# MRV Engenharia e Participações (MRVE3.SA)

Canonical: https://gigainvestors.com/s/MRVE3.SA

Analysis as of: 2026-10-16T07:44:44.530Z. Financial observations: FY2004–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 7.12 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 4

- Operating margin variation: 0.58×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.14×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.08×

- FY2022: -0.02×

- FY2023: 0.01×

- FY2024: 0.07×

- FY2025: 0.13×

### 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: 0.7%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 27.3%

- Recent gross margin (lower of latest and 3-year median): 26.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 9.8%

- FY2018: 12.5%

- FY2019: 10.4%

- FY2020: 7.9%

- FY2021: 5.1%

- FY2022: -0.9%

- FY2023: 0.7%

- FY2024: 4.1%

- FY2025: 10.2%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -1.2B

- Net income, five-year total: BRL -947M

- Return on incremental invested capital: 13.3%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -10.4 pp

- Working capital / revenue, final three-year average: 84.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: BRL 787M

- FY2022: BRL -364M

- FY2023: BRL -45M

- FY2024: BRL -503M

- FY2025: BRL -1.0B

### management: fail

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

- potential debt-funded buybacks (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 4.1%

- Per-share earnings: 1.26 to -0.89 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

- Ordinary dilution, 5-year annual growth: 3.1%

- Market cap gain: BRL -3.5M

- Cumulative retained earnings: BRL -975M

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 3.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL -2.16

- Per-share value, starting three-year median: BRL 1.26

- Per-share value, ending three-year median: BRL -0.89

- Buybacks concentrated in cheaper years (correlation): -0.79

- Average buyback yield: 1.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 145M

- Cumulative net income, 10 years: BRL 2.2B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 1.26

- FY2017: BRL 1.47

- FY2018: BRL 1.55

- FY2019: BRL 1.56

- FY2020: BRL 1.14

- FY2021: BRL 1.66

- FY2022: BRL -0.37

- FY2023: BRL -0.05

- FY2024: BRL -0.89

- FY2025: BRL -1.85

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.8%

- FY2017: 2.2%

- FY2018: 0.5%

- FY2019: 5.4%

- FY2020: -0.8%

- FY2021: 5.4%

- FY2022: 3.7%

- FY2023: 3.2%

- FY2024: -0.3%

- FY2025: -2.5%

## Holders

## Price story

Down 49% since Jul 2023 · sales +21.4%

Story as of 2026-10-16T10:00:13.168Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +21.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 4.2B 

- FY2017: BRL 4.8B 

- FY2018: BRL 5.4B 

- FY2019: BRL 6.1B 

- FY2020: BRL 6.6B 

- FY2021: BRL 7.1B 

- FY2022: BRL 6.6B 

- FY2023: BRL 7.4B 

- FY2024: BRL 9.0B 

- FY2025: BRL 11B 

### Gross margin · FY2025

gross margin 26.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.8% 

- FY2017: 33.9% 

- FY2018: 33.2% 

- FY2019: 30.4% 

- FY2020: 28.2% 

- FY2021: 25.9% 

- FY2022: 19.8% 

- FY2023: 22.7% 

- FY2024: 26.4% 

- FY2025: 26.4% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are BRL 10.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2025: revenue 10940177000; grossProfit 2892252000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRVE3.SA: MRV Engenharia e Participações S.A., together with its subsidiaries, operates as a real estate developer in Brazil and the United States. It operates in four segments: Real Estate Development; Luggo; Resia; and Subdivision. The company engages in the development, construction, and sale of owned and third-party real estate; development and rental of residential properties, as well as provision of other services; and development and marketing of residential and commercial urban lots. It also provides real estate consulting services; deals in service of goods and services supply in residential real estate segment; and holds shares. In addition, the company offers housing solution platform for the apartments, urbanized properties, and rental units; and technical engineering services. MRV Engenharia e Participações S.A. was founded in 1979 and is based in Belo Horizonte, Brazil.

