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TOTVS (TOTS) USD

At a glance: strengths & risks
✓Revenue growing (+42% y/y, Q2 2026)✓Profit growing (+287% y/y, Q2 2026)✓Low leverage (0.0x EBITDA)

Sector: Software

BR_TOTS

Price chart

33.83 BRLDay -1.57%

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
33.83 BRL · -1.57%
Market cap
3.9 bn USD

Growth

Δ revenue y/y
41.6%
Δ EBITDA y/y
50.2%

Multiples

P/E (LTM)
16.5x
P/B (FY)
3.9x
P/E (ann.)
7.1x
EV/EBITDA (LTM)
13.7x
EV/EBITDA (ann.)
11.8x

Cash return

Dividend yield
2.0%
FCF yield (LTM)
4.5%

Value creation

fundamental value/yr, % of market cap
Value created / year
+11.9%
↓ details

Liquidity

Daily turnover (listing)
95.6 mln BRL

Shares: yahoo_fundamentals_timeseries/TOTS3.SA

Financial results

Monetary columns are in M 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.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL378.0
y/y 41.6%
69.6
y/y 48.1%
25.0
y/y 56.5%
94.6
y/y 50.2%
89.3
y/y 287.5%
29.210.52558.9
y/y 59.2%
1074.8
y/y 14.9%
50.9%592.1Link
2026-03-31Q1 2026 (3M)PARTIAL338.2
y/y 30.0%
69.9
y/y 41.4%
20.5
y/y 35.0%
90.5
y/y 39.9%
46.2
y/y 29.5%
61.7-27.52601.6
y/y 68.3%
1057.4
y/y 16.3%
18.0%683.6Link
2025-12-31Q4 2025 (3M)PARTIAL236.7
y/y 68.8%
50.7
y/y 125.5%
13.7
y/y 64.3%
64.4
y/y 108.9%
50.7
y/y 142.6%
64.0-10.91726.0
y/y 25.0%
994.0
y/y 23.1%
16.8%9.2Link
2025-09-30Q3 2025 (3M)PARTIAL290.3
y/y 25.8%
57.9
y/y 33.0%
17.4
y/y 15.5%
75.3
y/y 28.5%
46.7
y/y -9.0%
57.6-10.11713.1
y/y 12.4%
1004.7
y/y 13.3%
6.4%-60.6Link
2025-06-30Q2 2025 (3M)PARTIAL266.9
y/y 15.6%
47.0
y/y 37.4%
16.0
y/y 6.2%
62.9
y/y 27.9%
35.0
y/y 62.7%
63.1-12.81607.5
y/y 3.6%
935.4
y/y 5.2%
15.2%-72.0Link
2025-03-31Q1 2025 (3M)PARTIAL260.1
y/y 6.7%
49.5
y/y 18.3%
15.2
y/y 5.9%
64.7
y/y 15.1%
35.7
y/y 41.2%
35.0-13.21545.5
y/y -12.4%
909.5
y/y -8.4%
16.6%-55.8Link
2024-12-31Q4 2024 (3M)PARTIAL140.2
y/y -45.5%
22.5
y/y -25.7%
8.3
y/y -47.0%
30.8
y/y -33.0%
20.9
y/y -30.0%
51.4-6.41381.0
y/y -24.3%
807.3
y/y -22.1%
14.1%-45.4Link
2024-09-30Q3 2024 (3M)PARTIAL230.8
y/y 1.0%
43.5
y/y 6.4%
15.1
y/y 6.3%
58.6
y/y 6.4%
51.3
y/y -40.4%
38.5-7.01523.8
y/y -12.2%
886.5
y/y -10.7%
7.7%-91.8Link
2024-06-30Q2 2024 (3M)PARTIAL230.8
y/y 0.2%
34.2
y/y -4.3%
15.0
y/y -6.3%
49.2
y/y -5.0%
21.5
y/y -2.2%
54.6-14.11551.0
y/y -32.9%
889.0
y/y -10.4%
9.1%-94.2Link
2024-03-31Q1 2024 (3M)PARTIAL243.8
y/y 14.2%
41.8
y/y 10.3%
14.4
y/y 15.2%
56.2
y/y 11.5%
25.3
y/y 26.6%
36.0-11.71763.5
y/y -14.1%
993.1
y/y 7.9%
10.0%-173.5Link
2023-12-31Q4 2023 (3M)PARTIAL257.0
y/y —
30.2
y/y —
15.8
y/y —
46.0
y/y —
29.8
y/y —
62.2-10.61824.5
y/y —
1035.9
y/y —
15.6%-286.2Link
2023-09-30Q3 2023 (3M)PARTIAL228.6
y/y —
40.9
y/y —
14.2
y/y —
55.1
y/y —
86.2
y/y —
40.6-23.91735.0
y/y —
993.2
y/y —
11.6%-267.1Link
2023-06-30Q2 2023 (3M)PARTIAL230.3
y/y —
35.8
y/y —
16.0
y/y —
51.8
y/y —
22.0
y/y —
68.2-9.32312.6
y/y —
992.5
y/y —
9.2%-206.2Link
2023-03-31Q1 2023 (3M)PARTIAL213.5
y/y —
37.9
y/y —
12.5
y/y —
50.4
y/y —
20.0
y/y —
25.7-13.42053.2
y/y —
920.3
y/y —
—-168.7Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

