# Sendas Distribuidora (ASAI3.SA)

Canonical: https://gigainvestors.com/s/ASAI3.SA

Analysis as of: 2026-10-16T07:38:50.624Z. Financial observations: FY2012–FY2026.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 12.32 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.06×

### moat: pass

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 16.4%

- Recent gross margin (lower of latest and 3-year median): 14.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.3%

- ROIC including acquisitions, ten-year median: 1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.8%

- FY2017: 20.2%

- FY2018: 28.8%

- FY2019: 10.9%

- FY2020: 25.0%

- FY2021: 19.2%

- FY2022: 14.2%

- FY2023: 13.9%

- FY2024: 12.5%

- FY2025: 15.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -3.6B

- Net income, five-year total: BRL 4.8B

- Return on incremental invested capital: 44.4%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.1 pp

- Working capital / revenue, final three-year average: -2.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.01×

- FY2022: -0.37×

- FY2023: -1.59×

- FY2024: -1.51×

- FY2025: -1.83×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 27.8% vs 13.9%

- Per-share earnings: 0.37 to 0.52 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.8%

- Ordinary dilution, 5-year annual growth: 0.1%

- Diluted shares, 10-year annual growth: 10.8%

- Diluted shares, 5-year annual growth: 0.1%

- Per-share value growth: 4.5%

- Per-share value change: BRL 0.15

- Per-share value, starting three-year median: BRL 0.37

- Per-share value, ending three-year median: BRL 0.52

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.6%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 8.1B

- Cumulative net income, 10 years: BRL 9.1B

- ROIC, first three-year median: 27.8%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.39

- FY2017: BRL 0.37

- FY2018: BRL 0.80

- FY2019: BRL 2.55

- FY2020: BRL 1.05

- FY2021: BRL 0.40

- FY2022: BRL 0.90

- FY2023: BRL 0.52

- FY2024: BRL 0.57

- FY2025: BRL 0.37

### accounting: pass

- Sloan accruals: -5.7%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -13.2%

- FY2017: -7.4%

- FY2018: -4.3%

- FY2019: -5.9%

- FY2020: -11.2%

- FY2021: -7.3%

- FY2022: -9.7%

- FY2023: -11.3%

- FY2024: -9.1%

- FY2025: -5.7%

## Holders

## Price story

Down 39% since Nov 2022 · sales +0.3%

Story as of 2026-10-16T10:00:10.294Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 19B 

- FY2018: BRL 23B 

- FY2019: BRL 28B 

- FY2020: BRL 36B 

- FY2021: BRL 42B 

- FY2022: BRL 55B 

- FY2023: BRL 67B 

- FY2024: BRL 74B 

- FY2025: BRL 77B 

- FY2026: BRL 78B 

### Gross margin · FY2025

gross margin 14.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.0% 

- FY2017: 16.0% 

- FY2018: 18.1% 

- FY2019: 16.9% 

- FY2020: 16.4% 

- FY2021: 17.1% 

- FY2022: 16.4% 

- FY2023: 16.3% 

- FY2024: 16.6% 

- FY2025: 14.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in grocery stores; annual sales are BRL 77.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2025: revenue 77307000000; grossProfit 11398000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASAI3.SA: Sendas Distribuidora S.A. engages in the retail and wholesale sale of food products, bazaar items, and other products in Brazil. The company offers grocery, food, perishable, beverage, wrapping, and hygiene products; and parking, air-conditioned, well-lit environments, and butcher services. It serves restaurants, pizzerias, snack bars, schools, small businesses, religious institutions, hospitals, hotels, grocery stores, neighborhood supermarkets, and individuals. The company sells its products through brick-and-mortar stores, as well as telesales. The company was founded in 1974 and is headquartered in Rio De Janeiro, Brazil.

### Why customers stay

Margins ranged from 14.7% to 16.6% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2023: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2024: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2025: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); 10-year return on capital observations [[2016,0.2779478539582092],[2017,0.20185412414088366],[2018,0.288128835499804],[2019,0.10896350143911829],[2020,0.25014801088199345],[2021,0.1922308583261366],[2022,0.14164868559430424],[2023,0.1389555429518782],[2024,0.1253682222569992],[2025,0.1594415870683321]]; median 0.17583622269723437. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); Gross margin observations: [[2021,0.17053319967540218],[2022,0.16439838591342626],[2023,0.16271446400914244]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back BRL 78 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2016: growth capex 388000000; upkeep 109000000; owner earnings 304000000. Growth capex / owner earnings = 1.2763157894736843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2017: growth capex 386434847.49645823; upkeep 353565152.50354177; owner earnings 406434847.49645823. Growth capex / owner earnings = 0.9507916210354618.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2018: growth capex 607000000; upkeep 341000000; owner earnings 1076000000. Growth capex / owner earnings = 0.5641263940520446.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2019: growth capex 925000000; upkeep 484000000; owner earnings 296800000. Growth capex / owner earnings = 3.1165768194070083.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2020: growth capex 272000000; upkeep 1372000000; owner earnings 842800000. Growth capex / owner earnings = 0.32273374466065496.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2021: growth capex 1614345890.8123674; upkeep 1470654109.1876326; owner earnings 16145890.81236744. Growth capex / owner earnings = 99.98493793701428.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); Dividend observations: [[2016,140000000],[2017,81000000],[2018,115000000],[2019,299000000],[2020,489000000],[2021,148000000],[2022,168000000],[2023,118000000],[2024,0],[2025,128000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); FY2025: cash repurchases 78000000 BRL.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASAI3.SA SharesStats.PercentInsiders = 0.005 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:50.624Z); Closing price 12.32 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 57.618349148995165; price multiple 0.2138207737979743. FY2025 cash earnings/share -0.6786871659109136. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2021-03: BRL 14.77 per share

