Afya Ltd
AFYA Nasdaq Services-Educational Services Financials FY2017–FY2025
Last close · Oct 23, 2026
$15.09
1.2%
Revenue
Total sales reported in the income statement.
$661M
7.8%
vs prior year
Operating margin
Operating income as a share of revenue.
32.8%
2.2 pts
Net income
Profit after all expenses, interest and tax.
$135M
14.8%
Free cash flow
Cash from operations minus capital spending.
$244M
1.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.2%
3.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
10.2x
On $1.47 EPS (TTM)
What Afya Ltd does
No business description yet.
- Legal name
- Afya Ltd
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Mar 31, 2026
- Accession · CIK
- 0001292814-26-002013
0001771007
Revenue and margins
Afya Ltd had $661M of revenue in fiscal 2025, up 7.8% on the year before.
FY17
Revenue $67.7M
FY18
Revenue $91.3M
FY19
Revenue $190M
FY20
Revenue $233M
FY21
Revenue $319M
FY22
Revenue $451M
FY23
Revenue $576M
FY24
Revenue $613M
FY25
Revenue $661M
FY17
Gross 42.6%
Operating 22.8%
Net 21.0%
FCF 10.7%
FY18
Gross 49.7%
Operating 28.9%
Net 25.9%
FCF 18.5%
FY19
Gross 58.9%
Operating 27.3%
Net 20.5%
FCF 32.3%
FY20
Gross 63.8%
Operating 30.2%
Net 24.3%
FCF 23.4%
FY21
Gross 62.1%
Operating 25.6%
Net 13.0%
FCF 29.4%
FY22
Gross 63.1%
Operating 28.5%
Net 16.0%
FCF 29.0%
FY23
Gross 61.4%
Operating 26.7%
Net 13.4%
FCF 32.2%
FY24
Gross 63.2%
Operating 30.6%
Net 19.1%
FCF 39.2%
FY25
Gross 64.5%
Operating 32.8%
Net 20.4%
FCF 36.9%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 16.3% a year. Loss periods are shown in red.
FY17
Net income $14.2M
FY18
Net income $23.6M
FY19
Net income $39.0M
FY20
Net income $56.6M
FY21
Net income $41.4M
FY22
Net income $72.3M
FY23
Net income $77.3M
FY24
Net income $117M
FY25
Net income $135M
FY17
Diluted EPS $0.44
FY18
Diluted EPS $0.50
FY19
Diluted EPS $0.51
FY20
Diluted EPS $0.61
FY21
Diluted EPS $0.44
FY22
Diluted EPS $0.80
FY23
Diluted EPS $0.85
FY24
Diluted EPS $1.29
FY25
Diluted EPS $1.47
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 100.8%
Return on assets —
FY18
Return on capital 19.0%
Return on equity 32.9%
Return on assets 10.0%
FY19
Return on capital 16.3%
Return on equity 12.1%
Return on assets 8.1%
FY20
Return on capital 14.3%
Return on equity 10.8%
Return on assets 6.9%
FY21
Return on capital 11.3%
Return on equity 7.8%
Return on assets 4.0%
FY22
Return on capital 15.6%
Return on equity 12.7%
Return on assets 5.7%
FY23
Return on capital 14.5%
Return on equity 11.5%
Return on assets 5.3%
FY24
Return on capital 20.1%
Return on equity 16.4%
Return on assets 7.8%
FY25
Return on capital 16.2%
Return on equity 17.1%
Return on assets 8.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $244M in fiscal 2025, 36.9% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $7.3M
FY18
Free cash flow $16.9M
FY19
Free cash flow $61.4M
FY20
Free cash flow $54.6M
FY21
Free cash flow $93.6M
FY22
Free cash flow $131M
FY23
Free cash flow $185M
FY24
Free cash flow $240M
FY25
Free cash flow $244M
FY17
Cash from operations $12.5M
Capital spending $5.3M
FY18
Cash from operations $22.0M
Capital spending $5.1M
FY19
Cash from operations $75.8M
Capital spending $14.4M
FY20
Cash from operations $72.0M
Capital spending $17.4M
FY21
Cash from operations $117M
Capital spending $23.3M
FY22
Cash from operations $163M
Capital spending $32.5M
FY23
Cash from operations $209M
Capital spending $23.7M
FY24
Cash from operations $266M
Capital spending $25.4M
FY25
Cash from operations $274M
Capital spending $29.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Afya Ltd returned $26.3M to shareholders in fiscal 2025, 11% of free cash flow. The diluted share count rose 0.1%.
FY17
Dividends $0.8M
Buybacks —
FY18
Dividends $1.6M
Buybacks —
FY19
Dividends $13.1M
Buybacks —
FY20
Dividends $2.5M
Buybacks —
FY21
Dividends $3.5M
Buybacks —
FY22
Dividends $3.8M
Buybacks —
FY23
Dividends $3.8M
Buybacks —
FY24
Dividends $3.4M
Buybacks —
FY25
Dividends $26.3M
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.08B
FY20
Diluted shares 0.09B
FY21
Diluted shares 0.09B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.09B
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Afya Ltd can carry it.
