# Vibra Energia (VBBR3.SA)

Canonical: https://gigainvestors.com/s/VBBR3.SA

Analysis as of: 2026-10-16T07:36:11.747Z. Financial observations: FY2012–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 36.25 per share; close as of 2026-10-15.

Estimated value: low BRL 22.75 per share, central BRL 27.94 per share, high BRL 30.07 per share. Buy at or below the central value BRL 27.94 per share. Valuation as of 2026-10-16T07:36:11.747Z; scenarios are not confidence intervals.

Expected annual return: 13.7% at the stated quote. About 13.7% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.03×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.05×

- FY2021: 0.02×

- FY2022: 0.02×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 7.6%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 5.4%

- Recent gross margin (lower of latest and 3-year median): 4.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 11.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.1%

- FY2017: 12.8%

- FY2018: 10.0%

- FY2019: 7.6%

- FY2020: 18.1%

- FY2021: 10.0%

- FY2022: 11.7%

- FY2023: 20.7%

- FY2024: 22.4%

- FY2025: 12.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 16B

- Net income, five-year total: BRL 17B

- Return on incremental invested capital: 141.9%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.1 pp

- Working capital / revenue, final three-year average: 6.4%

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

- FY2021: 0.93×

- FY2022: 0.89×

- FY2023: 0.93×

- FY2024: 0.97×

- FY2025: 0.92×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 20.7%

- Per-share earnings: -0.27 to 4.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: BRL 1.1B

- Cumulative retained earnings: BRL 4.7B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: BRL 4.51

- Per-share value, starting three-year median: BRL -0.27

- Per-share value, ending three-year median: BRL 4.25

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

- Average buyback yield: 1.4%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 4.0B

- Cumulative net income, 10 years: BRL 27B

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 20.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -0.27

- FY2017: BRL 0.99

- FY2018: BRL 2.74

- FY2019: BRL 1.90

- FY2020: BRL 3.35

- FY2021: BRL 2.18

- FY2022: BRL 1.38

- FY2023: BRL 4.25

- FY2024: BRL 5.68

- FY2025: BRL 1.75

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.4%

- FY2017: -0.5%

- FY2018: -0.5%

- FY2019: -2.7%

- FY2020: 7.4%

- FY2021: 0.7%

- FY2022: 0.7%

- FY2023: -0.6%

- FY2024: 4.5%

- FY2025: -3.6%

## Holders

## Price story

Price needs cash profits to grow 9.3% a year for ten years · sales +9.9%

Story as of 2026-10-16T10:00:07.048Z; price observation 2026-10-15.

Price needs cash profits to grow 9.3% a year for ten years

### Sales · FY2024–2025

sales +9.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 87B 

- FY2017: BRL 85B 

- FY2018: BRL 98B 

- FY2019: BRL 95B 

- FY2020: BRL 82B 

- FY2021: BRL 130B 

- FY2022: BRL 181B 

- FY2023: BRL 163B 

- FY2024: BRL 172B 

- FY2025: BRL 189B 

### Gross margin · FY2025

gross margin 4.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 7.5% 

- FY2017: 7.5% 

- FY2018: 6.0% 

- FY2019: 6.3% 

- FY2020: 5.5% 

- FY2021: 5.3% 

- FY2022: 4.1% 

- FY2023: 5.1% 

- FY2024: 4.8% 

- FY2025: 4.6% 

## Owner memo

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

### How it makes money

Operates in specialty retail; annual sales are BRL 189.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2025: revenue 189256000000; grossProfit 8740000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VBBR3.SA: Vibra Energia S.A. manufactures, processes, distributes, trades in, transports, imports, and exports oil-based products, lubricants, and other fuels. It operates in Gas Station Network, B2B, and Renewable segments. The company markets petroleum-derived fuels, lubricants, vehicular natural gas, biofuels, and convenience products. It also sells fuels and lubricants, and provides associated services to its consumer's market, as well as markets aviation products and services at Brazil's airport facilities. The company was incorporated in 1971 and is based in Rio de Janeiro, Brazil.

