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Consumer Cyclical

AZZAS 2154 S.A.

AZZA3 — AZZAS 2154 S.A.

CNPJ 16.590.234/0001-76 · listed classes: AZZA3, ARZZ3 · CVM code 22349

O principal ramo de atividade é a industrialização, o comércio atacadista de couros, lãs, peles e subprodutos de origem animal e a confecção, fabricação e comercialização de artigos de vestuário.As filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Têxtil e Vestuário

Novo Mercadolisting segment
1972founded
Belo Horizonte · MGheadquarters
Privadocontrol
Itau Corretora de Valores Mobiliários S.A.share registrar
Deloitte Touche Tohmatsu Auditores Independentes Ltda.auditor
ri.azzas2154.com.brinvestor site
R$ 44.4 mavg. daily traded value (63 sessions)

Verdict

Net margin 7.7%; ROIC 11.5%; debt 1.2x EBITDA; P/E 6.2 against 8.9 for the sector; 2025 data, no relevant restatement.

Confidence flag: Clean data

Data for fiscal year 2025, received by the CVM on 2026-03-11; 5 of the 5 core figures published; last restatement recorded in 2017.

Does the company make money?

Is it sound or indebted?

Is the share expensive or cheap relative to the sector and its own history?

Descriptive: number, numeric band and comparison with the sector, the company's own history and the whole universe. Not investment advice. JSON · how the verdict works

Follow AZZA3: get an e-mail when profit turns into loss, debt or margin change band, or the statements are restated. That is all, and you can cancel in one click. See every event already recorded for AZZA3.

Quote

R$ 16.38close of 2026-09-25 · B3 (COTAHIST), updated nightly — the price the API, the MCP and the dump serve

1m +10.0% · 12m -47.0% · YTD -34.9% · 52-week R$ 14.30–31.05

15-minute delayed quote, shown by TradingView — display only: it never enters our API, MCP or dump
Close, weekly, 5 years · return -80.9% (-28.2% a year) · not split-adjustedR$ 16.38 2026-09-25
high 2022-10-07: R$ 101.90low 2026-09-18: R$ 14.302026-09-25: R$ 16.38
2021low R$ 14.30 · high R$ 101.902026

Return by window

1 month3 months1 year2 years5 years10 years
Price+10.0%-17.3%-47.0%-61.9%-81.8%-39.3%
With dividends reinvested+10.0%-17.3%-41.7%-57.3%-78.1%-16.4%
Real, net of inflation (IPCA to 08/2026)+10.1%-17.1%-43.8%-60.9%-83.0%-48.1%
R$ 1,000 would be worthR$ 1,100R$ 827R$ 583R$ 427R$ 219R$ 836

Closing prices from the base up to 2026-09-25. The starting price is adjusted by the corporate actions checked against the price (the small mark says how many); a jump they do not explain leaves the window blank. Reinvestment buys more shares at the close of the ex-date, with no tax or cost; only the main ticker class. The real line divides the reinvested return by the IPCA accumulated in the window (Banco Central series 433, monthly, edge months pro rata by days); the latest month is only published around the 10th of the following month.

Valuation

Today

R$ 3.4 bnmarket value
close of 2026-09-25 × sharesprice × shares outstanding
R$ 5.5 bnenterprise value
+ net debt 2025market value + net debt
R$ 4.41EPS 2025
profit per sharenet income for the year ÷ shares
R$ 38.63BVPS 2025
book value per shareshareholders' equity ÷ shares
10.4P/E 12m
to 2T26today's market value ÷ net income of the last 12 months (built by identity from the quarterly filings)
0.42P/B 2T26
latest quarterly balancetoday's market value ÷ equity to controlling shareholders at quarter end
4.0%ROE 12m
to 2T26net income of the last 12 months ÷ average equity over the same 12 months
2.9%net margin 12m
to 2T26net income ÷ net revenue, both over the last 12 months
3.1P/FCO 2025
FCO R$ 1.1 bnmarket value ÷ operating cash flow
4.9P/FCF 2025
FCF R$ 691 mmarket value ÷ (operating cash flow + capex)
206.5 mshares outstandinglatest public count, treasury excluded

Snapshot: today's close over the latest public share count. Cards marked 12m use the last four quarterly filings; the others use the 2025 annual filing. The multiples below are point-in-time: priced on the day the filing became public.

