Consumer Cyclical
KLAS3 — KALLAS INCORPORAÇÕES E CONSTRUÇÕES S.A.
CNPJ 09.146.451/0001-06 · listed classes: KLAS3 · CVM code 25798
(a) incorporação, construção e comercialização de empreendimentos imobiliários de qualquer natureza (b) locação de imóveis próprios ou de terceiros (c) participação em outras sociedades.As filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Construção Civil, Mat. Constr. e Decoração
Verdict
Net margin -16.8%; ROIC -6.1%; negative EBITDA; 2025 data, no relevant restatement.
Confidence flag: Incomplete or flagged snapshot
Data for fiscal year 2025, received by the CVM on 2026-02-24; 2 of the 5 core figures published; no restatement recorded.
- core figure not published because of a caveat: pl, pvp
Does the company make money?
- Net margin of -16.8% in 2025; sector median 7.4% (107 companies); the company itself ranged from -16.8% to 17.3% between 2020 and 2025; 12% of the 329 companies in the base are below; negative margin. how we compute it
- Return on invested capital (ROIC) of -6.1% in 2025; sector median 15.2% (48 companies); the company itself ranged from 5.5% to 8.2% between 2021 and 2024; 1% of the 166 companies in the base are below; negative return; note: tax rate assumed at 34% for ROIC. how we compute it
Is it sound or indebted?
- Net debt to EBITDA: does not apply — negative or zero EBITDA in the year. how we compute it
Is the share expensive or cheap relative to the sector and its own history?
- Price to earnings (P/E): not published for 2025 — the figure did not pass the checks cleanly (caveat: sem_preco_apos_publicacao). how we compute it
- Price to book (P/B): not published for 2025 — the figure did not pass the checks cleanly (caveat: sem_preco_apos_publicacao). how we compute it
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
Quote
Valuation
At the filing date (point-in-time)
sector 5.9% · 95 cos. · 78th of 96net income to controlling ÷ average equity
sector 15.2% · 48 cos. · 48th of 49EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
By theme, fiscal year 2025
Debt and liquidity
| Dívida líquida/PLnet debt ÷ shareholders' equity | 0.57× |
| Dívida bruta/PLshort- and long-term borrowings ÷ equity | 0.73× |
| PL/Ativosequity ÷ total assets | 0.42× |
| Passivos/Ativos(total assets − equity) ÷ total assets | 0.58× |
| Liquidez correntecurrent assets ÷ current liabilities | 2.60× |
Efficiency
| Margem brutagross profit ÷ net revenue | 16.9% |
| Margem EBITDAEBITDA ÷ net revenue | -12.2% |
| Margem EBITEBIT ÷ net revenue | -13.2% |
| Margem líquidanet income ÷ net revenue | -16.8% |
Profitability
| ROEnet income to controlling ÷ average equity | -20.1% |
| ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included | -6.1% |
| ROAnet income ÷ total assets | -7.9% |
| Giro do ativonet revenue ÷ total assets | 0.46× |
Growth
| Receita, 1 anorevenue this year ÷ previous year − 1 | -26.4% |
| Receita, CAGR 5 anoscompound annual growth of revenue over 5 years | 19.2% |
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 1 of 9
- ✗More than 5 years listed —
- ✗Profit in each of the last 5 fiscal years loss in 2025
- ✗Never a loss in the base's history loss in 2025
- ✗Latest-year ROE above 10% -20.1%
- ✓Revenue grew over 5 years (positive CAGR) 19.2%
- ✗Profit grew over 5 years (positive CAGR) —
- ✗Gross debt below equity —
- ✗Average yield of the last 5 years at least 5% —
- ✗Average daily traded value above R$ 10 million —
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.
