Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -9.53 -10.22 -2.34 -4.28
Price to Sales 23.01 707.01 14.47 34.54 1059.76
Book Value Per Common Share -7.72 -7.73 -8.33 -5.91 0.47
Price to Book -3.55 -5.22 -0.91 -2.82 150.85
Price to Operating Cash Flow -9.81 -12.45 -2.68 -4.84 -21.86
Price to Free Cash Flow -9.64 -12.42 -2.64 -4.41 -21.45
Enterprise Value to EBITDA 160221.46
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
Price to Earnings -54.67 -45.45 -39.28 -29.60 -18.02
Price to Sales 82.56 74.41 56.36 1755.86 1381.67 19870.97
Book Value Per Common Share -10.04 -9.35 -8.68 -7.72 -6.51 -7.73 -7.64 -2.65 0.47
Price to Book -5.18 -4.62 -3.98 -3.55 -3.91 -5.22 -2.17 -23.24 150.85
Price to Operating Cash Flow -90.95 -101.96 -32.99 -26.58 -17.54 -60.92
Price to Free Cash Flow -88.62 -95.91 -32.73 -26.33 -17.54 -60.14
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY 2285.27 -88.02 11.38 745.14
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
Earning YoY
Revenue YoY 9.17 -5.20 4169.14 49.62 295.24
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 3.66 2.77 3.20 5.80 4.94
Quick Ratio 4.44 3.15 4.03 6.34
Current Ratio 4.67 3.32 4.52 6.58 6.72
Debt to Equity -1.63 -1.41 -1.50 -2.17 5.52
Long-Term Debt to Equity -1.52 -1.30 -1.40 -2.01 4.64
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
Cash Per Common Share 3.37 3.97 2.84 3.58 1.41 2.58 3.39 6.16 4.94
Quick Ratio 3.52 4.74 4.31 4.44 1.92 3.15 5.46
Current Ratio 3.88 5.19 4.57 4.67 3.19 3.32 5.72 9.98 6.72
Debt to Equity -1.52 -1.61 -1.54 -1.63 -1.55 -1.41 -1.52 -3.82 5.52
Long-Term Debt to Equity -1.41 -1.51 -1.45 -1.52 -1.43 -1.30 -1.44 -3.57 4.64

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -58.28 -117.72 -77.23 -55.54 -63.78
ROE 36.76 47.91 38.65 64.99 -415.92
Gross Margin 98.25 73.71 95.58 95.53
Operating Margin -199.59 -6148.15 -520.57 -774.11 6572.23
EBITDA Margin -196.86 -6078.34 -511.85 -765.73 6609.66
Net Profit Margin -241.44 -6913.92 -619.70 -806.90 -5439.74
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
ROA -18.31 -16.84 -18.99 -24.37 -22.40 -14.92
ROE 9.50 10.23 10.22 13.30 11.55 42.02
Gross Margin 94.56 96.70 97.74 78.11
Operating Margin -114.61 -130.26 -109.29 -5168.12 -6714.73 -34922.94
EBITDA Margin -113.45 -129.07 -108.19 -5111.82 -6625.30 -34627.49
Net Profit Margin -151.40 -164.52 -143.55 -5931.19 -7675.58 -35298.48

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 919,338.00 546,380.00 623,036.00 1,012,792.00 703,588.00
   Current Assets 720,692.00 477,593.00 548,853.00 888,858.00 642,824.00
      Cash and Short-Term Investments 681,227.00 451,537.00 471,922.00 836,663.00 607,093.00
            Cash and Cash Equivalents 681,227.00 392,588.00 376,689.00 393,772.00 356,082.00
            Short-Term Investments 0 58,949.00 95,233.00 442,891.00 251,011.00
      Net Receivables 4,722.00 1,751.00 17,079.00 19,749.00 0
      Inventory 0 0 0 0 0
      Other Current Assets 34,743.00 24,305.00 59,852.00 32,446.00 35,731.00
   Non-Current Assets 198,646.00 68,787.00 74,183.00 123,934.00 60,764.00
      Property, Plant, Equipment Net 12,778.00 19,843.00 25,247.00 45,973.00 36,833.00
      Goodwill 0 0 0 0 0
      Intangible Assets 23,926.00 26,319.00 28,712.00 44,934.00 0