0204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-20002004006002024 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 1.31x of reported net profit; after capex, 1.03x.
year202320242025
cash flow / profit1.25x1.52x1.31x
accruals, % of assets-2.1%-4.4%-3.0%
Last twelve months (to 2025-Q3): 0.98x of profit came back as operating cash flow.
net debt / EBITDA 0.0x
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: +11.9%

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)
= (95 − 63) × 3.43
109
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (3 855 + 592) ÷ 325
13.7x
3. Target multiple
(Current EV/EBITDA + 7) ÷ 2
= (13.7 + 7) ÷ 2
10.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -664 + 0 + 0 − 0
-664
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (109 × 10.3 + -664) ÷ 3 855
+11.9%

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

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +25% vs -9% the year before — a +33.7 pp move. 3-year CAGR —.
revenue growth by year: 2024 -9% · 2025 +25%
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).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-160.18 BRLEx-dividend: 0.18 BRL per sharePaidYahoo Finance (ex-div)
2026-03-260.18 BRLEx-dividend: 0.18 BRL per sharePaidYahoo Finance (ex-div)
2025-12-160.17 BRLEx-dividend: 0.17 BRL per sharePaidYahoo Finance (ex-div)
2025-09-240.15 BRLEx-dividend: 0.15 BRL per sharePaidYahoo Finance (ex-div)
2025-06-240.15 BRLEx-dividend: 0.15 BRL per sharePaidYahoo Finance (ex-div)
2025-03-250.14 BRLEx-dividend: 0.14 BRL per sharePaidYahoo Finance (ex-div)
2024-12-040.22 BRLEx-dividend: 0.22 BRL per sharePaidYahoo Finance (ex-div)
2024-08-070.23 BRLEx-dividend: 0.23 BRL per sharePaidYahoo Finance (ex-div)
2023-12-050.21 BRLEx-dividend: 0.21 BRL per sharePaidYahoo Finance (ex-div)
2023-07-280.23 BRLEx-dividend: 0.23 BRL per sharePaidYahoo Finance (ex-div)
2023-01-020.21 BRLEx-dividend: 0.21 BRL per sharePaidYahoo Finance (ex-div)
2022-08-050.1 BRLEx-dividend: 0.1 BRL per sharePaidYahoo Finance (ex-div)
2021-12-290.13 BRLEx-dividend: 0.13 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=19992

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 TOTVS (TOTS) — from primary filings.

Frequently asked questions

What is TOTVS (TOTS)'s P/E ratio?
TOTVS (TOTS) trades at a P/E of 16.5x (price to trailing 12-month earnings).
What is TOTVS (TOTS)'s EV/EBITDA?
TOTVS (TOTS) trades at 13.7x EV/EBITDA.
What is TOTVS (TOTS)'s P/B ratio?
TOTVS (TOTS) trades at a P/B of 3.9x.
What is TOTVS (TOTS)'s dividend yield?
TOTVS (TOTS)'s trailing 12-month dividend yield is 2.0%.
What is TOTVS (TOTS)'s return on equity (ROE)?
TOTVS (TOTS)'s ROE is 50.9%.
What is TOTVS (TOTS)'s market capitalization?
TOTVS (TOTS)'s market cap is 3.9 bn USD.

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