# Natura Cosmeticos (NATU3.SA)

Canonical: https://gigainvestors.com/s/NATU3.SA

Analysis as of: 2026-10-16T07:41:09.215Z. 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 6.94 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 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: 3

- Years with a net loss: 4

- Operating margin variation: 0.65×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.14×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.02×

- FY2021: 0.06×

- FY2022: -0.01×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.6%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 65.9%

- Recent gross margin (lower of latest and 3-year median): 65.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.6%

- FY2017: 15.9%

- FY2018: 14.3%

- FY2019: 9.2%

- FY2020: 2.9%

- FY2021: 10.0%

- FY2022: -1.6%

- FY2023: 7.0%

- FY2024: 5.4%

- FY2025: 18.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -7.8B

- Net income, five-year total: BRL -9.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 12.4%

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

- FY2021: BRL 1.8B

- FY2022: BRL -2.6B

- FY2023: BRL 3.1B

- FY2024: BRL -8.6B

- FY2025: BRL -1.5B

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.9% vs 7.0%

- Per-share earnings: 0.60 to -0.88 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 8.9%

- Ordinary dilution, 5-year annual growth: 8.0%

- Market cap gain: BRL -25B

- Cumulative retained earnings: BRL 3.4B

- Diluted shares, 10-year annual growth: 8.9%

- Diluted shares, 5-year annual growth: 8.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL -1.48

- Per-share value, starting three-year median: BRL 0.60

- Per-share value, ending three-year median: BRL -0.88

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 26B

- Cumulative net income, 10 years: BRL -8.5B

- ROIC, first three-year median: 15.9%

- ROIC, last three-year median: 7.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.34

- FY2017: BRL 0.78

- FY2018: BRL 0.62

- FY2019: BRL 0.18

- FY2020: BRL -0.47

- FY2021: BRL 0.74

- FY2022: BRL -2.08

- FY2023: BRL 2.16

- FY2024: BRL -6.44

- FY2025: BRL -0.88

### accounting: pass

- Sloan accruals: -6.1%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -2.1%

- FY2018: -1.9%

- FY2019: -5.4%

- FY2020: -3.2%

- FY2021: 1.9%

- FY2022: -6.5%

- FY2023: 12.0%

- FY2024: -17.2%

- FY2025: -6.1%

## Holders

## Price story

Down 82% since Oct 2021 · sales -9.4%

Story as of 2026-10-16T10:00:11.810Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 7.9B 

- FY2017: BRL 9.9B 

- FY2018: BRL 13B 

- FY2019: BRL 14B 

- FY2020: BRL 37B 

- FY2021: BRL 40B 

- FY2022: BRL 29B 

- FY2023: BRL 20B 

- FY2024: BRL 24B 

- FY2025: BRL 22B 

### Gross margin · FY2025

gross margin 66.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.8% 

- FY2017: 70.5% 

- FY2018: 71.8% 

- FY2019: 72.1% 

- FY2020: 64.0% 

- FY2021: 64.9% 

- FY2022: 59.7% 

- FY2023: 64.1% 

- FY2024: 65.2% 

- FY2025: 66.6% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are BRL 21.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2025: revenue 21823488000; grossProfit 14536320000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.1% to 66.6% during 2023–25; it earns 9.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2023: grossProfit / revenue = 64.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2024: grossProfit / revenue = 65.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2025: grossProfit / revenue = 66.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); 10-year return on capital observations [[2016,0.24591256444922935],[2017,0.1593197410132113],[2018,0.14338842135134422],[2019,0.0915785604842977],[2020,0.029267331445961827],[2021,0.09961085042897781],[2022,-0.01585074393154719],[2023,0.0700379109273095],[2024,0.05384504476397426],[2025,0.18267216152662571]]; median 0.09559470545663776. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back BRL 6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2016: growth capex 2818867.0827811956; upkeep 302996132.9172188; owner earnings 254473867.0827812. Growth capex / owner earnings = 0.011077236005000895.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2017: growth capex 0; upkeep 364372000; owner earnings 689231000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2018: growth capex 0; upkeep 485016000; owner earnings 653274000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2019: growth capex 0; upkeep 586395000; owner earnings 686488000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2020: growth capex 0; upkeep 674211000; owner earnings 1394449000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2021: growth capex 0; upkeep 1479227000; owner earnings 1793816600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2023: growth capex 0; upkeep 638721000; owner earnings 3100821600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); Dividend observations: [[2016,123133000],[2017,109409000],[2018,201652000],[2019,152938000],[2020,133937000],[2021,277565000],[2022,180512000],[2023,0],[2024,1022860000],[2025,144835000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); FY2025: cash repurchases 6017000 BRL.

### Are managers owners

Insiders own 36.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NATU3.SA SharesStats.PercentInsiders = 36.336 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:09.215Z); Closing price 6.94 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 10.794873304172377; price multiple 0.642897772345099. FY2025 cash earnings/share -0.7232636857066964. Closing-price date 2026-10-15.

