# Hapvida Participações e Investimentos (HAPV3.SA)

Canonical: https://gigainvestors.com/s/HAPV3.SA

Analysis as of: 2026-10-16T07:44:53.754Z. Financial observations: FY2015–FY2025.

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 8.52 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 6

- Required profitable years: 8

- Return on common equity variation (informational): 1.66×

Chart: Net income; fiscal year observations.

- FY2016: BRL 457M

- FY2017: BRL 649M

- FY2018: BRL 787M

- FY2019: BRL 850M

- FY2020: BRL 783M

- FY2021: BRL 498M

- FY2022: BRL -776M

- FY2023: BRL -615M

- FY2024: BRL -649M

- FY2025: BRL -142M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.4%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -1.3%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 89.6%

- FY2017: >100%

- FY2018: 21.9%

- FY2019: 11.7%

- FY2020: 10.0%

- FY2021: 4.7%

- FY2022: -1.6%

- FY2023: -1.2%

- FY2024: -1.3%

- FY2025: -0.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 67.5%

- Book return interval: 10 years

- Starting book value per share: BRL 1.48

- Ending book value per share: BRL 101.63

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 111.9%

- FY2017: 24.1%

- FY2018: 838.0%

- FY2019: 61.3%

- FY2020: 28.4%

- FY2021: 33.2%

- FY2022: 156.5%

- FY2023: -2.6%

- FY2024: -3.7%

- FY2025: 6.1%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- Diluted shares, 10-year annual growth: 7.8%

- Diluted shares, 5-year annual growth: 13.9%

- Share growth excluding flagged crisis recapitalisations: 7.8%

- Five-year share growth excluding flagged crisis recapitalisations: 13.9%

- Flagged crisis recapitalisations: 0

- Book value created per share: BRL 100.15

- Earnings retained per share after dividends and buybacks: BRL -1.59

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Down 96% since Jan 2022 · net income BRL -141.7M

Story as of 2026-10-16T10:00:13.248Z; price observation 2026-10-15.

### Net income · FY2025

net income BRL -141.7M; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 457M 

- FY2017: BRL 649M 

- FY2018: BRL 787M 

- FY2019: BRL 850M 

- FY2020: BRL 783M 

- FY2021: BRL 498M 

- FY2022: BRL -776M 

- FY2023: BRL -615M 

- FY2024: BRL -649M 

- FY2025: BRL -142M 

## Owner memo

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

### How it makes money

Operates in insurance life; annual sales are BRL 31.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:53.754Z); FY2025: revenue 31577240000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAPV3.SA: Hapvida Participações e Investimentos S.A., together with its subsidiaries, operates in the healthcare sector in Brazil. It sells health insurance plans through its own clinical, outpatient, and hospital networks, as well as dental plans through an accredited network. Hapvida Participações e Investimentos S.A. was founded in 1979 and is headquartered in Fortaleza, Brazil.

### Why customers stay

It earns 7.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:53.754Z); 10-year return on tangible equity observations [[2016,0.8957218465445382],[2017,1.3748609283312037],[2018,0.2185871983798116],[2019,0.1170621864584055],[2020,0.10006933009350111],[2021,0.04708554303239051],[2022,-0.015914829949728444],[2023,-0.012381870724422093],[2024,-0.013339462121584255],[2025,-0.0029378498848597547]]; median 0.07357743656294581. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back BRL 386.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:53.754Z); Dividend observations: [[2016,193267000],[2017,161378000],[2018,823772000],[2019,192732000],[2020,204653000],[2021,284588000],[2022,1017145000],[2023,455568000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:53.754Z); FY2025: cash repurchases 386372000 BRL.

### Are managers owners

Insiders own 39.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAPV3.SA SharesStats.PercentInsiders = 39.431 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:53.754Z); Closing price 8.52 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 66.51678368506964; price multiple 0.12808797310974612. FY2025 cash earnings/share 0.33577944662383075. Closing-price date 2026-10-15.

