Hapvida Participacoes e Investimentos SA HAPVY

Health CareHealthcare Providers & ServicesBrazil

Last close 0.85 USD on Nov 2, 2026, −74.5% year to date

Quant rating

Quant rating C Rank 132 of 211 in Health Care

Growth C 94 of 211
Valuation A 16 of 211
Quality B 70 of 211
Revisions C 128 of 211
Momentum D 208 of 211

Wall Street consensus Hold (2.80)Average target 1.88 USD +121.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 392M
Enterprise value: 1.8B
52-week range: 0.85 – 3.33
3-year range: 0.85 – 10.01
Dividend yield: –
Beta (5 years): –
Shares outstanding: 503M
Next earnings: Nov 11, 2026

About the company

Hapvida Participacoes e Investimentos SA (Hapvida) is a Brazil-based holding healthcare company. The Company and its subsidiaries main activities are the coverage of costs of medical, hospital and dental care of its associates, the provision of medical, hospital and dentistry services and examinations and diagnoses per image. Hapvida has different healthcare facilities such as hospitals, clinics or diagnostic imaging units. The Company operates in the Northeast of Brazil, in more than 10 states such as Alagoas, Amazonas, Bahia, Pernambuco, Rio Grande do Norte, Sergipe, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,765	4,680	5,760	4,493	1,774	–
Revenue growth	23.2%	−18.7%	28.2%	153.2%	7.7%	28.5%
EPS (basic, normalized)	0.47	0.63	0.33	−0.32	0.40	–
EPS growth	−26.0%	92.6%	–	–	–	–
Gross margin	11.8%	11.4%	11.4%	23.8%	31.0%	17.9%
Net margin	−0.4%	−2.3%	−2.2%	−3.3%	5.0%	−0.6%
ROE	−0.3%	−1.3%	−1.3%	−2.6%	5.4%	0.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,528
Current ratio	1.83x
Long-term debt (mil)	2,735
Net debt (mil)	1,483
Total equity (mil)	9,313
Net debt / equity	0.16x
Net debt / EBITDA	2.32x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5,765	+23.2%	0.3x	640	+1.2%	2.8x	0.47	−26.0%	1.8x
2026	6,026	+4.5%	0.3x	479	−25.1%	3.8x	0.16	−65.0%	5.2x
2027	6,256	+3.8%	0.3x	551	+14.9%	3.3x	0.24	+48.3%	3.5x
2028	6,967	+11.4%	0.3x	672	+22.0%	2.7x	0.38	+56.5%	2.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	6,026	−0.3%	−0.2%	−0.2%	0.16	0.0%	+5.0%	−11.1%
2027	6,256	−0.2%	−1.6%	−1.5%	0.24	0.0%	−18.8%	−25.0%
2028	6,967	−0.5%	−2.0%	−2.5%	0.38	0.0%	−11.2%	+2.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	FQ-4	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	6,991	7,150	7,338	7,411	7,500	7,674	7,775	7,915	7,892	7,974
Sales mean (mil)	7,074	7,167	7,314	7,492	7,619	7,709	7,899	7,900	7,886	8,025
Surprise	−1.2%	−0.2%	+0.3%	−1.1%	−1.6%	−0.4%	−1.6%	+0.2%	+0.1%	−0.6%
EPS reported	0.99	0.96	0.60	1.05	0.75	–	0.61	0.36	0.51	0.03
EPS mean	0.49	0.45	0.72	0.75	0.75	0.51	0.51	0.32	0.14	0.03
Surprise	+100.0%	+113.3%	−17.1%	+40.0%	−0.4%	–	+18.8%	+11.0%	+256.1%	0.0%

Peer comparison Healthcare Providers & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HAPVY Hapvida Participacoes e Investimentos SA	392M	2.32x	−0.4%	0.04x	5.2x	3.5x	3.8x	3.3x
MCTA Charming Medical Ltd	446M	–	−0.5%	–	–	–	–	–
VMD Viemed Healthcare Inc	360M	−0.03x	5.5%	2.50x	22.8x	17.4x	5.5x	4.8x
AUNA Auna SA	333M	3.76x	2.2%	0.62x	5.0x	3.9x	4.7x	4.3x
VFF Village Farms International Inc	319M	−0.61x	9.9%	1.02x	14.5x	9.8x	5.6x	4.5x
CYH Community Health Systems Inc	296M	6.54x	4.1%	−0.20x	−2.3x	−4.8x	8.2x	8.1x
Mean		2.40x	3.5%	0.80x	9.0x	6.0x	5.6x	5.0x
Median		2.32x	3.2%	0.62x	5.2x	3.9x	5.5x	4.5x

