# B3 S.A. - Brasil Bolsa Balcão (B3SA3.SA)

Canonical: https://gigainvestors.com/s/B3SA3.SA

Analysis as of: 2026-10-16T07:34:40.725Z. Financial observations: FY2004–FY2026.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

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

Share price: BRL 22.22 per share; close as of 2026-10-15.

Estimated value: low BRL 10.50 per share, central BRL 11.00 per share, high BRL 11.57 per share. Buy at or below the central value BRL 11.00 per share. Valuation as of 2026-10-16T07:34:40.725Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.48×

- FY2018: 0.49×

- FY2019: 0.54×

- FY2020: 0.70×

- FY2021: 0.69×

- FY2022: 0.60×

- FY2023: 0.58×

- FY2024: 0.64×

- FY2025: 0.65×

- LTM to Jun 2026: 0.65×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.8%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 76.9%

- Recent gross margin (lower of latest and 3-year median): 73.5%

- Years with nonpositive capital: 8

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 25.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.5%

- FY2017: 65.8%

- FY2018: >100%

- FY2019: 8.6%

- FY2020: 13.2%

- FY2021: 12.3%

- FY2022: 12.1%

- FY2023: 11.0%

- FY2024: 14.0%

- FY2025: 13.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.13×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 25B

- Net income, five-year total: BRL 22B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 8.4%

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

- FY2021: 1.14×

- FY2022: 1.20×

- FY2023: 1.21×

- FY2024: 1.07×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 65.8% vs 13.3%

- Per-share earnings: 0.27 to 0.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -3.4%

- Market cap gain: BRL 42B

- Cumulative retained earnings: BRL 4.3B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.3%

- Per-share value change: BRL 0.57

- Per-share value, starting three-year median: BRL 0.27

- Per-share value, ending three-year median: BRL 0.84

- Buybacks concentrated in cheaper years (correlation): 0.75

- Average buyback yield: 2.9%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 14B

- Cumulative net income, 10 years: BRL 34B

- ROIC, first three-year median: 65.8%

- ROIC, last three-year median: 13.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.27

- FY2017: BRL 0.21

- FY2018: BRL 0.34

- FY2019: BRL 0.44

- FY2020: BRL 0.68

- FY2021: BRL 0.77

- FY2022: BRL 0.73

- FY2023: BRL 0.73

- FY2024: BRL 0.84

- FY2025: BRL 0.89

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 8.6%

- Receivables to sales index (DSRI): 1.68×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 32.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.07×

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 27.4%

- FY2017: -26.3%

- FY2018: -4.2%

- FY2019: -1.3%

- FY2020: 3.0%

- FY2021: 2.9%

- FY2022: -11.9%

- FY2023: 0.8%

- FY2024: -10.4%

- FY2025: 8.6%

## Holders

## Price story

Price needs cash profits to grow 14% a year for ten years · sales +7%

Story as of 2026-10-16T10:00:01.900Z; price observation 2026-10-15.

