# Itaúsa - Investimentos Itaú (ITSA3.SA)

Canonical: https://gigainvestors.com/s/ITSA3.SA

Analysis as of: 2026-10-16T07:34:10.687Z. Financial observations: FY2002–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 15.63 per share; close as of 2026-10-15.

Estimated value: low BRL 8.62 per share, central BRL 9.17 per share, high BRL 9.80 per share. Buy at or below the central value BRL 9.17 per share. Valuation as of 2026-10-16T07:34:10.687Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.59×

- FY2018: 0.60×

- FY2019: 0.69×

- FY2020: 0.51×

- FY2021: 0.54×

- FY2022: 1.83×

- FY2023: 1.91×

- FY2024: 0.03×

- FY2025: -0.01×

- LTM to Jun 2026: 0.01×

### moat: fail

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

- Recent gross margin fell 52.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.5%

- ROIC, second-lowest year: 0.3%

- Typical minus recent gross margin: 52.8 pp

- Typical gross margin (annual median): 72.4%

- Recent gross margin (lower of latest and 3-year median): 19.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 17.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.6%

- FY2017: 14.6%

- FY2018: 16.7%

- FY2019: 19.8%

- FY2020: 12.3%

- FY2021: 17.4%

- FY2022: 19.7%

- FY2023: 16.3%

- FY2024: 0.3%

- FY2025: -0.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 70B

- Net income, five-year total: BRL 71B

- Return on incremental invested capital: -573.2%

- Working capital / revenue, annual change: 3.8 pp

- Working capital / revenue, change between three-year averages: 25.7 pp

- Working capital / revenue, final three-year average: 36.6%

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

- FY2021: 0.99×

- FY2022: 0.96×

- FY2023: 0.98×

- FY2024: 0.99×

- FY2025: 1.01×

### management: fail

- 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: 16.6% vs 0.3%

- Per-share earnings: 0.97 to 1.36 (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: 2.5%

- Ordinary dilution, 5-year annual growth: 4.9%

- Market cap gain: BRL 87B

- Cumulative retained earnings: BRL -5.8B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: 4.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.2%

- Per-share value change: BRL 0.38

- Per-share value, starting three-year median: BRL 0.97

- Per-share value, ending three-year median: BRL 1.36

- Buybacks concentrated in cheaper years (correlation): 0.32

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 501M

- Cumulative net income, 10 years: BRL 114B

- ROIC, first three-year median: 16.6%

- ROIC, last three-year median: 0.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.95

- FY2017: BRL 0.97

- FY2018: BRL 1.07

- FY2019: BRL 1.17

- FY2020: BRL 0.80

- FY2021: BRL 1.38

- FY2022: BRL 1.34

- FY2023: BRL 1.30

- FY2024: BRL 1.36

- FY2025: BRL 1.47

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 13.1%

- FY2017: 11.8%

- FY2018: 15.3%

- FY2019: 14.1%

- FY2020: 7.9%

- FY2021: 12.6%

- FY2022: 14.3%

- FY2023: 12.5%

- FY2024: 12.4%

- FY2025: -2.1%

## Holders

## Price story

Price needs cash profits to grow 9.1% a year for ten years · sales +2.7%

Story as of 2026-10-16T09:59:59.419Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2025–2026

