# Construtora Tenda (TEND3.SA)

Canonical: https://gigainvestors.com/s/TEND3.SA

Analysis as of: 2026-10-16T07:45:43.827Z. Financial observations: FY2007–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 27.66 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline 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: 1

- Years with a net loss: 3

- Operating margin variation: 1.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.15×

- FY2020: 0.12×

- FY2021: -0.04×

- FY2022: -0.13×

- FY2023: 0.05×

- FY2024: 0.09×

- 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: 14.7%

- ROIC, second-lowest year: -4.6%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 30.2%

- Recent gross margin (lower of latest and 3-year median): 27.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.2%

- FY2017: 14.0%

- FY2018: 19.1%

- FY2019: 18.3%

- FY2020: 15.5%

- FY2021: -4.6%

- FY2022: -14.2%

- FY2023: 7.5%

- FY2024: 19.4%

- FY2025: 32.2%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -316M

- Net income, five-year total: BRL -223M

- Return on incremental invested capital: 34.4%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -20.4 pp

- Working capital / revenue, final three-year average: 49.5%

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

- FY2021: BRL -287M

- FY2022: BRL -554M

- FY2023: BRL -73M

- FY2024: BRL 101M

- FY2025: BRL 498M

### 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: 14.0% vs 19.4%

- Per-share earnings: 0.52 to 0.83 (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: 1.3%

- Ordinary dilution, 5-year annual growth: 3.4%

- Market cap gain: BRL 2.5B

- Cumulative retained earnings: BRL 380M

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 3.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.8%

- Per-share value change: BRL 0.30

- Per-share value, starting three-year median: BRL 0.52

- Per-share value, ending three-year median: BRL 0.83

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 3.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 64M

- Cumulative net income, 10 years: BRL 605M

- ROIC, first three-year median: 14.0%

- ROIC, last three-year median: 19.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.52

- FY2017: BRL 0.91

- FY2018: BRL 1.84

- FY2019: BRL 2.46

- FY2020: BRL 1.93

- FY2021: BRL -1.99

- FY2022: BRL -5.58

- FY2023: BRL -0.78

- FY2024: BRL 0.83

- FY2025: BRL 4.12

### accounting: pass

- Sloan accruals: 3.3%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.3%

- FY2017: -3.8%

- FY2018: -3.2%

- FY2019: 5.6%

- FY2020: 2.5%

- FY2021: -0.6%

- FY2022: -4.4%

- FY2023: -8.3%

- FY2024: -8.1%

- FY2025: 3.3%

## Holders

## Price story

Down 24% since Jun 2026 · sales +31.4%

Story as of 2026-10-16T10:00:13.488Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 1.1B 

