Helbor Empreendimentos S.A.

HBOR3.SA

Real Estate - Services · Real Estate

Price

R$1.83

+0.03 (+1.67%)

Market Cap

R$242.8M

Exchange

B3 S.A.

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Helbor Empreendimentos is a Brazilian real estate developer that designs, builds, and sells residential and commercial properties. Its main products are apartments and mixed-use buildings, sold primarily to middle- and upper-middle-income buyers across Brazil's major urban markets. The company has been operating for decades and is one of the established mid-sized developers in the Brazilian real estate sector.

Helbor makes money by selling units in its developments, often before or during construction, collecting payments in installments. It operates mainly in São Paulo and other large Brazilian cities, with a market cap of roughly $0.2 billion, making it a smaller player compared to national giants like MRV or Cyrela. Its gross margin of around 30% is typical for the sector, but its low return on invested capital of 1.8% signals thin profitability. The key risk the company faces is Brazil's high interest rate environment, which raises mortgage costs and can quickly dampen homebuyer demand.

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

-25.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-64.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~6 years

R$2.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

R$2.5B cash & investments at current burn rate

Revenue declining

Helbor Empreendimentos S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

0.0% over 4y

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

Diluted shares outstanding: 132.7M (2021) → 132.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.1%

Modest — 30.1% gross margin

Profit after running costs

Operating Margin

11.8%

Modest — 11.8% operating margin

Return on the money invested

ROCE

4.0%

Weak — 4.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-10.9%

Shrinking sales (-10.9% YoY)

Profit growth

EPS YoY

-90.9%

Earnings shrinking (-90.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-1145%

Weak — only -1145% of profit becomes cash

Spare cash per sale

FCF Margin

-6.6%

Burning cash (-6.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.39

Elevated debt (1.39)

Covers its interest

Interest Cover

2.06x

Tight — interest eats into profit (2.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

53.4x

Expensive — P/E 53.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+50.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (53.4 → 2.8)

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Dividends

Dividend

Dividend Yield

1.08%

Small dividend — 1.08% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-44.8%

Dividend cut (-44.8% YoY) — warning sign

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