- 2021-04: BRL 16.18 per share

- 2021-05: BRL 17.89 per share

- 2021-06: BRL 17.31 per share

- 2021-07: BRL 17.34 per share

- 2021-08: BRL 16.81 per share

- 2021-09: BRL 19.04 per share

- 2021-10: BRL 15.29 per share

- 2021-11: BRL 12.75 per share

- 2021-12: BRL 12.93 per share

- 2022-01: BRL 12.53 per share

- 2022-02: BRL 13.46 per share

- 2022-03: BRL 16.29 per share

- 2022-04: BRL 15.28 per share

- 2022-05: BRL 15.84 per share

- 2022-06: BRL 14.27 per share

- 2022-07: BRL 15.85 per share

- 2022-08: BRL 18.39 per share

- 2022-09: BRL 17.55 per share

- 2022-10: BRL 19.82 per share

- 2022-11: BRL 20.05 per share

- 2022-12: BRL 19.47 per share

- 2023-01: BRL 19.65 per share

- 2023-02: BRL 18.14 per share

- 2023-03: BRL 15.54 per share

- 2023-04: BRL 12.29 per share

- 2023-05: BRL 10.75 per share

- 2023-06: BRL 13.75 per share

- 2023-07: BRL 13.47 per share

- 2023-08: BRL 11.61 per share

- 2023-09: BRL 12.16 per share

- 2023-10: BRL 10.94 per share

- 2023-11: BRL 12.93 per share

- 2023-12: BRL 13.53 per share

- 2024-01: BRL 13.66 per share

- 2024-02: BRL 14.20 per share

- 2024-03: BRL 14.71 per share

- 2024-04: BRL 13.12 per share

- 2024-05: BRL 12.18 per share

- 2024-06: BRL 10.34 per share

- 2024-07: BRL 9.82 per share

- 2024-08: BRL 9.57 per share

- 2024-09: BRL 7.47 per share

- 2024-10: BRL 7.49 per share

- 2024-11: BRL 6.60 per share

- 2024-12: BRL 5.63 per share

- 2025-01: BRL 6.74 per share

- 2025-02: BRL 6.67 per share

- 2025-03: BRL 7.54 per share

- 2025-04: BRL 9.19 per share

- 2025-05: BRL 11.22 per share

- 2025-06: BRL 11.26 per share

- 2025-07: BRL 9.41 per share

- 2025-08: BRL 10.52 per share

- 2025-09: BRL 9.51 per share

- 2025-10: BRL 8.60 per share

- 2025-11: BRL 9.45 per share

- 2025-12: BRL 7.28 per share

- 2026-01: BRL 8.57 per share

- 2026-02: BRL 9.34 per share

- 2026-03: BRL 9.48 per share

- 2026-04: BRL 8.85 per share

- 2026-05: BRL 8.75 per share

- 2026-06: BRL 8.74 per share

- 2026-07: BRL 8.50 per share

- 2026-08: BRL 8.44 per share

- 2026-09: BRL 10.93 per share

- 2026-10: BRL 12.64 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 3.70 per share, central BRL 3.93 per share, high BRL 4.19 per share

- FY2017: low BRL 2.20 per share, central BRL 2.33 per share, high BRL 2.47 per share

- FY2018: low BRL 3.51 per share, central BRL 3.70 per share, high BRL 3.92 per share

- FY2019: low BRL 19.89 per share, central BRL 20.51 per share, high BRL 21.22 per share

- FY2020: low BRL 5.66 per share, central BRL 5.90 per share, high BRL 6.18 per share

- FY2021: low BRL 1.80 per share, central BRL 1.89 per share, high BRL 2.00 per share

- FY2022: low BRL 6.60 per share, central BRL 7.51 per share, high BRL 7.84 per share

- FY2023: low BRL 3.19 per share, central BRL 3.23 per share, high BRL 3.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:44:34.423Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.