# Vamos Locação de Caminhões Máquinas e Equipamentos (VAMO3.SA)

Canonical: https://gigainvestors.com/s/VAMO3.SA

Analysis as of: 2026-10-16T07:42:36.290Z. Financial observations: FY2016–FY2026.

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 5.61 per share; close as of 2026-10-15.

Estimated value: low BRL 10.51 per share, central BRL 11.00 per share, high BRL 11.57 per share. Buy at or below the central value BRL 11.00 per share. Valuation as of 2026-10-16T07:42:36.290Z; scenarios are not confidence intervals.

Expected annual return: 54.3% at the stated quote. About 54.3% a year at today's price (required return 16.5%). required return 16.5% a year (BR 10-year bond 12.5% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.39×

- FY2018: 0.23×

- FY2019: 0.24×

- FY2020: 0.24×

- FY2021: 0.27×

- FY2022: 0.32×

- FY2023: 0.57×

- FY2024: 0.54×

- FY2025: 0.45×

- LTM to Jun 2026: 0.42×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 9.7%

- Typical minus recent gross margin: -8.9 pp

- Typical gross margin (annual median): 43.5%

- Recent gross margin (lower of latest and 3-year median): 52.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: -19.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.2%

- FY2017: 9.7%

- FY2018: 10.5%

- FY2019: 9.7%

- FY2020: 10.3%

- FY2021: 10.6%

- FY2022: 14.9%

- FY2023: 13.0%

- FY2024: 14.0%

- FY2025: 13.6%

### economics: fail

- owner earnings cash conversion below threshold

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

- Owner earnings / net income, 5-yr: -6.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -15B

- Net income, five-year total: BRL 2.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 2.6 pp

- Working capital / revenue, change between three-year averages: 19.0 pp

- Working capital / revenue, final three-year average: 15.8%

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

- FY2021: -12.27×

- FY2022: -3.61×

- FY2023: -6.69×

- FY2024: -7.23×

- FY2025: -2.84×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.5% vs 13.6%

- Per-share earnings: 0.09 to 0.35 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.3%

- Diluted shares, 5-year annual growth: 3.3%

- Per-share value growth: 21.9%

- Per-share value change: BRL 0.26

- Per-share value, starting three-year median: BRL 0.09

- Per-share value, ending three-year median: BRL 0.35

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.3%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: BRL 2.9B

- ROIC, first three-year median: 10.5%

- ROIC, last three-year median: 13.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.07

- FY2017: BRL 0.09

- FY2018: BRL 0.13

- FY2019: BRL 0.16

- FY2020: BRL 0.20

- FY2021: BRL 0.42

- FY2022: BRL 0.65

- FY2023: BRL 0.55

- FY2024: BRL 0.35

- FY2025: BRL 0.31

### accounting: fail

- latest-year receivables to sales index (DSRI) exceeds 1.465

- earnings not backed by cash

- Sloan accruals: 5.2%

- Receivables to sales index (DSRI): 1.50×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -2.66×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.0%

- FY2017: 0.9%

- FY2018: -8.1%

- FY2019: 19.1%

- FY2020: 19.5%

- FY2021: 51.8%

- FY2022: 17.9%

- FY2023: 18.4%

- FY2024: 15.2%

- FY2025: 5.2%

## Holders

## Price story

Down 65% since Oct 2022 · sales +7.7%

Story as of 2026-10-16T10:00:12.402Z; price observation 2026-10-15.

Price needs cash profits to shrink 19.4% a year for ten years

### Sales · FY2025–2026

sales +7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: BRL 414M 

- FY2018: BRL 939M 

- FY2019: BRL 1.2B 

- FY2020: BRL 1.5B 

- FY2021: BRL 2.8B 

- FY2022: BRL 4.9B 

- FY2023: BRL 3.5B 

- FY2024: BRL 4.7B 

- FY2025: BRL 5.8B 

- FY2026: BRL 6.2B 

### Gross margin · FY2025

gross margin 52.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 44.5% 

- FY2017: 50.8% 

- FY2018: 33.5% 

- FY2019: 34.1% 

- FY2020: 34.2% 

- FY2021: 36.6% 

- FY2022: 42.6% 

- FY2023: 66.6% 

- FY2024: 64.0% 

- FY2025: 52.4% 

## Owner memo

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

### How it makes money

Operates in rental & leasing services; annual sales are BRL 5.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2025: revenue 5755712000; grossProfit 3017602000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VAMO3.SA: Vamos Locação de Caminhões, Máquinas e Equipamentos S.A., together with its subsidiaries, engages in the leasing, reselling, and selling of trucks, machinery, equipment, and parts in Brazil. The company leases tractors, forklift trucks, agricultural machinery and implements, buses, and other vehicles; sells automobile parts and accessories; sells new and used tractors, machines, tires, air tubes, implements, motor vehicles, and buses; and provides automobile maintenance and repair, and technical assistance and related services, as well as engages in the logistics and road transportation of cargos. It also offers civil construction, parts, lubricants, provision of vehicle repair and maintenance services and the like, road transportation of cargo in general, wholesale trade of machinery, apparatus and equipment for agricultural use, parts and pieces, and intermediation and agency activities for services and business in general, except real estate; commercial representatives and agents for the trade of motor vehicles. In addition, the company sells fertilizers, herbicides, and seeds; and provides engineering services related to customization of trucks and buses, as well as provision of agricultural activities. Further, the company manufactures and sells truck trailers, truck bodies, road implements, cabins, and industrial machinery and equipment; and provides installation, renovation, repair, and maintenance of equipment and vehicles; provision of logistics and road freight transportation services; information technology services; technical analysis on motor vehicles; forklift operator services; and outsourcing and managing of human resources. Vamos Locação de Caminhões, Máquinas e Equipamentos S.A. was incorporated in 2015 and is headquartered in São Paulo, Brazil. Vamos Locação de Caminhões, Máquinas e Equipamentos S.A. is a subsidiary of SIMPAR S.A.

### Why customers stay

Margins ranged from 52.4% to 66.6% during 2023–25; it earns 11.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2023: grossProfit / revenue = 66.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2024: grossProfit / revenue = 64%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2025: grossProfit / revenue = 52.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); 10-year return on capital observations [[2016,0.12243172430908865],[2017,0.09688208278974685],[2018,0.10467291801803519],[2019,0.09674804503915603],[2020,0.10268988755339525],[2021,0.10571144508261741],[2022,0.1488989221628434],[2023,0.13000049199801952],[2024,0.13972370112786617],[2025,0.13610606189575314]]; median 0.11407158469585303. 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 62.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2016: growth capex 0; upkeep 0; owner earnings 25774000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2017: growth capex 0; upkeep 65000; owner earnings 61977000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2018: growth capex 0; upkeep 2017000; owner earnings 318395000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); Dividend observations: [[2016,0],[2017,1193000],[2018,1193000],[2019,290035000],[2020,159377000],[2021,190806000],[2022,1164192000],[2023,246924000],[2024,340568000],[2025,249104000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); FY2025: cash repurchases 62422000 BRL.

### Are managers owners

Insiders own 60.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VAMO3.SA SharesStats.PercentInsiders = 60.79900000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 19.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:36.290Z); Ten-year compound average after fade. Initial solved rate -0.28015345853039475. Price 5.61; FX 1; discount 0.16535; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-02: BRL 8.51 per share

- 2021-03: BRL 8.63 per share

- 2021-04: BRL 10.26 per share

- 2021-05: BRL 13.07 per share

- 2021-06: BRL 13.97 per share

- 2021-07: BRL 18.16 per share

- 2021-08: BRL 15.01 per share

- 2021-09: BRL 14.75 per share

- 2021-10: BRL 11.18 per share

- 2021-11: BRL 11.03 per share

- 2021-12: BRL 11.82 per share

- 2022-01: BRL 12.12 per share

- 2022-02: BRL 10.90 per share

- 2022-03: BRL 12.62 per share

- 2022-04: BRL 13.48 per share

- 2022-05: BRL 14.87 per share

- 2022-06: BRL 11.55 per share

- 2022-07: BRL 13.42 per share

- 2022-08: BRL 13.92 per share

- 2022-09: BRL 13.54 per share

- 2022-10: BRL 15.97 per share

- 2022-11: BRL 13.13 per share

- 2022-12: BRL 12.52 per share

- 2023-01: BRL 14.48 per share

- 2023-02: BRL 13.15 per share

- 2023-03: BRL 13.22 per share

- 2023-04: BRL 12.10 per share

- 2023-05: BRL 12.75 per share

- 2023-06: BRL 12.11 per share

- 2023-07: BRL 11.94 per share

- 2023-08: BRL 11.71 per share

- 2023-09: BRL 9.75 per share

- 2023-10: BRL 7.83 per share

- 2023-11: BRL 9.23 per share

- 2023-12: BRL 10.07 per share

- 2024-01: BRL 8.17 per share

- 2024-02: BRL 8.73 per share

- 2024-03: BRL 8.35 per share

- 2024-04: BRL 7.11 per share

- 2024-05: BRL 8.11 per share

- 2024-06: BRL 7.57 per share

- 2024-07: BRL 8.63 per share

- 2024-08: BRL 7.60 per share

- 2024-09: BRL 6.61 per share

- 2024-10: BRL 6.29 per share

- 2024-11: BRL 5.79 per share

- 2024-12: BRL 4.75 per share

- 2025-01: BRL 4.84 per share

- 2025-02: BRL 3.81 per share

- 2025-03: BRL 4.39 per share

- 2025-04: BRL 4.92 per share

- 2025-05: BRL 4.97 per share

- 2025-06: BRL 4.18 per share

- 2025-07: BRL 3.84 per share

- 2025-08: BRL 4.33 per share

- 2025-09: BRL 3.45 per share

- 2025-10: BRL 3.24 per share

- 2025-11: BRL 3.83 per share

- 2025-12: BRL 3.23 per share

- 2026-01: BRL 3.99 per share

- 2026-02: BRL 4.40 per share

- 2026-03: BRL 3.72 per share

- 2026-04: BRL 3.96 per share

- 2026-05: BRL 3.06 per share

- 2026-06: BRL 2.81 per share

- 2026-07: BRL 3.34 per share

- 2026-08: BRL 2.99 per share

- 2026-09: BRL 4.30 per share

- 2026-10: BRL 6.09 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 2.06 per share, central BRL 2.14 per share, high BRL 2.24 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 2026-10-15T06:48:07.683Z 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.

## Reported holder observations