### Why customers stay

Margins ranged from 22.7% to 26.4% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2023: grossProfit / revenue = 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2024: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2025: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); 10-year return on capital observations [[2016,0.07105771594671544],[2017,0.09763355503073586],[2018,0.1252150833540846],[2019,0.10449435825132525],[2020,0.07884158234377181],[2021,0.05072751075834462],[2022,-0.008579784317479664],[2023,0.00686434372337921],[2024,0.041156599042699034],[2025,0.10191501548757362]]; median 0.07494964914524363. 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 41.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2016: growth capex 0; upkeep 89659000; owner earnings 509032000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2017: growth capex 13703864.791895032; upkeep 61708135.20810497; owner earnings 640879864.791895. Growth capex / owner earnings = 0.021382891778547165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2018: growth capex 22281311.364822358; upkeep 169534688.63517764; owner earnings 584448311.3648224. Growth capex / owner earnings = 0.038123664542361886.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2019: growth capex 29183537.410733342; upkeep 179551462.58926666; owner earnings 597856537.4107333. Growth capex / owner earnings = 0.04881361260533305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2020: growth capex 34490358.7655718; upkeep 145466641.2344282; owner earnings 514404358.76557183. Growth capex / owner earnings = 0.06704911841792928.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); FY2021: growth capex 32603707.407551587; upkeep 146416292.5924484; owner earnings 786621707.4075515. Growth capex / owner earnings = 0.041447759578111275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); Dividend observations: [[2016,156061000],[2017,282390000],[2018,455742000],[2019,491906000],[2020,163933000],[2021,310381000],[2022,194205000],[2023,999],[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 2026-10-16T07:44:44.530Z); FY2025: cash repurchases 41586000 BRL.

### Are managers owners

Insiders own 32.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRVE3.SA SharesStats.PercentInsiders = 32.446000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:44:44.530Z); Closing price 7.12 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 19.43796236594197; price multiple 0.36629353766397016. FY2025 cash earnings/share -1.8518286224872975. Closing-price date 2026-10-15.