Full table
| indicator | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | sector |
|---|---|---|---|---|---|---|---|
| ROE ⟶ | 10.1%! | 9.8% | 5.7% | 8.7% | 6.2% | -20.1% | 5.9% |
| ROIC ⟶ | 8.1%! | 8.2% | 5.9% | 7.6% | 5.5% | -6.1%! | 15.2% |
| ROA ⟶ | 5.5%! | 5.8% | 3.0% | 4.3% | 3.0% | -7.9% | 3.5% |
| Gross margin ⟶ | 40.8% | 42.8% | 30.1% | 25.1% | 19.0% | 16.9% | 37.7% |
| EBIT margin ⟶ | 18.1% | 16.2% | 11.8% | 11.3% | 8.2% | -13.2% | 11.1% |
| Net margin ⟶ | 17.3% | 15.8% | 7.2% | 7.8% | 4.7% | -16.8% | 7.4% |
| Revenue growth (1y) ⟶ | — | 27.2% | 33.5% | 52.5% | 26.1% | -26.4% | 6.5% |
| Revenue growth (5y CAGR) ⟶ | — | — | — | — | — | 19.2% | 14.4% |
| Net debt/EBITDA | 0.55x | 1.29x | 2.49x | 3.38x | 3.94x | — | 1.24x |
| Current ratio ⟶ | 4.25x | 5.57x | 3.19x | 2.97x | 4.14x | 2.60x | 1.66x |
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.
| line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2T26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Net revenue (R$ bn) | 0.4 | 0.5 | 0.7 | 1.0 | 1.3 | 0.9 | 0.3 | 1.0 | |
| Cost of goods and services (R$ bn) | -0.2 | -0.3 | -0.5 | -0.7 | -1.0 | -0.8 | -0.2 | -0.8 | |
| Gross profit (R$ m) | 157 | 209 | 197 | 250 | 238 | 156 | 76 | 204 | |
| EBITDA (R$ m) | 70 | 80 | 79 | 116 | 107 | -113 | — | — | |
| Depreciation and amortization (R$ m) | 0 | 1 | 3 | 3 | 4 | 9 | — | — | |
| EBIT (operating result) (R$ m) | 70 | 79 | 77 | 113 | 103 | -122 | 17 | -36 | |
| Pre-tax profit (R$ m) | 75 | 91 | 65 | 99 | 84 | -136 | 15 | -49 | |
| Income taxes (R$ m) | -9 | -13 | -18 | -21 | -25 | -19 | -6 | -20 | |
| Net income (R$ m) | 66 | 77 | 47 | 78 | 59 | -155 | 10 | -70 | |
| Net income (controlling) (R$ m) | 65 | 66 | 41 | 70 | 53 | -162 | 1 | -82 | |
| Balance sheet | |||||||||
| Total assets (R$ bn) | 1.2 | 1.5 | 1.6 | 2.0 | 1.9 | 2.0 | 2.1 | 2.1 | |
| Current assets (R$ bn) | 0.8 | 0.9 | 1.1 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | |
| Current liabilities (R$ m) | 193 | 163 | 341 | 440 | 319 | 520 | 474 | 474 | |
| Gross debt (short + long term) (R$ m) | 161 | 297 | 344 | 495 | 604 | 622 | 668 | 668 | |
| Cash and investments (R$ m) | 122 | 194 | 146 | 105 | 184 | 135 | 138 | 138 | |
| Net debt (R$ m) | 39 | 104 | 198 | 391 | 420 | 487 | — | — | |
| Shareholders' equity (R$ m) | 712 | 798 | 798 | 935 | 886 | 851 | 870 | 870 | |
| Cash flow | |||||||||
| Operating cash flow (R$ m) | 10 | -8 | -56 | -248 | 41 | -74 | — | — | |
| Capital expenditures (R$ m) | -3 | -14 | -9 | -4 | -8 | -10 | — | — | |
| Free cash flow (FCO + capex) (R$ m) | 7 | -22 | -66 | -251 | 33 | -83 | — | — | |
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.
