Afya Ltd cash flow statement

In fiscal 2025, Afya Ltd's operations generated $274m of cash; it spent $29.7m on capital projects, leaving free cash flow of $245m. It returned $26.3m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Afya Ltd: cash flow statement, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	13	22	76	73	117	164	209	267	274
Depreciation and amortisation	1	3	−19	−21	29	40	58	62	67
Stock-based pay	—	1	5	6	8	6	6	6	3
Capital spending	5	5	14	18	23	33	24	26	30
Free cash flow	7	17	62	55	94	131	185	242	245
Free cash flow after stock pay	—	16	57	49	86	125	179	236	242
Dividends paid	1	2	13	3	3	4	4	3	26

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Afya Ltd's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Afya Ltd.