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

- 2016-10: BRL 61.32 per share

- 2016-11: BRL 52.40 per share

- 2016-12: BRL 46.04 per share

- 2017-01: BRL 50.54 per share

- 2017-02: BRL 51.24 per share

- 2017-03: BRL 58.02 per share

- 2017-04: BRL 60.50 per share

- 2017-05: BRL 65.14 per share

- 2017-06: BRL 51.40 per share

- 2017-07: BRL 50.10 per share

- 2017-08: BRL 59.00 per share

- 2017-09: BRL 62.40 per share

- 2017-10: BRL 61.94 per share

- 2017-11: BRL 58.32 per share

- 2017-12: BRL 66.12 per share

- 2018-01: BRL 69.84 per share

- 2018-02: BRL 68.66 per share

- 2018-03: BRL 64.00 per share

- 2018-04: BRL 64.42 per share

- 2018-05: BRL 67.44 per share

- 2018-06: BRL 60.54 per share

- 2018-07: BRL 58.20 per share

- 2018-08: BRL 58.00 per share

- 2018-09: BRL 56.76 per share

- 2018-10: BRL 65.18 per share

- 2018-11: BRL 81.82 per share

- 2018-12: BRL 90.00 per share

- 2019-01: BRL 94.86 per share

- 2019-02: BRL 96.76 per share

- 2019-03: BRL 90.78 per share

- 2019-04: BRL 92.92 per share

- 2019-05: BRL 119.30 per share

- 2019-06: BRL 112.98 per share

- 2019-07: BRL 122.34 per share

- 2019-08: BRL 131.96 per share

- 2019-09: BRL 33.86 per share

- 2019-10: BRL 31.16 per share

- 2019-11: BRL 33.12 per share

- 2019-12: BRL 36.86 per share

- 2020-01: BRL 36.86 per share

- 2020-02: BRL 36.86 per share

- 2020-03: BRL 36.86 per share

- 2020-04: BRL 36.86 per share

- 2020-05: BRL 36.86 per share

- 2020-06: BRL 36.86 per share

- 2020-07: BRL 36.86 per share

- 2020-08: BRL 36.86 per share

- 2020-09: BRL 36.86 per share

- 2020-10: BRL 36.86 per share

- 2020-11: BRL 36.86 per share

- 2020-12: BRL 52.50 per share

- 2021-01: BRL 49.06 per share

- 2021-02: BRL 46.17 per share

- 2021-03: BRL 48.14 per share

- 2021-04: BRL 48.74 per share

- 2021-05: BRL 51.55 per share

- 2021-06: BRL 56.74 per share

- 2021-07: BRL 53.75 per share

- 2021-08: BRL 51.62 per share

- 2021-09: BRL 45.57 per share

- 2021-10: BRL 38.90 per share

- 2021-11: BRL 26.69 per share

- 2021-12: BRL 25.43 per share

- 2022-01: BRL 22.70 per share

- 2022-02: BRL 23.15 per share

- 2022-03: BRL 26.05 per share

- 2022-04: BRL 18.59 per share

- 2022-05: BRL 16.47 per share

- 2022-06: BRL 13.42 per share

- 2022-07: BRL 15.58 per share

- 2022-08: BRL 14.42 per share

- 2022-09: BRL 14.73 per share

- 2022-10: BRL 14.95 per share

- 2022-11: BRL 11.71 per share

- 2022-12: BRL 11.61 per share

- 2023-01: BRL 14.55 per share

- 2023-02: BRL 15.32 per share

- 2023-03: BRL 13.20 per share

- 2023-04: BRL 11.06 per share

- 2023-05: BRL 13.89 per share

- 2023-06: BRL 16.74 per share

- 2023-07: BRL 18.27 per share

- 2023-08: BRL 15.18 per share

- 2023-09: BRL 14.56 per share

- 2023-10: BRL 12.75 per share

- 2023-11: BRL 16.49 per share

- 2023-12: BRL 16.89 per share

- 2024-01: BRL 16.00 per share

- 2024-02: BRL 16.31 per share

- 2024-03: BRL 17.88 per share

- 2024-04: BRL 16.59 per share

- 2024-05: BRL 14.85 per share

- 2024-06: BRL 15.54 per share

- 2024-07: BRL 14.93 per share

- 2024-08: BRL 13.55 per share

- 2024-09: BRL 14.05 per share

- 2024-10: BRL 13.71 per share

- 2024-11: BRL 13.88 per share

- 2024-12: BRL 12.76 per share

- 2025-01: BRL 12.62 per share

- 2025-02: BRL 12.93 per share

- 2025-03: BRL 9.99 per share

- 2025-04: BRL 9.51 per share

- 2025-05: BRL 10.47 per share

- 2025-06: BRL 36.86 per share

- 2025-07: BRL 9.03 per share

- 2025-08: BRL 9.01 per share

- 2025-09: BRL 9.35 per share

- 2025-10: BRL 9.01 per share

- 2025-11: BRL 8.29 per share

- 2025-12: BRL 7.45 per share

- 2026-01: BRL 8.77 per share

- 2026-02: BRL 9.11 per share

- 2026-03: BRL 10.44 per share

- 2026-04: BRL 10.19 per share

- 2026-05: BRL 9.95 per share

- 2026-06: BRL 8.73 per share

- 2026-07: BRL 8.33 per share

- 2026-08: BRL 8.74 per share

- 2026-09: BRL 6.75 per share

- 2026-10: BRL 7.04 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 6.04 per share, central BRL 6.28 per share, high BRL 6.56 per share

- FY2017: low BRL 8.96 per share, central BRL 9.84 per share, high BRL 10.29 per share

- FY2018: low BRL 8.09 per share, central BRL 8.80 per share, high BRL 9.28 per share

- FY2019: low BRL 10.94 per share, central BRL 11.28 per share, high BRL 11.66 per share

- FY2020: low BRL 13.18 per share, central BRL 13.71 per share, high BRL 14.31 per share

- FY2021: low BRL 11.73 per share, central BRL 12.28 per share, high BRL 12.92 per share

- FY2022: low BRL 9.65 per share, central BRL 10.04 per share, high BRL 10.49 per share

- FY2023: low BRL 9.21 per share, central BRL 9.47 per share, high BRL 9.78 per share

- FY2024: low BRL 6.80 per share, central BRL 7.07 per share, high BRL 7.38 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.