| quarter | revenue (R$ m) | profit (R$ m) | net margin | P/E TTM | P/B | filed on |
|---|---|---|---|---|---|---|
| 2024T1! | 250.9 | 7.5 | 3.0% | — | — | 2024-05-07 |
| 2024T2! | 360.9 | 4.6 | 1.3% | — | — | 2024-08-06 |
| 2024T3! | 353.9 | 24.3 | 6.9% | — | — | 2024-11-05 |
| 2025T1! | 209.0 | -49.5 | -23.7% | — | — | 2025-05-14 |
| 2025T2! | 225.5 | -17.4 | -7.7% | — | — | 2025-08-07 |
| 2025T3! | 219.4 | -31.5 | -14.3% | — | — | 2025-11-07 |
| 2026T1! | 240.9 | 8.8 | 3.7% | — | — | 2026-05-07 |
| 2026T2! | 268.9 | 10.0 | 3.7% | — | — | 2026-08-10 |
Full series, every quarter: GET /empresas/KLAS3/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 KLAS3 was a dividend of R$ 123.8699 per share (record date 2024-12-19). In the last 12 months: 0 payments adding up to R$ 0.0000 per share.
| type | record date | ex-date | payment | per share |
|---|---|---|---|---|
| dividend | 2024-12-19 | — | — | R$ 123.8699 |
| dividend | 2024-10-18 | — | — | R$ 57.5495 |
| dividend | 2024-08-27 | — | — | R$ 149.3520 |
| dividend | 2024-08-27 | — | — | R$ 182.5015 |
| dividend | 2024-05-16 | — | — | R$ 147.4904 |
| dividend | 2023-12-27 | — | — | R$ 771.1433 |
| dividend | 2022-09-30 | — | — | R$ 89.9670 |
| dividend | 2022-04-29 | — | — | R$ 115.3504 |
| dividend | 2022-03-11 | — | — | R$ 30.5750 |
| dividend | 2021-11-12 | — | — | R$ 159.2326 |
| dividend | 2021-11-12 | — | — | R$ 249.7799 |
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: JanFebMar1Apr1May1JunJulAug2Sep1Oct1Nov2Dec2
Per year
| year | per share | payments | yield |
|---|---|---|---|
| 2024 | R$ 660.7633 | 5 | — |
| 2023 | R$ 771.1433 | 1 | — |
| 2022 | R$ 235.8923 | 3 | — |
| 2021 | R$ 409.0124 | 2 | — |
Yield per year = the year's dividends over the close of its last session; the current year is partial.
Shareholders and free float
0 individuals · 1 companies · 0 institutionalcount at the last shareholders meeting, from the FRE
as declared in the FREshareholders the company marks as controlling
Básicominimum guaranteed by the listing segment or by law; the bylaws may grant more
| shareholder | type | % ON | % PN | % total |
|---|---|---|---|---|
| Ther Gold Administração De Bens Participações ctrl | PJ | 100.00% | 0.00% | 100.00% |
| Others (market) | — | — | — | 0.00% |
| Treasury shares | — | — | — | 0.00% |
Direct holdings from the reference form (FRE) filed on 2026-06-24, version 2. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.
Filings and notices
| filed | category | subject | document |
|---|---|---|---|
| 2026-09-08 | Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada | — | open |
| 2026-09-02 | Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos Relevantes | Absorção de prejuízos acumulados e redução do capital social | open |
| 2026-09-02 | Assembleia · AGE | Redução do capital social da Companhia | open |
| 2026-08-10 | Dados Econômico-Financeiros · Press-release | Release de Resultados 2T26 | open |
| 2026-08-10 | Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos Relevantes | Prévia Operacional 2T26 | open |
| 2026-08-10 | Reunião da Administração · Conselho de Administração | Aprovação ITR 2T26 | open |
| 2026-08-10 | Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada | — | open |
| 2026-08-04 | Escrituras e aditamentos de debêntures | 2º Aditamento da 6ª Emissão de Debêntures | open |
| 2026-08-04 | Assembleia · AGDEB | Aprovação do 2º Aditamento ao Termo de Emissão | open |
| 2026-07-09 | Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada | — | open |
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 2/9 (2025) — what each criterion means.
Compare
Side by side, with each figure's caveat and how often each company restated its filings.
KLAS3 × MGLU3 · KLAS3 × RAIZ4 · KLAS3 × LREN3 · KLAS3 × RADL3 · KLAS3 × AMER3 · KLAS3 × VBBR3
compare with the sector: CYRE3 × CURY3 × DIRR3
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
GET /empresas/KLAS3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).Price coverage: 0 sessions · 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 07:51 UTC. If this does not match /saude, you are reading a cached copy.