Agent-Driven Research

Detailed agent analysis

Dive into in-depth weekly reports from our agents, complete with fundamentals, metrics, scoring, key insights and clear investment signals.

Closing prices as of

28 AUG 2026

FLRY3

(Fleury S.A.)

B3 LISTED

Healthcare • São Paulo, Brazil

R$ 18.87

+22.53%

Reference Price • Change over 90 days

Research Synthesis

Consensus across all agents

NEUTRAL • 86%

The combined view is clear: this is a good business, but not clearly a good buy at the current price. Both analysts agree that the company looks financially sturdy, has remained profitable through many conditions, and has shown the kind of stability that long-term investors usually want. It appears to operate with discipline, avoids excessive financial risk, and has a history of returning cash to shareholders. Where the case weakens is valuation. Both perspectives come to the same conclusion that the market is already asking a full price for that quality, leaving little room for error if growth slows, margins soften, or sentiment cools. One analyst is also less comfortable with management alignment, which does not break the thesis but does reduce enthusiasm. So the overall recommendation is neutral. The business itself seems durable and respectable, which argues against a bearish stance. But the lack of a meaningful margin of safety argues against a bullish one. This looks more like a watchlist candidate than an immediate buy: attractive company, unattractive entry point.

Strength

Business quality is high — profitable, financially conservative, and resilient over a long period.

Caution

Margin of safety is thin — buyers today may be paying too much for quality that is already fully recognized.

Watch

A cheaper entry price or clearer evidence of stronger, more consistent growth would materially improve the investment case.

Agent Conviction Scores

Ben Graham

Deep Value Agent

NEUTRAL • 88%

If I were judging this situation in the spirit of Benjamin Graham, I would say this is a sound company, but not clearly a sound investment at the present price. That distinction is very important. A business may be admirable in its operations and still fail to offer the investor a satisfactory bargain. Here, the favorable qualities are plain. The company appears to have a strong financial position, modest obligations, and a dependable record of earning money through many different business conditions. That kind of steadiness is exactly what the defensive investor should prize. The long record of dividend payments adds another reassuring element, because it suggests that management has been able to convert business success into tangible returns for owners rather than promises alone. However, Graham's approach does not permit us to buy merely because a company is good, respected, or consistent. We must also ask whether the price leaves room for error, disappointment, or ordinary adversity. In this case, the valuation view indicates that the shares stand above the sort of level a cautious investor would normally require. In other words, the margin of safety appears insufficient. To explain this simply: if you are buying a sturdy house, you still do not want to pay too much for it. Its solid walls and good neighborhood matter, but your protection as a buyer comes from purchasing at a sensible price. Without that protection, even a fine property can become a poor investment. The same logic applies here. So my recommendation is neutral rather than bullish or bearish. I would not condemn the enterprise itself; on the contrary, it seems to possess many of the qualities we admire. But I would also not encourage purchase until the price becomes more accommodating. The conservative investor should be patient, because discipline in what one pays is just as important as care in what one buys.

Inner Scoring Radar

Earnings

Stability 100/100

Growth 67/100

Earnings have stayed positive for more than a decade, showing unusually steady performance. Growth has been present, but it has not followed a consistent path, so the long-term picture is stable overall rather than steadily accelerating.

Financial

Liquidity 100/100

Leverage 100/100

Payout 100/100

The business shows low financial risk, supported by positive working capital, steady operating profits, and very conservative debt levels for its industry. It also has a strong record of paying dividends consistently over the past 12 years.

Valuation 25/100

Trading at 1.8x Graham Number — exceeds valuation ceiling, no margin of safety.

Warren Buffett

Value & Moat Agent

NEUTRAL • 80%

This is the kind of business I would rather own than avoid. It operates in an area that people need regardless of fashion or economic excitement, and it appears to have built a durable position through dependable service, a broad offering, and a long operating history. When I look at a company through the lens of ownership, I want to see a business that can earn good returns, stay sensibly financed, and produce results with some regularity. On those counts, this company appears to do many things right. The business also seems to benefit from the sort of characteristics I admire: it is not trying to invent demand out of thin air, it serves recurring healthcare needs, and it has shown an ability to remain profitable through time. That usually suggests a degree of resilience and operational discipline. In plain English, this does not look like a fragile enterprise. Management gets a more mixed review. The company has continued paying shareholders and has kept the business profitable over a long stretch, which is encouraging. But I also prefer managers whose interests are very plainly tied to the owners, and that alignment does not seem as strong here as I would ideally like. It is not a fatal flaw, but it does keep me from becoming overly enthusiastic. Now, here is the important part: even a wonderful business can be a poor investment if you pay too much for it. Price is what you pay; value is what you get. This company may well be a respectable business, but if the market is asking more than the business is sensibly worth, then the prospective return to the buyer becomes less attractive and the risk of disappointment rises. Buffett-style investing is not just about finding good businesses; it is about buying them with a margin of safety. So my conclusion is neutral. I would not be eager to sell short or bet against a business with these qualities, but I also would not be in a hurry to buy it at a price that leaves no room for error. I would keep it on the watchlist, admire the business, and wait patiently for a more favorable entry point. Investing often rewards discipline more than activity.

Inner Scoring Radar

Fundamentals

ROE 100/100

ROIC 100/100

Leverage 100/100

The business has steadily created value by earning returns above its cost of capital, both on shareholder funds and overall invested capital. Its use of debt has also remained conservative, suggesting a healthy and balanced financial position.

Consistency

Revenue 100/100

Margin 100/100

Net Income 70/100

The business has delivered steady revenue growth over time, pointing to a stable and expanding operation. Margins remain consistently healthy, supported by pricing strength and cost discipline, while profits stay positive overall despite some uneven growth.

Management

Ownership 28/100

Earnings 90/100

Payout 100/100

Insider ownership looks weak and fragmented. Longtime holders have mostly reduced small stakes, and newer large positions are still unproven. Even so, earnings have stayed positive for over a decade, growth has been uneven, and dividends were paid in each of the past 12 years.

Valuation 0/100

Overvalued: market price exceeds estimated intrinsic value, with no margin of safety against downside risk.

Financial Metrics

Revenue vs Net Income Trend

BRL thousands • 2014-2025

Revenue

Net Income

Balance Sheet Key Components

BRL thousands • 2014-2025

Fixed Assets

Other

Net Debt

Working Capital

Leverage & Efficiency Trends

Debt to Equity 0.4x

Moderate leverage - acceptable for healthcare.

Operating Margin 15.0%

Consistently positive operating margin with low variability.

Return on Equity 2.0x

Return on equity has consistently exceeded the cost of capital, indicating value creation.

Return on Invested Capital 1.5x

Return on invested capital has consistently exceeded the cost of capital, indicating value creation.

Operating Margin Trend

% • 2014-2025

Ownership Structure & Distributions

Voting Ownership

Shareholder	Voting %
Bradesco Group	24.8%
Family Pardini	19.7%
Free Float	55.5%

Payout History

DIVIDEND

R$ 0.863 / share

Dec 2025

DIVIDEND

R$ 0.931 / share

Dec 2024

DIVIDEND

R$ 0.494 / share

Dec 2023

DIVIDEND

R$ 0.238 / share

Dec 2022