Fleury S.A.

FLRY3.SA

Medical - Diagnostics & Research · Healthcare

Price

R$20.10

+0.43 (+2.19%)

Market Cap

R$10.93B

Exchange

B3 S.A.

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Sep 4, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Mixed

Valuation

Strong

Dividends

Exceptional

Track this stock — start free trial

Share count rising — dilution

+63.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 334.0M (2021) → 544.9M (2025)

Winston Score History

The full picture

Fleury is one of Brazil's largest medical diagnostics companies. It runs hundreds of patient service centers where people go to get blood tests, imaging scans, and other lab work done. The company serves both individual patients and hospitals, operating well-known brands like Fleury, a]+ (a Mais), Labs a+, and Campana.

Fleury makes money by charging fees for diagnostic tests, paid mostly by private health insurance plans and out-of-pocket patients. It operates primarily in major Brazilian cities, with a strong presence in São Paulo and Rio de Janeiro. Its scale, brand recognition, and relationships with insurers give it a competitive edge over smaller labs. Growth depends on expanding into new regions and adding services like genomics and day-hospital procedures, but the company faces risks from Brazil's economic cycles and pressure from health insurers to keep test prices low.

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

+14.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+46.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

55.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$2.2B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Fleury S.A. is a rare growth stock that's already generating positive cash flow while growing at 14%. 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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

25.6%

Modest — 25.6% gross margin

Profit after running costs

Operating Margin

17.1%

Healthy — 17.1% operating margin

Return on the money invested

ROCE

13.9%

Good — 13.9% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+12.1%

Fast-growing sales (+12.1% YoY)

Profit growth

EPS YoY

+17.1%

Earnings growing fast (+17.1% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

245%

Turns 245% of profit into real cash

Spare cash per sale

FCF Margin

16.2%

Converts sales into free cash efficiently (16.2%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Covers its interest

Interest Cover

1.88x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

15.5x

Fair value — P/E 15.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (15.5 → 12.0)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

7.97%

Healthy income — 7.97% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+115.2%

Dividend growing fast (115.2% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial