Afya Limited
- Open
- 14.01
- Day high
- 14.19
- Day low
- 13.76
- Prev close
- 14.16
- Volume
- 47K
- Mkt cap
- $1.2B
- P/E (TTM)
- 8.5
- EPS (TTM)
- $1.64
- P/B
- 1.3
- P/S
- 1.7
- Yield
- 4.72%
- Per share
- $0.66
- ▼Insiders net selling -$1.3M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions reducing (13F)
Afya Limited (AFYA) is a Consumer Defensive company listed on NASDAQ. The stock is down 8% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Afya Limited (AFYA) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AFYA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.53 | $0.56 | +5.7% | $193M | -4.5% |
| Mar 12, 2026 | $0.33 | $0.41 | +23.4% | $169M | -11.8% |
| Nov 12, 2025 | $0.32 | $0.38 | +18.8% | $174M | -0.3% |
| Aug 13, 2025 | $0.40 | $0.40 | +0.0% | $169M | -2.2% |
| May 8, 2025 | $0.46 | $0.55 | +19.6% | $160M | -3.1% |
| Mar 13, 2025 | $0.34 | $0.36 | +5.9% | $137M | -14.7% |
| Aug 15, 2024 | $0.37 | $0.44 | +18.9% | $145M | +1.2% |
| May 9, 2024 | $0.47 | $0.55 | +17.0% | $159M | +1.1% |
| Mar 14, 2024 | $0.34 | $0.36 | +5.9% | $148M | -0.4% |
| Nov 13, 2023 | $0.31 | $0.28 | -9.7% | $143M | -6.7% |
| Aug 28, 2023 | $0.33 | $0.29 | -12.1% | $147M | -4.0% |
| May 24, 2023 | $0.39 | $0.34 | -12.8% | $139M | -4.2% |
AFYA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Junior Lelio de Souzaofficer: Vice President | Sell | 36,204 | $15.00 |
| Jun 30, 2026 | Basolli Gomiero Mirellaofficer: Vice President | Sell | 10,000 | $14.80 |
| Jun 30, 2026 | Junior Lelio de Souzaofficer: Vice President | Sell | 41,541 | $15.00 |
| May 11, 2026 | GRIFO DE SOUSA ANIBAL JOSEofficer: V.P. Legal, Comp. & Gov. Rel. | Option | 17,500 | — |
| May 11, 2026 | Basolli Gomiero Mirellaofficer: Vice President | Tax | 3,515 | $14.41 |
| May 11, 2026 | Blanco Luis Andre Carpinteroofficer: Chief Financial Officer | Option | 23,500 | — |
| May 11, 2026 | Blanco Luis Andre Carpinteroofficer: Chief Financial Officer | Tax | 6,463 | $14.41 |
| May 11, 2026 | Blanco Luis Andre Carpinteroofficer: Chief Financial Officer | Option | 3,500 | — |
| May 11, 2026 | Blanco Luis Andre Carpinteroofficer: Chief Financial Officer | Option | 16,800 | — |
| May 11, 2026 | Junior Lelio de Souzaofficer: Vice President | Option | 16,200 | — |
| May 11, 2026 | Junior Lelio de Souzaofficer: Vice President | Tax | 4,455 | $14.41 |
| May 11, 2026 | Junior Lelio de Souzaofficer: Vice President | Option | 2,000 | — |
| May 11, 2026 | Junior Lelio de Souzaofficer: Vice President | Option | 14,200 | — |
| May 11, 2026 | De Souza Portes Meirelles Gustavoofficer: Vice President | Option | 7,000 | — |
| May 11, 2026 | De Souza Portes Meirelles Gustavoofficer: Vice President | Tax | 1,925 | $14.41 |
Source: AFYA SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full AFYA insider & 13F page →Afya Limited company profile
Overview
Afya Limited (NASDAQ:AFYA) is a Brazilian medical education company founded in 1999 and headquartered in Nova Lima, Brazil. The company went public on NASDAQ in July 2019. Afya has grown from its origins as a medical education provider to become Brazil's largest medical education group, operating a comprehensive ecosystem that serves medical students, physicians, and healthcare professionals throughout their careers. The company has expanded through both organic growth and strategic acquisitions, building a network of medical schools, continuing education programs, and digital health services that collectively serve over 330,000 medical students and physicians across Brazil.
Business
Afya operates as Brazil's leading medical education group, providing educational products and services across the entire medical career lifecycle. The company's business is structured around three main segments that work synergistically to create a comprehensive medical education ecosystem. The Undergraduate Programs segment represents the core of Afya's business, accounting for approximately 70-75% of total revenue. This segment operates a network of 46 medical school campuses with over 3,200 approved medical school seats, serving more than 22,600 medical students. The company offers undergraduate programs primarily in medicine (86% of revenue), but also in other health sciences including dentistry, nursing, radiology, psychology, pharmacy, physical education, physiotherapy, nutrition, and biomedicine. Additionally, this segment provides degree programs in non-medical fields such as business administration, accounting, law, and engineering. The Continuing Education segment generates approximately 15-20% of revenue and serves physicians and medical students seeking specialized training and certification. This includes medical residency preparatory courses, graduate programs, medical postgraduate specialization programs, and other continuing education offerings. The segment operates through multiple learning journeys including residency preparation, graduate courses, and specialized medical training programs, serving around 66,000 students across different educational pathways. The Medical Practice Solutions segment contributes roughly 10-15% of revenue and provides digital health services to practicing physicians and medical students. This includes subscription-based mobile applications and web portals that offer clinical decision-making tools such as medical calculators, clinical scores, updated medical content, prescription guidelines, laboratory exam references, and medical procedures. The segment serves approximately 196,000 active paying users and also provides B2B services to pharmaceutical companies and healthcare providers. The medical education industry in Brazil operates within a regulated framework where the Ministry of Education controls the approval of new medical school seats and programs. Brazil faces a significant shortage of physicians, particularly in underserved regions, which has led to government initiatives like the "Mais Médicos" program that aims to increase medical school capacity and place physicians in areas with healthcare shortages.
Revenue model
Afya generates revenue through multiple complementary business models across its three segments. The Undergraduate Programs segment operates on a tuition-based model where students pay monthly fees for their medical education. Medical programs typically last six years, providing predictable recurring revenue streams. The company charges premium tuition rates for medical programs, with net average ticket prices showing consistent growth of 5-6% annually. Revenue is recognized monthly as educational services are delivered. The Continuing Education segment employs both subscription and course-fee models. Students pay for specific preparatory courses, graduate programs, and specialization training. This segment benefits from the mandatory nature of medical residency training in Brazil and the ongoing need for physicians to maintain certifications and develop specialized skills throughout their careers. The Medical Practice Solutions segment uses a subscription-based software-as-a-service (SaaS) model for its digital health platforms. Individual physicians and medical students pay monthly or annual subscription fees to access clinical decision-making tools and medical content. The B2B component generates revenue through contracts with pharmaceutical companies for e-detailing services, medical education content, and access to the physician network for marketing purposes. Several factors influence Afya's profitability margins. Campus maturation significantly impacts margins as newer medical school campuses typically operate at lower margins initially but improve profitability as they reach full enrollment capacity over 3-4 years. Operational leverage benefits the company as fixed costs are spread across growing student populations. Integration synergies from acquisitions provide margin expansion opportunities through shared content, technology platforms, and operational efficiencies. Competitive pressures can impact pricing power, though the regulated nature of medical education and high barriers to entry provide some protection. Regulatory changes by Brazil's Ministry of Education regarding seat approvals, accreditation requirements, or tuition regulations could affect margins. Economic conditions in Brazil influence students' ability to pay tuition and access credit, while currency fluctuations affect the company's USD-reporting metrics. Faculty and infrastructure costs represent significant expense categories that can pressure margins if not managed efficiently during expansion phases.
