# Motiva Infraestrutura de Mobilidade (MOTV3.SA)

Canonical: https://gigainvestors.com/s/MOTV3.SA

Analysis as of: 2026-10-16T07:36:23.982Z. Financial observations: FY2005–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 19.84 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.43×

- FY2017: 0.36×

- FY2018: 0.23×

- FY2019: 0.32×

- FY2020: 0.18×

- FY2021: 0.26×

- FY2022: 0.54×

- FY2023: 0.32×

- FY2024: 0.24×

- FY2025: 0.38×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.4%

- ROIC, second-lowest year: 6.3%

- Typical minus recent gross margin: -4.0 pp

- Typical gross margin (annual median): 38.8%

- Recent gross margin (lower of latest and 3-year median): 42.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 25.3%

- ROIC including acquisitions, ten-year median: 0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 12.1%

- FY2018: 6.3%

- FY2019: 9.9%

- FY2020: 5.4%

- FY2021: 7.0%

- FY2022: 20.5%

- FY2023: 10.8%

- FY2024: 8.3%

- FY2025: 12.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -12B

- Net income, five-year total: BRL 11B

- Return on incremental invested capital: 14.3%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.8 pp

- Working capital / revenue, final three-year average: 7.7%

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

- FY2021: -7.78×

- FY2022: 0.86×

- FY2023: -1.27×

- FY2024: -2.53×

- FY2025: -1.47×

### 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: 12.1% vs 10.8%

- Per-share earnings: 0.90 to 0.84 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: BRL 302M

- Cumulative retained earnings: BRL 6.6B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.8%

- Per-share value change: BRL -0.06

- Per-share value, starting three-year median: BRL 0.90

- Per-share value, ending three-year median: BRL 0.84

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 27B

- Cumulative net income, 10 years: BRL 17B

- ROIC, first three-year median: 12.1%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.91

- FY2017: BRL 0.90

- FY2018: BRL 0.39

- FY2019: BRL 0.71

- FY2020: BRL 0.04

- FY2021: BRL 0.34

- FY2022: BRL 2.05

- FY2023: BRL 0.84

- FY2024: BRL 0.62

- FY2025: BRL 1.62

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.1%

- FY2017: -5.0%

- FY2018: -9.4%

- FY2019: -10.7%

- FY2020: -12.2%

- FY2021: -9.4%

- FY2022: -4.7%

- FY2023: -9.4%

- FY2024: -10.0%

- FY2025: -3.5%

## Holders

## Price story

Up 66% since Oct 2023 · sales -13.5%

Story as of 2026-10-16T10:00:07.418Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -13.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 10.0B 

- FY2017: BRL 11B 

- FY2018: BRL 9.7B 

- FY2019: BRL 11B 

- FY2020: BRL 9.9B 

- FY2021: BRL 12B 

- FY2022: BRL 19B 

- FY2023: BRL 19B 

- FY2024: BRL 22B 

- FY2025: BRL 19B 

### Gross margin · FY2025

gross margin 47.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 34.3% 

- FY2017: 37.3% 

- FY2018: 39.8% 

- FY2019: 42.4% 

- FY2020: 34.6% 

- FY2021: 37.9% 

- FY2022: 59.7% 

- FY2023: 42.9% 

- FY2024: 33.7% 

- FY2025: 47.4% 

## Owner memo

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

### How it makes money

Operates in infrastructure operations; annual sales are BRL 18.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2025: revenue 18850645000; grossProfit 8942944000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOTV3.SA: Motiva Infraestrutura de Mobilidade S.A. provides infrastructure services for highway, rail, and airport concessions in Brazil. It manages and maintains 36 concessions on highways, airports, and rails. The company was formerly known as CCR S.A. and changed its name to Motiva Infraestrutura de Mobilidade S.A. in April 2025. Motiva Infraestrutura de Mobilidade S.A. was incorporated in 1998 and is based in São Paulo, Brazil.

