Afya Limited is a leading medical education group and digital health services provider operating primarily in Brazil. The company offers an end-to-end ecosystem for physicians, encompassing undergraduate medical schools, continuing education programs, and residency preparation. Additionally, Afya provides digital medical practice solutions, including clinical decision support tools and practice management software, to assist healthcare professionals throughout their careers.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
3,697,255
3,304,329
2,875,913
2,329,057
Cost of Sales
1,313,895
1,215,603
1,109,813
859,552
Gross Profit
2,383,360
2,088,726
1,766,100
1,469,505
Selling, General & Administrative Expenses
1,113,065
1,008,427
940,132
798,153
Other Operating Expenses
57,185
68,186
58,907
7,252
Operating Profit
1,213,110
1,012,113
767,061
664,100
Interest and Investment Income
208,859
123,020
120,137
114,226
Interest Expense
(561,024)
(458,742)
(457,616)
(349,893)
Total Non-Operating Income
(352,165)
(335,722)
(337,479)
(235,667)
Income Before Provision for Income Taxes
860,945
676,391
429,582
428,433
Provision for Income Taxes
92,502
27,471
24,166
35,677
Consolidated Net Income
768,443
648,920
405,416
392,756
Net Income Attributable to Common Shareholders
768,443
648,920
405,416
392,756
Basic EPS
8.32
7.01
4.30
4.14
Diluted EPS
8.24
6.93
4.27
4.12
Basic Weighted Average Shares Outstanding
90,476
90,122
89,830
90,335
Diluted Weighted Average Shares Outstanding
91,268
91,155
90,537
90,664
Shares Outstanding
89,868
93,723
93,723
89,937
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,125,381
911,015
553,030
1,093,082
Total Cash and Cash Equivalents
1,125,381
911,015
553,030
1,093,082
Accounts Receivable
717,373
595,898
546,438
452,831
Total Trade Receivables
717,373
595,898
546,438
452,831
Inventories
—
—
—
12,190
Other Current Assets
99,422
82,871
104,038
79,554
Total Current Assets
1,942,176
1,589,784
1,203,506
1,637,657
Net Property, Plant & Equipment
1,608,243
1,500,701
1,376,294
1,232,160
Net Intangible Assets
5,587,980
5,532,789
4,796,016
4,041,491
Long-Term Investments
46,518
54,442
51,834
53,907
Other Long-Term Assets
173,017
151,823
156,831
234,324
Total Assets
9,357,934
8,829,539
7,584,481
7,199,539
Accounts Payable
123,581
128,080
108,222
71,482
Accrued Expenses
366,207
245,779
223,939
196,890
Current Portion of Long-Term Debt
60,668
363,554
179,252
207,378
Current Portion of Leases
55,772
45,580
36,898
32,459
Unearned Revenue
158,035
161,048
153,485
133,050
Other Current Liabilities
119,778
196,154
356,771
264,430
Total Current Liabilities
884,041
1,140,195
1,058,567
905,689
Long-Term Debt
1,993,599
1,831,607
1,621,523
1,737,699
Leases
1,009,974
932,756
837,671
737,066
Other Long-Term Liabilities
579,135
614,398
423,708
568,927
Total Long-Term Liabilities
3,582,708
3,378,761
2,882,902
3,043,692
Total Liabilities
4,466,749
4,518,956
3,941,469
3,949,381
Common Stock
17
17
17
17
Treasury Stock
(306,010)
(273,955)
(299,150)
(304,947)
Additional Paid-in Capital
2,523,237
2,532,018
2,520,273
2,498,882
Retained Earnings
2,634,552
2,011,875
1,380,365
1,004,886
Total Common Shareholders' Equity
4,851,796
4,269,955
3,601,505
3,198,838
Minority Interests and Other
39,389
40,628
41,507
51,320
Total Shareholders' Equity
4,891,185
4,310,583
3,643,012
3,250,158
Total Liabilities and Shareholders' Equity
9,357,934
8,829,539
7,584,481
7,199,539
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
860,945
676,391
429,582
428,433
Depreciation & Amortization
373,344
333,341
289,511
206,220
Share-Based Compensation Expense
15,318
32,424
31,535
31,274
Other Adjustments
511,023
435,024
414,313
320,984
Changes in Trade Receivables
(177,602)
(97,449)
(131,336)
(129,165)
Changes in Accounts Payable
(4,499)
18,126
24,500
9,975
Changes in Accrued Expenses
9,450
8,414
31,525
21,247
Changes in Income Taxes Payable
(34,155)
(35,318)
(41,866)
(37,004)
Changes in Unearned Revenue
(3,013)
6,329
(17,892)
8,387
Changes in Other Operating Activities
(19,224)
55,377
13,751
(16,452)
Cash from Operating Activities
1,531,587
1,432,659
1,043,623
843,899
Capital Expenditure
(166,014)
(136,924)
(118,435)
(168,132)
Purchases of Intangible Assets
(197,997)
(255,691)
(126,993)
(128,892)
Payments for Business Acquisitions
(144,076)
(627,568)
(836,005)
(277,649)
Other Investing Activities
1,017
(71,430)
(61,618)
(16,796)
Cash from Investing Activities
(507,070)
(1,091,613)
(1,143,051)
(591,469)
Issuance of Long-Term Debt
1,494,881
491,593
5,288
496,885
Repayments of Long-Term Debt
(1,624,911)
(128,696)
(112,630)
(1,791)
Net Issuance / (Repayments) of Long-Term Debt
(130,030)
362,897
(107,342)
495,094
Issuance of Common Shares
25,733
9,376
9,791
—
Repurchases of Common Shares
(77,002)
—
(12,369)
(152,317)
Net Issuance / (Repurchases) of Common Shares
(51,269)
9,376
(2,578)
(152,317)
Common Share Dividends Paid
(146,813)
(18,289)
(18,750)
—
Other Financing Activities
(480,223)
(330,018)
(311,273)
(249,835)
Cash from Financing Activities
(808,335)
23,966
(439,943)
92,942
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(1,816)
(7,027)
(681)
(852)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash