# Cury Construtora e Incorporadora (CURY3.SA)

Canonical: https://gigainvestors.com/s/CURY3.SA

Analysis as of: 2026-10-16T07:41:01.969Z. Financial observations: FY2012–FY2026.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: BRL 31.02 per share; close as of 2026-10-15.

Estimated value: low BRL 29.76 per share, central BRL 38.08 per share, high BRL 40.88 per share. Buy at or below the central value BRL 38.08 per share. Valuation as of 2026-10-16T07:41:01.969Z; scenarios are not confidence intervals.

Expected annual return: 20.3% at the stated quote. About 20.3% 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

- 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.21×

- FY2019: 0.23×

- FY2020: 0.20×

- FY2021: 0.22×

- FY2022: 0.19×

- FY2023: 0.21×

- FY2024: 0.21×

- FY2025: 0.25×

- LTM to Jun 2026: 0.24×

### moat: pass

- ROIC, median of available years: 69.3%

- ROIC, second-lowest year: 48.0%

- Typical minus recent gross margin: -1.5 pp

- Typical gross margin (annual median): 37.1%

- Recent gross margin (lower of latest and 3-year median): 38.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 52.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.5%

- FY2017: 45.1%

- FY2018: 69.0%

- FY2019: 85.1%

- FY2020: 48.0%

- FY2021: 69.6%

- FY2022: 57.0%

- FY2023: 70.3%

- FY2024: 74.6%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 1.00×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 2.7B

- Net income, five-year total: BRL 2.7B

- Return on incremental invested capital: 140.8%

- Working capital / revenue, annual change: -7.2 pp

- Working capital / revenue, change between three-year averages: -54.3 pp

- Working capital / revenue, final three-year average: 18.0%

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

- FY2021: 0.99×

- FY2022: 1.01×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 48.5% vs 74.6%

- Per-share earnings: 0.50 to 1.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.0%

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 10-year annual growth: 9.0%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value growth: 18.5%

- Per-share value change: BRL 1.46

- Per-share value, starting three-year median: BRL 0.50

- Per-share value, ending three-year median: BRL 1.97

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

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 0

- Cumulative net income, 10 years: BRL 3.4B

- ROIC, first three-year median: 48.5%

- ROIC, last three-year median: 74.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.50

- FY2017: BRL 0.39

- FY2018: BRL 0.45

- FY2019: BRL 0.55

- FY2020: BRL 0.55

- FY2021: BRL 1.03

- FY2022: BRL 1.07

- FY2023: BRL 1.66

- FY2024: BRL 1.97

- FY2025: BRL 3.30

### accounting: pass

- Sloan accruals: 4.0%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.4%

- FY2017: 1.3%

- FY2018: -2.3%

- FY2019: 1.4%

- FY2020: -1.0%

- FY2021: -3.2%

- FY2022: -0.6%

- FY2023: 0.8%

- FY2024: 3.9%

- FY2025: 4.0%

## Holders

## Price story

Down 20% since Feb 2026 · sales +13.7%

Story as of 2026-10-16T10:00:11.773Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2025–2026

sales +13.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 814M 

- FY2018: BRL 920M 

- FY2019: BRL 1.0B 

- FY2020: BRL 1.1B 

- FY2021: BRL 1.7B 

- FY2022: BRL 2.3B 

- FY2023: BRL 2.9B 

- FY2024: BRL 3.9B 

- FY2025: BRL 5.4B 

- FY2026: BRL 6.1B 

### Gross margin · FY2025

gross margin 39.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.2% 

- FY2017: 29.9% 

- FY2018: 34.2% 

- FY2019: 34.9% 

- FY2020: 37.4% 

- FY2021: 37.1% 

- FY2022: 37.1% 

- FY2023: 38.0% 

- FY2024: 38.5% 

- FY2025: 39.8% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are BRL 5.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2025: revenue 5399424000; grossProfit 2146587000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CURY3.SA: Cury Construtora e Incorporadora S.A. operates in real estate businesses in Brazil. The company engages in selling real estate units; credit analysis services; residential real estate developments; rental of own properties; and provision of services relating to construction, supervision, studies, and projects, in addition to the execution of any construction works and civil engineering. It also provides construction, management, real estate administration, and electrical and hydraulic installation services. The company was founded in 1963 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 38% to 39.8% during 2023–25; it earns 69.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2023: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2024: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2025: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); 10-year return on capital observations [[2016,0.4851728427010788],[2017,0.4512898412051284],[2018,0.6904697036724436],[2019,0.8505853927639828],[2020,0.4799660518610106],[2021,0.6959407882908518],[2022,0.5702064826639657],[2023,0.7032729524302148],[2024,0.7463926381096566],[2025,1.1071325531384997]]; median 0.6932052459816478. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 37% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); Gross margin observations: [[2021,0.3708639787838083],[2022,0.37075011053057333],[2023,0.37951757552910914]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2016: growth capex 0; upkeep 5765000; owner earnings 91171000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2017: growth capex 0; upkeep 5295000; owner earnings 115010000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2018: growth capex 0; upkeep 2701000; owner earnings 132016000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2019: growth capex 1041500.5484493077; upkeep 11424499.451550692; owner earnings 156061500.5484493. Growth capex / owner earnings = 0.00667365458354012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2020: growth capex 1353076.4211556762; upkeep 16345923.578844324; owner earnings 159535076.4211557. Growth capex / owner earnings = 0.008481372570278513.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2021: growth capex 6719090.789367825; upkeep 24981909.210632175; owner earnings 295376090.7893678. Growth capex / owner earnings = 0.02274757842251761.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2022: growth capex 0; upkeep 18763000; owner earnings 334460634.8438756. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2023: growth capex 7746979.08606071; upkeep 28435020.91393929; owner earnings 479201979.0860607. Growth capex / owner earnings = 0.016166417135496464.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2024: growth capex 6511000; upkeep 31129000; owner earnings 649843000. Growth capex / owner earnings = 0.010019343133649205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); FY2025: growth capex 0; upkeep 34480000; owner earnings 975895097.4343797. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); Dividend observations: [[2016,0],[2017,69023000],[2018,141000000],[2019,134369000],[2020,170000000],[2021,165000000],[2022,150000000],[2023,328348000],[2024,483537000],[2025,1352338000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CURY3.SA SharesStats.PercentInsiders = 47.656 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual growth was 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:01.969Z); Ten-year compound average after fade. Initial solved rate 0.05365251100619706. Price 31.02; FX 1; discount 0.1695; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0368118632625198 → FY2025 3.301559503083466. Closing-price date 2026-10-15.