At the filing date (point-in-time)

6.2P/E 2025
price of 2026-03-11 · sector 8.9 · 36 cos. · 6th of 37price ÷ earnings per share for the year
0.7P/B 2025
price of 2026-03-11 · sector 1.2 · 33 cos. · 9th of 34price ÷ book value per share
4.2EV/EBITDA 2025
price of 2026-03-11 · sector 5.5 · 34 cos. · 9th of 35enterprise value on the filing date ÷ EBITDA for the year (other sites use trailing 12 months and today's price)
12.3%FCF yield 2025
price of 2026-03-11 · sector 7.1% · 34 cos. · 14th of 35(operating cash flow + capex) ÷ market value
11.6%ROE 2025
sector 5.4% · 95 cos. · 31th of 96net income to controlling ÷ average equity
11.5%ROIC 2025
sector 15.2% · 48 cos. · 32th of 49EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
P/E, P/B and EV/EBITDA use the price of 2026-03-11 (R$ 27.93), the first one after the 2025 filing became public on 2026-03-11 — point-in-time, not the 31 December price.

By theme, fiscal year 2025

Valuation

P/Receita todaymarket value ÷ net revenue for the year0.29×
EV/Receita todayenterprise value ÷ net revenue0.47×
P/EBITDA todaymarket value ÷ EBITDA1.84×
P/EBIT todaymarket value ÷ EBIT2.97×
EV/EBIT todayenterprise value ÷ EBIT4.86×
Earning yield todaynet income ÷ market value (the inverse of P/E)26.9%

Debt and liquidity

Dívida líquida/PLnet debt ÷ shareholders' equity0.27×
Dívida bruta/PLshort- and long-term borrowings ÷ equity0.40×
Dívida líquida/EBITDAnet debt ÷ EBITDA for the year1.17×
PL/Ativosequity ÷ total assets0.52×
Passivos/Ativos(total assets − equity) ÷ total assets0.48×
Liquidez correntecurrent assets ÷ current liabilities1.84×

Efficiency

Margem brutagross profit ÷ net revenue55.0%
Margem EBITDAEBITDA ÷ net revenue15.5%
Margem EBITEBIT ÷ net revenue9.6%
Margem líquidanet income ÷ net revenue7.7%

Profitability

ROEnet income to controlling ÷ average equity11.6%
ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included11.5%
ROAnet income ÷ total assets5.9%
Giro do ativonet revenue ÷ total assets0.77×

Growth

Receita, 1 anorevenue this year ÷ previous year − 141.0%
Receita, CAGR 5 anoscompound annual growth of revenue over 5 years49.3%
Lucro, CAGR 5 anoscompound annual growth of net income over 5 years (positive at both ends only)79.7%
EBITDA, CAGR 5 anoscompound annual growth of EBITDA over 5 years (positive at both ends only)60.3%

Standardized accounts and published indicators of the fiscal year; items marked today divide today's market value or enterprise value by an account of that year.

Indicators, year by year

Four indicators as charts and the full table below. A hollow point carries a caveat; a gap is a year without the figure — we never draw a line across a hole. In the table, the arrow opens the path from the figure down to the line in the regulator's file; a cell with ! carries a caveat; a dashed dash is a suppressed figure — hover to see why. Nothing is hidden.

Fact checklist 8 of 9

Nine objective checks with the threshold written in each line and the figure behind it. Descriptive, not a recommendation; the thresholds are ours and are declared.

ROE11.6% 2025
2010: 44.1% — pl_final_sem_media2011: 34.6%2012: 23.1%2013: 22.8%2014: 20.7%2015: 20.0%2016: 18.0%2017: 23.1%2018: 20.7%2019: 22.3%2020: 4.6%2021: 23.5%2022: 20.0%2023: 14.4%2024: 6.4%2025: 11.6%
20102025
ROIC11.5%! 2025
2010: 37.3% — capital_final_sem_media2011: 38.7%2012: 31.3%2013: 27.2%2014: 22.9%2015: 20.7%2016: 21.4%2017: 28.1%2018: 29.3%2019: 28.6%2020: 7.9%2021: 24.3%2022: 22.1%2023: 19.1% — aliq_travada_02024: 3.9% — aliq_fallback_342025: 11.5% — aliq_travada_0
20102025
Net margin7.7% 2025
2010: 11.3%2011: 13.5%2012: 11.3%2013: 11.5%2014: 10.7%2015: 10.7%2016: 9.4%2017: 11.4%2018: 9.3%2019: 9.7%2020: 3.1%2021: 11.8%2022: 10.0%2023: 8.2%2024: 4.0%2025: 7.7%
20102025
Point-in-time P/E6.2x 2025
2012: 35.4x — acoes_do_fre_sem_tesouraria;acoes_defasadas2013: 20.4x — acoes_do_fre_sem_tesouraria;acoes_defasadas2014: 21.1x — acoes_do_fre_sem_tesouraria;acoes_defasadas2015: 13.8x — acoes_do_fre_sem_tesouraria;acoes_defasadas2016: 23.8x — acoes_do_fre_sem_tesouraria;acoes_defasadas2017: 30.6x — acoes_do_fre_sem_tesouraria;acoes_defasadas2018: 33.7x — acoes_do_fre_sem_tesouraria;acoes_defasadas2019: 22.8x — acoes_do_fre_sem_tesouraria;acoes_defasadas2020: 149.7x — acoes_escala_milhares2021: 22.3x2022: 17.6x2023: 16.3x2024: 16.0x2025: 6.2x
20102025