sales +2.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 14B 

- FY2018: BRL 16B 

- FY2019: BRL 17B 

- FY2020: BRL 15B 

- FY2021: BRL 23B 

- FY2022: BRL 8.5B 

- FY2023: BRL 7.4B 

- FY2024: BRL 8.2B 

- FY2025: BRL 8.2B 

- FY2026: BRL 8.5B 

### Gross margin · FY2025

gross margin 19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 71.3% 

- FY2017: 75.4% 

- FY2018: 75.7% 

- FY2019: 78.7% 

- FY2020: 73.6% 

- FY2021: 76.4% 

- FY2022: 33.9% 

- FY2023: 32.2% 

- FY2024: 29.8% 

- FY2025: 19.7% 

## Owner memo

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

### How it makes money

Operates in conglomerates; annual sales are BRL 8.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2025: revenue 8249000000; grossProfit 1622000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITSA3.SA: Itaúsa S.A., through its subsidiaries, operates a banking institution in Brazil and internationally. It operates through Dexco, Itaúsa, and Other segments. The company offers credit products, credit cards, asset management, investments, private banking, insurance, pension plans, and other financial services to individual and corporate clients. It also engages in the operation of platforms for highways, subways, trains, light rail, ferries, and airports; the distribution of LPG; and the transportation of natural gas through gas pipelines to distribution companies. In addition, the company manufactures and sells bathroom fixtures, fittings, and showers under the Deca, Hydra and Elizabeth brands; ceramic tiles under the Ceusa, Portinari, and Castelatto brands; medium- and high-density wood panels under the Duratex brand; laminate flooring under the Durafloor brand; dissolving wood pulp; and footwear, apparel, and textiles, as well as related components, including leather, resin, and natural and artificial rubber. Further, it provides private sanitation services. The company was formerly known as Itaúsa - Investimentos Itaú SA and changed its name to Itaúsa S.A. in June 2020. Itaúsa S.A. was incorporated in 1966 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 19.7% to 32.2% during 2023–25; it earns 16.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2023: grossProfit / revenue = 32.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2024: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2025: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); 10-year return on capital observations [[2016,0.1663353214049039],[2017,0.14616721032477661],[2018,0.16665857396995334],[2019,0.19756994027175986],[2020,0.12282912619867481],[2021,0.17401411724924976],[2022,0.1968382090398745],[2023,0.1633101851851852],[2024,0.0026104618765757305],[2025,-0.001094405780162567]]; median 0.16482275329504453. 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 2026-10-16T07:34:10.687Z); FY2016: growth capex 0; upkeep 404000000; owner earnings 8452000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2017: growth capex 0; upkeep 399000000; owner earnings 8596000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2018: growth capex 0; upkeep 464000000; owner earnings 9797000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2019: growth capex 0; upkeep 476000000; owner earnings 10562000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2020: growth capex 0; upkeep 496000000; owner earnings 7187000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2021: growth capex 148000000; upkeep 722000000; owner earnings 12119200000. Growth capex / owner earnings = 0.01221202719651462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2022: growth capex 0; upkeep 1215000000; owner earnings 13192600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2023: growth capex 0; upkeep 1263000000; owner earnings 13228800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2024: growth capex 124000000; upkeep 1231000000; owner earnings 14623400000. Growth capex / owner earnings = 0.00847956015700863.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); FY2025: growth capex 0; upkeep 931000000; owner earnings 16632800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); Dividend observations: [[2016,2900000000],[2017,3190000000],[2018,6644000000],[2019,10071000000],[2020,4569000000],[2021,3335000000],[2022,3851000000],[2023,4561000000],[2024,3141000000],[2025,18906000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 90.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ITSA3.SA SharesStats.PercentInsiders = 90.443 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual growth was 3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.687Z); Ten-year compound average after fade. Initial solved rate 0.11812196575082556. Price 15.63; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.022126741768853 → FY2025 1.483568454511686. Closing-price date 2026-10-15.

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

- 2016-11: BRL 5.62 per share

- 2016-12: BRL 5.47 per share

- 2017-01: BRL 5.99 per share

- 2017-02: BRL 6.67 per share

- 2017-03: BRL 6.21 per share

- 2017-04: BRL 6.40 per share

- 2017-05: BRL 5.92 per share

- 2017-06: BRL 5.92 per share

- 2017-07: BRL 6.15 per share

- 2017-08: BRL 6.78 per share

- 2017-09: BRL 7.20 per share

- 2017-10: BRL 6.92 per share

- 2017-11: BRL 6.83 per share

- 2017-12: BRL 7.22 per share

- 2018-01: BRL 9.02 per share

- 2018-02: BRL 9.24 per share

- 2018-03: BRL 9.71 per share

- 2018-04: BRL 9.68 per share

- 2018-05: BRL 8.18 per share

- 2018-06: BRL 7.55 per share

- 2018-07: BRL 8.24 per share

- 2018-08: BRL 7.64 per share

- 2018-09: BRL 8.01 per share

- 2018-10: BRL 8.97 per share

- 2018-11: BRL 9.77 per share

- 2018-12: BRL 10.15 per share

- 2019-01: BRL 11.83 per share

- 2019-02: BRL 11.45 per share

- 2019-03: BRL 11.19 per share

- 2019-04: BRL 10.53 per share

- 2019-05: BRL 10.83 per share

- 2019-06: BRL 10.04 per share

- 2019-07: BRL 9.67 per share

- 2019-08: BRL 9.51 per share

- 2019-09: BRL 10.13 per share

- 2019-10: BRL 10.53 per share

- 2019-11: BRL 10.14 per share

- 2019-12: BRL 10.72 per share

- 2020-01: BRL 10.01 per share

- 2020-02: BRL 9.72 per share

- 2020-03: BRL 7.59 per share

- 2020-04: BRL 8.12 per share

- 2020-05: BRL 7.96 per share

- 2020-06: BRL 8.36 per share

- 2020-07: BRL 9.27 per share

- 2020-08: BRL 8.23 per share

- 2020-09: BRL 7.75 per share

- 2020-10: BRL 7.87 per share

- 2020-11: BRL 8.42 per share

- 2020-12: BRL 9.42 per share

- 2021-01: BRL 8.87 per share

- 2021-02: BRL 8.29 per share

- 2021-03: BRL 8.47 per share

- 2021-04: BRL 8.43 per share

- 2021-05: BRL 8.93 per share

- 2021-06: BRL 8.70 per share

- 2021-07: BRL 8.71 per share

- 2021-08: BRL 8.85 per share

- 2021-09: BRL 8.61 per share

- 2021-10: BRL 7.88 per share

- 2021-11: BRL 7.41 per share

- 2021-12: BRL 7.45 per share

- 2022-01: BRL 8.25 per share

- 2022-02: BRL 8.13 per share

- 2022-03: BRL 8.72 per share

- 2022-04: BRL 7.72 per share

- 2022-05: BRL 7.74 per share

- 2022-06: BRL 7.10 per share

- 2022-07: BRL 7.40 per share

- 2022-08: BRL 7.49 per share

- 2022-09: BRL 7.91 per share

- 2022-10: BRL 8.67 per share

- 2022-11: BRL 8.27 per share

- 2022-12: BRL 7.84 per share

- 2023-01: BRL 7.74 per share

- 2023-02: BRL 7.43 per share

- 2023-03: BRL 7.34 per share

- 2023-04: BRL 7.76 per share

- 2023-05: BRL 7.85 per share

- 2023-06: BRL 8.58 per share

- 2023-07: BRL 8.73 per share

- 2023-08: BRL 8.30 per share

- 2023-09: BRL 8.10 per share

- 2023-10: BRL 7.77 per share

- 2023-11: BRL 9.15 per share

- 2023-12: BRL 9.61 per share

- 2024-01: BRL 9.28 per share

- 2024-02: BRL 9.54 per share

- 2024-03: BRL 9.72 per share

- 2024-04: BRL 8.92 per share

- 2024-05: BRL 9.12 per share

- 2024-06: BRL 9.15 per share

- 2024-07: BRL 9.46 per share

- 2024-08: BRL 10.15 per share

- 2024-09: BRL 10.30 per share

- 2024-10: BRL 9.83 per share

- 2024-11: BRL 9.23 per share

- 2024-12: BRL 8.77 per share

- 2025-01: BRL 9.39 per share

- 2025-02: BRL 8.96 per share

- 2025-03: BRL 9.51 per share

- 2025-04: BRL 10.49 per share

- 2025-05: BRL 10.85 per share

- 2025-06: BRL 10.72 per share

- 2025-07: BRL 10.14 per share

- 2025-08: BRL 11.02 per share

- 2025-09: BRL 11.34 per share

- 2025-10: BRL 11.35 per share

- 2025-11: BRL 12.08 per share

- 2025-12: BRL 11.99 per share

- 2026-01: BRL 13.79 per share

- 2026-02: BRL 14.32 per share

- 2026-03: BRL 13.87 per share

- 2026-04: BRL 13.83 per share

- 2026-05: BRL 13.09 per share

- 2026-06: BRL 13.56 per share

- 2026-07: BRL 13.92 per share

- 2026-08: BRL 13.57 per share

- 2026-09: BRL 14.77 per share

- 2026-10: BRL 15.97 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 5.86 per share, central BRL 6.24 per share, high BRL 6.68 per share

- FY2017: low BRL 6.08 per share, central BRL 6.49 per share, high BRL 6.96 per share

- FY2018: low BRL 6.89 per share, central BRL 7.35 per share, high BRL 7.87 per share

- FY2019: low BRL 7.40 per share, central BRL 7.89 per share, high BRL 8.46 per share

- FY2020: low BRL 6.48 per share, central BRL 6.90 per share, high BRL 7.39 per share

- FY2021: low BRL 9.96 per share, central BRL 10.62 per share, high BRL 11.37 per share

- FY2022: low BRL 3.84 per share, central BRL 4.05 per share, high BRL 4.29 per share

- FY2023: low BRL 3.43 per share, central BRL 3.62 per share, high BRL 3.83 per share

- FY2024: low BRL 7.67 per share, central BRL 8.15 per share, high BRL 8.71 per share

- FY2025: low BRL 8.35 per share, central BRL 8.88 per share, high BRL 9.50 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 2026-10-15T06:39:56.796Z 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.