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

- 2020-09: BRL 10.80 per share

- 2020-10: BRL 10.79 per share

- 2020-11: BRL 11.30 per share

- 2020-12: BRL 10.40 per share

- 2021-01: BRL 10.80 per share

- 2021-02: BRL 9.55 per share

- 2021-03: BRL 9.74 per share

- 2021-04: BRL 9.83 per share

- 2021-05: BRL 9.40 per share

- 2021-06: BRL 10.24 per share

- 2021-07: BRL 9.12 per share

- 2021-08: BRL 7.86 per share

- 2021-09: BRL 7.21 per share

- 2021-10: BRL 6.74 per share

- 2021-11: BRL 6.73 per share

- 2021-12: BRL 7.00 per share

- 2022-01: BRL 8.23 per share

- 2022-02: BRL 7.54 per share

- 2022-03: BRL 7.57 per share

- 2022-04: BRL 7.33 per share

- 2022-05: BRL 6.60 per share

- 2022-06: BRL 6.15 per share

- 2022-07: BRL 8.12 per share

- 2022-08: BRL 8.97 per share

- 2022-09: BRL 11.89 per share

- 2022-10: BRL 12.46 per share

- 2022-11: BRL 11.01 per share

- 2022-12: BRL 12.66 per share

- 2023-01: BRL 13.48 per share

- 2023-02: BRL 12.60 per share

- 2023-03: BRL 12.83 per share

- 2023-04: BRL 12.38 per share

- 2023-05: BRL 13.81 per share

- 2023-06: BRL 16.05 per share

- 2023-07: BRL 17.77 per share

- 2023-08: BRL 16.31 per share

- 2023-09: BRL 16.26 per share

- 2023-10: BRL 14.74 per share

- 2023-11: BRL 17.48 per share

- 2023-12: BRL 17.99 per share

- 2024-01: BRL 18.50 per share

- 2024-02: BRL 19.28 per share

- 2024-03: BRL 20.36 per share

- 2024-04: BRL 19.60 per share

- 2024-05: BRL 18.43 per share

- 2024-06: BRL 20.60 per share

- 2024-07: BRL 22.20 per share

- 2024-08: BRL 23.82 per share

- 2024-09: BRL 22.36 per share

- 2024-10: BRL 24.44 per share

- 2024-11: BRL 20.56 per share

- 2024-12: BRL 17.46 per share

- 2025-01: BRL 21.62 per share

- 2025-02: BRL 21.21 per share

- 2025-03: BRL 24.55 per share

- 2025-04: BRL 27.55 per share

- 2025-05: BRL 28.66 per share

- 2025-06: BRL 29.52 per share

- 2025-07: BRL 29.44 per share

- 2025-08: BRL 34.16 per share

- 2025-09: BRL 34.57 per share

- 2025-10: BRL 34.94 per share

- 2025-11: BRL 38.37 per share

- 2025-12: BRL 32.23 per share

- 2026-01: BRL 34.55 per share

- 2026-02: BRL 38.86 per share

- 2026-03: BRL 35.38 per share

- 2026-04: BRL 30.06 per share

- 2026-05: BRL 31.73 per share

- 2026-06: BRL 35.06 per share

- 2026-07: BRL 30.09 per share

- 2026-08: BRL 32.60 per share

- 2026-09: BRL 27.74 per share

- 2026-10: BRL 33.57 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 4.84 per share, central BRL 5.12 per share, high BRL 5.44 per share

- FY2017: low BRL 2.90 per share, central BRL 3.07 per share, high BRL 3.27 per share

- FY2018: low BRL 3.26 per share, central BRL 3.44 per share, high BRL 3.66 per share

- FY2019: low BRL 3.79 per share, central BRL 4.00 per share, high BRL 4.23 per share

- FY2020: low BRL 4.42 per share, central BRL 4.65 per share, high BRL 4.91 per share

- FY2021: low BRL 6.71 per share, central BRL 7.06 per share, high BRL 7.46 per share

- FY2022: low BRL 8.14 per share, central BRL 8.58 per share, high BRL 9.09 per share

- FY2023: low BRL 11.36 per share, central BRL 12.27 per share, high BRL 13.04 per share

- FY2024: low BRL 15.33 per share, central BRL 17.00 per share, high BRL 18.09 per share

- FY2025: low BRL 28.36 per share, central BRL 35.98 per share, high BRL 38.55 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 2026-10-15T06:46:33.576Z 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.

## Reported holder observations