# Fleury (FLRY3.SA)

Canonical: https://gigainvestors.com/s/FLRY3.SA

Analysis as of: 2026-10-16T07:39:26.418Z. Financial observations: FY2006–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 27.25 per share; close as of 2026-10-15.

Estimated value: low BRL 9.15 per share, central BRL 9.56 per share, high BRL 10.03 per share. Buy at or below the central value BRL 9.56 per share. Valuation as of 2026-10-16T07:39:26.418Z; scenarios are not confidence intervals.

Expected annual return: 6.5% at the stated quote. About 6.5% 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

- 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: 0.20×

- FY2018: 0.19×

- FY2019: 0.20×

- FY2020: 0.16×

- FY2021: 0.17×

- FY2022: 0.16×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.15×

- LTM to Mar 2026: 0.15×

### moat: fail

- Recent gross margin fell 4.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 25.8%

- ROIC, second-lowest year: 22.5%

- Typical minus recent gross margin: 4.3 pp

- Typical gross margin (annual median): 28.3%

- Recent gross margin (lower of latest and 3-year median): 24.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 40.4%

- FY2017: 46.5%

- FY2018: 46.4%

- FY2019: 25.7%

- FY2020: 22.5%

- FY2021: 25.9%

- FY2022: 22.5%

- FY2023: 17.4%

- FY2024: 22.6%

- FY2025: 26.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 2.4B

- Net income, five-year total: BRL 2.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 15.5%

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

- FY2021: 0.53×

- FY2022: 0.41×

- FY2023: 0.94×

- FY2024: 1.06×

- FY2025: 1.64×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 46.4% vs 22.6%

- Per-share earnings: 0.68 to 1.12 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.5%

- Ordinary dilution, 5-year annual growth: 10.1%

- Market cap gain: BRL -3.8B

- Cumulative retained earnings: BRL 30M

- Diluted shares, 10-year annual growth: 5.5%

- Diluted shares, 5-year annual growth: 10.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.5%

- Per-share value change: BRL 0.45

- Per-share value, starting three-year median: BRL 0.68

- Per-share value, ending three-year median: BRL 1.12

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 4.5B

- Cumulative net income, 10 years: BRL 3.8B

- ROIC, first three-year median: 46.4%

- ROIC, last three-year median: 22.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.68

- FY2017: BRL 0.90

- FY2018: BRL 0.97

- FY2019: BRL 0.92

- FY2020: BRL 0.76

- FY2021: BRL 0.79

- FY2022: BRL 0.86

- FY2023: BRL 0.88

- FY2024: BRL 1.13

- FY2025: BRL 1.12

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.56×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.3%

- FY2017: -5.9%

- FY2018: -9.5%

- FY2019: -8.2%

- FY2020: -7.1%

- FY2021: -11.0%

- FY2022: -8.7%

- FY2023: -8.8%

- FY2024: -10.1%

- FY2025: -7.3%

## Holders

## Price story

Price needs cash profits to grow 20.2% a year for ten years · sales +2.5%

Story as of 2026-10-16T10:00:10.781Z; price observation 2026-10-15.