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

- 2018-05: BRL 90.00 per share

- 2018-06: BRL 89.67 per share

- 2018-07: BRL 84.48 per share

- 2018-08: BRL 77.67 per share

- 2018-09: BRL 72.00 per share

- 2018-10: BRL 76.44 per share

- 2018-11: BRL 84.93 per share

- 2018-12: BRL 93.60 per share

- 2019-01: BRL 102.72 per share

- 2019-02: BRL 97.77 per share

- 2019-03: BRL 92.28 per share

- 2019-04: BRL 90.78 per share

- 2019-05: BRL 110.34 per share

- 2019-06: BRL 118.29 per share

- 2019-07: BRL 125.40 per share

- 2019-08: BRL 155.13 per share

- 2019-09: BRL 161.55 per share

- 2019-10: BRL 168.90 per share

- 2019-11: BRL 167.10 per share

- 2019-12: BRL 191.70 per share

- 2020-01: BRL 180.21 per share

- 2020-02: BRL 165.60 per share

- 2020-03: BRL 127.20 per share

- 2020-04: BRL 157.32 per share

- 2020-05: BRL 164.58 per share

- 2020-06: BRL 186.51 per share

- 2020-07: BRL 195.42 per share

- 2020-08: BRL 194.19 per share

- 2020-09: BRL 186.42 per share

- 2020-10: BRL 193.11 per share

- 2020-11: BRL 216.30 per share

- 2020-12: BRL 228.90 per share

- 2021-01: BRL 257.55 per share

- 2021-02: BRL 232.50 per share

- 2021-03: BRL 223.20 per share

- 2021-04: BRL 216.60 per share

- 2021-05: BRL 240.00 per share

- 2021-06: BRL 231.15 per share

- 2021-07: BRL 213.45 per share

- 2021-08: BRL 220.80 per share

- 2021-09: BRL 203.85 per share

- 2021-10: BRL 173.10 per share

- 2021-11: BRL 163.65 per share

- 2021-12: BRL 155.70 per share

- 2022-01: BRL 189.90 per share

- 2022-02: BRL 181.95 per share

- 2022-03: BRL 177.60 per share

- 2022-04: BRL 131.55 per share

- 2022-05: BRL 100.80 per share

- 2022-06: BRL 82.05 per share

- 2022-07: BRL 92.40 per share

- 2022-08: BRL 109.20 per share

- 2022-09: BRL 113.55 per share

- 2022-10: BRL 117.00 per share

- 2022-11: BRL 78.00 per share

- 2022-12: BRL 76.20 per share

- 2023-01: BRL 77.25 per share

- 2023-02: BRL 67.35 per share

- 2023-03: BRL 39.30 per share

- 2023-04: BRL 41.40 per share

- 2023-05: BRL 59.85 per share

- 2023-06: BRL 65.70 per share

- 2023-07: BRL 72.00 per share

- 2023-08: BRL 63.90 per share

- 2023-09: BRL 70.50 per share

- 2023-10: BRL 55.35 per share

- 2023-11: BRL 65.55 per share

- 2023-12: BRL 66.75 per share

- 2024-01: BRL 58.20 per share

- 2024-02: BRL 55.05 per share

- 2024-03: BRL 55.50 per share

- 2024-04: BRL 55.35 per share

- 2024-05: BRL 59.85 per share

- 2024-06: BRL 57.45 per share

- 2024-07: BRL 61.05 per share

- 2024-08: BRL 63.60 per share

- 2024-09: BRL 60.00 per share

- 2024-10: BRL 52.80 per share

- 2024-11: BRL 40.50 per share

- 2024-12: BRL 33.45 per share

- 2025-01: BRL 36.30 per share

- 2025-02: BRL 31.65 per share

- 2025-03: BRL 33.15 per share

- 2025-04: BRL 34.80 per share

- 2025-05: BRL 42.90 per share

- 2025-06: BRL 36.85 per share

- 2025-07: BRL 33.07 per share

- 2025-08: BRL 41.71 per share

- 2025-09: BRL 35.85 per share

- 2025-10: BRL 31.28 per share

- 2025-11: BRL 14.10 per share

- 2025-12: BRL 14.73 per share

- 2026-01: BRL 13.00 per share

- 2026-02: BRL 10.49 per share

- 2026-03: BRL 10.10 per share

- 2026-04: BRL 12.39 per share

- 2026-05: BRL 12.15 per share

- 2026-06: BRL 10.21 per share

- 2026-07: BRL 11.28 per share

- 2026-08: BRL 6.61 per share

- 2026-09: BRL 6.67 per share

- 2026-10: BRL 8.73 per share

## Annual estimated value (BRL per share)

- FY2018: low BRL 24.97 per share, central BRL 27.26 per share, high BRL 29.99 per share

- FY2019: low BRL 10.66 per share, central BRL 11.63 per share, high BRL 12.80 per share

- FY2020: low BRL 14.81 per share, central BRL 16.16 per share, high BRL 17.79 per share

- FY2021: low BRL 18.59 per share, central BRL 20.29 per share, high BRL 22.33 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

## 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.