Full table

indicator2010201120122013201420152016201720182019202020212022202320242025sector
ROE ⟶44.1%!34.6%23.1%22.8%20.7%20.0%18.0%23.1%20.7%22.3%4.6%23.5%20.0%14.4%6.4%11.6%5.4%
ROIC ⟶37.3%!38.7%31.3%27.2%22.9%20.7%21.4%28.1%29.3%28.6%7.9%24.3%22.1%19.1%!3.9%!11.5%!15.2%
ROA ⟶24.1%!23.5%16.9%16.5%15.0%14.5%13.2%15.8%13.6%13.2%2.3%11.1%10.5%7.5%3.2%5.9%3.5%
Gross margin ⟶40.5%41.5%43.7%44.2%42.7%42.5%44.3%45.8%46.6%46.2%47.5%52.6%53.9%54.2%53.3%55.0%37.2%
EBIT margin ⟶16.2%16.7%14.9%15.4%14.1%12.6%12.2%12.8%12.5%13.3%5.8%16.0%13.0%11.5%4.6%9.6%11.1%
Net margin ⟶11.3%13.5%11.3%11.5%10.7%10.7%9.4%11.4%9.3%9.7%3.1%11.8%10.0%8.2%4.0%7.7%6.9%
Revenue growth (1y) ⟶—18.8%26.7%11.9%9.3%6.4%10.6%9.8%12.2%10.0%-5.3%83.8%44.8%14.5%72.9%41.0%5.8%
Revenue growth (5y CAGR) ⟶—————14.4%12.8%9.6%9.7%9.8%7.3%18.7%25.5%26.0%37.9%49.3%14.4%
Net debt/EBITDA ⟶—-1.15x-0.80x-0.55x-0.63x-0.62x-0.77x-0.76x-0.54x-0.32x0.42x0.47x-0.10x0.42x2.35x1.17x1.39x
Current ratio ⟶2.23x4.23x4.03x3.84x3.46x3.45x3.50x2.40x3.29x2.11x1.72x1.08x1.46x1.27x1.51x1.84x1.66x

In reais, year by year

The three statements behind the ratios — income statement, balance sheet and cash flow — in the standardized lines, consolidated as filed (or parent-only when that is what the company files). EBITDA and net debt follow the published methodology; gross debt, cash and investments and free cash flow are sums the line names spell out.

line20102011201220132014201520162017201820192020202120222023202420252T26TTM
Income statement
Net revenue (R$ bn)0.60.70.91.01.11.11.21.41.51.71.62.94.24.88.411.82.711.4
Cost of goods and services (R$ bn)-0.3-0.4-0.5-0.5-0.6-0.6-0.7-0.7-0.8-0.9-0.8-1.4-2.0-2.2-3.9-5.3-1.2-5.2
Gross profit (R$ bn)0.20.30.40.40.40.50.50.60.70.80.81.52.32.64.56.51.56.2
EBITDA (R$ bn)—0.10.10.20.20.20.20.20.20.30.20.60.70.80.81.8——
Depreciation and amortization (R$ m)—481113242633418081106166223415698——
EBIT (operating result) (R$ bn)0.10.10.10.10.10.10.20.20.20.20.10.50.60.60.41.10.10.8
Pre-tax profit (R$ m)8912513415616116515718317020555404473376-10356-70-35
Income taxes (R$ m)-25-34-37-46-49-45-41-28-27-43-6-60-5023349555100359
Net income (R$ m)6592971111131201161541431624934442339933991130324
Net income (controlling) (R$ m)6592971111131201161541431624934542539934291130324
Balance sheet
Total assets (R$ bn)0.30.50.60.70.80.90.91.01.01.42.83.44.76.015.315.415.115.1
Current assets (R$ bn)0.20.40.50.60.60.70.70.90.81.01.61.62.42.96.86.96.56.5
Current liabilities (R$ bn)0.10.10.10.10.20.20.20.40.30.50.91.51.62.34.53.82.92.9
Gross debt (short + long term) (R$ bn)0.00.00.10.10.10.10.10.20.10.20.60.50.41.12.73.23.33.3
Cash and investments (R$ bn)0.00.20.20.20.20.20.20.30.20.30.60.30.50.70.81.11.11.1
Net debt (R$ bn)0.0-0.1-0.1-0.1-0.1-0.1-0.1-0.2-0.1-0.10.10.3-0.10.31.92.1——
Shareholders' equity (R$ bn)0.10.40.50.50.60.60.70.70.70.71.31.62.72.97.78.08.08.0
Cash flow
Operating cash flow (R$ bn)—0.00.10.10.10.10.10.20.10.20.20.20.10.40.41.1——
Capital expenditures (R$ m)—-30-57-44-51-26-25-22-49-66-46-169-233-235-419-384——
Free cash flow (FCO + capex) (R$ m)—13-6285965771526913917473-95177-55691——