      Long-Term Investments 143,747.00 0 0 0 0
      Non-Current Deferred Assets 2,242.00 2,333.00 0 0 0
      Other Non-Current Assets 15,953.00 20,292.00 0 0 23,931.00
Liabilities 2,376,950.00 1,888,915.00 1,867,960.00 1,878,371.00 595,702.00
   Current Liabilities 154,400.00 143,844.00 121,428.00 135,069.00 95,648.00
      Payables and Expenses 67,947.00 68,025.00 78,341.00 93,090.00 57,555.00
            Account Payables 9,618.00 10,655.00 11,558.00 11,884.00 8,945.00
            Current Accrued Liabilities 58,329.00 57,370.00 66,783.00 81,206.00 48,610.00
      Short-Term Debt 4,506.00 4,128.00 3,675.00 4,938.00 5,253.00
      Other Current Liabilities 81,947.00 71,691.00 39,412.00 37,041.00 32,840.00
   Non-Current Liabilities 2,222,550.00 1,745,071.00 1,746,532.00 1,743,302.00 500,054.00
      Long-Term Debt 442,033.00 455,426.00 1,719,889.00 1,721,233.00 107,098.00
      Other Non-Current Liabilities 1,780,517.00 1,289,645.00 26,643.00 22,069.00 392,956.00
Equity -1,457,612.00 -1,342,535.00 -1,244,924.00 -865,579.00 107,886.00
   Shareholders Equity -1,467,904.00 -1,354,257.00 -1,254,617.00 -870,414.00 57,906.00
      Capital Stock 196.00 181.00 157.00 154.00 125.00
      Share Premium 1,903,155.00 1,481,032.00 938,703.00 841,530.00 1,021,344.00
      Retained Earnings -3,096,263.00 -2,560,501.00 -1,918,149.00 -1,436,966.00 -888,755.00
      Treasury Shares -275,000.00 -275,000.00 275,000.00 275,000.00 -75,000.00
      Accumulated Other Comprehensive Income 8.00 31.00 -328.00 -132.00 192.00
   Minority Interest 10,150.00 11,244.00 9,693.00 4,835.00 48,350.00
Investments 143,747.00 58,949.00 0 0 251,011.00
Debt 446,539.00 459,554.00 1,723,564.00 1,726,171.00 112,351.00
Net Debt 0 8,017.00 1,330,926.00 1,310,033.00 0
Common Shares Outstanding 190,044.47 175,082.95 150,625.57 147,343.32 122,849.39
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 221,902.00 9,303.00 77,648.00 69,716.00 8,249.00
Cost Of Revenue 3,878.00 2,446.00 3,434.00 3,114.00 0
Interest Income 116,539.00 99,327.00 7,542.00 1,133.00 40,670.00
Interest Expense 99,290.00 81,289.00 80,438.00 46,778.00 36,655.00
Net Interest 17,249.00 18,038.00 0 0 4,015.00
Non-Interest Expense 0 0 143,189.00 192,210.00 0
Gross Profit 218,024.00 6,857.00 74,214.00 66,602.00 0
Operating Expenses 810,997.00 614,227.00 542,651.00 643,234.00 482,731.00
   Selling, General and Administrative Expenses 288,931.00 150,590.00 143,189.00 192,210.00 145,684.00
   Research and Development Expenses 1,527,383.00 462,311.00 399,462.00 451,024.00 344,247.00
   Other Operating Expenses -1,005,317.00 1,326.00 0 0 -7,200.00
Operating Income -592,973.00 -607,370.00 -468,437.00 -576,632.00 -474,482.00
Net Non-Operating Income 50,779.00 -45,881.00 108,668.00 35,823.00 979,970.00
EBT -542,194.00 -653,251.00 -484,652.00 -586,454.00 505,488.00
Income Tax 1,153.00 0.00 0 0 0.00
Equity Method Investments Income -31,183.00 0 0 0 0
Net Income Including Non-Controlling Interests -543,347.00 -653,251.00 -484,652.00 -586,454.00 -505,488.00
Net Income Non-Controlling Interests 7,585.00 10,049.00 3,469.00 23,915.00 56,764.00
Net Income -535,762.00 -643,202.00 -481,183.00 -562,539.00 -448,724.00
EBIT -442,904.00 -571,962.00 -404,214.00 -539,676.00 542,143.00
