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Assai (ASAI) USD

At a glance: strengths & risks
✓Revenue growing (+11% y/y, Q2 2026)✓Profit growing (×2.4 y/y, Q2 2026)✓Margins improving (8%→10%, Q2 2026)

Sector: Food retail

BR_ASAI

Price chart

7.88 BRLDay 0.90%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
7.88 BRL · 0.90%
Market cap
1.9 bn USD

Growth

Δ revenue y/y
10.8%
Δ EBITDA y/y
42.3%

Multiples

P/E (LTM)
10.3x
3y avg: 17.8x
P/B (FY)
1.9x
P/E (ann.)
5.1x
EV/EBITDA (LTM)
3.6x
3y avg: 4.2x
EV/EBITDA (ann.)
2.9x

Cash return

Dividend yield
1.3%
FCF yield (LTM)
42.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+16.5%
↓ details

Liquidity

Daily turnover (listing)
225.3 mln BRL

Shares: yahoo_fundamentals_timeseries/ASAI3.SA

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL3.8
y/y 10.8%
0.3
y/y 53.6%
0.1
y/y 16.6%
0.4
y/y 42.3%
0.1
y/y 142.6%
0.30.09.2
y/y 15.6%
1.2
y/y 24.4%
31.5%2.3Link
2026-03-31Q1 2026 (3M)PARTIAL3.7
y/y 12.5%
0.3
y/y 56.5%
0.1
y/y 20.9%
0.4
y/y 45.4%
0.1
y/y 206.3%
-0.10.09.4
y/y 18.3%
1.2
y/y 22.4%
23.3%2.4Link
2025-12-31Q4 2025 (3M)PARTIAL3.8
y/y 16.4%
0.1
y/y -35.3%
0.1
y/y 20.0%
0.2
y/y -20.9%
0.0
y/y -97.6%
0.5-0.18.7
y/y 18.3%
1.0
y/y 19.2%
8.7%1.9Link
2025-09-30Q3 2025 (3M)PARTIAL3.5
y/y 9.3%
0.2
y/y 12.3%
0.1
y/y 14.4%
0.3
y/y 12.9%
0.0
y/y 4.3%
0.30.08.4
y/y 10.0%
1.1
y/y 22.6%
10.9%2.2Link
2025-06-30Q2 2025 (3M)PARTIAL3.4
y/y 7.0%
0.2
y/y 14.0%
0.1
y/y 8.1%
0.3
y/y 12.1%
0.0
y/y 79.2%
0.20.07.9
y/y 1.2%
1.0
y/y 16.7%
16.0%2.2Link
2025-03-31Q1 2025 (3M)PARTIAL3.3
y/y -1.9%
0.2
y/y 5.3%
0.1
y/y -2.1%
0.2
y/y 2.8%
0.0
y/y 77.5%
0.1-0.18.0
y/y -2.5%
1.0
y/y 4.4%
9.2%2.1Link
2024-12-31Q4 2024 (3M)PARTIAL3.3
y/y -14.3%
0.2
y/y -10.0%
0.1
y/y -15.5%
0.3
y/y -11.5%
0.1
y/y 13.4%
0.5-0.17.4
y/y -17.3%
0.9
y/y -11.1%
14.5%1.8Link
2024-09-30Q3 2024 (3M)PARTIAL3.2
y/y -4.4%
0.2
y/y -5.6%
0.1
y/y -7.7%
0.2
y/y -6.3%
0.0
y/y -26.2%
0.2-0.17.6
y/y -7.0%
0.9
y/y 1.1%
12.5%2.2Link
2024-06-30Q2 2024 (3M)PARTIAL3.2
y/y -5.9%
0.2
y/y 0.2%
0.1
y/y -4.3%
0.2
y/y -1.3%
0.0
y/y -33.6%
0.0-0.17.9
y/y -7.5%
0.9
y/y -1.6%
9.9%2.3Link
2024-03-31Q1 2024 (3M)PARTIAL3.4
y/y 11.1%
0.2
y/y 28.1%
0.1
y/y 15.7%
0.2
y/y 23.7%
0.0
y/y -18.8%
0.1-0.18.2
y/y 4.0%
0.9
y/y 15.0%
5.0%2.2Link
2023-12-31Q4 2023 (3M)PARTIAL3.8
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.1
y/y —
0.5-0.28.9
y/y —
1.0
y/y —
16.2%2.0Link
2023-09-30Q3 2023 (3M)PARTIAL3.4
y/y —
0.2
y/y —
0.1
y/y —
0.3
y/y —
0.0
y/y —
0.2-0.28.2
y/y —
0.9
y/y —
16.9%1.9Link
2023-06-30Q2 2023 (3M)PARTIAL3.4
y/y —
0.2
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
0.6-0.28.5
y/y —
0.9
y/y —
15.8%1.8Link
2023-03-31Q1 2023 (3M)PARTIAL3.0
y/y —
0.1
y/y —
0.1
y/y —
0.2
y/y —
0.0
y/y —
0.0-0.17.8
y/y —
0.8
y/y —
—1.8Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-40%-20%0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05001 0001 5002 0002 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 8.40x of reported net profit; after capex, 4.22x.
year202320242025
cash flow / profit8.40x6.41x11.37x
accruals, % of assets-12.2%-9.1%-10.8%
Last twelve months (to 2026-06-30): 5.28x of profit came back as operating cash flow.
net debt / EBITDA 1.9x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +16.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (365 − 256) × 3.27
89
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 946 + 2 325) ÷ 1 195
3.6x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (3.6 + 7) ÷ 2
5.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -148 + 0 + 0 − 0
-148
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (89 × 5.3 + -148) ÷ 1 946
+16.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • growth discounted x0.25: EBITDA grew but net profit FELL while net debt rose - debt-funded growth not reaching equity (interest drag)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +18% vs -13% the year before — a +31.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 -13% · 2025 +18%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: consumer (Brazil). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Magazine LuizaBrazil0.82.3x
Lojas RennerBrazil1.62.4x
AzulBrazil1.84.2x
CyrelaBrazil1.24.4x
Vibra EnergiaBrazil6.55.0x
AmbevBrazil41.56.6x
SLC AgricolaBrazil1.86.6x
Group median4.4x
Group average4.5x
This companyBrazil1.93.6x

