Afya Ltd (AFYA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.05	$2.21	+7.8%	—	$972.1M	—
Q1 26	$2.91	$2.85	-2.1%	—	$1B	—
Q4 25	$1.87	$2.25	+20.3%	—	$913M	—
Q3 25	$1.77	$2.08	+17.5%	—	$928.5M	—
Q2 25	$2.02	$2.27	+12.4%	—	—	—
Q1 25	$2.64	$3.2	+21.2%	—	—	—
Q4 24	$1.81	$2.1	+16.0%	—	$849M	—
Q3 24	$1.83	$1.79	-2.2%	—	—	—
Q2 24	$1.95	$2.29	+17.4%	—	—	—
Q1 24	$2.36	$2.74	+16.1%	—	—	—
Q4 23	$1.55	$1.79	+15.5%	—	$729.9M	—
Q3 23	$1.36	$1.38	+1.5%	—	—	—
Q2 23	$1.41	$1.42	+0.7%	—	$712.6M	—
Q1 23	$2.03	$1.8	-11.3%	—	$710M	—
Q4 22	$1.37	$1.38	+0.7%	—	$584M	—
Q3 22	$1.38	$1.28	-7.2%	—	$580.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.32	—	—	$3.7B	—
FY24	—	$7.01	—	—	$3.3B	—
FY23	—	$4.3	—	—	$2.9B	—
FY22	—	$4.14	—	—	$2.3B	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$216M	$333.9M	$750.6M	$1.2B	$1.7B	$2.3B	$2.9B	$3.3B	$3.7B
YoY change	—	+54.6%	+124.8%	+60%	+43.1%	+35.5%	+23.5%	+14.9%	+11.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	216M	333.9M	750.6M	1.2B	1.7B	2.3B	2.9B	3.3B	3.7B
Cost of revenue	124.1M	168.1M	308.9M	434.7M	652.3M	859.6M	1.1B	1.2B	1.3B
Gross profit	91.9M	165.9M	441.8M	766.5M	1.1B	1.5B	1.8B	2.1B	2.4B
Gross margin	42.6%	49.7%	58.9%	63.8%	62.1%	63.1%	61.4%	63.2%	64.5%
Research & development	—	—	—	—	—	—	—	—	—
Selling, general & administrative	45.4M	70M	239.1M	402.9M	622.6M	798.2M	1B	1.1B	1.1B
Operating expenses	42.6M	69.4M	236.5M	403.2M	626.2M	805.4M	999M	1.1B	1.1B
Operating income	49.3M	96.1M	198.4M	361.7M	437.6M	663.9M	765.1M	1B	1.2B
Operating margin	22.8%	28.8%	26.4%	30.1%	25.5%	28.5%	26.6%	30.6%	32.8%
Non-operating income, net	2M	3.2M	39.9M	48.3M	29.6M	79.1M	82.5M	71.1M	10.8M
Pretax income	51M	98.7M	186.9M	335.1M	273.5M	428.4M	429.6M	676.4M	860.9M
Income tax	2.5M	4M	14.2M	27.1M	31.2M	35.7M	24.2M	27.5M	92.5M
Net income	48.5M	94.7M	172.8M	308M	242.3M	392.8M	405.4M	648.9M	768.4M
Net margin	22.4%	28.4%	23%	25.6%	14.1%	16.9%	14.1%	19.6%	20.8%
EBITDA	54M	107M	278.1M	473.2M	585.5M	856.3M	1B	1.3B	1.7B
EPS	0.52	0.98	2.03	3.15	2.39	4.14	4.3	7.01	8.32
Diluted EPS	0.52	0.98	2.02	3.12	2.37	4.12	4.27	6.93	8.24

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	729.9M	—	—	—	849M	—	—	928.5M	913M	1B	972.1M
Cost of revenue	—	289.7M	—	—	—	307.2M	—	—	339.9M	348.6M	314.6M	373.4M
Gross profit	—	440.2M	—	—	—	541.8M	—	—	588.6M	564.4M	698.1M	598.7M
Gross margin	—	60.3%	—	—	—	63.8%	—	—	63.4%	61.8%	68.9%	61.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	274.9M	—	—	—	284.4M	—	—	286.2M	285.6M	287.7M	286.3M
Operating expenses	—	269.6M	—	—	—	283.8M	—	—	293.1M	280.5M	286.6M	280.6M
Operating income	—	170.8M	—	—	—	258.1M	—	—	277.4M	278.5M	393.6M	297.9M
Operating margin	—	23.4%	—	—	—	30.4%	—	—	29.9%	30.5%	38.9%	30.6%
Non-operating income, net	—	17.6M	—	—	—	22.3M	—	—	2.1M	3.2M	3.4M	2.2M
Pretax income	—	92.8M	—	—	—	155.4M	—	—	180.6M	204.5M	304.2M	203.3M
Income tax	—	-9.1M	—	—	—	1.1M	—	—	21.2M	29M	42.5M	2M
Net income	—	101.9M	—	—	—	154.3M	—	—	159.4M	175.4M	261.8M	201.3M
Net margin	—	14%	—	—	—	18.2%	—	—	17.2%	19.2%	25.8%	20.7%
EBITDA	—	241.4M	—	—	—	336.5M	—	—	397.4M	396.5M	527.6M	415.1M
EPS	1.04	—	2.26	1.76	1.33	—	2.79	1.9	1.71	—	2.88	2.22
Diluted EPS	1.03	—	2.22	1.74	1.31	—	2.76	1.88	1.7	—	2.85	2.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	8.6B	8.2B	11.2B	—	1.4B	1.1B
Enterprise value	—	—	—	—	10B	9.9B	13.3B	—	3.4B	635M
Shares outstanding	512.5M	512.5M	444M	541.9M	545.2M	528M	508.7M	90.1M	90.5M	90.5M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	35.4	21	27.5	—	1.81	7.78
P/S	—	—	—	—	4.98	3.54	3.88	—	0.38	0.3
P/B	—	—	—	—	2.86	2.54	3.06	—	0.29	1.22
EV/EBITDA	—	—	—	—	17	11.5	12.9	—	2.02	2.21
EV/Sales	—	—	—	—	5.8	4.24	4.62	—	0.92	0.86
Earnings yield	—	—	—	—	2.83%	4.76%	3.63%	—	55.1%	12.8%
FCF yield	—	—	—	—	4.13%	6.63%	7.15%	—	83.7%	6.98%
PEG	—	—	—	—	—	—	—	—	—	0.46

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.6%	49.7%	58.9%	63.8%	62.1%	63.1%	61.4%	63.2%	64.5%	61.6%
Operating margin	22.8%	28.8%	26.4%	30.1%	25.5%	28.5%	26.6%	30.6%	32.8%	30.6%
Net margin	22.4%	28.4%	23%	25.6%	14.1%	16.9%	14.1%	19.6%	20.8%	20.4%
ROE	103.7%	16%	8.17%	10.9%	8.08%	12.1%	11.1%	15.1%	15.7%	16.7%
ROA	46.8%	10.3%	5.93%	6.43%	3.76%	5.46%	5.35%	7.35%	8.21%	8.41%
ROIC	187%	15.2%	12.1%	11.3%	8.79%	12.5%	12.5%	14.8%	15.7%	15.8%
Return on tangible assets	51.5%	-21.2%	60%	-87.3%	-17.9%	-44.5%	-20.2%	-29%	-42.3%	-43.7%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.16	0.73	3.34	2.38	1.57	1.81	1.14	1.39	2.2	2.2
Quick ratio	1.16	0.73	3.32	2.37	1.56	1.79	1.14	1.39	2.2	2.2
Debt / equity	0.08	0.13	0.16	0.4	0.72	0.84	0.73	0.74	0.64	0.63
Debt / assets	0.04	0.08	0.12	0.24	0.34	0.38	0.35	0.36	0.33	0.33
Net debt / EBITDA	-0.4	0.15	-2.15	0.2	2.41	1.89	2.06	1.72	1.19	1.22
Interest coverage	49.9	42.1	4.37	5.79	2.56	2.48	2.11	2.85	2.96	2.9
Effective tax rate	4.9%	4.04%	7.58%	8.08%	11.4%	8.33%	5.63%	4.06%	10.7%	10.6%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.42	0.65	1.69	2.22	3.15	4.41	5.65	36.7	40.9	42.6
EPS (basic)	0.52	0.98	2.03	3.15	2.39	4.14	4.3	7.01	8.32	8.32
EPS (diluted)	0.52	0.98	2.02	3.12	2.37	4.12	4.27	6.93	8.24	1.67
Book value per share	0.09	1.15	4.76	5.23	5.5	6.16	7.16	47.8	54.1	10.6
FCF per share	0.04	0.11	0.4	0.43	0.65	1.04	1.57	11.5	12.9	14.1
Cash per share	0.05	0.12	2.12	1.93	1.37	2.07	1.09	10.1	12.4	11.4
Capex per share	0.03	0.04	0.13	0.17	0.23	0.32	0.23	1.52	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.77%	5.58%	7.59%	7.48%	7.32%	7.22%	4.12%	4.14%	—	—
Capex / operating cash flow	39.9%	23.5%	18.7%	23.8%	20.5%	19.8%	11%	9.72%	—	—
Payout ratio	—	—	—	—	0%	0%	0%	0%	0%	39.9%
Dividend yield	—	—	—	—	0%	0%	0%	—	0%	21.8%