Price needs cash profits to grow 20.2% a year for ten years

### Sales · FY2025–2026

sales +2.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 2.4B 

- FY2018: BRL 2.7B 

- FY2019: BRL 2.9B 

- FY2020: BRL 3.0B 

- FY2021: BRL 3.9B 

- FY2022: BRL 4.5B 

- FY2023: BRL 6.5B 

- FY2024: BRL 7.7B 

- FY2025: BRL 8.3B 

- FY2026: BRL 8.5B 

### Gross margin · FY2025

gross margin 24%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.7% 

- FY2017: 30.9% 

- FY2018: 30.3% 

- FY2019: 30.6% 

- FY2020: 27.2% 

- FY2021: 29.1% 

- FY2022: 27.1% 

- FY2023: 24.5% 

- FY2024: 27.9% 

- FY2025: 24.0% 

## Owner memo

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

### How it makes money

Operates in diagnostics & research; annual sales are BRL 8.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2025: revenue 8291182000; grossProfit 1988511000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLRY3.SA: Fleury S.A., together with its subsidiaries, engages in the provision of diagnostic imaging, clinical analysis, fertility, and infusions services in Brazil. It operates in two segments, Diagnostic Medicine and Integrated Medicine. The company also provides medical services in the areas of diagnostics, laboratory support, infusions, clinical analyses, health management, healthcare, assistance medicine, orthopedics, ophthalmology, toxicological tests, fertility, infusions, and others. In addition, it operates a health platform, immunobiological drug infusion center, and ophthalmology service centers. Fleury S.A. was founded in 1926 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 24% to 27.9% during 2023–25; it earns 25.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2023: grossProfit / revenue = 24.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2024: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2025: grossProfit / revenue = 24%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); 10-year return on capital observations [[2016,0.4039854044964097],[2017,0.46478420376142],[2018,0.46385587094202313],[2019,0.2566837050255982],[2020,0.22545979748134423],[2021,0.25881067406116104],[2022,0.2253878463400347],[2023,0.17368059289553298],[2024,0.2258609989024863],[2025,0.2644574992466997]]; median 0.2577471895433796. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2016: growth capex 38631000; upkeep 145353000; owner earnings 228749000. Growth capex / owner earnings = 0.1688794267953084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2017: growth capex 73165135.00166374; upkeep 222423864.99833626; owner earnings 240946135.00166374. Growth capex / owner earnings = 0.30365764116182453.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2018: growth capex 72868163.11137787; upkeep 253474836.88862213; owner earnings 267401163.11137787. Growth capex / owner earnings = 0.27250503424709055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2019: growth capex 0; upkeep 207856000; owner earnings 260349200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2020: growth capex 0; upkeep 187816000; owner earnings 270447200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2021: growth capex 24009000; upkeep 389280000; owner earnings 185082200. Growth capex / owner earnings = 0.12972074029809458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2022: growth capex 0; upkeep 413086000; owner earnings 126511200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2023: growth capex 0; upkeep 413811000; owner earnings 399029800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2024: growth capex 0; upkeep 488115000; owner earnings 650741800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); FY2025: growth capex 0; upkeep 260593000; owner earnings 1004354200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); Dividend observations: [[2016,384387000],[2017,130071000],[2018,303210000],[2019,307466000],[2020,228929000],[2021,296141000],[2022,337201000],[2023,510109000],[2024,343362000],[2025,513054999]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 55.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FLRY3.SA SharesStats.PercentInsiders = 55.276 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.2% yearly over ten years; actual growth was 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:26.418Z); Ten-year compound average after fade. Initial solved rate 0.2812754440184665. Price 27.25; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3699853920570759 → FY2025 1.8426664621612359. Closing-price date 2026-10-15.

