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JHSF Participações S.A.

JHSF3.SA
77
Real Estate - Development · Real Estate
Price
R$11.98
+0.38 (+3.28%)
Market Cap
R$7.99B
Exchange
B3 S.A.
Winston Score
77
Winston is happy
A high-quality business with solid fundamentals.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Exceptional
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Good
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Share count falling — buybacks

−2.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 692.4M (2021) → 677.9M (2025)

§Winston Score History

The full picture

JHSF is a Brazilian real estate company that develops and operates luxury properties. Its main businesses include high-end shopping malls like Cidade Jardim, premium residential developments, upscale hotels, and a private airport (São Paulo Catarina International Airport). It serves wealthy consumers and investors in Brazil, focusing almost exclusively on the ultra-luxury segment.

The company earns money through property sales, rental income from its shopping centers, and hospitality revenue from its hotels and airport operations. It operates primarily in the São Paulo metropolitan area, Brazil's wealthiest market, and has a market cap around R$40 billion. Its focus on the top end of the income spectrum gives it a niche position with less competition and strong pricing power, reflected in operating margins near 50%. Key growth drivers include expanding its airport and hospitality assets, though the business is concentrated in a single geographic market and sensitive to Brazil's economic cycles and interest rate environment.

Growth Profile

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

Revenue Growth

+88.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+94.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

58.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

R$11.7B cash & investments at current burn rate

Revenue accelerating

JHSF Participações S.A. grew revenue 89% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
60.3%
Premium pricing power — 60.3% gross margin
Profit after running costs
Operating Margin
48.9%
Excellent — 48.9% operating margin
Return on the money invested
ROCE
14.5%
Good — 14.5% 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
+123.0%
Fast-growing sales (+123.0% YoY)
Profit growth
EPS YoY
+89.9%
Earnings growing fast (+89.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
170%
Turns 170% of profit into real cash
Spare cash per sale
FCF Margin
70.1%
Converts sales into free cash efficiently (70.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.84
Moderate — manageable debt (0.84)
Covers its interest
Interest Cover
2.74x
Tight — interest eats into profit (2.7x)

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)
3.8x
Attractive valuation — P/E 3.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-5.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
6.96%
Healthy income — 6.96% yield

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

Dividend record
Dividend Growth
+0.0%
Dividend flat

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