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

- 2016-10: BRL 11.24 per share

- 2016-11: BRL 10.51 per share

- 2016-12: BRL 9.95 per share

- 2017-01: BRL 11.60 per share

- 2017-02: BRL 12.98 per share

- 2017-03: BRL 13.05 per share

- 2017-04: BRL 14.49 per share

- 2017-05: BRL 11.77 per share

- 2017-06: BRL 12.29 per share

- 2017-07: BRL 13.03 per share

- 2017-08: BRL 12.26 per share

- 2017-09: BRL 12.51 per share

- 2017-10: BRL 11.50 per share

- 2017-11: BRL 12.14 per share

- 2017-12: BRL 13.67 per share

- 2018-01: BRL 13.77 per share

- 2018-02: BRL 13.80 per share

- 2018-03: BRL 14.77 per share

- 2018-04: BRL 13.64 per share

- 2018-05: BRL 12.25 per share

- 2018-06: BRL 10.95 per share

- 2018-07: BRL 12.01 per share

- 2018-08: BRL 11.82 per share

- 2018-09: BRL 11.17 per share

- 2018-10: BRL 11.49 per share

- 2018-11: BRL 11.03 per share

- 2018-12: BRL 12.36 per share

- 2019-01: BRL 15.00 per share

- 2019-02: BRL 13.59 per share

- 2019-03: BRL 13.99 per share

- 2019-04: BRL 14.51 per share

- 2019-05: BRL 17.20 per share

- 2019-06: BRL 19.57 per share

- 2019-07: BRL 20.28 per share

- 2019-08: BRL 19.70 per share

- 2019-09: BRL 17.64 per share

- 2019-10: BRL 17.59 per share

- 2019-11: BRL 17.57 per share

- 2019-12: BRL 21.55 per share

- 2020-01: BRL 20.87 per share

- 2020-02: BRL 19.49 per share

- 2020-03: BRL 12.24 per share

- 2020-04: BRL 15.15 per share

- 2020-05: BRL 15.17 per share

- 2020-06: BRL 18.00 per share

- 2020-07: BRL 19.14 per share

- 2020-08: BRL 17.97 per share

- 2020-09: BRL 16.09 per share

- 2020-10: BRL 16.85 per share

- 2020-11: BRL 18.93 per share

- 2020-12: BRL 18.95 per share

- 2021-01: BRL 19.00 per share

- 2021-02: BRL 16.82 per share

- 2021-03: BRL 18.20 per share

- 2021-04: BRL 17.35 per share

- 2021-05: BRL 17.39 per share

- 2021-06: BRL 16.33 per share

- 2021-07: BRL 14.34 per share

- 2021-08: BRL 13.69 per share

- 2021-09: BRL 12.29 per share

- 2021-10: BRL 10.15 per share

- 2021-11: BRL 11.09 per share

- 2021-12: BRL 12.00 per share

- 2022-01: BRL 13.41 per share

- 2022-02: BRL 11.95 per share

- 2022-03: BRL 12.85 per share

- 2022-04: BRL 10.32 per share

- 2022-05: BRL 9.66 per share

- 2022-06: BRL 7.81 per share

- 2022-07: BRL 9.16 per share

- 2022-08: BRL 10.27 per share

- 2022-09: BRL 12.42 per share

- 2022-10: BRL 10.18 per share

- 2022-11: BRL 8.59 per share

- 2022-12: BRL 7.60 per share

- 2023-01: BRL 7.02 per share

- 2023-02: BRL 5.90 per share

- 2023-03: BRL 6.38 per share

- 2023-04: BRL 7.20 per share

- 2023-05: BRL 10.08 per share

- 2023-06: BRL 11.57 per share

- 2023-07: BRL 13.90 per share

- 2023-08: BRL 11.36 per share

- 2023-09: BRL 10.67 per share

- 2023-10: BRL 8.25 per share

- 2023-11: BRL 9.67 per share

- 2023-12: BRL 11.23 per share

- 2024-01: BRL 7.88 per share

- 2024-02: BRL 7.62 per share

- 2024-03: BRL 7.79 per share

- 2024-04: BRL 6.70 per share

- 2024-05: BRL 6.92 per share

- 2024-06: BRL 6.68 per share

- 2024-07: BRL 6.73 per share

- 2024-08: BRL 7.47 per share

- 2024-09: BRL 7.24 per share

- 2024-10: BRL 6.92 per share

- 2024-11: BRL 5.28 per share

- 2024-12: BRL 5.31 per share

- 2025-01: BRL 5.64 per share

- 2025-02: BRL 4.51 per share

- 2025-03: BRL 5.11 per share

- 2025-04: BRL 5.92 per share

- 2025-05: BRL 5.29 per share

- 2025-06: BRL 6.37 per share

- 2025-07: BRL 5.95 per share

- 2025-08: BRL 7.59 per share

- 2025-09: BRL 7.45 per share

- 2025-10: BRL 7.56 per share

- 2025-11: BRL 9.30 per share

- 2025-12: BRL 7.79 per share

- 2026-01: BRL 8.07 per share

- 2026-02: BRL 10.24 per share

- 2026-03: BRL 7.87 per share

- 2026-04: BRL 6.92 per share

- 2026-05: BRL 5.85 per share

- 2026-06: BRL 5.28 per share

- 2026-07: BRL 4.74 per share

- 2026-08: BRL 5.51 per share

- 2026-09: BRL 5.47 per share

- 2026-10: BRL 7.48 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 12.66 per share, central BRL 15.14 per share, high BRL 16.03 per share

- FY2017: low BRL 16.01 per share, central BRL 18.77 per share, high BRL 19.77 per share

- FY2018: low BRL 15.61 per share, central BRL 18.66 per share, high BRL 19.77 per share

- FY2019: low BRL 14.38 per share, central BRL 16.49 per share, high BRL 17.46 per share

- FY2020: low BRL 14.18 per share, central BRL 14.79 per share, high BRL 15.49 per share

- FY2021: low BRL 14.23 per share, central BRL 14.88 per share, high BRL 15.63 per share

- FY2022: low BRL 12.52 per share, central BRL 13.07 per share, high BRL 13.71 per share

- FY2023: low BRL 10.24 per share, central BRL 10.65 per share, high BRL 11.14 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.