Embraer S.A.

EMBJ3.SA

Aerospace & Defense · Industrials

Price

R$97.27

-0.99 (-1.01%)

Market Cap

R$69.24B

Exchange

B3 S.A.

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Embraer is a Brazilian aerospace company that designs and builds commercial, executive, and military aircraft. It is the world's third-largest commercial jet maker and the leading producer of regional jets with up to around 150 seats. Its customers include airlines, governments, and private jet owners around the globe.

Embraer earns revenue by selling aircraft, providing aftermarket services like maintenance and spare parts, and offering defense and security solutions. Headquartered in São José dos Campos, Brazil, it operates manufacturing and service facilities across the Americas, Europe, and Asia. Its strong position in the regional jet market gives it a competitive edge, as few companies can match its expertise in this segment. Growth depends on continued demand for its E-Jet E2 family of fuel-efficient regional aircraft, though the company faces risks from supply chain disruptions and competition from larger rivals like Airbus and Boeing.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+149.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$413M/ year

↑ Rising (+38% vs prior year)

1.0% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

5.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$12.8B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Embraer S.A. is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 734.7M (2021) → 732.4M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.9%

Thin — 19.9% gross margin

Profit after running costs

Operating Margin

12.1%

Healthy — 12.1% operating margin

Return on the money invested

ROCE

11.9%

Below par — 11.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+10.9%

Steady sales growth (+10.9% YoY)

Profit growth

EPS YoY

+11.0%

Earnings growing (+11.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

270%

Turns 270% of profit into real cash

Spare cash per sale

FCF Margin

11.8%

Modest free cash flow (11.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.72

Moderate — manageable debt (0.72)

Covers its interest

Interest Cover

3.06x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

30.1x

Pricey — P/E 30.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (30.1 → 20.2)

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Dividends

Dividend

Dividend Yield

2.67%

Moderate income — 2.67% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+308.1%

Dividend growing fast (308.1% YoY)

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