- FY2017: BRL 1.4B 

- FY2018: BRL 1.7B 

- FY2019: BRL 2.0B 

- FY2020: BRL 2.3B 

- FY2021: BRL 2.5B 

- FY2022: BRL 2.4B 

- FY2023: BRL 2.9B 

- FY2024: BRL 3.3B 

- FY2025: BRL 4.3B 

### Gross margin · FY2025

gross margin 29.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.7% 

- FY2017: 34.5% 

- FY2018: 34.8% 

- FY2019: 33.2% 

- FY2020: 31.1% 

- FY2021: 17.8% 

- FY2022: 11.4% 

- FY2023: 21.0% 

- FY2024: 27.1% 

- FY2025: 29.8% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are BRL 4.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2025: revenue 4314215000; grossProfit 1285548000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21% to 29.8% during 2023–25; it earns 14.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2023: grossProfit / revenue = 21%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2024: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2025: grossProfit / revenue = 29.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); 10-year return on capital observations [[2016,0.0817525733675838],[2017,0.13960229113365571],[2018,0.19057588076215337],[2019,0.1831952774968357],[2020,0.1550602561405187],[2021,-0.0458354612950497],[2022,-0.1417554983079507],[2023,0.07524771136579458],[2024,0.19419351333612975],[2025,0.32229285485291886]]; median 0.1473312736370872. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 11.1% of cash earnings on expansion; earns 34.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2016: growth capex 5745758.458878193; upkeep 16869241.541121807; owner earnings 55236758.45887819. Growth capex / owner earnings = 0.1040205583960128.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2017: growth capex 9588593.608929336; upkeep 25361406.391070664; owner earnings 99693593.60892934. Growth capex / owner earnings = 0.09618063971635693.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2018: growth capex 1715000; upkeep 24130000; owner earnings 200292000. Growth capex / owner earnings = 0.008562498751822339.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2019: growth capex 8189938.84212628; upkeep 36639061.15787372; owner earnings 254419138.84212628. Growth capex / owner earnings = 0.032190734075270774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2020: growth capex 11751279.268725678; upkeep 42906720.73127432; owner earnings 179123279.2687257. Growth capex / owner earnings = 0.06560442236598452.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2024: growth capex 0; upkeep 66633000; owner earnings 101143400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2025: growth capex 55148000; upkeep 64473000; owner earnings 497570000. Growth capex / owner earnings = 0.11083465643025102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); Incremental return on capital 0.3440887586824802, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); Dividend observations: [[2016,24989000],[2017,24989000],[2018,24989000],[2019,57755000],[2020,48573000],[2021,17055000],[2022,20427000],[2023,8986000],[2024,0],[2025,70854000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); FY2025: cash repurchases 169454000 BRL.

### Are managers owners

Insiders own 9.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEND3.SA SharesStats.PercentInsiders = 9.486 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:43.827Z); Closing price 27.66 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 35.175354345089396; price multiple 0.786346023088789. FY2025 cash earnings/share 4.056868065566071. Closing-price date 2026-10-15.