Technical analysis

1M−33.0%
3M−61.9%
1Y−85.3%
3Y−91.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hapvida Participacoes e Investimentos SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,765	4,680	5,760	4,493	1,774	1,647
Cost of revenue	5,086	4,146	5,105	3,423	1,224	1,003
Gross profit	680	534	656	1,070	550	644
Selling, general & administrative expenses	196	175	237	843	441	270
Research & development	–	–	–	–	–	–
Depreciation/amortization	154	117	85.4	321	–	114
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	105	128	86.2	39.8	17.0	18.0
Other operating expenses	−40.6	−5.9	−15.0	−104	−5.6	−1.0
Operating income	266	120	262	−29.5	97.5	244
Net interest income (expense)	−207	−148	−232	−197	−0.3	−11.6
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−102	−48.0	−143	−47.5	−8.8	−14.3
Net income before taxes	−42.7	−75.6	−112	−274	88.5	218
Provision for taxes	−16.7	30.4	14.7	−127	−1.3	66.9
Minority interest	0.1	0	−0.1	0	−0.5	−0.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−25.9	−106	−127	−147	89.4	151
Extraordinary items	0	1.0	0.1	–	–	–
Net income	−25.9	−105	−127	−147	89.4	151
EBIT, normalized	392	255	417	19.8	119	264
EBITDA, normalized	677	533	752	434	280	409
Basic EPS, normalized	0.47	0.63	0.33	−0.32	0.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hapvida Participacoes e Investimentos SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,436	1,420	1,443	870	371	477
Receivables	314	253	297	414	128	119
Total inventory	66.2	59.3	65.7	53.1	28.2	19.6
Prepaid expenses	–	–	–	–	–	–
Other current assets	108	59.0	77.9	163	68.5	58.8
Total current assets	1,924	1,792	1,884	1,501	596	674
Property, plant & equipment	1,183	1,196	1,418	1,382	541	433
Goodwill	8,246	7,320	9,320	8,298	914	521
Intangibles	664	689	1,044	1,492	442	541
Long-term investments	59.7	78.7	184	241	1,040	236
Note receivable	0.4	0.5	1.1	0.7	0.6	0.7
Other long-term assets	1,121	821	1,237	937	302	197
Total assets	13,199	11,897	15,088	13,850	3,835	2,603
Liabilities
Accounts payable	65.8	54.6	65.9	78.5	31.1	23.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	237	222	248	205	85.8	68.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	258	239	533	354	138	16.5
Other current liabilities	452	335	441	777	316	300
Total current liabilities	1,013	850	1,287	1,414	572	408
Long-term debt	2,563	2,436	2,531	2,308	1,070	578
Minority interest	0.3	0.3	0.3	1.4	0.2	0.3
Other liabilities	812	733	1,030	905	295	109
Total liabilities	4,389	4,018	4,849	4,628	1,937	1,096
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	7,096	6,291	8,010	7,157	1,458	1,088
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,908	1,718	2,325	2,154	493	419
Treasury stock	−176	−101	−93.1	−80.9	−53.8	0
Other equity	−19.1	−29.8	−3.3	−8.0	0	0
Total equity	8,809	7,879	10,239	9,222	1,898	1,507
Total liabilities & shareholders' equity	13,199	11,897	15,088	13,850	3,835	2,603

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hapvida Participacoes e Investimentos SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−26.0	−105	−152	−147	89.8	151
Depreciation, depletion & amortization	285	278	439	414	161	145
Deferred taxes	−15.2	11.1	111	−9.2	−21.5	−48.1
Non-cash items	368	342	500	336	115	179
Changes in working capital	−235	−84.7	−416	−410	−299	−172
Cash from operations	377	441	481	184	45.2	255
Investing activities
Capital expenditures	−190	−131	−84.9	−139	−127	−70.5
Other investing cash flows	456	−230	−95.9	536	−659	−110
Cash from investing	266	−360	−181	397	−786	−181
Financing activities
Financing cash flow items	−412	−285	−109	−293	310	0.4
Cash dividends paid	–	–	0	−192	−51.1	−39.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−179	71.3	−154	78.2	519	−51.3
Cash from financing	−591	−214	−263	−407	777	−90.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	50.9	−132	36.9	174	36.6	−15.6
Free cash flow	187	311	396	44.6	−82.0	185

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.