The two right-hand columns come from the quarterly filing (ITR): the latest quarter alone and the last 12 months (TTM) built by the same identity as the TTM P/E. EBITDA and net debt have no quarterly series here.

The current year, quarter by quarter

As the company filed it in its interim report. The fourth quarter does not exist on its own in that filing — the closed year comes in the annual one, and we do not derive a Q4, so that a figure we computed never sits beside the figures the company reported. Filed on is the date the report became public, and the price is taken from it.

quarterrevenue (R$ m)profit (R$ m)net marginP/E TTMP/Bfiled on
2024T11,072.271.66.7%14.11.962024-05-08
2024T21,357.1127.99.4%13.81.972024-08-13
2024T32,546.6207.08.1%12.00.812024-12-17
2025T12,696.5117.84.4%16.80.832025-05-07
2025T22,901.4537.718.5%9.90.942025-08-07
2025T32,958.2165.05.6%7.50.682025-11-10
2026T12,479.538.61.6%5.40.562026-05-07
2026T22,664.029.81.1%9.50.382026-08-13

Full series, every quarter: GET /empresas/AZZA3/trimestres

Dividends

No ex-date or payment scheduled in the base (exchange announcements through 2026-09-21 · filings to the regulator through 2026-09-18).

The latest dividend by AZZA3 was a dividend of R$ 1.5847 per share (record date 2025-12-19, payment 2025-12-30). In the last 12 months: 2 payments adding up to R$ 2.4762 per share. Average yield of the last 5 full years: 4.0%.

typerecord dateex-datepaymentper share
dividend2025-12-192025-12-222025-12-30R$ 1.5847
dividend2025-11-212025-11-242025-12-01R$ 0.8915
JCP2024-12-062024-12-09—R$ 0.5751
dividend2024-07-102024-07-11—R$ 0.5407
JCP2023-11-102023-11-13—R$ 0.3800
JCP2023-11-102023-11-13—R$ 0.4053
dividend2023-11-102023-11-13—R$ 0.2974
JCP2023-06-302023-07-03—R$ 0.8498
JCP2022-12-162022-12-19—R$ 0.7452
JCP2022-07-012022-07-04—R$ 0.6349
dividend2022-04-292022-05-02—R$ 0.4556
JCP2021-12-032021-12-06—R$ 0.3392
dividend2021-12-032021-12-06—R$ 0.2632
JCP2021-07-012021-07-02—R$ 0.2987
dividend2021-04-292021-04-30—R$ 0.0259
JCP2020-10-292020-10-30—R$ 0.2966
dividend2020-10-292020-10-30—R$ 0.2341
JCP2019-12-032019-12-04—R$ 0.1953
dividend2019-12-032019-12-04—R$ 0.0796
dividend2019-10-042019-10-07—R$ 0.0800
JCP2019-06-272019-06-28—R$ 0.2238
dividend2019-04-302019-05-02—R$ 0.1964
dividend2019-02-262019-02-27—R$ 0.8310
JCP2018-12-212018-12-26—R$ 0.2310

Ex-date is the first trading session after the record date, from our own price history. Payment date comes from the exchange file; CVM marks a date taken from the filing to the regulator. Only the main ticker class.

Record dates in the last 5 years, by month: JanFebMarApr1MayJun1Jul2AugSepOctNov4Dec5

Per year

yearper sharepaymentsyield
2025R$ 2.476229.8%
2024R$ 1.115923.8%
2023R$ 1.932543.0%
2022R$ 1.835632.3%
2021R$ 0.927041.2%
2020R$ 0.530720.8%
2019R$ 1.606162.5%
2018R$ 1.284852.3%
2017R$ 2.059043.8%
2016R$ 0.834643.3%

Yield per year = the year's dividends over the close of its last session; the current year is partial.