Deprecation and Amortization 6,075.00 6,494.00 6,771.00 5,843.00 3,088.00
EBITDA -436,829.00 -565,468.00 -397,443.00 -533,833.00 545,231.00
EPS -0.00 -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 186,075.87 162,791.51 147,473.08 144,356.62 0
Average Shares Outstanding Diluted 186,075.87 162,791.51 147,473.08 144,356.62 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow -520,726.00 -527,720.00 -419,494.00 -497,934.00 -399,714.00
   Operating Net Income -543,347.00 -653,251.00 -484,652.00 -586,454.00 -505,488.00
   Deprecation and Amortization 6,075.00 6,494.00 6,771.00 5,843.00 3,088.00
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 95,800.00 108,710.00 91,559.00 99,505.00 58,459.00
   Change in Working Capital 19,124.00 -3,933.00 28,079.00 -4,396.00 -1,351.00
   Other Operating Activities -98,378.00 14,260.00 -61,251.00 -12,432.00 45,578.00
Investing Cash Flow 60,781.00 54,033.00 453,147.00 -200,826.00 -52,993.00
   Capital Expenditure -8,908.00 -1,306.00 0 0 -7,518.00
   Net Purchase/Sale of PPE -8,908.00 -1,306.00 -4,821.00 -13,246.00 -7,371.00
   Net Purchase/Sale of Investments Net 44,147.00 55,842.00 339,468.00 -166,234.00 -38,715.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 34,450.00 803.00 118,500.00 0 611.00
Financing Cash Flow 748,457.00 451,535.00 -13,134.00 736,446.00 447,189.00
   Net Issuance/Repayment of Debt -23,417.00 0 -20,486.00 1,079,677.00 550,000.00
   Net Issuance/Repurchase of Equity 322,899.00 394,251.00 0 0 89,128.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 448,975.00 57,284.00 0 0 -191,939.00
Net Change in Cash 288,512.00 -22,152.00 20,519.00 37,686.00 -5,518.00
   Cash at Beginning of Period 394,732.00 416,884.00 396,365.00 358,679.00 364,197.00
   Cash at End of Period 683,244.00 394,732.00 416,884.00 396,365.00 358,679.00
Free Cash Flow -529,634.00 -529,026.00 -425,815.00 -546,180.00 -407,232.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-12-31 2023-03-31 2021-03-31 2020-12-31
Assets 998,250.00 1,080,190.00 881,638.00 919,338.00 664,977.00 546,380.00 625,680.00 1,093,308.00 703,588.00
   Current Assets 839,382.00 912,277.00 695,173.00 720,692.00 444,578.00 477,593.00 552,702.00 945,114.00 642,824.00
      Cash and Short-Term Investments 645,942.00 756,892.00 540,599.00 681,227.00 266,324.00 451,537.00 516,796.00 919,118.00 607,093.00
            Cash and Cash Equivalents 642,951.00 748,953.00 540,599.00 681,227.00 266,324.00 392,588.00 432,871.00 471,176.00 356,082.00
            Short-Term Investments 2,991.00 7,939.00 0 0 0 58,949.00 83,925.00 447,942.00 251,011.00
      Net Receivables 116,518.00 76,868.00 115,265.00 4,722.00 478.00 1,751.00 10,761.00 0 0
      Inventory 24,527.00 18,277.00 3,954.00 0 0 0 0 0 0
      Other Current Assets 52,395.00 60,240.00 35,355.00 34,743.00 0 24,305.00 25,145.00 25,996.00 35,731.00
   Non-Current Assets 158,868.00 167,913.00 186,465.00 198,646.00 220,399.00 68,787.00 72,978.00 148,194.00 60,764.00
      Property, Plant, Equipment Net 12,383.00 12,293.00 13,864.00 12,778.00 15,140.00 19,843.00 24,098.00 35,813.00 36,833.00
      Goodwill 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 23,926.00 0 26,319.00 28,113.00 0 0
      Long-Term Investments 92,168.00 108,002.00 128,191.00 143,747.00 160,443.00 0 0 82,202.00 0