FY17
Cash $7.7M
Debt —
FY18
Cash $16.0M
Debt $20.1M
FY19
Cash $235M
Debt $15.0M
FY20
Cash $201M
Debt $119M
FY21
Cash $134M
Debt $247M
FY22
Cash $207M
Debt $356M
FY23
Cash $114M
Debt $371M
FY24
Cash $147M
Debt $355M
FY25
Cash $205M
Debt $375M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $134M | $207M | $114M | $147M | $205M |
| Debt incl. finance leases | $247M | $356M | $371M | $355M | $375M |
| Net debt / EBITDA | 1.0x | 0.9x | 1.2x | 0.8x | 0.6x |
| Debt / equity | 0.5x | 0.6x | 0.5x | 0.5x | 0.4x |
| Interest coverage | 1.8x | 1.9x | 1.7x | 2.2x | 2.2x |
| Current ratio | 1.6x | 1.8x | 1.1x | 1.4x | 2.2x |
| Quick ratio | 1.6x | 1.8x | 1.1x | 1.4x | 2.2x |
| Total assets | $1.2B | $1.4B | $1.6B | $1.4B | $1.7B |
| Total liabilities | $619M | $747M | $812M | $731M | $815M |
| Shareholders' equity | $529M | $605M | $742M | $690M | $886M |
| Net debt (− = net cash) | $112M | $149M | $257M | $208M | $170M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 5 | 6 / 9 | 5 / 9 | 4 / 9 | 8 / 9 | 6 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | — | 0.7% | −7.7% | −1.9% | −7.3% | −7.2% | −9.0% | −9.9% | −8.9% |
| Altman Z'' | — | — | 5.08 | 3.40 | 2.14 | 2.61 | 2.34 | 2.95 | 3.65 |
9 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $67.7M | $91.3M | $190M | $233M | $319M | $451M | $576M | $613M | $661M |
| Gross profit | $28.8M | $45.4M | $112M | $149M | $198M | $284M | $354M | $388M | $426M |
| Operating income | $15.5M | $26.4M | $52.0M | $70.5M | $81.7M | $129M | $154M | $188M | $217M |
| Interest expense | $0.3M | $0.7M | $6.1M | $5.0M | $45.2M | $67.7M | $91.6M | $85.1M | $100M |
| Pretax income | $16.0M | $27.0M | $47.4M | $65.0M | $50.7M | $82.9M | $86.0M | $126M | $154M |
| Income tax | $0.8M | $1.1M | $3.6M | $5.2M | $5.8M | $6.9M | $4.8M | $5.1M | — |
| Net income | $14.2M | $23.6M | $39.0M | $56.6M | $41.4M | $72.3M | $77.3M | $117M | $135M |
| Net income to common | $14.2M | $23.6M | $39.0M | $56.6M | $41.4M | $72.3M | $77.3M | $117M | $135M |
| Diluted EPS | $0.44 | $0.50 | $0.51 | $0.61 | $0.44 | $0.80 | $0.85 | $1.29 | $1.47 |
| Diluted shares | 0.03B | 0.05B | 0.08B | 0.09B | 0.09B | 0.09B | 0.09B | 0.09B | 0.09B |
| Cash flow | |||||||||
| Cash from operations | $12.5M | $22.0M | $75.8M | $72.0M | $117M | $163M | $209M | $266M | $274M |
| Capital expenditure | $5.3M | $5.1M | $14.4M | $17.4M | $23.3M | $32.5M | $23.7M | $25.4M | $29.7M |
| Free cash flow | $7.3M | $16.9M | $61.4M | $54.6M | $93.6M | $131M | $185M | $240M | $244M |
| Depreciation and amortization | $1.3M | $2.5M | $18.5M | $21.1M | $28.6M | $39.9M | $58.0M | $61.9M | $66.8M |
| Stock-based compensation | — | $0.6M | $4.6M | $6.3M | $8.0M | $6.1M | $6.3M | $6.0M | $2.7M |
| Dividends paid | $0.8M | $1.6M | $13.1M | $2.5M | $3.5M | $3.8M | $3.8M | $3.4M | $26.3M |
| Dividends and buybacks | $0.8M | $1.6M | $13.1M | $2.5M | $3.5M | $3.8M | $3.8M | $3.4M | $26.3M |
| Balance sheet | |||||||||
| Cash and short-term investments | $7.7M | $16.0M | $235M | $201M | $134M | $207M | $114M | $147M | $205M |
| Total debt | — | $20.1M | $15.0M | $119M | $247M | $356M | $371M | $355M | $375M |
| Current assets | — | $34.4M | $277M | $271M | $217M | $310M | $248M | $257M | $355M |
