Business Description
Afya Limited is a leading medical education group and digital health services provider operating primarily in Brazil. The company offers an end-to-end ecosystem for physicians, encompassing undergraduate medical schools, continuing education programs, and residency preparation. Additionally, Afya provides digital medical practice solutions, including clinical decision support tools and practice management software, to assist healthcare professionals throughout their careers.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 3,697,255 | 3,304,329 | 2,875,913 | 2,329,057 |
| Cost of Sales | 1,313,895 | 1,215,603 | 1,109,813 | 859,552 |
| Gross Profit | 2,383,360 | 2,088,726 | 1,766,100 | 1,469,505 |
| Selling, General & Administrative Expenses | 1,113,065 | 1,008,427 | 940,132 | 798,153 |
| Other Operating Expenses | 57,185 | 68,186 | 58,907 | 7,252 |
| Operating Profit | 1,213,110 | 1,012,113 | 767,061 | 664,100 |
| Interest and Investment Income | 208,859 | 123,020 | 120,137 | 114,226 |
| Interest Expense | (561,024) | (458,742) | (457,616) | (349,893) |
| Total Non-Operating Income | (352,165) | (335,722) | (337,479) | (235,667) |
| Income Before Provision for Income Taxes | 860,945 | 676,391 | 429,582 | 428,433 |
| Provision for Income Taxes | 92,502 | 27,471 | 24,166 | 35,677 |
| Consolidated Net Income | 768,443 | 648,920 | 405,416 | 392,756 |
| Net Income Attributable to Common Shareholders | 768,443 | 648,920 | 405,416 | 392,756 |
| Basic EPS | 8.32 | 7.01 | 4.30 | 4.14 |
| Diluted EPS | 8.24 | 6.93 | 4.27 | 4.12 |
| Basic Weighted Average Shares Outstanding | 90,476 | 90,122 | 89,830 | 90,335 |
| Diluted Weighted Average Shares Outstanding | 91,268 | 91,155 | 90,537 | 90,664 |
| Shares Outstanding | 89,868 | 93,723 | 93,723 | 89,937 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 1,125,381 | 911,015 | 553,030 | 1,093,082 |
| Total Cash and Cash Equivalents | 1,125,381 | 911,015 | 553,030 | 1,093,082 |
| Accounts Receivable | 717,373 | 595,898 | 546,438 | 452,831 |
| Total Trade Receivables | 717,373 | 595,898 | 546,438 | 452,831 |
| Inventories | — | — | — | 12,190 |
| Other Current Assets | 99,422 | 82,871 | 104,038 | 79,554 |
| Total Current Assets | 1,942,176 | 1,589,784 | 1,203,506 | 1,637,657 |
| Net Property, Plant & Equipment | 1,608,243 | 1,500,701 | 1,376,294 | 1,232,160 |
| Net Intangible Assets | 5,587,980 | 5,532,789 | 4,796,016 | 4,041,491 |
| Long-Term Investments | 46,518 | 54,442 | 51,834 | 53,907 |
| Other Long-Term Assets | 173,017 | 151,823 | 156,831 | 234,324 |
| Total Assets | 9,357,934 | 8,829,539 | 7,584,481 | 7,199,539 |
| Accounts Payable | 123,581 | 128,080 | 108,222 | 71,482 |
| Accrued Expenses | 366,207 | 245,779 | 223,939 | 196,890 |
| Current Portion of Long-Term Debt | 60,668 | 363,554 | 179,252 | 207,378 |
| Current Portion of Leases | 55,772 | 45,580 | 36,898 | 32,459 |
| Unearned Revenue | 158,035 | 161,048 | 153,485 | 133,050 |
| Other Current Liabilities | 119,778 | 196,154 | 356,771 | 264,430 |
| Total Current Liabilities | 884,041 | 1,140,195 | 1,058,567 | 905,689 |
| Long-Term Debt | 1,993,599 | 1,831,607 | 1,621,523 | 1,737,699 |
| Leases | 1,009,974 | 932,756 | 837,671 | 737,066 |
| Other Long-Term Liabilities | 579,135 | 614,398 | 423,708 | 568,927 |
| Total Long-Term Liabilities | 3,582,708 | 3,378,761 | 2,882,902 | 3,043,692 |
| Total Liabilities | 4,466,749 | 4,518,956 | 3,941,469 | 3,949,381 |
| Common Stock | 17 | 17 | 17 | 17 |
