Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings -157.15 -136.91 -40.39 -81.74
Price to Sales 14.71 12.14 8.89 13.66
Book Value Per Common Share 47.95 18.75 16.53 18.14
Price to Book 6.95 11.68 7.84 9.55
Price to Operating Cash Flow 63.48 162.36 105.85 91.92
Price to Free Cash Flow 66.66 178.03 141.48 104.39
Enterprise Value to EBITDA 5742032.95
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings -483.15 -224.80 1469.57 -164.93 1121.58
Price to Sales 71.07 62.17 52.77 50.99 52.60
Book Value Per Common Share 46.27 46.00 48.76 47.95 28.24
Price to Book 10.44 8.85 6.93 6.95 10.33
Price to Operating Cash Flow 480.79 4310.17 170.11 247.62 233.14
Price to Free Cash Flow 575.32 -56511.11 175.48 263.80 244.91
Enterprise Value to EBITDA 2832300.37

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY 33.10 27.07 17.66
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY
Revenue YoY 4.51 3.28 1.02 30.94
EBITDA YoY -81.27
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 18.55 23.85 23.51 23.37
Quick Ratio 1.42 1.05 2.38 3.06
Current Ratio 1.48 1.08 2.43 3.12
Debt to Equity 0.41 1.55 1.68 1.33
Long-Term Debt to Equity 0.07 0.13 1.02 0.86
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 29.10 30.70 14.57 17.04 34.06
Quick Ratio 2.04 2.21 1.21 1.42 1.46
Current Ratio 2.14 2.31 1.29 1.48 1.73
Debt to Equity 0.97 0.95 0.37 0.41 1.00
Long-Term Debt to Equity 0.60 0.61 0.05 0.07 0.09

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA -2.79 -3.29 -7.17 -4.96
ROE -3.94 -8.39 -19.22 -11.55
Gross Margin 79.18 79.23 78.70 81.45
Operating Margin -1.33 -8.01 -22.65 -14.62
EBITDA Margin 2.87 -5.45 -19.91 -11.79
Net Profit Margin -9.34 -8.84 -22.03 -16.69
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA -1.10 -2.00 0.34 -2.90 0.45
ROE -2.16 -3.92 0.47 -4.10 0.90
Gross Margin 76.61 75.45 75.99 76.54 80.35
Operating Margin -14.61 -10.92 -6.53 8.95 -4.62
EBITDA Margin -5.05 -0.94 3.43 18.49 -2.98
Net Profit Margin -14.71 -27.69 3.61 -30.89 4.63

Dividends

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

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 3,348,395.00 2,022,208.00 1,819,401.00 1,693,202.00
   Current Assets 1,193,533.00 1,211,443.00 1,097,581.00 1,061,864.00
      Cash and Short-Term Investments 819,776.00 993,421.00 954,282.00 926,428.00
            Cash and Cash Equivalents 526,467.00 355,933.00 347,338.00 356,850.00
            Short-Term Investments 293,309.00 637,488.00 606,944.00 569,578.00
      Net Receivables 328,465.00 186,472.00 120,817.00 113,211.00
      Inventory 0 0 0 0
      Other Current Assets 45,292.00 31,550.00 22,482.00 22,225.00
   Non-Current Assets 2,154,862.00 810,765.00 721,820.00 631,338.00
      Property, Plant, Equipment Net 19,581.00 16,494.00 23,474.00 20,183.00
      Goodwill 1,317,374.00 153,241.00 153,241.00 123,717.00
      Intangible Assets 534,726.00 20,202.00 27,508.00 17,866.00
      Long-Term Investments 21,345.00 324,548.00 227,748.00 300,662.00
      Non-Current Deferred Assets 3,305.00 81,464.00 72,809.00 47,167.00
      Other Non-Current Assets 258,531.00 214,816.00 217,040.00 121,743.00
Liabilities 978,591.00 1,229,882.00 1,141,257.00 966,690.00
   Current Liabilities 807,431.00 1,124,630.00 452,472.00 340,002.00
      Payables and Expenses 177,794.00 119,388.00 103,206.00 94,289.00
            Account Payables 23,671.00 10,971.00 13,642.00 10,076.00
            Current Accrued Liabilities 154,123.00 108,417.00 89,564.00 84,213.00
      Short-Term Debt 11,107.00 580,580.00 7,857.00 6,974.00
      Other Current Liabilities 618,530.00 424,662.00 341,409.00 238,739.00
   Non-Current Liabilities 171,160.00 105,252.00 688,785.00 626,688.00
      Long-Term Debt 0 0 569,344.00 520,094.00
      Other Non-Current Liabilities 0 0 119,441.00 106,594.00
Equity 2,369,804.00 792,326.00 678,144.00 726,512.00
   Shareholders Equity 2,369,804.00 792,326.00 678,144.00 726,512.00
      Capital Stock 130.00 111.00 107.00 104.00
      Share Premium 2,494,158.00 827,260.00 660,289.00 588,937.00
      Retained Earnings -126,657.00 -33,196.00 33,308.00 137,074.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 2,173.00 -1,849.00 -15,560.00 397.00
   Minority Interest 0 0 0 0
Debt 11,107.00 580,580.00 577,201.00 527,068.00
Net Debt 0 216,407.00 222,006.00 163,244.00
Common Shares Outstanding 49,426.71 42,255.34 41,028.57 40,041.87
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 1,000,742.00 751,888.00 591,710.00 502,917.00
Cost Of Revenue 208,377.00 156,131.00 126,046.00 93,307.00
Interest Income 58,418.00 55,002.00 17,117.00 5,559.00
Interest Expense 2,660.00 2,996.00 2,980.00 17,792.00
Non-Interest Expense 622,111.00 500,784.00 427,793.00 345,826.00
Gross Profit 792,365.00 595,757.00 465,664.00 409,610.00
Operating Expenses 865,169.00 712,229.00 618,114.00 487,947.00
   Selling, General and Administrative Expenses 622,111.00 500,784.00 427,793.00 345,826.00
   Research and Development Expenses 243,058.00 211,445.00 190,321.00 142,121.00
Operating Income -72,804.00 -116,472.00 -152,450.00 -78,337.00
EBT -15,966.00 -63,258.00 -137,018.00 -91,329.00
Income Tax 77,495.00 3,246.00 -6,650.00 -7,383.00
Net Income Including Non-Controlling Interests -93,461.00 -66,504.00 -130,368.00 -83,946.00
Net Income -93,461.00 -66,504.00 -130,368.00 -83,946.00
EBIT -13,306.00 -60,262.00 -134,038.00 -73,537.00
Deprecation and Amortization 41,983.00 19,250.00 16,203.00 14,228.00
EBITDA 28,677.00 -41,012.00 -117,835.00 -59,309.00
EPS -0.00 -0.00 -0.00 -0.00
Diluted EPS -0.00 -0.00 -0.00 -0.00
Average Shares Outstanding Basic 44,182.07 41,658.42 40,583.00 39,645.45
Average Shares Outstanding Diluted 44,182.07 41,658.42 40,583.00 39,645.45
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 231,887.00 56,204.00 49,708.00 74,740.00
   Operating Net Income -93,461.00 -66,504.00 -130,368.00 -83,946.00
   Deprecation and Amortization 41,983.00 19,250.00 16,203.00 14,228.00
   Deferred Income Tax 66,293.00 -7,879.00 -15,630.00 -11,972.00
   Share Based Compensation 168,766.00 140,101.00 120,821.00 95,436.00
   Change in Working Capital 53,801.00 -27,190.00 51,808.00 35,670.00
   Other Operating Activities -5,495.00 -1,574.00 6,874.00 25,324.00
Investing Cash Flow -346,262.00 -85,828.00 -68,392.00 -228,194.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -11,059.00 -4,948.00 -12,517.00 -8,928.00
   Net Purchase/Sale of Investments Net 649,466.00 -80,880.00 -14,590.00 -219,266.00
   Net Purchase/Sale of Business -984,669.00 0 -41,285.00 0
   Other Investing Activities 0.00 0.00 0.00 0.00
Financing Cash Flow 288,806.00 38,084.00 12,225.00 10,949.00
   Net Issuance/Repayment of Debt -542.00 0 0 0
   Net Issuance/Repurchase of Equity 0 0 0 0
   Dividends Paid 0 0 0 0
   Other Financing Activities 289,348.00 38,084.00 12,225.00 10,949.00
Net Change in Cash 174,431.00 8,460.00 -6,459.00 -142,505.00
   Cash at Beginning of Period 355,933.00 347,338.00 356,850.00 500,044.00
   Cash at End of Period 526,467.00 355,933.00 347,338.00 356,850.00
Free Cash Flow 220,828.00 51,256.00 37,191.00 65,812.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 4,602,007.00 4,531,197.00 3,337,968.00 3,348,395.00 2,461,815.00
   Current Assets 1,832,123.00 1,872,158.00 1,009,224.00 1,193,533.00 1,942,230.00
      Cash and Short-Term Investments 1,467,615.00 1,538,775.00 722,390.00 819,776.00 1,475,307.00
            Cash and Cash Equivalents 523,559.00 886,384.00 413,554.00 526,467.00 1,238,472.00
            Short-Term Investments 944,056.00 652,391.00 308,836.00 293,309.00 236,835.00
      Net Receivables 275,715.00 247,893.00 229,972.00 328,465.00 166,157.00
      Inventory 0 0 0 0 0
      Other Current Assets 88,793.00 85,490.00 56,862.00 45,292.00 300,766.00
   Non-Current Assets 2,769,884.00 2,659,039.00 2,328,744.00 2,154,862.00 519,585.00
      Property, Plant, Equipment Net 31,296.00 24,804.00 21,334.00 19,581.00 17,470.00
      Goodwill 1,444,680.00 1,444,680.00 1,444,680.00 1,317,374.00 153,241.00
      Intangible Assets 495,792.00 525,678.00 555,915.00 534,726.00 14,974.00
      Long-Term Investments 443,645.00 380,368.00 53,725.00 21,345.00 19,311.00
      Non-Current Deferred Assets 3,556.00 2,944.00 7,003.00 3,305.00 82,382.00
      Other Non-Current Assets 350,915.00 280,565.00 246,087.00 258,531.00 232,207.00
Liabilities 2,266,670.00 2,212,459.00 910,261.00 978,591.00 1,231,288.00
   Current Liabilities 855,839.00 809,182.00 784,262.00 807,431.00 1,122,784.00
      Payables and Expenses 240,347.00 211,166.00 183,953.00 177,794.00 139,649.00
            Account Payables 22,784.00 24,723.00 19,492.00 23,671.00 5,346.00
            Current Accrued Liabilities 217,563.00 186,443.00 164,461.00 154,123.00 134,303.00
      Short-Term Debt 0 0 0 11,107.00 535,378.00
      Other Current Liabilities 0 0 0 618,530.00 447,757.00
   Non-Current Liabilities 1,410,831.00 1,403,277.00 125,999.00 171,160.00 108,504.00
      Long-Term Debt 1,220,870.00 1,219,236.00 0 0 0
      Other Non-Current Liabilities 189,961.00 184,041.00 0 0 0
Equity 2,335,337.00 2,318,738.00 2,427,707.00 2,369,804.00 1,230,527.00
   Shareholders Equity 2,335,337.00 2,318,738.00 2,427,707.00 2,369,804.00 1,230,527.00
      Capital Stock 133.00 133.00 131.00 130.00 114.00
      Share Premium 2,569,922.00 2,504,068.00 2,543,671.00 2,494,158.00 1,259,840.00
      Retained Earnings -256,460.00 -206,022.00 -115,194.00 -126,657.00 -29,539.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 21,742.00 20,559.00 -901.00 2,173.00 112.00
   Minority Interest 0 0 0 0 0
Debt 1,220,870.00 1,219,236.00 0 11,107.00 535,378.00
Net Debt 697,311.00 332,852.00 0 0 0
Common Shares Outstanding 50,476.95 50,407.20 49,786.18 49,426.71 43,573.53
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 342,836.00 328,030.00 317,601.00 314,384.00 240,102.00
Cost Of Revenue 80,181.00 80,545.00 76,261.00 73,766.00 47,185.00
Interest Income 20,736.00 13,721.00 8,641.00 7,577.00 23,442.00
Non-Interest Expense 226,010.00 201,067.00 183,508.00 198,696.00 144,701.00
Gross Profit 262,655.00 247,485.00 241,340.00 240,618.00 192,917.00
Operating Expenses 312,738.00 283,302.00 262,073.00 271,978.00 204,007.00
   Selling, General and Administrative Expenses 226,010.00 201,067.00 183,508.00 198,696.00 144,701.00
   Research and Development Expenses 86,728.00 82,235.00 78,565.00 73,282.00 59,306.00
Operating Income -50,083.00 -35,817.00 -20,733.00 -31,360.00 -11,090.00
EBT -29,347.00 -22,096.00 -12,092.00 -25,363.00 12,352.00
Income Tax 21,091.00 68,732.00 -23,555.00 71,755.00 1,242.00
Net Income Including Non-Controlling Interests -50,438.00 -90,828.00 11,463.00 -97,118.00 11,110.00
Net Income -50,438.00 -90,828.00 11,463.00 -97,118.00 11,110.00
EBIT -50,083.00 -35,817.00 -20,733.00 28,138.00 -11,090.00
Deprecation and Amortization 32,785.00 32,735.00 31,624.00 30,000.00 3,937.00
EBITDA -17,298.00 -3,082.00 10,891.00 58,138.00 -7,153.00
EPS -0.00 -0.00 0.00 -0.00 0.00
Diluted EPS -0.00 -0.00 0.00 -0.00 0.00
Average Shares Outstanding Basic 50,427.65 50,122.22 49,589.73 48,116.24 43,310.40
Average Shares Outstanding Diluted 50,427.65 50,122.22 51,203.81 48,116.24 48,260.87
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 50,676.00 4,731.00 98,528.00 64,736.00 54,173.00
   Operating Net Income -50,438.00 -90,828.00 11,463.00 -97,118.00 11,110.00
   Deprecation and Amortization 32,785.00 32,735.00 31,624.00 30,000.00 3,937.00
   Deferred Income Tax 257.00 47,862.00 -45,549.00 63,529.00 3,078.00
   Share Based Compensation 63,534.00 55,271.00 48,202.00 47,345.00 43,391.00
   Change in Working Capital 5,812.00 -39,920.00 52,814.00 22,550.00 -2,872.00
   Other Operating Activities -1,274.00 -389.00 -26.00 -1,570.00 -4,471.00
Investing Cash Flow -405,864.00 -668,788.00 -213,957.00 -1,050,560.00 534,926.00
   Capital Expenditure -3,755.00 -2,309.00 -1,307.00 0 0
   Net Purchase/Sale of PPE -4,571.00 -2,785.00 -1,699.00 -3,969.00 -2,008.00
   Net Purchase/Sale of Investments Net -397,538.00 -663,694.00 -46,568.00 -61,922.00 537,531.00
   Net Purchase/Sale of Business 0 0 -164,383.00 0 0
   Other Investing Activities 0.00 0.00 0.00 0 0
Financing Cash Flow -7,152.00 1,133,432.00 629.00 276,355.00 6,196.00
   Net Issuance/Repayment of Debt 0 0 0 0 0
   Net Issuance/Repurchase of Equity 0 0 0 0 0
   Dividends Paid 0 0 0 0 0
   Other Financing Activities -7,152.00 0 0 0 0
Net Change in Cash -362,340.00 469,375.00 -114,800.00 -709,469.00 595,295.00
   Cash at Beginning of Period 886,384.00 413,554.00 526,467.00 1,238,472.00 641,014.00
   Cash at End of Period 523,559.00 886,384.00 413,554.00 526,467.00 1,238,472.00
Free Cash Flow 42,350.00 -363.00 95,522.00 60,767.00 51,568.00