      Non-Current Deferred Assets 0 0 0 2,242.00 0 2,333.00 0 0 0
      Other Non-Current Assets 54,317.00 47,618.00 44,410.00 15,953.00 44,816.00 20,292.00 20,767.00 30,179.00 23,931.00
Liabilities 2,920,979.00 2,858,609.00 2,520,303.00 2,376,950.00 1,883,369.00 1,888,915.00 1,839,293.00 1,481,402.00 595,702.00
   Current Liabilities 216,600.00 175,854.00 152,105.00 154,400.00 139,216.00 143,844.00 96,596.00 94,729.00 95,648.00
      Payables and Expenses 137,463.00 116,133.00 95,469.00 67,947.00 79,304.00 68,025.00 49,183.00 53,853.00 57,555.00
            Account Payables 18,702.00 26,134.00 27,525.00 9,618.00 13,363.00 10,655.00 4,076.00 10,340.00 8,945.00
            Current Accrued Liabilities 118,761.00 87,899.00 67,944.00 58,329.00 65,941.00 57,370.00 45,107.00 43,513.00 48,610.00
      Short-Term Debt 5,294.00 4,782.00 5,209.00 4,506.00 4,600.00 4,128.00 3,674.00 7,453.00 5,253.00
      Other Current Liabilities 73,843.00 54,939.00 51,427.00 81,947.00 55,312.00 71,691.00 43,739.00 33,423.00 32,840.00
   Non-Current Liabilities 2,704,379.00 2,682,755.00 2,368,198.00 2,222,550.00 1,744,153.00 1,745,071.00 1,742,697.00 1,386,673.00 500,054.00
      Long-Term Debt 1,854,443.00 1,853,584.00 1,853,039.00 442,033.00 1,725,149.00 455,426.00 447,668.00 104,624.00 107,098.00
      Other Non-Current Liabilities 849,936.00 829,171.00 515,159.00 1,780,517.00 19,004.00 1,289,645.00 1,295,029.00 1,282,049.00 392,956.00
Equity -1,922,729.00 -1,778,419.00 -1,638,665.00 -1,457,612.00 -1,218,392.00 -1,342,535.00 -1,213,613.00 -388,094.00 107,886.00
   Shareholders Equity -1,933,070.00 -1,787,860.00 -1,648,395.00 -1,467,904.00 -1,229,922.00 -1,354,257.00 -1,225,665.00 -395,294.00 57,906.00
      Capital Stock 200.00 198.00 197.00 196.00 195.00 181.00 167.00 152.00 125.00
      Share Premium 2,018,335.00 1,980,805.00 1,938,369.00 1,903,155.00 1,876,091.00 1,481,032.00 1,106,635.00 767,117.00 1,021,344.00
      Retained Earnings -3,628,331.00 -3,445,588.00 -3,263,685.00 -3,096,263.00 -2,831,213.00 -2,560,501.00 -2,057,455.00 -1,037,506.00 -888,755.00
      Treasury Shares 323,276.00 323,276.00 323,276.00 -275,000.00 275,000.00 -275,000.00 -275,000.00 -125,000.00 -75,000.00
      Accumulated Other Comprehensive Income 2.00 1.00 0 8.00 5.00 31.00 -12.00 -57.00 192.00
   Minority Interest 10,341.00 9,441.00 9,730.00 10,150.00 11,530.00 11,244.00 12,256.00 5,929.00 48,350.00
Investments 0 0 0 143,747.00 0 58,949.00 83,925.00 530,144.00 251,011.00
Debt 1,859,737.00 1,858,366.00 1,858,248.00 446,539.00 1,729,749.00 459,554.00 451,342.00 112,077.00 112,351.00
Net Debt 1,208,065.00 1,100,606.00 1,307,525.00 0 1,452,992.00 8,017.00 0 0 0
Common Shares Outstanding 192,633.29 191,162.66 189,826.02 190,044.47 188,986.55 175,082.95 160,435.24 149,114.60 122,849.39
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2023-03-31 2021-03-31
Revenues 120,700.00 110,565.00 116,633.00 2,732.00 1,826.00 462.00
Cost Of Revenue 6,563.00 3,653.00 2,639.00 598.00 0 0
Interest Income 6,239.00 3,898.00 5,385.00 3,296.00 24,274.00 10,132.00
Interest Expense 48,149.00 37,637.00 42,141.00 23,061.00 20,121.00 9,738.00
Net Interest 0 0 0 0 4,153.00 394.00