### Why customers stay

Margins ranged from 4.6% to 5.1% during 2023–25; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2023: grossProfit / revenue = 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2024: grossProfit / revenue = 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2025: grossProfit / revenue = 4.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); 10-year return on capital observations [[2016,0.031221797810033106],[2017,0.1277716378498839],[2018,0.09971451682329394],[2019,0.07640734486104923],[2020,0.1811688349607009],[2021,0.099916750892324],[2022,0.11706653106501458],[2023,0.20723096770465158],[2024,0.22402719077856656],[2025,0.12114787819131219]]; median 0.11910720462816338. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 4% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); Gross margin observations: [[2021,0.05265099407474581],[2022,0.041273987853135366],[2023,0.05131116252523827]]; range within 2 percentage points.

### Where the cash goes

Spends 20.9% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2017: growth capex 0; upkeep 298000000; owner earnings 1305000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2018: growth capex 13000000; upkeep 417000000; owner earnings 3193000000. Growth capex / owner earnings = 0.004071406201064829.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2019: growth capex 0; upkeep 595000000; owner earnings 1980400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2020: growth capex 0; upkeep 606000000; owner earnings 3676800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2021: growth capex 25000000; upkeep 559000000; owner earnings 2332200000. Growth capex / owner earnings = 0.010719492324843495.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2022: growth capex 174000000; upkeep 553000000; owner earnings 1370200000. Growth capex / owner earnings = 0.12698876076485185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2023: growth capex 0; upkeep 742000000; owner earnings 4428400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2024: growth capex 477335809.393425; upkeep 656664190.606575; owner earnings 6192535809.393425. Growth capex / owner earnings = 0.07708244636540604.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2025: growth capex 384000000; upkeep 1068000000; owner earnings 1833800000. Growth capex / owner earnings = 0.20940124331988222.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); Incremental return on capital 1.4189595965675907, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); Dividend observations: [[2016,684000000],[2017,683000000],[2018,1034000000],[2019,3049000000],[2020,1080000000],[2021,2761000000],[2022,490000000],[2023,401000000],[2024,1528000000],[2025,1547000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); FY2025: cash repurchases 47000000 BRL.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VBBR3.SA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.747Z); Ten-year compound average after fade. Initial solved rate 0.12057153022989342. Price 36.25; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.2128755364806867 → FY2025 1.5984910829947065. Closing-price date 2026-10-15.

