# Cyrela Brazil Realty S.A. Empreendimentos e Participações (CYRE3.SA)

Canonical: https://gigainvestors.com/s/CYRE3.SA

Analysis as of: 2026-10-16T07:40:17.140Z. Financial observations: FY2000–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 32.30 per share; close as of 2026-10-15.

Estimated value: low BRL 43.28 per share, central BRL 53.47 per share, high BRL 57.15 per share. Buy at or below the central value BRL 53.47 per share. Valuation as of 2026-10-16T07:40:17.140Z; scenarios are not confidence intervals.

Expected annual return: 28.4% at the stated quote. About 28.4% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.04×

- FY2019: 0.11×

- FY2020: 0.12×

- FY2021: 0.16×

- FY2022: 0.17×

- FY2023: 0.18×

- FY2024: 0.17×

- FY2025: 0.16×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 32.2%

- Recent gross margin (lower of latest and 3-year median): 31.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 7.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.3%

- FY2017: 0.2%

- FY2018: 1.4%

- FY2019: 6.1%

- FY2020: 5.9%

- FY2021: 9.7%

- FY2022: 9.0%

- FY2023: 9.9%

- FY2024: 10.3%

- FY2025: 9.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 5.6B

- Net income, five-year total: BRL 6.3B

- Return on incremental invested capital: 15.3%

- Working capital / revenue, annual change: -9.4 pp

- Working capital / revenue, change between three-year averages: -70.9 pp

- Working capital / revenue, final three-year average: 103.2%

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

- FY2021: 0.97×

- FY2022: 0.70×

- FY2023: 0.94×

- FY2024: 0.95×

- FY2025: 0.82×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.4% vs 9.9%

- Per-share earnings: 0.39 to 4.48 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: BRL 6.9B

- Cumulative retained earnings: BRL 199M

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 35.6%

- Per-share value change: BRL 4.09

- Per-share value, starting three-year median: BRL 0.39

- Per-share value, ending three-year median: BRL 4.48

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 1.0%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 195M

- Cumulative net income, 10 years: BRL 8.5B

- ROIC, first three-year median: 1.4%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.39

- FY2017: BRL -0.25

- FY2018: BRL -0.22

- FY2019: BRL 1.08

- FY2020: BRL 4.59

- FY2021: BRL 2.38

- FY2022: BRL 2.15

- FY2023: BRL 2.51

- FY2024: BRL 4.48

- FY2025: BRL 5.48

### accounting: pass

- Sloan accruals: 6.9%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.10×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.2%

- FY2017: -6.5%

- FY2018: -9.7%

- FY2019: -2.7%

- FY2020: -3.2%

- FY2021: 9.5%

- FY2022: 7.3%

- FY2023: 9.0%

- FY2024: 7.5%

- FY2025: 6.9%

## Holders

## Price story

Price needs cash profits to shrink 3.1% a year for ten years · sales +4.6%

Story as of 2026-10-16T10:00:11.354Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.1% a year for ten years