Competitive moat
Afya possesses a moderately strong competitive moat built on several defensive characteristics, though it faces some structural limitations. The company's primary moat stems from regulatory barriers to entry in Brazil's medical education sector. The Ministry of Education strictly controls the approval of new medical school seats, creating a supply-constrained market that protects existing operators. This regulatory framework makes it extremely difficult for new competitors to enter the market quickly or at scale. The company has developed significant operational scale advantages as Brazil's largest medical education provider. This scale enables Afya to spread content development costs, technology investments, and administrative expenses across a large student base, creating cost advantages over smaller competitors. The company's integrated ecosystem approach, where undergraduate students flow into continuing education programs and then become users of digital practice solutions, creates customer lifecycle value and switching costs. Afya's brand recognition and reputation in Brazilian medical education provides competitive advantages in student recruitment and faculty attraction. The company's extensive network of campuses and established relationships with healthcare institutions create barriers for competitors seeking to replicate its market position. However, the moat faces several limitations. The medical education sector remains fragmented with numerous smaller competitors, and the company must compete for students, faculty, and prime campus locations. Technological disruption poses a long-term threat as online education platforms and digital learning tools could potentially reduce the value proposition of traditional campus-based medical education. Government policy changes represent a significant risk, as shifts in the Mais Médicos program, seat approval processes, or education funding could impact the competitive landscape. The digital health services segment operates in a more competitive environment with lower barriers to entry, facing competition from technology companies and international players. While Afya's physician network provides some advantages, this segment's moat is considerably weaker than the traditional education business.
Risks & safety
Afya demonstrates a moderate margin of safety with solid financial fundamentals but some leverage concerns. Liquidity and Solvency: • Strong cash position of R$157 million with additional short-term investments • Healthy current ratio of 1.39x indicating adequate short-term liquidity • Positive free cash flow generation of R$216 million annually • Debt-to-equity ratio of 0.74x represents moderate but manageable leverage • Strong operational cash flow of R$238 million provides debt service coverage Valuation Metrics: • Trading at 14.9x P/E ratio, reasonable for a growing education company • EV/EBITDA of 9.1x appears fair given growth profile and market position • Price-to-book ratio of 2.09x reflects premium to tangible assets but justified by intangible value • Graham number suggests potential undervaluation relative to earnings and book value Other Considerations: • Revenue growth has been consistent but slowing from previous high-growth periods • EBITDA margins around 37% demonstrate operational efficiency • Return on equity of 14.8% indicates effective capital allocation • Brazilian real currency exposure creates additional volatility for USD investors • Regulatory dependency on Ministry of Education approvals presents policy risk
Recent development
Over the past few years, Afya has undergone significant strategic transformation focused on operational integration and ecosystem expansion. The company restructured its business segments in 2024, consolidating from multiple divisions into three core segments (Undergraduate Programs, Continuing Education, and Medical Practice Solutions) to improve operational synergies and eliminate redundancies. Acquisition strategy has been a key growth driver, with major transactions including the acquisition of Unidompedro for R$660 million, which added 300 medical school seats in Salvador, Bahia. The company also acquired Unidom and UNIMA, expanding its footprint and seat capacity. These acquisitions are expected to contribute significantly to revenue growth, with Unidompedro alone projected to generate R$267 million in annual revenue by 2027. The company has successfully integrated content and technology teams across segments, creating operational efficiencies and improving margins. This integration allows for shared educational content, unified technology platforms, and streamlined operations across the medical education ecosystem. Digital transformation initiatives have expanded the Medical Practice Solutions segment, with the B2B business growing 64% in 2023 through partnerships with pharmaceutical companies. The segment now serves over 196,000 active paying users and has established more than 100 contracts with 45 pharmaceutical companies for e-detailing and medical education services. Campus expansion and maturation continue to drive growth, with the company reaching 3,203 approved medical school seats and maintaining 100% occupancy rates in its intake processes. The focus on campus maturation has improved margins as older campuses reach full enrollment and operational efficiency. The company has also pursued sustainability initiatives, securing an IFC sustainability-linked loan of up to R$500 million, demonstrating commitment to ESG principles while providing flexible financing for future growth initiatives.
AFYA company profile · for informational purposes only — not investment advice.
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