Afya Ltd key statistics and ratios

In fiscal 2025, Afya Ltd had return on equity of 17.1%, an operating margin of 32.8%, debt equal to 42.3% of equity and a current ratio of 2.20. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Afya Ltd: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	42.6%	49.7%	58.9%	63.8%	62.1%	63.1%	61.4%	63.2%	64.5%
Operating margin	22.8%	28.9%	27.3%	30.2%	25.6%	28.5%	26.7%	30.6%	32.8%
Net margin	21.0%	25.9%	20.5%	24.3%	13.0%	16.0%	13.4%	19.1%	20.4%
Free-cash-flow margin	10.7%	18.5%	32.3%	23.4%	29.4%	29.0%	32.2%	39.2%	36.9%
Return on equity	100.8%	33.2%	12.2%	10.9%	7.8%	12.8%	11.5%	16.4%	17.1%
Return on assets	—	10.1%	8.1%	6.9%	4.0%	5.8%	5.3%	7.9%	8.6%
Asset turnover	—	0.39	0.40	0.29	0.31	0.36	0.39	0.41	0.42
Current ratio	—	0.73	3.34	2.38	1.57	1.81	1.14	1.39	2.20
Debt to equity	0.0%	15.5%	2.9%	22.2%	46.6%	58.9%	50.0%	51.4%	42.3%
Interest cover (operating income ÷ interest)	47.4x	40.1x	6.5x	8.2x	6.6x	7.5x	7.6x	9.0x	9.9x
Effective tax rate	4.9%	4.0%	7.6%	8.1%	11.4%	8.3%	5.6%	4.1%	—
Capital spending as % of revenue	7.8%	5.6%	7.6%	7.5%	7.3%	7.2%	4.1%	4.1%	4.5%
Free cash flow ÷ net income	51.0%	71.4%	157.4%	96.4%	226.1%	180.9%	239.5%	205.2%	181.5%
Dividends ÷ net income	5.5%	6.8%	33.7%	4.4%	8.4%	5.3%	4.9%	2.9%	19.5%
Dividends and buybacks ÷ free cash flow	10.8%	9.5%	21.4%	4.6%	3.7%	2.9%	2.0%	1.4%	10.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $1.7bn

Short-term assets $355mLonger-term assets $1.4bn

What it owes, and who funded it · $1.7bn

Short-term liabilities $161mLonger-term liabilities $654mShareholders' equity $886m

Short-term assets cover short-term liabilities $355m of assets due within a year against $161m of liabilities due within a year.
Short-term assets cover long-term liabilities $355m short-term assets against $654m of longer-dated liabilities.
More cash than debt $205m of cash against $375m of debt.
Debt below 40% of shareholders' equity Debt is 42% of equity.
Debt burden no higher than five years ago Debt to equity moved from 18% to 42% over five years.
A year's operating cash flow covers at least 20% of debt $274m of operating cash flow against $375m of debt.
Operating profit covers interest at least five times over Operating income of $217m against $22m of interest.

From Afya Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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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.