AFYANasdaqServices-Educational ServicesFiscal year ends December 31
Afya Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 31, 2026
$14.94+0.41 (+2.82%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
64.5%+0.6 pts over 5 years
Operating margin
32.8%+2.6 pts over 5 years
Net margin
20.4%−4.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.9% | +16.7% | +25.2% | – | |
| Gross profit | +14.1% | +17.5% | +25.5% | – | |
| Operating income | +19.9% | +22.2% | +27.3% | – | |
| Net income | +19.2% | +26.3% | +20.8% | – | |
| EPS, diluted | +18.9% | +26.0% | +21.4% | – | |
| Free cash flow | +5.4% | +26.4% | +37.1% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 12.1% | 16.5% | |
| Return on assets | – | 7.6% | 8.3% | |
| Current ratio | – | 2.38 | 2.20 | |
| Debt to equity | – | 0.22 | 0.42 | |
| Net debt to EBITDA | – | -0.91× | 0.59× | |
| Interest coverage | – | 3.7× | 2.2× | |
| Inventory turnover | – | 76.0× | – | |
| Capex to revenue | – | 7.5% | 4.5% | |
| Diluted shares | – | 94M | 91M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Afya generated 5.48B BRL from operations and spent 937.61M BRL on capital expenditure, dividends and share buybacks. 76% of that went back into the business.
Generated
5.48B BRL
Used
937.61M BRL
Capital expenditure715.37M BRL76%Dividends222.24M BRL24%Share buybacks0 BRL0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin20.4%
×Asset turnover0.41×
×Equity multiplier1.99×
=Return on equity, FY202516.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 20.4% | 0.41× | 1.99× | 16.5% |
| FY2024 | 19.1% | 0.40× | 2.09× | 16.0% |
| FY2023 | 13.4% | 0.39× | 2.17× | 11.4% |
| FY2022 | 16.0% | 0.34× | 2.22× | 12.2% |
| FY2021 | 13.0% | 0.31× | 1.96× | 7.8% |
| FY2020 | 24.3% | 0.31× | 1.59× | 12.1% |
| FY2019 | 20.5% | 0.39× | 1.49× | 12.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero752.46M BRL
- Cash generatingOperating cash flow above zero1.53B BRL
- Return on assets improvedROA up on the prior year8.3% → 8.5%
- Earnings backed by cashOperating cash flow above net income1.53B BRL vs 752.46M BRL
- Less leverageLong-term debt to assets fell20.7% → 21.3%
- Better liquidityCurrent ratio rose1.39 → 2.20
- No dilutionShare count did not rise91M → 91M
- Gross margin improvedGross margin up on the prior year63.21% → 64.46%
- More efficientAsset turnover rose0.44 → 0.42