| Current liabilities | — | $47.0M | $82.9M | $113M | $138M | $171M | $218M | $184M | $161M |
| Inventory | — | $0.3M | $1.0M | $1.4M | $2.1M | $2.3M | $0.3M | — | — |
| Property and equipment, net | $19.9M | $35.9M | $34.7M | $50.1M | $75.4M | $103M | $125M | $106M | $130M |
| Intangible assets | — | $176M | $326M | $495M | $700M | $764M | $988M | $895M | $1.0B |
| Total assets | — | $237M | $725M | $923M | $1.2B | $1.4B | $1.6B | $1.4B | $1.7B |
| Total liabilities | — | $84.5M | $199M | $377M | $619M | $747M | $812M | $731M | $815M |
| Shareholders' equity | $14.1M | $129M | $514M | $536M | $529M | $605M | $742M | $690M | $886M |
| Margins | |||||||||
| Gross margin | 42.6% | 49.7% | 58.9% | 63.8% | 62.1% | 63.1% | 61.4% | 63.2% | 64.5% |
| Operating margin | 22.8% | 28.9% | 27.3% | 30.2% | 25.6% | 28.5% | 26.7% | 30.6% | 32.8% |
| EBITDA margin | 24.7% | 31.6% | 37.1% | 39.3% | 34.6% | 37.4% | 36.7% | 40.7% | 42.9% |
| Net margin | 21.0% | 25.9% | 20.5% | 24.3% | 13.0% | 16.0% | 13.4% | 19.1% | 20.4% |
| FCF margin | 10.7% | 18.5% | 32.3% | 23.4% | 29.4% | 29.0% | 32.2% | 39.2% | 36.9% |
| Returns | |||||||||
| Return on capital | — | 19.0% | 16.3% | 14.3% | 11.3% | 15.6% | 14.5% | 20.1% | 16.2% |
| Return on capital employed | — | 13.9% | 8.1% | 8.7% | 8.0% | 10.8% | 11.4% | 15.1% | 14.0% |
| Return on equity | 100.8% | 32.9% | 12.1% | 10.8% | 7.8% | 12.7% | 11.5% | 16.4% | 17.1% |
| Return on assets | — | 10.0% | 8.1% | 6.9% | 4.0% | 5.7% | 5.3% | 7.8% | 8.6% |
| Return on tangible equity | 100.8% | — | 20.8% | 140.6% | — | — | — | — | — |
| Growth | |||||||||
| Revenue growth | — | 34.9% | 108.4% | 22.4% | 36.8% | 41.4% | 27.7% | 6.5% | 7.8% |
| Net income growth | — | 66.0% | 65.2% | 45.2% | −26.9% | 74.6% | 7.0% | 51.5% | 14.8% |
| EPS growth | — | 12.0% | 3.5% | 18.1% | −27.4% | 81.5% | 7.2% | 50.4% | 14.6% |
| FCF growth | — | 132.6% | 264.0% | −11.1% | 71.4% | 39.7% | 41.6% | 29.8% | 1.6% |
| Share count change | — | 48.4% | 59.5% | 22.9% | 0.5% | −3.7% | −0.1% | 0.7% | 0.1% |
| Financial health | |||||||||
| Net debt / EBITDA | — | 0.1x | −3.1x | −0.9x | 1.0x | 0.9x | 1.2x | 0.8x | 0.6x |
| Debt / equity | — | 0.2x | 0.0x | 0.2x | 0.5x | 0.6x | 0.5x | 0.5x | 0.4x |
| Interest coverage | 47.4x | 40.1x | 8.6x | 14.2x | 1.8x | 1.9x | 1.7x | 2.2x | 2.2x |
| Current ratio | — | 0.7x | 3.3x | 2.4x | 1.6x | 1.8x | 1.1x | 1.4x | 2.2x |
| Quick ratio | — | 0.7x | 3.3x | 2.4x | 1.6x | 1.8x | 1.1x | 1.4x | 2.2x |
| Capital allocation | |||||||||
| Capex / revenue | 7.8% | 5.6% | 7.6% | 7.5% | 7.3% | 7.2% | 4.1% | 4.1% | 4.5% |
| Stock comp / revenue | — | 0.6% | 2.4% | 2.7% | 2.5% | 1.3% | 1.1% | 1.0% | 0.4% |
| Payouts / FCF | 10.8% | 9.5% | 21.4% | 4.6% | 3.7% | 2.9% | 2.0% | 1.4% | 10.8% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 6.0 | 5.0 | 4.0 | 8.0 | 6.0 | 7.0 | 6.0 |
| Altman Z'' | — | — | 5.1 | 3.4 | 2.1 | 2.6 | 2.3 | 3.0 | 3.7 |
| Accruals ratio | — | 0.7% | −7.7% | −1.9% | −7.3% | −7.2% | −9.0% | −9.9% | −8.9% |
Source: SEC EDGAR XBRL filings (CIK 0001771007). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in BRL under IFRS and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.