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

- 2018-04: BRL 21.44 per share

- 2018-05: BRL 16.99 per share

- 2018-06: BRL 17.08 per share

- 2018-07: BRL 18.20 per share

- 2018-08: BRL 18.47 per share

- 2018-09: BRL 18.21 per share

- 2018-10: BRL 22.39 per share

- 2018-11: BRL 22.83 per share

- 2018-12: BRL 23.99 per share

- 2019-01: BRL 24.88 per share

- 2019-02: BRL 22.83 per share

- 2019-03: BRL 21.61 per share

- 2019-04: BRL 22.13 per share

- 2019-05: BRL 23.85 per share

- 2019-06: BRL 23.34 per share

- 2019-07: BRL 24.83 per share

- 2019-08: BRL 26.89 per share

- 2019-09: BRL 25.70 per share

- 2019-10: BRL 26.40 per share

- 2019-11: BRL 26.55 per share

- 2019-12: BRL 28.07 per share

- 2020-01: BRL 26.89 per share

- 2020-02: BRL 24.37 per share

- 2020-03: BRL 14.48 per share

- 2020-04: BRL 18.23 per share

- 2020-05: BRL 20.20 per share

- 2020-06: BRL 20.12 per share

- 2020-07: BRL 21.19 per share

- 2020-08: BRL 19.92 per share

- 2020-09: BRL 18.81 per share

- 2020-10: BRL 17.91 per share

- 2020-11: BRL 19.17 per share

- 2020-12: BRL 20.66 per share

- 2021-01: BRL 21.72 per share

- 2021-02: BRL 18.60 per share

- 2021-03: BRL 20.61 per share

- 2021-04: BRL 21.02 per share

- 2021-05: BRL 24.09 per share

- 2021-06: BRL 24.91 per share

- 2021-07: BRL 26.45 per share

- 2021-08: BRL 25.39 per share

- 2021-09: BRL 21.93 per share

- 2021-10: BRL 19.59 per share

- 2021-11: BRL 20.32 per share

- 2021-12: BRL 19.98 per share

- 2022-01: BRL 21.38 per share

- 2022-02: BRL 22.02 per share

- 2022-03: BRL 21.83 per share

- 2022-04: BRL 19.72 per share

- 2022-05: BRL 18.15 per share

- 2022-06: BRL 15.60 per share

- 2022-07: BRL 15.54 per share

- 2022-08: BRL 17.14 per share

- 2022-09: BRL 16.10 per share

- 2022-10: BRL 17.04 per share

- 2022-11: BRL 15.43 per share

- 2022-12: BRL 14.52 per share

- 2023-01: BRL 15.37 per share

- 2023-02: BRL 13.81 per share

- 2023-03: BRL 13.45 per share

- 2023-04: BRL 12.32 per share

- 2023-05: BRL 15.02 per share

- 2023-06: BRL 16.85 per share

- 2023-07: BRL 15.99 per share

- 2023-08: BRL 17.23 per share

- 2023-09: BRL 17.66 per share

- 2023-10: BRL 18.48 per share

- 2023-11: BRL 21.80 per share

- 2023-12: BRL 21.25 per share

- 2024-01: BRL 22.17 per share

- 2024-02: BRL 24.14 per share

- 2024-03: BRL 23.35 per share

- 2024-04: BRL 21.90 per share

- 2024-05: BRL 20.11 per share

- 2024-06: BRL 19.51 per share

- 2024-07: BRL 21.62 per share

- 2024-08: BRL 24.01 per share

- 2024-09: BRL 21.85 per share

- 2024-10: BRL 20.83 per share

- 2024-11: BRL 19.26 per share

- 2024-12: BRL 16.66 per share

- 2025-01: BRL 15.74 per share

- 2025-02: BRL 15.89 per share

- 2025-03: BRL 16.60 per share

- 2025-04: BRL 17.55 per share

- 2025-05: BRL 18.84 per share

- 2025-06: BRL 20.22 per share

- 2025-07: BRL 19.80 per share

- 2025-08: BRL 22.44 per share

- 2025-09: BRL 22.96 per share

- 2025-10: BRL 22.22 per share

- 2025-11: BRL 24.88 per share

- 2025-12: BRL 25.33 per share

- 2026-01: BRL 28.76 per share

- 2026-02: BRL 29.92 per share

- 2026-03: BRL 31.62 per share

- 2026-04: BRL 33.30 per share

- 2026-05: BRL 29.75 per share

- 2026-06: BRL 29.89 per share

- 2026-07: BRL 36.05 per share

- 2026-08: BRL 34.42 per share

- 2026-09: BRL 37.16 per share

- 2026-10: BRL 36.59 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 5.05 per share, central BRL 5.40 per share, high BRL 5.80 per share

- FY2017: low BRL 4.96 per share, central BRL 5.30 per share, high BRL 5.69 per share

- FY2018: low BRL 6.68 per share, central BRL 7.07 per share, high BRL 7.53 per share

- FY2019: low BRL 7.94 per share, central BRL 8.46 per share, high BRL 9.05 per share

- FY2020: low BRL 10.23 per share, central BRL 10.83 per share, high BRL 11.52 per share

- FY2021: low BRL 15.10 per share, central BRL 16.08 per share, high BRL 17.19 per share

- FY2022: low BRL 23.37 per share, central BRL 28.20 per share, high BRL 30.41 per share

- FY2023: low BRL 24.24 per share, central BRL 29.72 per share, high BRL 31.89 per share

- FY2024: low BRL 35.00 per share, central BRL 41.69 per share, high BRL 44.54 per share

- FY2025: low BRL 20.51 per share, central BRL 25.53 per share, high BRL 27.60 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 2026-10-15T06:41:55.467Z 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.