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

- 2016-10: BRL 4.97 per share

- 2016-11: BRL 4.97 per share

- 2016-12: BRL 4.97 per share

- 2017-01: BRL 4.97 per share

- 2017-02: BRL 4.97 per share

- 2017-03: BRL 4.97 per share

- 2017-04: BRL 4.97 per share

- 2017-05: BRL 6.75 per share

- 2017-06: BRL 7.20 per share

- 2017-07: BRL 7.69 per share

- 2017-08: BRL 7.34 per share

- 2017-09: BRL 8.04 per share

- 2017-10: BRL 8.37 per share

- 2017-11: BRL 8.32 per share

- 2017-12: BRL 9.79 per share

- 2018-01: BRL 10.94 per share

- 2018-02: BRL 11.12 per share

- 2018-03: BRL 12.90 per share

- 2018-04: BRL 12.49 per share

- 2018-05: BRL 12.19 per share

- 2018-06: BRL 11.65 per share

- 2018-07: BRL 13.02 per share

- 2018-08: BRL 14.44 per share

- 2018-09: BRL 12.97 per share

- 2018-10: BRL 13.97 per share

- 2018-11: BRL 15.05 per share

- 2018-12: BRL 15.71 per share

- 2019-01: BRL 18.11 per share

- 2019-02: BRL 16.40 per share

- 2019-03: BRL 16.53 per share

- 2019-04: BRL 17.59 per share

- 2019-05: BRL 20.00 per share

- 2019-06: BRL 23.40 per share

- 2019-07: BRL 24.81 per share

- 2019-08: BRL 24.81 per share

- 2019-09: BRL 24.12 per share

- 2019-10: BRL 23.12 per share

- 2019-11: BRL 23.33 per share

- 2019-12: BRL 29.56 per share

- 2020-01: BRL 35.03 per share

- 2020-02: BRL 34.34 per share

- 2020-03: BRL 20.19 per share

- 2020-04: BRL 22.75 per share

- 2020-05: BRL 24.57 per share

- 2020-06: BRL 30.36 per share

- 2020-07: BRL 32.71 per share

- 2020-08: BRL 30.05 per share

- 2020-09: BRL 27.79 per share

- 2020-10: BRL 26.30 per share

- 2020-11: BRL 28.00 per share

- 2020-12: BRL 29.56 per share

- 2021-01: BRL 28.46 per share

- 2021-02: BRL 25.02 per share

- 2021-03: BRL 25.45 per share

- 2021-04: BRL 25.36 per share

- 2021-05: BRL 23.56 per share

- 2021-06: BRL 24.53 per share

- 2021-07: BRL 21.96 per share

- 2021-08: BRL 19.78 per share

- 2021-09: BRL 17.24 per share

- 2021-10: BRL 16.70 per share

- 2021-11: BRL 16.71 per share

- 2021-12: BRL 16.36 per share

- 2022-01: BRL 15.68 per share

- 2022-02: BRL 12.33 per share

- 2022-03: BRL 8.40 per share

- 2022-04: BRL 5.70 per share

- 2022-05: BRL 4.91 per share

- 2022-06: BRL 3.82 per share

- 2022-07: BRL 3.83 per share

- 2022-08: BRL 5.72 per share

- 2022-09: BRL 7.07 per share

- 2022-10: BRL 5.96 per share

- 2022-11: BRL 4.39 per share

- 2022-12: BRL 4.13 per share

- 2023-01: BRL 4.68 per share

- 2023-02: BRL 4.57 per share

- 2023-03: BRL 4.69 per share

- 2023-04: BRL 5.72 per share

- 2023-05: BRL 7.98 per share

- 2023-06: BRL 11.26 per share

- 2023-07: BRL 11.74 per share

- 2023-08: BRL 12.80 per share

- 2023-09: BRL 13.13 per share

- 2023-10: BRL 11.34 per share

- 2023-11: BRL 13.78 per share

- 2023-12: BRL 14.83 per share

- 2024-01: BRL 9.96 per share

- 2024-02: BRL 10.81 per share

- 2024-03: BRL 12.83 per share

- 2024-04: BRL 12.34 per share

- 2024-05: BRL 11.38 per share

- 2024-06: BRL 10.75 per share

- 2024-07: BRL 13.07 per share

- 2024-08: BRL 13.40 per share

- 2024-09: BRL 12.43 per share

- 2024-10: BRL 15.01 per share

- 2024-11: BRL 14.01 per share

- 2024-12: BRL 12.44 per share

- 2025-01: BRL 14.37 per share

- 2025-02: BRL 14.73 per share

- 2025-03: BRL 13.80 per share

- 2025-04: BRL 16.15 per share

- 2025-05: BRL 23.09 per share

- 2025-06: BRL 24.40 per share

- 2025-07: BRL 21.30 per share

- 2025-08: BRL 23.87 per share

- 2025-09: BRL 26.09 per share

- 2025-10: BRL 23.57 per share

- 2025-11: BRL 27.45 per share

- 2025-12: BRL 24.56 per share

- 2026-01: BRL 27.60 per share

- 2026-02: BRL 30.26 per share

- 2026-03: BRL 31.20 per share

- 2026-04: BRL 28.10 per share

- 2026-05: BRL 32.69 per share

- 2026-06: BRL 36.55 per share

- 2026-07: BRL 30.33 per share

- 2026-08: BRL 33.10 per share

- 2026-09: BRL 27.01 per share

- 2026-10: BRL 30.05 per share

## Annual estimated value (BRL per share)

- FY2017: low BRL 5.89 per share, central BRL 6.77 per share, high BRL 7.09 per share

- FY2018: low BRL 11.19 per share, central BRL 11.52 per share, high BRL 11.90 per share

- FY2019: low BRL 15.51 per share, central BRL 16.06 per share, high BRL 16.69 per share

- FY2020: low BRL 22.48 per share, central BRL 23.19 per share, high BRL 24.00 per share

- FY2021: low BRL 22.96 per share, central BRL 23.81 per share, high BRL 24.79 per share

- FY2022: low BRL 15.82 per share, central BRL 16.61 per share, high BRL 17.53 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.