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Moura Dubeux Engenharia S.A.

MDNE3.SA
66
Real Estate - Development · Real Estate
Exchange
B3 S.A.
Winston Score
66
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Exceptional
Cash Flow
Weak
Stability
Strong
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

Moura Dubeux Engenharia is a Brazilian real estate developer that builds and sells residential properties, mainly apartments and condominiums. Its main customers are middle- and upper-income homebuyers in Brazil's Northeast region, a market where the company has operated for over 40 years. It is one of the largest homebuilders focused specifically on the Northeast of Brazil.

The company makes money by developing, building, and selling residential units, collecting revenue as construction progresses and units are delivered to buyers. It operates almost entirely within Brazil's Northeast states, such as Pernambuco, Ceará, and Bahia, giving it deep local knowledge and strong brand recognition in a region that larger national developers have historically underserved. Its main competitive advantage is this regional focus and long track record, though the business faces real risks from rising construction costs, interest rate changes that affect mortgage affordability, and the economic health of Brazilian consumers.

Growth Profile

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

Revenue Growth

+10.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+18.3% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

30.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~8 years

R$3.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

R$3.9B cash & investments at current burn rate

Growth context

Moura Dubeux Engenharia S.A. is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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Quality

Profit per sale
Gross Margin
38.3%
Modest — 38.3% gross margin
Profit after running costs
Operating Margin
24.2%
Excellent — 24.2% operating margin
Return on the money invested
ROCE
17.8%
Strong — 17.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+32.4%
Fast-growing sales (+32.4% YoY)
Profit growth
EPS YoY
+54.7%
Earnings growing fast (+54.7% 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
-39%
Weak — only -39% of profit becomes cash
Spare cash per sale
FCF Margin
-10.4%
Burning cash (-10.4%)

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
0.47
Conservative — low debt load (0.47)
Covers its interest
Interest Cover
7.01x
Adequate interest coverage (7.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
3.9x
no trend
Attractive valuation — P/E 3.9

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

Cheaper or dearer next year
P/E vs Forward
+0.6
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
20.13%
no trend
Healthy income — 20.13% yield

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

Dividend record
Dividend Growth
N/A
no trend
Data not available

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