# Vivara Participações (VIVA3.SA)

Canonical: https://gigainvestors.com/s/VIVA3.SA

Analysis as of: 2026-10-16T07:43:01.771Z. Financial observations: FY2016–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 27.54 per share; close as of 2026-10-15.

Estimated value: low BRL 13.64 per share, central BRL 14.47 per share, high BRL 15.43 per share. Buy at or below the central value BRL 14.47 per share. Valuation as of 2026-10-16T07:43:01.771Z; scenarios are not confidence intervals.

Expected annual return: 9.8% at the stated quote. About 9.8% 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: 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: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.20×

- FY2018: 0.24×

- FY2019: 0.39×

- FY2020: 0.20×

- FY2021: 0.20×

- FY2022: 0.20×

- FY2023: 0.21×

- FY2024: 0.27×

- FY2025: 0.24×

### moat: fail

- Recent gross margin fell 4.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 19.5%

- ROIC, second-lowest year: 17.1%

- Typical minus recent gross margin: 4.1 pp

- Typical gross margin (annual median): 68.7%

- Recent gross margin (lower of latest and 3-year median): 64.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 15.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 23.5%

- FY2017: 40.1%

- FY2018: 38.8%

- FY2019: 20.0%

- FY2020: 14.0%

- FY2021: 18.4%

- FY2022: 18.2%

- FY2023: 17.1%

- FY2024: 21.4%

- FY2025: 19.1%

### economics: fail

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

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 2.0B

- Net income, five-year total: BRL 2.3B

- Return on incremental invested capital: 33.8%

- Working capital / revenue, annual change: 3.1 pp

- Working capital / revenue, change between three-year averages: 28.7 pp

- Working capital / revenue, final three-year average: 78.8%

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

- FY2021: 0.74×

- FY2022: 0.73×

- FY2023: 0.72×

- FY2024: 1.03×

- FY2025: 0.91×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 38.8% vs 19.1%

- Per-share earnings: 0.59 to 2.64 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.1%

- Per-share value growth: 23.8%

- Per-share value change: BRL 2.05

- Per-share value, starting three-year median: BRL 0.59

- Per-share value, ending three-year median: BRL 2.64

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: BRL 3.2B

- ROIC, first three-year median: 38.8%

- ROIC, last three-year median: 19.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.26

- FY2017: BRL 0.59

- FY2018: BRL 0.62

- FY2019: BRL 1.09

- FY2020: BRL 0.62

- FY2021: BRL 1.26

- FY2022: BRL 1.53

- FY2023: BRL 1.57

- FY2024: BRL 2.78

- FY2025: BRL 2.64

### accounting: pass

- Sloan accruals: 3.2%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.76×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: -13.0%

- FY2018: 4.8%

- FY2019: 10.2%

- FY2020: -4.9%

- FY2021: 3.1%

- FY2022: 10.1%

- FY2023: 5.2%

- FY2024: 11.8%

- FY2025: 3.2%

## Holders

## Price story

Down 22% since Nov 2025 · sales +17.4%

Story as of 2026-10-16T10:00:12.573Z; price observation 2026-10-15.

