholders' Equity | 4.93B | 4.89B | 4.31B | 3.64B | 3.25B | 3.00B |
| Total Liabilities & Equity | 9.33B | 9.36B | 8.83B | 7.58B | 7.20B | 6.45B |
| Total Debt | 3.12B | 3.12B | 3.17B | 2.68B | 2.71B | 2.16B |
| Net Cash (Debt) | -2.11B | -1.99B | -2.26B | -2.12B | -1.62B | -1.41B |
| Net Cash Per Share | -23.36 | -21.85 | -24.82 | -23.44 | -17.88 | -15.02 |
| Filing Date Shares Outstanding | 88.48M | 89.87M | 90.27M | 89.95M | 89.94M | 92.07M |
| Total Common Shares Outstanding | 88.48M | 89.87M | 90.27M | 89.95M | 89.94M | 92.07M |
| Working Capital | 1.06B | 1.06B | 449.59M | 144.94M | 731.97M | 440.35M |
| Book Value Per Share | 55.25 | 53.99 | 47.30 | 40.04 | 35.57 | 32.02 |
| Tangible Book Value | -687.25M | -736.18M | -1.26B | -1.19B | -842.65M | -952.69M |
| Tangible Book Value Per Share | -7.77 | -8.19 | -13.99 | -13.28 | -9.37 | -10.35 |
| Land | 18.85M | 18.85M | 18.85M | 18.85M | 18.85M | 18.85M |
| Buildings | 111.02M | 108.50M | 99.37M | 93.23M | 91.86M | 52.43M |
| Machinery | 479.09M | 462.00M | 384.48M | 315.00M | 260.75M | 201.86M |
| Construction In Progress | 15.32M | 69.19M | 44.03M | 33.96M | 86.69M | 31.79M |
| Leasehold Improvements | 423.90M | 351.46M | 309.41M | 264.45M | 145.85M | 152.98M |
Cash flow statement
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 782.27M | 752.46M | 631.51M | 386.32M | 373.57M | 223.33M |
| Depreciation & Amortization | 325.89M | 331.86M | 296.80M | 259.24M | 185.97M | 144.14M |
| Other Amortization | 44.64M | 41.48M | 36.54M | 30.27M | 20.25M | 10.08M |
| Asset Writedown & Restructuring Costs | 3.91M | 3.34M | 2.78M | 2.32M | 1.72M | 3.98M |
| Loss (Gain) on Equity Investments | -15.36M | -13.92M | -11.74M | -9.49M | -12.18M | -11.80M |
| Stock-Based Compensation | 22.04M | 15.32M | 32.42M | 31.54M | 31.27M | 43.38M |
| Provision & Write-off of Bad Debts | 62.12M | 57.09M | 60.89M | 74.55M | 42.71M | 47.82M |
| Other Operating Activities | 548.02M | 556.95M | 407.44M | 345.05M | 310.51M | 218.74M |
| Change in Accounts Receivable | -204.52M | -177.60M | -97.45M | -131.34M | -129.16M | -79.67M |
| Change in Inventory | -3.72M | |||||
| Change in Accounts Payable | 11.66M | -4.50M | 18.13M | 24.50M | 9.97M | 14.48M |
| Change in Unearned Revenue | -4.55M | -3.01M | 6.33M | -17.89M | 8.39M | 36.01M |
| Change in Income Taxes | -40.41M | -28.86M | 3.31M | -12.07M | -6.14M | -17.23M |
| Change in Other Net Operating Assets | 22.10M | 975.00K | 45.68M | 60.63M | 7.03M | 1.33M |
| Operating Cash Flow | 1.56B | 1.53B | 1.43B | 1.04B | 843.90M | 630.87M |
| Capital Expenditures | -125.40M | -166.01M | -136.92M | -118.44M | -168.13M | -125.87M |
| Cash Acquisitions | -144.29M | -144.08M | -627.57M | -836.00M | -301.20M | -1.02B |
| Sale (Purchase) of Intangibles | -173.50M | -198.00M | -255.69M | -126.99M | -128.89M | -150.93M |
| Other Investing Activities | 7.63M | 1.02M | -71.43M | -61.62M | 6.75M | 19.87M |
| Investing Cash Flow | -435.56M | -507.07M | -1.09B | -1.14B | -591.47M | -1.27B |
| Long-Term Debt Issued | 1.49B | 491.59M | 5.29M | 496.88M | 809.54M | |
| Long-Term Debt Repaid | -1.67B | -169.92M | -144.10M | -30.30M | -127.84M | |
| Lease Payments | -52.46M | -49.41M | -41.22M | -31.47M | -28.51M | -20.07M |
| Net Debt Issued (Repaid) | -186.20M | -179.44M | 321.68M | -138.81M | 466.58M | 681.70M |
| Issuance of Common Stock | 11.39M | 25.73M | 9.38M | 9.79M | 33.34M | |
| Repurchase of Common Stock | -210.01M | -77.00M | -12.37M | -152.32M | -213.72M | |