| Treasury Stock | (306,010) | (273,955) | (299,150) | (304,947) |
| Additional Paid-in Capital | 2,523,237 | 2,532,018 | 2,520,273 | 2,498,882 |
| Retained Earnings | 2,634,552 | 2,011,875 | 1,380,365 | 1,004,886 |
| Total Common Shareholders' Equity | 4,851,796 | 4,269,955 | 3,601,505 | 3,198,838 |
| Minority Interests and Other | 39,389 | 40,628 | 41,507 | 51,320 |
| Total Shareholders' Equity | 4,891,185 | 4,310,583 | 3,643,012 | 3,250,158 |
| Total Liabilities and Shareholders' Equity | 9,357,934 | 8,829,539 | 7,584,481 | 7,199,539 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 860,945 | 676,391 | 429,582 | 428,433 |
| Depreciation & Amortization | 373,344 | 333,341 | 289,511 | 206,220 |
| Share-Based Compensation Expense | 15,318 | 32,424 | 31,535 | 31,274 |
| Other Adjustments | 511,023 | 435,024 | 414,313 | 320,984 |
| Changes in Trade Receivables | (177,602) | (97,449) | (131,336) | (129,165) |
| Changes in Accounts Payable | (4,499) | 18,126 | 24,500 | 9,975 |
| Changes in Accrued Expenses | 9,450 | 8,414 | 31,525 | 21,247 |
| Changes in Income Taxes Payable | (34,155) | (35,318) | (41,866) | (37,004) |
| Changes in Unearned Revenue | (3,013) | 6,329 | (17,892) | 8,387 |
| Changes in Other Operating Activities | (19,224) | 55,377 | 13,751 | (16,452) |
| Cash from Operating Activities | 1,531,587 | 1,432,659 | 1,043,623 | 843,899 |
| Capital Expenditure | (166,014) | (136,924) | (118,435) | (168,132) |
| Purchases of Intangible Assets | (197,997) | (255,691) | (126,993) | (128,892) |
| Payments for Business Acquisitions | (144,076) | (627,568) | (836,005) | (277,649) |
| Other Investing Activities | 1,017 | (71,430) | (61,618) | (16,796) |
| Cash from Investing Activities | (507,070) | (1,091,613) | (1,143,051) | (591,469) |
| Issuance of Long-Term Debt | 1,494,881 | 491,593 | 5,288 | 496,885 |
| Repayments of Long-Term Debt | (1,624,911) | (128,696) | (112,630) | (1,791) |
| Net Issuance / (Repayments) of Long-Term Debt | (130,030) | 362,897 | (107,342) | 495,094 |
| Issuance of Common Shares | 25,733 | 9,376 | 9,791 | — |
| Repurchases of Common Shares | (77,002) | — | (12,369) | (152,317) |
| Net Issuance / (Repurchases) of Common Shares | (51,269) | 9,376 | (2,578) | (152,317) |
| Common Share Dividends Paid | (146,813) | (18,289) | (18,750) | — |
| Other Financing Activities | (480,223) | (330,018) | (311,273) | (249,835) |
| Cash from Financing Activities | (808,335) | 23,966 | (439,943) | 92,942 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,816) | (7,027) | (681) | (852) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 214,366 | 357,985 | (540,052) | 344,520 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.38B |
| P/E | 10.31x |
| P/S | 2.07x |
| EV/EBITDA | 6.10x |
| Return on Equity | 16.7% |
| Return on Invested Capital | 14.3% |
| Current Ratio | 2.20x |
| Dividend Yield | 1.9% |
| Free Cash Flow Margin | 36.9% |
Margins
Gross margin
64.5%
Operating margin
32.8%
Net margin
20.8%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1.01B | +8.2% | 38.9% | $394M |
| Q4 2025 | $913M | +7.5% | 30.4% | $278M |
| Q3 2025 | $929M | +10.4% | 29.9% | $277M |
| Q2 2025 | $919M | +13.5% | 31.0% | $285M |
| Q1 2025 | $936M | — | 39.8% | $373M |
| Q4 2024 | $849M | — | 30.4% | $258M |
| Q3 2024 | $841M | — | 27.8% | $234M |
| Q2 2024 | $810M | — | 28.5% | $231M |
More on Afya Limited
Figures compiled from public company filings.
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