Yield

21.8%

trailing twelve months

Frequency

Annual

Last dividend

$0.656

ex-dividend Mar 25, 2026

Payout ratio

40%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 25, 2026	$0.656
Mar 26, 2025	$0.232

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	$729.9M	—	—	—	$849M	—	—	$928.5M	$913M	$1B	$972.1M
YoY change	—	+25%	—	—	—	+16.3%	—	—	—	+7.54%	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	25.5M	62.3M	943.2M	1B	748.6M	1.1B	553M	911M	1.1B
Receivables	28.5M	58.4M	125.4M	302.3M	378.4M	452.8M	546.4M	595.9M	717.4M
Inventory	448K	1.1M	3.9M	7.5M	11.8M	12.2M	1.4M	—	—
Total current assets	60.5M	133.5M	1.1B	1.4B	1.2B	1.6B	1.2B	1.6B	1.9B
Property, plant & equipment	32.5M	65.8M	413.6M	653.5M	1B	1.1B	1.3B	1.4B	1.5B
Goodwill & intangibles	9.5M	1.4B	2.6B	5.1B	7.8B	8.1B	9.6B	11.1B	11.2B
Total assets	103.6M	918.4M	2.9B	4.8B	6.4B	7.2B	7.6B	8.8B	9.4B
Accounts payable	6.7M	97M	149.5M	224.2M	298.9M	333.2M	462.2M	313.4M	234.2M
Short-term debt	1.2M	26.8M	76.3M	179.6M	168.2M	239.8M	216.2M	409.1M	116.4M
Total current liabilities	51.9M	182.3M	333.2M	589.4M	766.5M	905.7M	1.1B	1.1B	884M
Long-term debt	2.7M	51M	268.6M	961.7M	2B	2.5B	2.5B	2.8B	3B
Total liabilities	56.9M	328.1M	798.7M	2B	3.4B	3.9B	3.9B	4.5B	4.5B
Shareholders' equity	46.8M	590.4M	2.1B	2.8B	3B	3.3B	3.6B	4.3B	4.9B
Total debt	3.8M	77.8M	344.9M	1.1B	2.2B	2.7B	2.7B	3.2B	3.1B
Net debt	-21.7M	15.6M	-598.3M	96.3M	1.4B	1.6B	2.1B	2.3B	2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	822M	553M	611.1M	723.4M	158M	911M	1.2B	1.1B	996.8M	1.1B	1.3B	1B
Receivables	480.6M	546.4M	536.2M	595.1M	104.3M	595.9M	636.9M	679M	671.2M	717.4M	778M	819.7M
Inventory	4.5M	1.4M	653K	344K	44.4K	—	—	—	—	—	—	—
Total current assets	1.4B	1.2B	1.3B	1.4B	278.7M	1.6B	1.9B	1.9B	1.8B	1.9B	2.2B	2B
Property, plant & equipment	1.3B	1.3B	1.3B	1.3B	261.9M	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B
Goodwill & intangibles	9.6B	9.6B	9.6B	9.6B	2.1B	11.1B	11B	11.2B	11.1B	11.2B	11.1B	11.2B
Total assets	7.8B	7.6B	7.7B	7.9B	1.6B	8.8B	9.1B	9.2B	9.2B	9.4B	9.6B	9.3B
Accounts payable	468.2M	462.2M	367.6M	368.5M	71.2M	313.4M	321.7M	333.3M	249.1M	234.2M	191.5M	201.8M
Short-term debt	274.1M	216.2M	201.7M	204.6M	14.2M	409.1M	421M	1.3B	969.4M	116.4M	187.6M	184M
Total current liabilities	1.2B	1.1B	981.9M	974.4M	174.7M	1.1B	1.3B	2B	1.8B	884M	1.2B	885.9M
Long-term debt	2.6B	2.5B	2.5B	2.5B	574.9M	2.8B	2.8B	2B	2B	3B	3B	2.9B