Shareholders and free float

63.32%free float
130,746,665 sharesshares outstanding held by the market, as filed in the FRE
61,268shareholders
60,266 individuals · 373 companies · 629 institutionalcount at the last shareholders meeting, from the FRE
ALEXANDRE CAFÉ BIRMAN +10controlling shareholder
as declared in the FREshareholders the company marks as controlling
100% ONtag along (minimum)
Novo Mercadominimum guaranteed by the listing segment or by law; the bylaws may grant more
shareholdertype% ON% PN% total
ALEXANDRE CAFÉ BIRMAN ctrl agreementPF10.39%0.00%10.39%
WESTWOOD INVESTMENTS, LLCPJ9.50%0.00%9.50%
FIDELITY MANAGEMENT & RESEARCH (FMR)PJ5.04%0.00%5.04%
ROBERTO LUIZ JATAHY GONÇALVES ctrl agreementPF4.41%0.00%4.41%
CLAUDIA JATAHY GONÇALVES ctrl agreementPF4.40%0.00%4.40%
ANDERSON LEMOS BIRMAN ctrlPF2.69%0.00%2.69%
ALLAN DE LIMA BIRMAN ctrl agreementPF2.03%0.00%2.03%
ANDRÉ DE LIMA BIRMAN ctrl agreementPF2.03%0.00%2.03%
AUGUSTO DE LIMA BIRMAN ctrl agreementPF2.03%0.00%2.03%
PATRICIA CAFÉ BIRMAN FERRAZ ctrl agreementPF2.03%0.00%2.03%
KATIA FERREIRA DE BARROS ctrl agreementPF1.97%0.00%1.97%
GISELLA JATAHY GONCALVES ctrl agreementPF1.46%0.00%1.46%
MARCELLO RIBEIRO BASTOS ctrl agreementPF0.94%0.00%0.94%
CRISTIANA BARROS DE OLIVERIA ABDALLA agreementPF0.42%0.00%0.42%
MARIA CÉLIA ALMEIDA DO AMARAL OSORIO agreementPF0.25%0.00%0.25%
Others (market)———46.42%
Treasury shares———2.09%

Direct holdings from the reference form (FRE) filed on 2026-08-27, version 3. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.

Filings and notices

filedcategorysubjectdocument
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Individual - Cia, Controladas e Coligadas—open
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-09-08Comunicado ao Mercado · Esclarecimentos sobre questionamentos da CVM/B3Esclarecimentos sobre questionamentos da CVM/B3open
2026-09-08Dados Econômico-Financeiros · Relatório de Agência de RatingRelatório de Agência de Ratingopen
2026-09-02Fato RelevanteReorganização Societária - Incorporação, Cisão ou Fusão da Companhiaopen
2026-08-25Comunicado ao Mercado · Aquisição/Alienação de Participação Acionária (art. 12 da Instr. CVM nº 358)—open
2026-08-20Dados Econômico-Financeiros · Relatório de Agente FiduciárioRelatório Anual do Agente Fiduciário - 1ª Emissão de Debênturesopen
2026-08-20Dados Econômico-Financeiros · Relatório de Agente FiduciárioRelatório Anual do Agente Fiduciário - 2ª Emissão de Debênturesopen
2026-08-13Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoApresentação de Resultados 2T26 (English version)open
2026-08-13Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoApresentação de Resultados 2T26open

The last filings this company sent to the CVM outside its financial statements, newest first, from the regulator's own IPE index. The subject line is the company's own free text. We do not summarise or classify these documents — read the original.

Piotroski F-Score 8/9 (2025) — what each criterion means.

Restated filings for this company

The regulator overwrites the old version; we keep both. Figures in R$ millions: first filing on the left, restatement on the right.

fiscal yearaccountfirst filingrestated
2013DFC_MI 6.0171.765.0
2017DFC_MI 6.01173.9171.8

Every restatement of this company, year by year

This company appears in

Compare

Side by side, with each figure's caveat and how often each company restated its filings.

AZZA3 × MGLU3 · AZZA3 × RAIZ4 · AZZA3 × LREN3 · AZZA3 × RADL3 · AZZA3 × AMER3 · AZZA3 × VBBR3

compare with the sector: CEAB3 × AZZA3 × ALPA4

Other companies in Consumer Cyclical

109 more with a page, same CVM sector — a classification of the regulator's, not ours.

Take this into your code

Everything on this page is also JSON: GET /empresas/AZZA3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).

Price coverage: 3,883 sessions, 2011-02-02 → 2026-09-25 · methodology · how we verify

Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.

Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 07:48 UTC. If this does not match /saude, you are reading a cached copy.