Price needs cash profits to grow 14% a year for ten years

### Sales · FY2025–2026

sales +7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 3.7B 

- FY2018: BRL 4.8B 

- FY2019: BRL 5.9B 

- FY2020: BRL 8.1B 

- FY2021: BRL 9.1B 

- FY2022: BRL 9.1B 

- FY2023: BRL 8.9B 

- FY2024: BRL 9.4B 

- FY2025: BRL 10B 

- FY2026: BRL 11B 

### Gross margin · FY2025

gross margin 73.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 72.0% 

- FY2017: 77.9% 

- FY2018: 76.4% 

- FY2019: 78.5% 

- FY2020: 83.8% 

- FY2021: 82.2% 

- FY2022: 77.4% 

- FY2023: 75.8% 

- FY2024: 74.1% 

- FY2025: 73.5% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are BRL 10.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2025: revenue 10067381000; grossProfit 7400967000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); B3SA3.SA: B3 S.A. - Brasil, Bolsa, Balcão, a financial market infrastructure company, provides trading services in an exchange and OTC environment. It operates through Markets, Data analytics solutions, Capital Market solutions, and Technology and platform segments. The company organized markets for securities, such as equities, financial contracts, indices, rates, currencies, energy, transportation, commodities, and spot and future settlement transactions. It also provides technological solutions for insurance, reinsurance, pension, and capitalization bond markets; data processing and analytics services, including standardization, quotations, and statistics; supports credit, financing, and leasing transactions in automotive, real estate, energy, and agribusiness sectors; and operates trading systems and clearinghouses. In addition, the company organized an over-the-counter market, and acts as a clearing ang settlement house. The company was formerly known as BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros and changed its name to B3 S.A. - Brasil, Bolsa, Balcão in June 2017. B3 S.A. - Brasil, Bolsa, Balcão was incorporated in 2007 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 73.5% to 75.8% during 2023–25; it earns 12.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2023: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2024: grossProfit / revenue = 74.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2025: grossProfit / revenue = 73.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); 10-year return on capital observations [[2016,0.0446543049954609],[2017,0.6575524459394876],[2018,2.9472746370751155],[2019,0.08640254461786787],[2020,0.13238225144545185],[2021,0.12261782130710927],[2022,0.12140305901833402],[2023,0.10967417258712196],[2024,0.14029844280055237],[2025,0.13333446643769395]]; median 0.12750003637628055. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2016: growth capex 20518009.915227443; upkeep 200896990.08477256; owner earnings 1343686009.9152274. Growth capex / owner earnings = 0.015269943843890967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2017: growth capex 0; upkeep 225229000; owner earnings 1786571000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2018: growth capex 0; upkeep 270860000; owner earnings 2769689000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2019: growth capex 0; upkeep 297591000; owner earnings 3446825000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2020: growth capex 0; upkeep 442769000; owner earnings 4750836000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2021: growth capex 0; upkeep 380910000; owner earnings 5393337000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2022: growth capex 0; upkeep 214535000; owner earnings 5067826000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2023: growth capex 0; upkeep 231573000; owner earnings 4990391000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2024: growth capex 0; upkeep 248735000; owner earnings 4899595000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2025: growth capex 0; upkeep 145242000; owner earnings 4827400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); Dividend observations: [[2016,584075000],[2017,779143000],[2018,1528859000],[2019,2061738000],[2020,3884422000],[2021,6705127000],[2022,2610466000],[2023,1993849000],[2024,2043770000],[2025,1444745000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); FY2025: cash repurchases 3007551000 BRL.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); B3SA3.SA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 14% yearly over ten years; actual growth was 9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:40.725Z); Ten-year compound average after fade. Initial solved rate 0.18918046501077812. Price 22.22; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3968021360137877 → FY2025 0.936732485606669. Closing-price date 2026-10-15.

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

- 2016-10: BRL 6.27 per share

- 2016-11: BRL 5.54 per share

- 2016-12: BRL 5.50 per share

- 2017-01: BRL 6.16 per share

- 2017-02: BRL 6.34 per share

- 2017-03: BRL 6.43 per share

- 2017-04: BRL 6.34 per share

- 2017-05: BRL 6.14 per share

- 2017-06: BRL 6.58 per share

- 2017-07: BRL 6.83 per share

- 2017-08: BRL 7.37 per share

- 2017-09: BRL 7.98 per share

- 2017-10: BRL 7.97 per share

- 2017-11: BRL 7.75 per share

- 2017-12: BRL 7.59 per share

- 2018-01: BRL 8.69 per share

- 2018-02: BRL 8.54 per share

- 2018-03: BRL 8.90 per share

- 2018-04: BRL 8.43 per share

- 2018-05: BRL 7.26 per share

- 2018-06: BRL 6.82 per share

- 2018-07: BRL 7.93 per share

- 2018-08: BRL 7.25 per share

- 2018-09: BRL 7.80 per share

- 2018-10: BRL 8.85 per share

- 2018-11: BRL 9.40 per share

- 2018-12: BRL 8.94 per share

- 2019-01: BRL 10.49 per share

- 2019-02: BRL 10.93 per share

- 2019-03: BRL 10.71 per share

- 2019-04: BRL 11.48 per share

- 2019-05: BRL 12.19 per share

- 2019-06: BRL 12.49 per share

- 2019-07: BRL 14.06 per share

- 2019-08: BRL 14.93 per share

- 2019-09: BRL 14.54 per share

- 2019-10: BRL 16.13 per share

- 2019-11: BRL 15.91 per share

- 2019-12: BRL 14.32 per share

- 2020-01: BRL 16.07 per share

- 2020-02: BRL 16.00 per share

- 2020-03: BRL 11.97 per share

- 2020-04: BRL 12.81 per share

- 2020-05: BRL 15.18 per share

- 2020-06: BRL 18.36 per share

- 2020-07: BRL 21.15 per share

- 2020-08: BRL 19.60 per share

- 2020-09: BRL 18.34 per share

- 2020-10: BRL 17.02 per share

- 2020-11: BRL 18.71 per share

- 2020-12: BRL 20.66 per share

- 2021-01: BRL 19.93 per share

- 2021-02: BRL 18.10 per share

- 2021-03: BRL 18.21 per share

- 2021-04: BRL 17.17 per share

- 2021-05: BRL 17.54 per share

- 2021-06: BRL 16.82 per share

- 2021-07: BRL 15.25 per share

- 2021-08: BRL 14.07 per share

- 2021-09: BRL 12.74 per share

- 2021-10: BRL 11.91 per share

- 2021-11: BRL 11.11 per share

- 2021-12: BRL 11.14 per share

- 2022-01: BRL 14.62 per share

- 2022-02: BRL 14.58 per share

- 2022-03: BRL 15.71 per share

- 2022-04: BRL 13.30 per share

- 2022-05: BRL 12.77 per share

- 2022-06: BRL 10.96 per share

- 2022-07: BRL 11.09 per share

- 2022-08: BRL 11.85 per share

- 2022-09: BRL 13.05 per share

- 2022-10: BRL 15.04 per share

- 2022-11: BRL 12.73 per share

- 2022-12: BRL 13.21 per share

- 2023-01: BRL 12.96 per share

- 2023-02: BRL 10.55 per share

- 2023-03: BRL 10.35 per share

- 2023-04: BRL 11.68 per share

- 2023-05: BRL 13.32 per share

- 2023-06: BRL 14.61 per share

- 2023-07: BRL 14.90 per share

- 2023-08: BRL 12.93 per share

- 2023-09: BRL 12.29 per share

- 2023-10: BRL 11.10 per share

- 2023-11: BRL 13.30 per share

- 2023-12: BRL 14.55 per share

- 2024-01: BRL 13.09 per share

- 2024-02: BRL 12.83 per share

- 2024-03: BRL 11.99 per share

- 2024-04: BRL 10.79 per share

- 2024-05: BRL 10.70 per share

- 2024-06: BRL 10.24 per share

- 2024-07: BRL 10.85 per share

- 2024-08: BRL 12.68 per share

- 2024-09: BRL 10.71 per share

- 2024-10: BRL 10.62 per share

- 2024-11: BRL 9.26 per share

- 2024-12: BRL 10.32 per share

- 2025-01: BRL 11.19 per share

- 2025-02: BRL 10.40 per share

- 2025-03: BRL 12.14 per share

- 2025-04: BRL 13.49 per share

- 2025-05: BRL 13.95 per share

- 2025-06: BRL 14.58 per share

- 2025-07: BRL 12.58 per share

- 2025-08: BRL 12.98 per share

- 2025-09: BRL 13.40 per share

- 2025-10: BRL 12.66 per share

- 2025-11: BRL 14.96 per share

- 2025-12: BRL 13.89 per share

- 2026-01: BRL 16.15 per share

- 2026-02: BRL 17.90 per share

- 2026-03: BRL 18.40 per share

- 2026-04: BRL 18.03 per share

- 2026-05: BRL 16.50 per share

- 2026-06: BRL 14.53 per share

- 2026-07: BRL 15.73 per share

- 2026-08: BRL 16.22 per share

- 2026-09: BRL 18.34 per share

- 2026-10: BRL 22.76 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 3.27 per share, central BRL 3.35 per share, high BRL 3.45 per share

- FY2017: low BRL 2.66 per share, central BRL 2.78 per share, high BRL 2.92 per share

- FY2018: low BRL 3.96 per share, central BRL 4.37 per share, high BRL 4.63 per share

- FY2019: low BRL 5.23 per share, central BRL 6.02 per share, high BRL 6.38 per share

- FY2020: low BRL 7.88 per share, central BRL 9.32 per share, high BRL 9.88 per share

- FY2021: low BRL 8.31 per share, central BRL 8.66 per share, high BRL 9.07 per share

- FY2022: low BRL 8.04 per share, central BRL 8.42 per share, high BRL 8.85 per share

- FY2023: low BRL 8.25 per share, central BRL 8.63 per share, high BRL 9.06 per share

- FY2024: low BRL 8.22 per share, central BRL 8.62 per share, high BRL 9.08 per share

- FY2025: low BRL 9.51 per share, central BRL 9.96 per share, high BRL 10.47 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 2026-10-15T06:40:24.988Z 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.