AFYA on Nasdaq

Afya Ltd

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Last updated Oct 16, 2026.

Overview

3.7BRevenue, fiscal 2025²

768.4MNet income, fiscal 2025²

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TickerAFYA on Nasdaq
IndustryServices-Educational Services
HeadquartersE9
Incorporated inCayman Islands³
Business addressParaiba, No. 330, 17Th Floor, Funcionarios, Belo Horizonte, Minas Gerais³
Filer categoryLarge accelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in BRL, the currency the company reports in.

Key numbers, fiscal 2025

64.5%Gross margin²

32.8%Operating margin²

20.8%Net margin²

11.9%Revenue growth, 2025²

15.7%Return on equity²

1.4B BRLFree cash flow²

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Undergraduate brought in 88% of the revenue Afya Ltd broke down this way in fiscal 2025.

Undergraduate3.3B BRL²88%up 12% from 2024
Continuing Education [member]284.5M BRL²8%up 11% from 2024
Medical Practice Solutions171.3M BRL²5%up 6% from 2024

Business segments by year

Business segments	2023	2024	2025
Undergraduate	2.5B BRL	2.9B BRL	3.3B BRL
Continuing Education [member]	235.8M BRL	255.4M BRL	284.5M BRL
Medical Practice Solutions	140.3M BRL	161.8M BRL	171.3M BRL

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs79¢2.9B BRL
Profit21¢768.4M BRL

Out of 3.7B BRL in revenue.²

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Capital spending11¢166.0M BRL
Kept or used elsewhere89¢1.4B BRL

Out of 1.5B BRL of cash from operations.²

Financial statements

Revenue⁴⁵⁶⁷⁸²3.7B BRL in 2025+1007% since 2018

Gross profit⁴⁵⁶⁷⁸²2.4B BRL in 2025+1337% since 2018

Operating income⁴⁵⁶⁷⁸²1.2B BRL in 2025+1158% since 2018

Net income⁴⁵⁶⁷⁸²768.4M BRL in 2025+711% since 2018

Every line of the income statement in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	3.7B BRL	3.3B BRL	2.9B BRL
Cost of services	-1.3B BRL	-1.2B BRL	-1.1B BRL
Gross profit	2.4B BRL	2.1B BRL	1.8B BRL
Selling, general and administrative expenses	-1.1B BRL	-1.0B BRL	-940.1M BRL
Allowance for expected credit losses	-57.1M BRL	-60.9M BRL	-74.6M BRL
Other income	18.8M BRL	13.3M BRL	53.2M BRL
Other expenses	-18.9M BRL	-20.6M BRL	-37.6M BRL
Operating income	1.2B BRL	1.0B BRL	767.1M BRL
Finance income	194.9M BRL	111.3M BRL	110.6M BRL
Finance expenses	-561.0M BRL	-458.7M BRL	-457.6M BRL
Net finance result	-366.1M BRL	-347.5M BRL	-347.0M BRL
Share of profit of equity-accounted investee, net of tax	13.9M BRL	11.7M BRL	9.5M BRL
Income before income taxes	860.9M BRL	676.4M BRL	429.6M BRL
Current	-133.3M BRL	-24.2M BRL	-27.4M BRL
Deferred	40.8M BRL	-3.2M BRL	3.2M BRL
Net income	768.4M BRL	648.9M BRL	405.4M BRL
Total comprehensive income	768.4M BRL	648.9M BRL	405.4M BRL
Owners of the Company	752.5M BRL	631.5M BRL	386.3M BRL
Non-controlling interests	16.0M BRL	17.4M BRL	19.1M BRL
Total comprehensive income	768.4M BRL	648.9M BRL	405.4M BRL
Basic earnings per common share	8.32 BRL	7.01 BRL	4.30 BRL
Diluted earnings per common share	8.24 BRL	6.93 BRL	4.27 BRL

Total assets⁹⁴⁵⁶⁷⁸²9.4B BRL in 2025+919% since 2018

Total liabilities⁹⁴⁵⁶⁷⁸²4.5B BRL in 2025+1262% since 2018

Shareholders’ equity⁵⁶⁷⁸²4.9B BRL in 2025+729% since 2018

Cash⁵⁶⁷⁸²1.1B BRL in 2025+1708% since 2018

Every line of the balance sheet in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	1.1B BRL	911.0M BRL
Trade receivables	717.4M BRL	595.9M BRL
Recoverable taxes	13.4M BRL	7.1M BRL
Income taxes recoverable	23.0M BRL	18.6M BRL
Other assets	62.9M BRL	57.1M BRL
Total current assets	1.9B BRL	1.6B BRL
Trade receivables	35.0M BRL	35.9M BRL
Deferred tax assets	12.6M BRL
Other assets	125.5M BRL	115.9M BRL
Investment in associate	46.5M BRL	54.4M BRL
Property and equipment	711.5M BRL	658.5M BRL
Right-of-use assets	896.8M BRL	842.2M BRL	767.6M BRL
Intangible assets	5.6B BRL	5.5B BRL
Total non-current assets	7.4B BRL	7.2B BRL
Total assets	9.4B BRL	8.8B BRL
Trade payables	123.6M BRL	128.1M BRL
Loans and financing	60.7M BRL	363.6M BRL
Lease liabilities	55.8M BRL	45.6M BRL	36.9M BRL
Accounts payable to selling shareholders	110.6M BRL	185.3M BRL
Advances from customers	158.0M BRL	161.0M BRL
Dividends payable	192.0K BRL
Labor and social obligations	217.5M BRL	208.1M BRL
Taxes payable	36.0M BRL	33.5M BRL
Income taxes payable	112.6M BRL	4.2M BRL
Other liabilities	8.9M BRL	10.8M BRL
Total current liabilities	884.0M BRL	1.1B BRL
Loans and financing	2.0B BRL	1.8B BRL
Lease liabilities	1.0B BRL	932.8M BRL	837.7M BRL
Accounts payable to selling shareholders	330.0M BRL	345.5M BRL
Taxes payable	77.5M BRL	84.4M BRL
Deferred tax liabilities		28.3M BRL
Provision for legal proceedings	128.2M BRL	113.5M BRL
Other liabilities	43.5M BRL	42.7M BRL
Total non-current liabilities	3.6B BRL	3.4B BRL
Total liabilities	4.5B BRL	4.5B BRL
Share capital	17.0K BRL	17.0K BRL
Additional paid-in capital	2.3B BRL	2.3B BRL
Treasury shares	-306.0M BRL	-274.0M BRL
Share-based compensation reserve	202.8M BRL	187.5M BRL
Retained earnings	2.6B BRL	2.0B BRL
Equity attributable to the owners of the Company	4.9B BRL	4.3B BRL
Non-controlling interests	39.4M BRL	40.6M BRL
Total equity	4.9B BRL	4.3B BRL	3.6B BRL
Total liabilities and equity	9.4B BRL	8.8B BRL

Cash from operations⁴⁵⁶⁷⁸²1.5B BRL in 2025+1807% since 2018

Capital spending⁴⁵⁶⁷⁸²166.0M BRL in 2025+791% since 2018

Free cash flow⁴⁵⁶⁷⁸²1.4B BRL in 2025+2114% since 2018

Every line of the cash flow in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Income before income taxes	860.9M BRL	676.4M BRL	429.6M BRL
Depreciation and amortization expenses	373.3M BRL	333.3M BRL	289.5M BRL
Write-off of property and equipment	3.1M BRL	2.5M BRL	1.9M BRL
Write-off of intangible assets	275.0K BRL	244.0K BRL	413.0K BRL
Allowance for expected credit losses	57.1M BRL	60.9M BRL	74.6M BRL
Share-based compensation expense	15.3M BRL	32.4M BRL	31.5M BRL
Net foreign exchange differences	1.8M BRL	7.0M BRL	681.0K BRL
Accrued interest	316.4M BRL	254.4M BRL	285.4M BRL
Accrued interest on lease liabilities	123.1M BRL	112.0M BRL	100.8M BRL
Share of profit of equity-accounted investee, net of tax	-13.9M BRL	-11.7M BRL	-9.5M BRL
Provision (reversal) for legal proceedings	23.2M BRL	9.7M BRL	-40.0M BRL
Trade receivables	-177.6M BRL	-97.4M BRL	-131.3M BRL
Recoverable taxes	-10.7M BRL	18.1M BRL	-15.4M BRL
Other assets	-10.8M BRL	11.2M BRL	88.4M BRL
Trade payables	-4.5M BRL	18.1M BRL	24.5M BRL
Taxes payable	-18.1M BRL	-14.8M BRL	3.3M BRL
Advances from customers	-3.0M BRL	6.3M BRL	-17.9M BRL
Labor and social obligations	9.4M BRL	8.4M BRL	31.5M BRL
Payments of legal proceedings	-6.9M BRL	-4.6M BRL	-16.8M BRL
Other liabilities	9.2M BRL	30.7M BRL	-42.5M BRL
Net cash flows from operating activities before income taxes	1.5B BRL	1.5B BRL	1.1B BRL
Income taxes paid	-16.0M BRL	-20.5M BRL	-45.1M BRL
Net cash flows from operating activities	1.5B BRL	1.4B BRL	1.0B BRL
Acquisition of property and equipment	-166.0M BRL	-136.9M BRL	-118.4M BRL
Acquisition of intangibles assets	-198.0M BRL	-255.7M BRL	-127.0M BRL
Dividends received	15.6M BRL	7.5M BRL	9.9M BRL
Acquisition of non-controlling interest			-21.0M BRL
Acquisition of assets and subsidiaries, net of cash acquired	-144.1M BRL	-627.6M BRL	-815.0M BRL
Payments of interest	-14.5M BRL	-78.9M BRL	-71.5M BRL
Net cash flows used in investing activities	-507.1M BRL	-1.1B BRL	-1.1B BRL
Payments of principal of loans and financing	-1.6B BRL	-128.7M BRL	-112.6M BRL
Payments of interest	-309.3M BRL	-177.2M BRL	-175.9M BRL
Proceeds from loans and financing	1.5B BRL	491.6M BRL	5.3M BRL
Payments of principal of lease liabilities	-49.4M BRL	-41.2M BRL	-31.5M BRL
Payments of interest of lease liabilities	-121.5M BRL	-111.6M BRL	-103.9M BRL
Treasury shares repurchase	-77.0M BRL		-12.4M BRL
Proceeds from exercise of stock options	25.7M BRL	9.4M BRL	9.8M BRL
Dividends paid	-146.8M BRL	-18.3M BRL	-18.8M BRL
Net cash flows from (used in) financing activities	-808.3M BRL	24.0M BRL	-439.9M BRL
Net foreign exchange differences	-1.8M BRL	-7.0M BRL	-681.0K BRL
Net increase (decrease) in cash and cash equivalents	214.4M BRL	358.0M BRL	-540.1M BRL

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Recent filings

Oct 6, 20264
Oct 1, 20266-K
Oct 1, 20266-K
Sep 24, 20266-K
Sep 18, 20266-K
Aug 24, 20266-K
Aug 13, 2026SCHEDULE 13G
Aug 13, 20266-K
Aug 13, 20266-K
Jul 30, 20266-K
Jul 6, 20264
Jun 30, 20264
Jun 30, 20264
Jun 22, 20266-K
Jun 16, 2026SCHEDULE 13D/A

Every filing from the last three years, summarized. The full record is on SEC EDGAR.¹

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARAfya Ltd filings on SEC EDGAR
2
SEC EDGARAfya Ltd 10-K for fiscal 2025
3
SEC EDGARAfya Ltd filings on SEC EDGAR
4
SEC EDGARAfya Ltd 10-K for fiscal 2018
5
SEC EDGARAfya Ltd 10-K for fiscal 2019
6
SEC EDGARAfya Ltd 10-K for fiscal 2020
7
SEC EDGARAfya Ltd 10-K for fiscal 2021
8
SEC EDGARAfya Ltd 10-K for fiscal 2022
9
SEC EDGARAfya Ltd 10-K for fiscal 2018