### Sales · FY2025–2026

sales +4.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 2.7B 

- FY2018: BRL 3.1B 

- FY2019: BRL 3.9B 

- FY2020: BRL 3.8B 

- FY2021: BRL 4.8B 

- FY2022: BRL 5.4B 

- FY2023: BRL 6.3B 

- FY2024: BRL 8.0B 

- FY2025: BRL 9.5B 

- FY2026: BRL 9.9B 

### Gross margin · FY2025

gross margin 31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.3% 

- FY2017: 27.5% 

- FY2018: 26.5% 

- FY2019: 30.9% 

- FY2020: 32.7% 

- FY2021: 34.8% 

- FY2022: 32.0% 

- FY2023: 32.7% 

- FY2024: 32.4% 

- FY2025: 31.4% 

## Owner memo

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

### How it makes money

Operates in residential construction; annual sales are BRL 9.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2025: revenue 9450697000; grossProfit 2964597000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CYRE3.SA: Cyrela Brazil Realty S.A. Empreendimentos e Participações engages in the development and construction of residential properties in Brazil. It also provides real estate services, including construction management and technical consultancy services. Cyrela Brazil Realty S.A. Empreendimentos e Participações was founded in 1962 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 31.4% to 32.7% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2023: grossProfit / revenue = 32.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2024: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2025: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); 10-year return on capital observations [[2016,0.023284590461058824],[2017,0.0015072537543464686],[2018,0.014054915352645626],[2019,0.060532718750588334],[2020,0.059321567555513294],[2021,0.09712758244148686],[2022,0.08957683994850148],[2023,0.09896214247116498],[2024,0.10268464764956234],[2025,0.09312129269628394]]; median 0.07505477934954491. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2.9% of cash earnings on expansion; earns 15.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2016: growth capex 0; upkeep 66888000; owner earnings 181902000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2019: growth capex 19972535.31826891; upkeep 104066464.68173109; owner earnings 387456535.3182689. Growth capex / owner earnings = 0.051547808586743404.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2020: growth capex 0; upkeep 65985000; owner earnings 1745781000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2021: growth capex 21935508.102817908; upkeep 64834491.89718209; owner earnings 889695508.1028179. Growth capex / owner earnings = 0.02465507345270639.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2022: growth capex 14222932.74738735; upkeep 286182067.25261265; owner earnings 566171932.7473874. Growth capex / owner earnings = 0.025121225417108917.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2023: growth capex 19489268.77282773; upkeep 120959731.22717227; owner earnings 888218268.7728277. Growth capex / owner earnings = 0.02194198144534262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2024: growth capex 38566959.85263169; upkeep 142237040.1473683; owner earnings 1570520988.1237729. Growth capex / owner earnings = 0.024556793665461173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2025: growth capex 47835309.10860419; upkeep 572014690.8913958; owner earnings 1638679547.823651. Growth capex / owner earnings = 0.02919137495316568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); Incremental return on capital 0.15271793609599393, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); Dividend observations: [[2016,106658000],[2017,35946000],[2018,430000000],[2019,700000000],[2020,600000000],[2021,200901000],[2022,25034000],[2023,317126000],[2024,223746000],[2025,1391637000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); FY2025: cash repurchases 3596000 BRL.

### Are managers owners

Insiders own 28.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CYRE3.SA SharesStats.PercentInsiders = 28.421000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.1% yearly over ten years; actual growth was 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:17.140Z); Ten-year compound average after fade. Initial solved rate -0.05690779478105107. Price 32.3; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.290671757713974 → FY2025 4.473466522081792. Closing-price date 2026-10-15.