Non-Interest Expense 137,621.00 129,154.00 106,365.00 68,819.00 0 0
Gross Profit 114,137.00 106,912.00 113,994.00 2,134.00 0 0
Operating Expenses 250,495.00 240,385.00 217,796.00 189,263.00 0 167,966.00
   Selling, General and Administrative Expenses 137,621.00 129,154.00 106,365.00 68,819.00 31,108.00 45,407.00
   Research and Development Expenses 112,874.00 111,231.00 111,431.00 120,444.00 94,561.00 122,559.00
   Other Operating Expenses 0 0 0 0 0 0.00
Operating Income -136,358.00 -133,473.00 -103,802.00 -187,129.00 -126,163.00 -167,504.00
Net Non-Operating Income 0 -452.00 8,231.00 0 -16,569.00 -3,578.00
EBT -186,482.00 -181,658.00 -169,608.00 -164,254.00 -142,732.00 -171,082.00
Income Tax -1,545.00 2,100.00 0 0 0.00 0.00
Net Income Including Non-Controlling Interests -184,937.00 -183,758.00 -169,608.00 -164,254.00 -142,732.00 -171,082.00
Net Income Non-Controlling Interests 2,194.00 1,855.00 2,186.00 2,214.00 2,576.00 8,003.00
Net Income -182,743.00 -181,903.00 -167,422.00 -162,040.00 -140,156.00 -163,079.00
EBIT -138,333.00 -144,021.00 -127,467.00 -141,193.00 -122,611.00 -161,344.00
Deprecation and Amortization 1,398.00 1,317.00 1,284.00 1,538.00 1,633.00 1,365.00
EBITDA -136,935.00 -142,704.00 -126,183.00 -139,655.00 -120,978.00 -159,979.00
EPS -0.00 -0.00 -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 191,854.15 190,517.21 190,145.25 188,510.37 152,645.64 0
Average Shares Outstanding Diluted 191,854.15 190,517.21 190,145.25 188,510.37 152,645.64 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2023-03-31 2021-03-31
Operating Cash Flow -109,574.00 -80,681.00 -199,235.00 -180,566.00 -144,322.00 -150,765.00
   Operating Net Income -184,937.00 -183,758.00 -169,608.00 -164,254.00 -142,732.00 -171,082.00
   Deprecation and Amortization 1,398.00 1,317.00 1,284.00 1,538.00 1,633.00 1,365.00
   Deferred Income Tax 0 0 0 0 0 0
   Share Based Compensation 35,262.00 37,241.00 25,882.00 27,162.00 21,907.00 33,577.00
   Change in Working Capital -3,931.00 19,422.00 -116,166.00 -2,142.00 -29,192.00 -15,854.00
   Other Operating Activities 42,634.00 45,097.00 59,373.00 -42,870.00 4,062.00 1,229.00
Investing Cash Flow 4,464.00 -13,002.00 -1,595.00 38,226.00 12,298.00 -282,052.00
   Capital Expenditure 0 0 0 0 -12.00 -1,961.00
   Net Purchase/Sale of PPE -470.00 -594.00 0 -137.00 -12.00 -1,961.00
   Net Purchase/Sale of Investments Net 5,032.00 -7,908.00 0 40,000.00 12,813.00 -280,091.00
   Net Purchase/Sale of Business 0 0 0 0 0 0
   Other Investing Activities -98.00 0 0 0 -491.00 1,961.00
Financing Cash Flow -894.00 302,041.00 60,328.00 707.00 150,249.00 547,912.00
   Net Issuance/Repayment of Debt -300,000.00 300,000.00 116,000.00 0 0 747,500.00
   Net Issuance/Repurchase of Equity -3,025.00 -1,995.00 -50,052.00 -1,461.00 145,018.00 59,116.00
   Dividends Paid 0 0 0 0 0 0
   Other Financing Activities 302,131.00 4,036.00 -5,620.00 2,168.00 5,231.00 -258,704.00
Net Change in Cash -106,004.00 208,358.00 -140,502.00 -141,633.00 18,225.00 115,095.00
   Cash at Beginning of Period 751,100.00 542,742.00 683,244.00 549,509.00 416,884.00 358,679.00
   Cash at End of Period 645,096.00 751,100.00 542,742.00 407,876.00 435,109.00 473,774.00
Free Cash Flow -112,444.00 -85,775.00 -200,830.00 -182,298.00 -144,334.00 -152,726.00