### Why customers stay

Margins ranged from 33.7% to 47.4% during 2023–25; it earns 10.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2023: grossProfit / revenue = 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2024: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2025: grossProfit / revenue = 47.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); 10-year return on capital observations [[2016,0.16454952056486552],[2017,0.12128165762432176],[2018,0.06346742595358949],[2019,0.09949910513886528],[2020,0.054165201869301016],[2021,0.0698136972686349],[2022,0.20518240187982975],[2023,0.10812341879200354],[2024,0.08332848757745767],[2025,0.12023439832994036]]; median 0.10381126196543441. 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 2026-10-16T07:36:23.982Z); FY2016: growth capex 140723976.08011103; upkeep 2536953023.919889; owner earnings 136313976.08011103. Growth capex / owner earnings = 1.0323517817234549.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2017: growth capex 54650225.48143029; upkeep 1921159774.5185697; owner earnings 1031625225.4814303. Growth capex / owner earnings = 0.0529748828659425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2019: growth capex 0; upkeep 1365752000; owner earnings 2014459000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2020: growth capex 0; upkeep 1243947000; owner earnings 1263180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); FY2022: growth capex 676111975.5695462; upkeep 2313809024.430454; owner earnings 3547866775.569546. Growth capex / owner earnings = 0.19056859187194497.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); Dividend observations: [[2016,1250319000],[2017,1272873000],[2018,1211885000],[2019,1540727000],[2020,972795000],[2021,275179000],[2022,769079000],[2023,382393000],[2024,748651000],[2025,974747000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 39.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MOTV3.SA SharesStats.PercentInsiders = 39.564 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:23.982Z); Closing price 19.84 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 9.332002475247524; price multiple 2.126017438660587. FY2025 cash earnings/share -2.3893037623762376. Closing-price date 2026-10-15.