Group median 4.4x; this company 3.6x — a 19% discount.

Group average 4.5x; against the average this company is at a 21% discount.

At the adjusted group median the market cap would be +46% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 19.4x, Russia 3.8x, South Africa 5.2x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-31; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-01-070.1043 BRLEx-dividend: 0.1043 BRL per sharePaidYahoo Finance (ex-div)
2025-04-280.0145 BRLEx-dividend: 0.0145 BRL per sharePaidYahoo Finance (ex-div)
2025-01-070.0927 BRLEx-dividend: 0.0927 BRL per sharePaidYahoo Finance (ex-div)
2023-04-280.05 BRLEx-dividend: 0.05 BRL per sharePaidYahoo Finance (ex-div)
2022-12-290.0371 BRLEx-dividend: 0.0371 BRL per sharePaidYahoo Finance (ex-div)
2022-04-290.125 BRLEx-dividend: 0.125 BRL per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.rad.cvm.gov.br/ENET/frmConsultaExternaCVM.aspx?codigoCVM=25372

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Assai (ASAI) — from primary filings.

Frequently asked questions

What is Assai (ASAI)'s P/E ratio?
Assai (ASAI) trades at a P/E of 10.3x (price to trailing 12-month earnings).
What is Assai (ASAI)'s EV/EBITDA?
Assai (ASAI) trades at 3.6x EV/EBITDA.
What is Assai (ASAI)'s P/B ratio?
Assai (ASAI) trades at a P/B of 1.9x.
What is Assai (ASAI)'s dividend yield?
Assai (ASAI)'s trailing 12-month dividend yield is 1.3%.
What is Assai (ASAI)'s return on equity (ROE)?
Assai (ASAI)'s ROE is 31.5%.
What is Assai (ASAI)'s market capitalization?
Assai (ASAI)'s market cap is 1.9 bn USD.

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