Price needs cash profits to grow 11.1% a year for ten years

### Sales · FY2024–2025

sales +17.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 953M 

- FY2017: BRL 997M 

- FY2018: BRL 1.1B 

- FY2019: BRL 750M 

- FY2020: BRL 1.0B 

- FY2021: BRL 1.5B 

- FY2022: BRL 1.8B 

- FY2023: BRL 2.2B 

- FY2024: BRL 2.6B 

- FY2025: BRL 3.0B 

### Gross margin · FY2025

gross margin 64.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.8% 

- FY2017: 66.4% 

- FY2018: 70.7% 

- FY2019: 71.2% 

- FY2020: 68.5% 

- FY2021: 67.6% 

- FY2022: 68.9% 

- FY2023: 69.3% 

- FY2024: 70.2% 

- FY2025: 64.6% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are BRL 3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2025: revenue 3026581564; grossProfit 1953909081; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIVA3.SA: Vivara Participações S.A. engages in the manufacture and sale of jewelry and other articles in Latin America. The company offers jewelry products, including rings, necklaces, alliances, toys, solitaires, earrings, chains, currents, pendants, and bracelets. It also provides watches; accessories, such as sunglasses, wallets and card holders, passport and watch holders, jewelry box, perfumes, cuff links, keychains, pens, and knives; and gift products comprising giftable kits, quiz, graduation, infantile, mother/grandmother, and customizable products. The company sells its products under the Vivara, Tag Heuer, Victorinox, Movado, Baume and Mercier, Bulova, Akium, Lacoste, Calvin Klein, Hugo Boss, Tommy Hilfiger, Olivia Burton, Festina, Adidas, Life By Vivara, Guess. Nautica, Porsche Design, Montblanc, and Festina brands. It offers its products through stores and kiosks, as well as through e-commerce. Vivara Participações S.A. was founded in 1962 and is headquartered in São Paulo, Brazil.

### Why customers stay

Margins ranged from 64.6% to 70.2% during 2023–25; it earns 19.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2023: grossProfit / revenue = 69.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2024: grossProfit / revenue = 70.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2025: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); 10-year return on capital observations [[2016,0.23473829397237875],[2017,0.40110886379976457],[2018,0.38828242176554345],[2019,0.19963429661148335],[2020,0.14036737754438913],[2021,0.18373633158365235],[2022,0.18249741374781517],[2023,0.17135650782801773],[2024,0.21428389941758866],[2025,0.1906930006160762]]; median 0.19516364861377977. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 69% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); Gross margin observations: [[2021,0.676136572238915],[2022,0.6889319777516834],[2023,0.6932456900513266]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 2.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2016: growth capex 0; upkeep 13988000; owner earnings 105413000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2017: growth capex 0; upkeep 9031000; owner earnings 234141000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2018: growth capex 0; upkeep 13249000; owner earnings 201209000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2019: growth capex 0; upkeep 38833632; owner earnings 195420031.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2020: growth capex 0; upkeep 44711518; owner earnings 103114187.19999999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2021: growth capex 32247000; upkeep 71831000; owner earnings 221048471. Growth capex / owner earnings = 0.14588203145725445.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2022: growth capex 23791211; upkeep 113939937; owner earnings 261972690.2. Growth capex / owner earnings = 0.09081561510032544.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2023: growth capex 17493718; upkeep 134085000; owner earnings 265175308.6. Growth capex / owner earnings = 0.06597038801372022.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2024: growth capex 0; upkeep 21579000; owner earnings 671318400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2025: growth capex 0; upkeep 69908491; owner earnings 562991210. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); Dividend observations: [[2016,48084000],[2017,143628000],[2018,72492000],[2019,2942328],[2020,35563006],[2021,12482000],[2022,12708277],[2023,85701000],[2024,87693000],[2025,513591464]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); FY2025: cash repurchases 2528291 BRL.

### Are managers owners

Insiders own 47.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIVA3.SA SharesStats.PercentInsiders = 47.058 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:01.771Z); Ten-year compound average after fade. Initial solved rate 0.14692854240593028. Price 27.54; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-10: BRL 24.24 per share