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

- 2016-10: BRL 10.75 per share

- 2016-11: BRL 9.33 per share

- 2016-12: BRL 10.27 per share

- 2017-01: BRL 12.95 per share

- 2017-02: BRL 12.99 per share

- 2017-03: BRL 13.24 per share

- 2017-04: BRL 13.20 per share

- 2017-05: BRL 10.69 per share

- 2017-06: BRL 10.96 per share

- 2017-07: BRL 12.24 per share

- 2017-08: BRL 13.18 per share

- 2017-09: BRL 13.80 per share

- 2017-10: BRL 12.80 per share

- 2017-11: BRL 12.18 per share

- 2017-12: BRL 13.22 per share

- 2018-01: BRL 14.98 per share

- 2018-02: BRL 15.34 per share

- 2018-03: BRL 15.29 per share

- 2018-04: BRL 13.90 per share

- 2018-05: BRL 11.69 per share

- 2018-06: BRL 11.00 per share

- 2018-07: BRL 11.59 per share

- 2018-08: BRL 10.93 per share

- 2018-09: BRL 10.74 per share

- 2018-10: BRL 14.60 per share

- 2018-11: BRL 14.24 per share

- 2018-12: BRL 15.47 per share

- 2019-01: BRL 17.01 per share

- 2019-02: BRL 17.10 per share

- 2019-03: BRL 16.27 per share

- 2019-04: BRL 17.78 per share

- 2019-05: BRL 17.44 per share

- 2019-06: BRL 20.80 per share

- 2019-07: BRL 24.40 per share

- 2019-08: BRL 25.19 per share

- 2019-09: BRL 24.05 per share

- 2019-10: BRL 26.93 per share

- 2019-11: BRL 26.84 per share

- 2019-12: BRL 29.69 per share

- 2020-01: BRL 31.80 per share

- 2020-02: BRL 29.83 per share

- 2020-03: BRL 14.13 per share

- 2020-04: BRL 15.91 per share

- 2020-05: BRL 16.95 per share

- 2020-06: BRL 22.85 per share

- 2020-07: BRL 27.42 per share

- 2020-08: BRL 24.11 per share

- 2020-09: BRL 23.24 per share

- 2020-10: BRL 22.79 per share

- 2020-11: BRL 27.06 per share

- 2020-12: BRL 29.48 per share

- 2021-01: BRL 25.63 per share

- 2021-02: BRL 24.80 per share

- 2021-03: BRL 24.65 per share

- 2021-04: BRL 23.53 per share

- 2021-05: BRL 23.90 per share

- 2021-06: BRL 23.34 per share

- 2021-07: BRL 20.85 per share

- 2021-08: BRL 20.22 per share

- 2021-09: BRL 18.00 per share

- 2021-10: BRL 14.09 per share

- 2021-11: BRL 13.60 per share

- 2021-12: BRL 15.78 per share

- 2022-01: BRL 17.48 per share

- 2022-02: BRL 15.18 per share

- 2022-03: BRL 17.49 per share

- 2022-04: BRL 14.15 per share

- 2022-05: BRL 13.65 per share

- 2022-06: BRL 11.82 per share

- 2022-07: BRL 12.63 per share

- 2022-08: BRL 14.16 per share

- 2022-09: BRL 18.35 per share

- 2022-10: BRL 18.60 per share

- 2022-11: BRL 14.36 per share

- 2022-12: BRL 13.07 per share

- 2023-01: BRL 15.18 per share

- 2023-02: BRL 14.98 per share

- 2023-03: BRL 14.08 per share

- 2023-04: BRL 15.45 per share

- 2023-05: BRL 18.68 per share

- 2023-06: BRL 20.13 per share

- 2023-07: BRL 23.82 per share

- 2023-08: BRL 22.44 per share

- 2023-09: BRL 20.27 per share

- 2023-10: BRL 17.99 per share

- 2023-11: BRL 21.84 per share

- 2023-12: BRL 24.08 per share

- 2024-01: BRL 22.36 per share

- 2024-02: BRL 24.05 per share

- 2024-03: BRL 24.94 per share

- 2024-04: BRL 20.30 per share

- 2024-05: BRL 19.11 per share

- 2024-06: BRL 18.85 per share

- 2024-07: BRL 19.49 per share

- 2024-08: BRL 21.82 per share

- 2024-09: BRL 20.52 per share

- 2024-10: BRL 21.74 per share

- 2024-11: BRL 18.40 per share

- 2024-12: BRL 16.95 per share

- 2025-01: BRL 20.43 per share

- 2025-02: BRL 20.75 per share

- 2025-03: BRL 23.90 per share

- 2025-04: BRL 24.79 per share

- 2025-05: BRL 24.97 per share

- 2025-06: BRL 26.14 per share

- 2025-07: BRL 24.52 per share

- 2025-08: BRL 28.12 per share

- 2025-09: BRL 30.70 per share

- 2025-10: BRL 30.47 per share

- 2025-11: BRL 35.73 per share

- 2025-12: BRL 29.62 per share

- 2026-01: BRL 29.90 per share

- 2026-02: BRL 30.71 per share

- 2026-03: BRL 27.32 per share

- 2026-04: BRL 23.49 per share

- 2026-05: BRL 22.52 per share

- 2026-06: BRL 23.02 per share

- 2026-07: BRL 21.37 per share

- 2026-08: BRL 24.29 per share

- 2026-09: BRL 27.18 per share

- 2026-10: BRL 33.91 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 9.36 per share, central BRL 9.74 per share, high BRL 10.17 per share

- FY2017: low BRL 7.71 per share, central BRL 8.03 per share, high BRL 8.39 per share

- FY2018: low BRL 6.29 per share, central BRL 6.48 per share, high BRL 6.70 per share

- FY2019: low BRL 6.84 per share, central BRL 7.07 per share, high BRL 7.35 per share

- FY2020: low BRL 8.00 per share, central BRL 8.23 per share, high BRL 8.50 per share

- FY2021: low BRL 13.63 per share, central BRL 14.13 per share, high BRL 14.71 per share

- FY2022: low BRL 16.35 per share, central BRL 16.97 per share, high BRL 17.68 per share

- FY2023: low BRL 21.85 per share, central BRL 23.77 per share, high BRL 25.06 per share

- FY2024: low BRL 33.14 per share, central BRL 37.77 per share, high BRL 40.20 per share

- FY2025: low BRL 40.96 per share, central BRL 50.55 per share, high BRL 54.02 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 2026-10-15T06:45:48.346Z 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.