| Common Dividends Paid | -323.22M | -146.81M | ||||
| Other Financing Activities | -504.71M | -430.81M | -307.09M | -298.55M | -221.32M | -136.63M |
| Financing Cash Flow | -1.21B | -808.34M | 23.97M | -439.94M | 92.94M | 364.68M |
| Foreign Exchange Rate Adjustments | -2.13M | -1.82M | -7.03M | -681.00K | -852.00K | -17.97M |
| Net Cash Flow | -92.62M | 214.37M | 357.99M | -540.05M | 344.52M | -296.48M |
| Free Cash Flow | 1.43B | 1.37B | 1.30B | 925.19M | 675.77M | 505.00M |
| Free Cash Flow Margin | 37.44% | 36.94% | 39.21% | 32.17% | 29.02% | 29.37% |
| Free Cash Flow Per Share | 15.85 | 14.96 | 14.21 | 10.22 | 7.45 | 5.37 |
| Levered Free Cash Flow | 386.57M | 408.43M | 238.22M | 384.86M | 156.34M | 177.36M |
| Unlevered Free Cash Flow | 671.45M | 683.08M | 467.19M | 626.30M | 336.75M | 287.14M |
| Free Cash Flow After Leases | 1.38B | 1.32B | 1.25B | 893.72M | 647.26M | 484.92M |
| Cash Interest Paid | 504.71M | 445.35M | 367.73M | 351.32M | 201.59M | 117.99M |
| Cash Income Tax Paid | 12.37M | 16.05M | 20.52M | 45.14M | 33.09M | 35.68M |
| Change in Working Capital | -215.71M | -213.00M | -24.00M | -76.17M | -109.92M | -48.80M |
Ratios
Fiscal year January - December; amounts in BRL.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 924.60M | 1.40B | 1.43B | 1.97B | 1.40B | 1.46B |
| Enterprise Value | 1.33B | 1.78B | 1.86B | 2.38B | 1.70B | 1.67B |
| Last Close Price | 10.45 | 14.76 | 15.01 | 20.73 | 14.77 | 14.85 |
| PE Ratio | 6.26 | 10.23 | 14.03 | 24.74 | 19.88 | 36.41 |
| Forward PE | 5.59 | 8.66 | 10.64 | 14.54 | 16.49 | 15.40 |
| PS Ratio | 1.25 | 2.08 | 2.68 | 3.32 | 3.19 | 4.73 |
| PB Ratio | 0.98 | 1.57 | 2.06 | 2.62 | 2.29 | 2.71 |
| P/FCF Ratio | 3.51 | 5.64 | 6.84 | 10.33 | 10.99 | 16.10 |
| P/OCF Ratio | 3.23 | 5.03 | 6.19 | 9.16 | 8.80 | 12.89 |
| PEG Ratio | 1.51 | 0.49 | 0.39 | 0.63 | 0.44 | 0.62 |
| EV/Sales Ratio | 1.80 | 2.65 | 3.48 | 4.02 | 3.85 | 5.41 |
| EV/EBITDA Ratio | 4.63 | 6.67 | 9.27 | 11.98 | 11.28 | 17.17 |
| EV/EBIT Ratio | 5.52 | 8.05 | 11.34 | 15.05 | 13.51 | 21.10 |
| EV/FCF Ratio | 5.06 | 7.17 | 8.88 | 12.49 | 13.28 | 18.42 |
| Debt / Equity Ratio | 0.63 | 0.64 | 0.74 | 0.73 | 0.83 | 0.72 |
| Debt / EBITDA Ratio | 1.98 | 2.02 | 2.42 | 2.60 | 3.19 | 3.69 |
| Debt / FCF Ratio | 2.18 | 2.29 | 2.45 | 2.89 | 4.02 | 4.28 |
| Net Debt / Equity Ratio | 0.43 | 0.41 | 0.53 | 0.58 | 0.50 | 0.47 |
| Net Debt / EBITDA Ratio | 1.42 | 1.36 | 1.82 | 2.20 | 2.04 | 2.61 |
| Net Debt / FCF Ratio | 1.47 | 1.46 | 1.75 | 2.29 | 2.40 | 2.80 |
| Asset Turnover | 0.41 | 0.41 | 0.40 | 0.39 | 0.34 | 0.31 |
| Inventory Turnover | 71.58 | 67.47 | ||||
| Quick Ratio | 2.13 | 2.13 | 1.34 | 1.08 | 1.74 | 1.50 |
| Current Ratio | 2.20 | 2.20 | 1.39 | 1.14 | 1.81 | 1.57 |
| Return on Equity (ROE) | 16.68% | 16.70% | 16.32% | 11.76% | 12.57% | 8.31% |
| Return on Assets (ROA) | 8.41% | 8.36% | 7.72% | 6.49% | 6.08% | 4.90% |
| Return on Invested Capital (ROIC) | 16.31% | 16.13% | 15.77% | 13.63% | 13.11% | 10.64% |
| Return on Capital Employed (ROCE) | 14.80% | 14.30% | 13.20% | 11.80% | 10.60% | 7.80% |
| Earnings Yield | 15.97% | 9.77% | 7.13% | 4.04% | 5.03% | 2.75% |
| FCF Yield | 28.49% | 17.74% | 14.62% | 9.68% | 9.10% | 6.21% |
| Dividend Yield | 6.46% | 4.02% | 1.37% | |||
| Payout Ratio | 39.34% | 19.51% | ||||
| Buyback Yield / Dilution | -0.09% | -0.12% | -0.68% | 0.14% | 3.65% | -0.50% |
| Total Shareholder Return | 6.37% | 3.90% | 0.69% | 0.14% | 3.65% | -0.50% |