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

- 2016-10: BRL 41.83 per share

- 2016-11: BRL 38.67 per share

- 2016-12: BRL 35.30 per share

- 2017-01: BRL 37.61 per share

- 2017-02: BRL 42.89 per share

- 2017-03: BRL 41.88 per share

- 2017-04: BRL 52.00 per share

- 2017-05: BRL 56.21 per share

- 2017-06: BRL 26.54 per share

- 2017-07: BRL 29.73 per share

- 2017-08: BRL 31.39 per share

- 2017-09: BRL 29.18 per share

- 2017-10: BRL 28.60 per share

- 2017-11: BRL 25.97 per share

- 2017-12: BRL 29.32 per share

- 2018-01: BRL 29.70 per share

- 2018-02: BRL 26.86 per share

- 2018-03: BRL 26.87 per share

- 2018-04: BRL 25.85 per share

- 2018-05: BRL 24.34 per share

- 2018-06: BRL 26.19 per share

- 2018-07: BRL 27.11 per share

- 2018-08: BRL 25.45 per share

- 2018-09: BRL 21.09 per share

- 2018-10: BRL 20.64 per share

- 2018-11: BRL 21.39 per share

- 2018-12: BRL 19.58 per share

- 2019-01: BRL 22.06 per share

- 2019-02: BRL 19.80 per share

- 2019-03: BRL 20.20 per share

- 2019-04: BRL 20.55 per share

- 2019-05: BRL 19.60 per share

- 2019-06: BRL 21.14 per share

- 2019-07: BRL 23.10 per share

- 2019-08: BRL 23.76 per share

- 2019-09: BRL 26.16 per share

- 2019-10: BRL 25.20 per share

- 2019-11: BRL 28.22 per share

- 2019-12: BRL 30.23 per share

- 2020-01: BRL 30.69 per share

- 2020-02: BRL 29.47 per share

- 2020-03: BRL 20.04 per share

- 2020-04: BRL 22.58 per share

- 2020-05: BRL 23.12 per share

- 2020-06: BRL 24.35 per share

- 2020-07: BRL 25.36 per share

- 2020-08: BRL 25.84 per share

- 2020-09: BRL 26.22 per share

- 2020-10: BRL 27.08 per share

- 2020-11: BRL 26.30 per share

- 2020-12: BRL 26.75 per share

- 2021-01: BRL 26.00 per share

- 2021-02: BRL 26.57 per share

- 2021-03: BRL 25.35 per share

- 2021-04: BRL 25.30 per share

- 2021-05: BRL 26.21 per share

- 2021-06: BRL 25.66 per share

- 2021-07: BRL 23.13 per share

- 2021-08: BRL 23.43 per share

- 2021-09: BRL 21.90 per share

- 2021-10: BRL 18.64 per share

- 2021-11: BRL 17.30 per share

- 2021-12: BRL 17.81 per share

- 2022-01: BRL 20.02 per share

- 2022-02: BRL 17.78 per share

- 2022-03: BRL 15.85 per share

- 2022-04: BRL 14.28 per share

- 2022-05: BRL 15.03 per share

- 2022-06: BRL 16.14 per share

- 2022-07: BRL 16.01 per share

- 2022-08: BRL 15.60 per share

- 2022-09: BRL 17.51 per share

- 2022-10: BRL 18.60 per share

- 2022-11: BRL 17.73 per share

- 2022-12: BRL 15.45 per share

- 2023-01: BRL 15.48 per share

- 2023-02: BRL 14.19 per share

- 2023-03: BRL 14.52 per share

- 2023-04: BRL 14.52 per share

- 2023-05: BRL 15.59 per share

- 2023-06: BRL 16.05 per share

- 2023-07: BRL 16.11 per share

- 2023-08: BRL 14.76 per share

- 2023-09: BRL 15.15 per share

- 2023-10: BRL 14.99 per share

- 2023-11: BRL 17.17 per share

- 2023-12: BRL 18.04 per share

- 2024-01: BRL 16.27 per share

- 2024-02: BRL 15.91 per share

- 2024-03: BRL 15.00 per share

- 2024-04: BRL 14.48 per share

- 2024-05: BRL 14.05 per share

- 2024-06: BRL 15.03 per share

- 2024-07: BRL 15.16 per share

- 2024-08: BRL 15.95 per share

- 2024-09: BRL 15.43 per share

- 2024-10: BRL 14.82 per share

- 2024-11: BRL 13.18 per share

- 2024-12: BRL 12.07 per share

- 2025-01: BRL 11.84 per share

- 2025-02: BRL 11.09 per share

- 2025-03: BRL 11.70 per share

- 2025-04: BRL 12.99 per share

- 2025-05: BRL 12.85 per share

- 2025-06: BRL 13.02 per share

- 2025-07: BRL 14.35 per share

- 2025-08: BRL 14.89 per share

- 2025-09: BRL 16.14 per share

- 2025-10: BRL 14.55 per share

- 2025-11: BRL 16.05 per share

- 2025-12: BRL 15.00 per share

- 2026-01: BRL 16.62 per share

- 2026-02: BRL 16.82 per share

- 2026-03: BRL 15.93 per share

- 2026-04: BRL 16.08 per share

- 2026-05: BRL 15.39 per share

- 2026-06: BRL 15.40 per share

- 2026-07: BRL 16.97 per share

- 2026-08: BRL 19.68 per share

- 2026-09: BRL 22.79 per share

- 2026-10: BRL 27.00 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 3.78 per share, central BRL 4.46 per share, high BRL 4.74 per share

- FY2017: low BRL 4.73 per share, central BRL 5.57 per share, high BRL 5.88 per share

- FY2018: low BRL 7.78 per share, central BRL 9.30 per share, high BRL 9.88 per share

- FY2019: low BRL 8.23 per share, central BRL 9.83 per share, high BRL 10.45 per share

- FY2020: low BRL 9.01 per share, central BRL 10.46 per share, high BRL 11.07 per share

- FY2021: low BRL 7.07 per share, central BRL 8.29 per share, high BRL 8.82 per share

- FY2022: low BRL 10.31 per share, central BRL 10.95 per share, high BRL 11.51 per share

- FY2023: low BRL 7.21 per share, central BRL 8.38 per share, high BRL 8.91 per share

- FY2024: low BRL 10.02 per share, central BRL 11.43 per share, high BRL 12.03 per share

- FY2025: low BRL 9.29 per share, central BRL 9.67 per share, high BRL 10.12 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 2026-10-15T06:45:10.361Z 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