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

- 2016-10: BRL 17.35 per share

- 2016-11: BRL 14.71 per share

- 2016-12: BRL 15.96 per share

- 2017-01: BRL 15.51 per share

- 2017-02: BRL 18.09 per share

- 2017-03: BRL 18.05 per share

- 2017-04: BRL 17.70 per share

- 2017-05: BRL 16.58 per share

- 2017-06: BRL 16.90 per share

- 2017-07: BRL 17.08 per share

- 2017-08: BRL 17.46 per share

- 2017-09: BRL 17.71 per share

- 2017-10: BRL 18.20 per share

- 2017-11: BRL 15.83 per share

- 2017-12: BRL 16.15 per share

- 2018-01: BRL 15.67 per share

- 2018-02: BRL 12.70 per share

- 2018-03: BRL 12.50 per share

- 2018-04: BRL 11.96 per share

- 2018-05: BRL 10.30 per share

- 2018-06: BRL 10.12 per share

- 2018-07: BRL 10.53 per share

- 2018-08: BRL 9.36 per share

- 2018-09: BRL 8.46 per share

- 2018-10: BRL 10.97 per share

- 2018-11: BRL 12.99 per share

- 2018-12: BRL 11.20 per share

- 2019-01: BRL 14.88 per share

- 2019-02: BRL 14.23 per share

- 2019-03: BRL 11.74 per share

- 2019-04: BRL 11.69 per share

- 2019-05: BRL 13.37 per share

- 2019-06: BRL 13.66 per share

- 2019-07: BRL 14.95 per share

- 2019-08: BRL 16.25 per share

- 2019-09: BRL 17.25 per share

- 2019-10: BRL 16.44 per share

- 2019-11: BRL 17.19 per share

- 2019-12: BRL 18.98 per share

- 2020-01: BRL 18.24 per share

- 2020-02: BRL 16.33 per share

- 2020-03: BRL 11.73 per share

- 2020-04: BRL 12.35 per share

- 2020-05: BRL 14.70 per share

- 2020-06: BRL 14.50 per share

- 2020-07: BRL 14.96 per share

- 2020-08: BRL 13.33 per share

- 2020-09: BRL 12.67 per share

- 2020-10: BRL 11.16 per share

- 2020-11: BRL 13.04 per share

- 2020-12: BRL 13.47 per share

- 2021-01: BRL 12.12 per share

- 2021-02: BRL 11.25 per share

- 2021-03: BRL 12.92 per share

- 2021-04: BRL 12.04 per share

- 2021-05: BRL 13.78 per share

- 2021-06: BRL 13.45 per share

- 2021-07: BRL 13.00 per share

- 2021-08: BRL 12.25 per share

- 2021-09: BRL 11.70 per share

- 2021-10: BRL 11.43 per share

- 2021-11: BRL 12.31 per share

- 2021-12: BRL 11.59 per share

- 2022-01: BRL 13.00 per share

- 2022-02: BRL 11.76 per share

- 2022-03: BRL 13.70 per share

- 2022-04: BRL 12.41 per share

- 2022-05: BRL 13.34 per share

- 2022-06: BRL 12.53 per share

- 2022-07: BRL 12.99 per share

- 2022-08: BRL 13.79 per share

- 2022-09: BRL 12.53 per share

- 2022-10: BRL 12.96 per share

- 2022-11: BRL 11.81 per share

- 2022-12: BRL 10.82 per share

- 2023-01: BRL 11.76 per share

- 2023-02: BRL 10.99 per share

- 2023-03: BRL 12.80 per share

- 2023-04: BRL 13.57 per share

- 2023-05: BRL 13.57 per share

- 2023-06: BRL 14.05 per share

- 2023-07: BRL 13.29 per share

- 2023-08: BRL 12.46 per share

- 2023-09: BRL 12.89 per share

- 2023-10: BRL 11.98 per share

- 2023-11: BRL 13.54 per share

- 2023-12: BRL 14.18 per share

- 2024-01: BRL 13.12 per share

- 2024-02: BRL 13.78 per share

- 2024-03: BRL 13.82 per share

- 2024-04: BRL 12.33 per share

- 2024-05: BRL 12.04 per share

- 2024-06: BRL 11.64 per share

- 2024-07: BRL 12.38 per share

- 2024-08: BRL 13.25 per share

- 2024-09: BRL 12.10 per share

- 2024-10: BRL 12.25 per share

- 2024-11: BRL 11.03 per share

- 2024-12: BRL 10.17 per share

- 2025-01: BRL 11.23 per share

- 2025-02: BRL 11.70 per share

- 2025-03: BRL 11.64 per share

- 2025-04: BRL 13.45 per share

- 2025-05: BRL 13.48 per share

- 2025-06: BRL 13.79 per share

- 2025-07: BRL 12.31 per share

- 2025-08: BRL 14.40 per share

- 2025-09: BRL 14.88 per share

- 2025-10: BRL 15.88 per share

- 2025-11: BRL 15.97 per share

- 2025-12: BRL 15.06 per share

- 2026-01: BRL 16.76 per share

- 2026-02: BRL 16.65 per share

- 2026-03: BRL 15.81 per share

- 2026-04: BRL 16.00 per share

- 2026-05: BRL 14.11 per share

- 2026-06: BRL 14.62 per share

- 2026-07: BRL 14.76 per share

- 2026-08: BRL 15.46 per share

- 2026-09: BRL 16.75 per share

- 2026-10: BRL 20.00 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 3.10 per share, central BRL 3.22 per share, high BRL 3.35 per share

- FY2017: low BRL 4.17 per share, central BRL 4.48 per share, high BRL 4.65 per share

- FY2018: low BRL 1.82 per share, central BRL 1.88 per share, high BRL 1.92 per share

- FY2019: low BRL 2.84 per share, central BRL 2.93 per share, high BRL 2.98 per share

- FY2020: low BRL 5.83 per share, central BRL 6.03 per share, high BRL 6.25 per share

- FY2021: low BRL 6.47 per share, central BRL 7.01 per share, high BRL 7.34 per share

- FY2022: low BRL 11.93 per share, central BRL 13.53 per share, high BRL 14.29 per share

- FY2023: low BRL 11.16 per share, central BRL 12.58 per share, high BRL 13.31 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.