Total liabilities	4.3B	3.9B	3.8B	3.8B	861.3M	4.5B	4.7B	4.6B	4.4B	4.5B	4.8B	4.4B
Shareholders' equity	3.5B	3.6B	3.9B	4B	783.9M	4.3B	4.4B	4.6B	4.8B	4.9B	4.8B	4.9B
Total debt	2.8B	2.7B	2.7B	2.7B	589.1M	3.2B	3.2B	3.2B	3B	3.1B	3.2B	3.1B
Net debt	2B	2.1B	2.1B	2B	431.1M	2.3B	2B	2.1B	2B	2B	1.9B	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	51M	98.7M	186.9M	335.1M	273.5M	428.4M	429.6M	676.4M	860.9M
Depreciation & amortization	4M	9.1M	73.2M	108.7M	154.2M	206.2M	289.5M	333.3M	373.3M
Stock-based compensation	0	2.2M	18.1M	32.6M	43.4M	31.3M	31.5M	32.4M	15.3M
Change in working capital	-12.3M	-32.6M	-29.5M	-168.6M	-33.9M	-106M	-62.7M	-4.6M	-194.9M
Operating cash flow	42M	79.2M	304.1M	377.8M	612.8M	848.6M	1.1B	1.4B	1.5B
Capital expenditure	-16.8M	-18.6M	-57M	-89.8M	-125.9M	-168.1M	-118.4M	-136.9M	—
Investing cash flow	-17.8M	-259.3M	-289.4M	-995M	-1.1B	-469.3M	-1B	-764.5M	-144.1M
Dividends paid	—	—	—	—	0	0	0	0	0
Share repurchases	—	—	0	0	-213.7M	-152.3M	-12.4M	—	—
Financing cash flow	-4.1M	218.8M	921.4M	756.4M	449.3M	294.5M	-169.9M	303.4M	-326.3M
Net change in cash	20.1M	38.7M	936.2M	139.2M	-72.7M	673.8M	-121.6M	947.9M	1.1B
Free cash flow	18.9M	58.6M	177.5M	233.9M	354.1M	546.9M	798.2M	1B	1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	110.4M	92.8M	219.2M	165.3M	25.8M	155.4M	281.8M	194M	180.6M	204.5M	304.2M	203.3M
Depreciation & amortization	73.9M	77.3M	79.3M	84M	16.2M	84.2M	91.8M	94.7M	94.7M	92.2M	93.1M	90.6M
Stock-based compensation	6.7M	11.5M	8.6M	11.8M	1.1M	6.1M	7M	5.6M	4.2M	-1.4M	11.1M	8.1M
Change in working capital	87.5M	-78.5M	29M	-96.3M	27.9M	-85.6M	-41.1M	-98.9M	71M	-126M	-73.3M	-63.4M
Operating cash flow	376.2M	190.1M	414.5M	242.4M	88.6M	277.7M	446.4M	307.7M	506.2M	253.8M	466.8M	331M
Capital expenditure	-31.1M	-30.4M	-23M	-23M	-8.9M	-43.6M	-38.5M	—	—	—	—	—
Investing cash flow	-153.5M	-174.7M	-195M	-40.3M	-97.8M	-36.2M	-103.6M	-16.3M	-62.6M	0	-65M	-16.7M
Dividends paid	0	0	0	0	0	0	0	0	0	0	0	0
Share repurchases	0	0	—	—	—	—	—	—	-11.1M	—	-69.5M	-63.5M
Financing cash flow	-25.3M	-34.1M	-72.9M	32.1M	68.5M	-18.7M	-61.6M	-102.6M	-328M	154.9M	-118.4M	-362.1M
Net change in cash	197.4M	-18.7M	146.7M	234.2M	59.3M	222.9M	281.1M	188.8M	115.5M	408.7M	283.4M	-47.7M
Free cash flow	305.7M	57.1M	325M	205.1M	56.9M	208.6M	407.6M	178.9M	428.1M	153M	422M	255.9M

Afya Ltd Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement