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AFYA

Afya Limited

AFYA

Afya Limited • NASDAQ
$15.14 ▲ 1.00% (+0.15)
Market Cap $1.37 B
52w High $19.90
52w Low $13.47
Dividend Yield 0.23%
P/E 10.16
Volume 27.27K
Outstanding Shares 90.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $928.505M ▲ $311.156M ▲ $155.167M ▼ 16.711% ▼ $1.71 ▼ $396.662M ▼
Q2-2025 $919.4M ▼ $291.465M ▲ $172.332M ▼ 18.744% ▼ $1.9 ▼ $424.514M ▼
Q1-2025 $936.36M ▲ $281.194M ▼ $251.999M ▲ 26.913% ▲ $2.79 ▲ $480.075M ▲
Q4-2024 $849.015M ▲ $283.792M ▲ $149.927M ▲ 17.659% ▲ $1.65 ▲ $306.792M ▼
Q3-2024 $841.185M $283.21M $119.979M 14.263% $1.33 $315.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $996.826M ▼ $9.187B ▼ $4.401B ▼ $4.746B ▲
Q2-2025 $1.099B ▼ $9.238B ▲ $4.601B ▼ $4.596B ▲
Q1-2025 $1.155B ▲ $9.112B ▲ $4.67B ▲ $4.401B ▲
Q4-2024 $911.015M ▲ $8.83B ▲ $4.519B ▼ $4.27B ▲
Q3-2024 $836.876M $8.714B $4.562B $4.11B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $180.641M ▼ $506.167M ▲ $-175.768M ▼ $-432.299M ▼ $-102.281M ▼ $428.085M ▲
Q2-2025 $194.01M ▼ $307.746M ▼ $-141.956M ▼ $-219.998M ▼ $-55.781M ▼ $178.886M ▼
Q1-2025 $281.818M ▲ $463.85M ▲ $-130.312M ▲ $-89.189M ▼ $243.873M ▲ $407.638M ▲
Q4-2024 $149.927M ▲ $284.484M ▼ $-146.07M ▲ $-64.71M ▼ $74.139M ▼ $240.927M ▼
Q3-2024 $136.574M $481.006M $-625.053M $265.774M $113.468M $301.348M

Five-Year Company Overview

Income Statement

Income Statement Afya’s income statement shows a business that has scaled quickly and become more profitable over time. Revenue has grown steadily every single year, and profits have generally grown faster than sales, which suggests good operating discipline and benefits from scale. Core operating earnings and EBITDA margins look strong for an education business, helped by centralized operations and digital tools. Net income dipped earlier in the period but has since recovered and moved to a clearly higher level, indicating that one‑off integration or ramp-up costs are largely behind the company. Key sensitivities are continued demand for medical seats, pricing power in a regulated sector, and the ability to keep costs under control as the network grows.

Balance Sheet

Balance Sheet The balance sheet reflects an asset-heavy, acquisition-driven expansion story. Total assets have grown significantly as Afya has bought and built more medical schools and digital capabilities. Debt has also risen meaningfully, so the company is clearly using leverage to fund growth. At the same time, shareholders’ equity has increased, which provides a larger capital cushion and suggests that retained earnings are building. Cash on hand is reasonable but not excessive, so the company does not appear over-liquid, nor obviously strained. The main balance-sheet risk is the higher debt load: it boosts returns when things go well but makes Afya more exposed to interest rates, refinancing conditions, and any slowdown in student demand.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has grown consistently, broadly tracking and supporting the rise in earnings. Free cash flow has been positive in every year shown and has expanded as the business has matured, even after factoring in regular investment in new campuses and technology. Capital spending appears disciplined rather than aggressive, which helps keep free cash flow healthy. This pattern gives Afya room to service its debt, continue investing in growth, and still have some financial flexibility. The key watchpoint is whether this strong cash conversion can be maintained if growth slows or competition for students and digital users intensifies.

Competitive Edge

Competitive Edge Afya occupies a strong competitive position as a leading provider of medical education in Brazil, a niche with high barriers to entry. Regulation tightly limits new medical school seats, and Afya has already accumulated a large share of them, making it difficult for new rivals to scale quickly. Its “student for life” ecosystem—covering undergraduate, residency prep, and continuing education—keeps future doctors inside its network for many years, increasing loyalty and switching costs. A well-known brand and strong quality scores further reinforce this position. On the risk side, Afya is heavily concentrated in one country and one segment (Brazilian medical education), so changes in regulation, funding, or political priorities could have an outsized impact.

Innovation and R&D

Innovation and R&D Afya’s main innovation is not traditional lab R&D but a deep digital and data-driven ecosystem around physicians. Platforms like Whitebook and iClinic use artificial intelligence and clinical content to support real-time medical decisions and practice management, turning Afya from a pure educator into a daily digital partner for doctors. Integrated digital learning tools, simulations, and centralized shared services help standardize quality and lower costs across many campuses. Looking ahead, the company is pushing into personalized, AI-driven learning paths, B2B services for hospitals, and new ways to monetize its physician network and data (for example, disease-outbreak insights). The opportunity is large, but execution risk is real: Afya must keep its technology relevant, protect data, and defend this niche against local and global edtech and health-tech competitors.

Summary

Overall, Afya looks like a scaled, profitable education platform with a strong niche in Brazilian medical training and an increasingly important digital layer. The income statement and cash flows tell a story of steady growth, improving margins, and solid cash conversion. The balance sheet shows that this has been funded in part with rising debt, which both accelerates growth and raises financial risk. Competitively, Afya benefits from regulatory barriers, brand strength, and an integrated “lifecycle” offering for physicians, giving it a meaningful moat. Its digital and AI initiatives add another layer of differentiation and potential new revenue streams, but also require ongoing investment and careful execution. Key things to monitor include debt levels, regulatory developments in Brazilian medical education, the performance of acquired schools, and evidence that its digital ecosystem is deepening engagement and monetization rather than just adding cost.

NEWS

November 12, 2025 · 6:12 PM UTC

Afya Limited Announces Third Quarter and Nine Months 2025 Financial Results

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November 7, 2025 · 8:44 AM UTC

Afya Limited Announces Medical Seats Increase in AFYA Faculdade de Ciências Médicas Bragança

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October 22, 2025 · 5:01 PM UTC

Repurchase of the Series A Perpetual Convertible Preferred Shares and Repayment of Afya Participações S.A. Debentures

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October 9, 2025 · 7:28 PM UTC

Issuance of Debentures

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