- 2019-11: BRL 23.78 per share

- 2019-12: BRL 29.12 per share

- 2020-01: BRL 31.47 per share

- 2020-02: BRL 28.09 per share

- 2020-03: BRL 15.77 per share

- 2020-04: BRL 18.53 per share

- 2020-05: BRL 19.18 per share

- 2020-06: BRL 21.06 per share

- 2020-07: BRL 22.17 per share

- 2020-08: BRL 23.57 per share

- 2020-09: BRL 23.70 per share

- 2020-10: BRL 21.80 per share

- 2020-11: BRL 25.00 per share

- 2020-12: BRL 29.46 per share

- 2021-01: BRL 25.48 per share

- 2021-02: BRL 23.75 per share

- 2021-03: BRL 24.64 per share

- 2021-04: BRL 25.11 per share

- 2021-05: BRL 30.11 per share

- 2021-06: BRL 32.90 per share

- 2021-07: BRL 31.20 per share

- 2021-08: BRL 33.20 per share

- 2021-09: BRL 29.52 per share

- 2021-10: BRL 25.94 per share

- 2021-11: BRL 24.51 per share

- 2021-12: BRL 25.44 per share

- 2022-01: BRL 26.30 per share

- 2022-02: BRL 26.27 per share

- 2022-03: BRL 27.69 per share

- 2022-04: BRL 25.44 per share

- 2022-05: BRL 24.60 per share

- 2022-06: BRL 21.98 per share

- 2022-07: BRL 22.19 per share

- 2022-08: BRL 25.35 per share

- 2022-09: BRL 27.09 per share

- 2022-10: BRL 26.81 per share

- 2022-11: BRL 22.06 per share

- 2022-12: BRL 22.43 per share

- 2023-01: BRL 24.50 per share

- 2023-02: BRL 21.67 per share

- 2023-03: BRL 22.10 per share

- 2023-04: BRL 21.31 per share

- 2023-05: BRL 25.48 per share

- 2023-06: BRL 28.48 per share

- 2023-07: BRL 29.40 per share

- 2023-08: BRL 27.18 per share

- 2023-09: BRL 26.86 per share

- 2023-10: BRL 25.50 per share

- 2023-11: BRL 29.73 per share

- 2023-12: BRL 34.25 per share

- 2024-01: BRL 33.80 per share

- 2024-02: BRL 32.70 per share

- 2024-03: BRL 25.40 per share

- 2024-04: BRL 22.16 per share

- 2024-05: BRL 21.80 per share

- 2024-06: BRL 20.94 per share

- 2024-07: BRL 24.05 per share

- 2024-08: BRL 26.42 per share

- 2024-09: BRL 26.93 per share

- 2024-10: BRL 25.57 per share

- 2024-11: BRL 22.93 per share

- 2024-12: BRL 19.25 per share

- 2025-01: BRL 21.43 per share

- 2025-02: BRL 17.06 per share

- 2025-03: BRL 19.89 per share

- 2025-04: BRL 22.11 per share

- 2025-05: BRL 25.99 per share

- 2025-06: BRL 27.03 per share

- 2025-07: BRL 25.42 per share

- 2025-08: BRL 29.00 per share

- 2025-09: BRL 28.56 per share

- 2025-10: BRL 31.20 per share

- 2025-11: BRL 35.12 per share

- 2025-12: BRL 33.24 per share

- 2026-01: BRL 28.18 per share

- 2026-02: BRL 31.15 per share

- 2026-03: BRL 25.91 per share

- 2026-04: BRL 25.81 per share

- 2026-05: BRL 21.84 per share

- 2026-06: BRL 22.88 per share

- 2026-07: BRL 22.18 per share

- 2026-08: BRL 22.28 per share

- 2026-09: BRL 23.60 per share

- 2026-10: BRL 28.84 per share

## Annual estimated value (BRL per share)

- FY2020: low BRL 7.24 per share, central BRL 7.58 per share, high BRL 7.98 per share

- FY2021: low BRL 8.92 per share, central BRL 9.41 per share, high BRL 9.96 per share

- FY2022: low BRL 8.24 per share, central BRL 8.73 per share, high BRL 9.28 per share

- FY2023: low BRL 9.03 per share, central BRL 9.57 per share, high BRL 10.19 per share

- FY2024: low BRL 10.32 per share, central BRL 10.96 per share, high BRL 11.70 per share

- FY2025: low BRL 13.08 per share, central BRL 13.87 per share, high BRL 14.79 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 2026-10-15T06:48:38.177Z 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.