Afya Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Afya Ltd files with the SEC in its annual reports.

In BRL millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	216	334	751	1,201	1,719	2,329	2,876	3,304	3,697
Cost of revenue	124	168	-309	435	652	860	1,110	1,216	1,314
Gross profit	91.9	166	442	767	1,067	1,470	1,766	2,089	2,383
Operating income	49.3	96.4	205	363	441	664	767	1,012	1,213
Interest expense	3.59	8.15	72.4	98.3	244	350	458	459	561
Interest income	5.22	10.4	51.7	62.3	64.6	102	111	111	195
Pre-tax income	51	98.7	187	335	273	428	430	676	861
Income tax	2.5	3.99	14.2	27.1	31.2	35.7	24.2	27.5
Net income to minority interests	3.09	8.38	18.8	15.9	19	19.2	19.1	17.4	16
Net income	45.4	86.4	154	292	223	374	386	632	752
EPS, basic	1.41	1.84	2.03	3.15	2.39	4.14	4.30	7.01	8.32
EPS, diluted	1.41	1.81	2.02	3.12	2.37	4.12	4.27	6.93	8.24

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	25.5	62.3	943	1,045	749	1,093	553	911	1,125
Inventory		1.12	3.93	7.51	11.8	12.2	1.38
Total current assets		134	1,112	1,406	1,207	1,638	1,204	1,590	1,942
Property, plant and equipment	65.8	139	139	260	420	542	609	658	711
Lease right-of-use assets		212	274	419	664	690	768	842	897
Intangible assets		682	1,312	2,573	3,901	4,041	4,796	5,533	5,588
Total assets		918	2,912	4,793	6,447	7,200	7,584	8,830	9,358
Accounts payable		8.1	17.6	35.7	59.1	71.5	108	128	124
Short-term debt		26.8	53.6	107	129	145	179	364	60.7
Total current liabilities		182	333	589	767	906	1,059	1,140	884
Lease liabilities			262	386	689	737	838	933	1,010
Total liabilities		328	799	1,959	3,447	3,949	3,941	4,519	4,467
Retained earnings			116	408	631	1,005	1,380	2,012	2,635
Shareholders' equity		502	2,065	2,782	2,948	3,199	3,602	4,270	4,852
Minority interests		88.4	48.6	51.6	51.9	51.3	41.5	40.6	39.4
Total equity	46.8	590	2,114	2,834	3,000	3,250	3,643	4,311	4,891
Total liabilities and equity		918	2,912	4,793	6,447	7,200	7,584	8,830	9,358

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.5	94.7	173	308	242	393	405	649	768
Cash from operations	39.9	80.3	299	372	631	844	1,044	1,433	1,532
Capital expenditures	-16.8	-18.6	-57	-89.8	-126	-168	-118	-137	-166
Cash from investing	-22.1	-262	-354	-1,043	-1,274	-591	-1,143	-1,092	-507
Debt issued		75	7.38		810	497	5.29	492	1,495
Debt repaid	-1.14	-6.49	-75.1	-155	-108	-1.79	-113	-129	-1,625
Dividends paid	-2.51	-5.85	-51.8	-13	-18.6	-19.7	-18.8	-18.3	-147
Cash from financing	-4.13	219	921	756	365	92.9	-440	24	-808
Exchange rate effect			14.4	16.7	-18	-0.85	-0.68	-7.03	-1.82
Net change in cash	13.7	36.8	881	102	-296	345	-540	358	214
Free cash flow	23.1	61.7	242	282	505	676	925	1,296	1,366
Income taxes paid	2.72	3.9	8.51	19.4	35.7	33.1	45.1	20.5	16

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	64.5%	Gross profit / revenue.
Operating margin	32.8%	Operating income / revenue.
Pre-tax margin	23.3%	Pre-tax income / revenue.
Net margin	20.4%	Net income / revenue.
FCF margin	36.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	41.4%	Cash from operations / revenue.
Return on equity (ROE)	16.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	27.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	4.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	16.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	25.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	14.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	17.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	27.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	19.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	26.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	6.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	22.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	32.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	37.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	14.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.20x	Current assets / current liabilities.
Quick ratio	1.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.27x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	47.7%	Total liabilities / total assets.
Interest coverage	2.16x	Operating income / interest expense.
Working capital	R$1.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	59.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-R$736.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.41x	Revenue / average total assets.
Fixed asset turnover	5.40x	Revenue / average property, plant and equipment.
Days payables	35 days	365 x average accounts payable / cost of revenue.
FCF conversion	181.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	10.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	R$8.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	R$8.32	Net income per basic share, as reported (split-adjusted).
Payout ratio	19.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.8%	Dividends paid / free cash flow, when free cash flow is positive.

What was Afya Ltd's revenue in fiscal 2025?

Afya Ltd reported revenue of R$3.70B for fiscal 2025, 11.9% higher than the year before.

Was Afya Ltd profitable in fiscal 2025?

Yes. Net income was R$752.5M, a net margin of 20.4%.

How much free cash flow did Afya Ltd generate in fiscal 2025?

Cash from operations of R$1.53B minus capital expenditures of R$166.0M left free cash flow of R$1.37B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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