Magazine Luiza SA MGLUY

Consumer DiscretionaryDiversified RetailBrazil

Last close 3.75 USD on Nov 1, 2026, −39.9% year to date

Quant rating

Quant rating B Rank 105 of 297 in Consumer Discretionary

Growth D 231 of 297
Valuation A 13 of 297
Quality B 97 of 297
Revisions A 14 of 297
Momentum D 243 of 297

Wall Street consensus Hold (2.75)Average target 1.90 USD −49.2%

Historical valuation

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

Key data

Market cap: 772M
Enterprise value: 2.0B
52-week range: 2.88 – 10.75
3-year range: 2.88 – 18.17
Dividend yield: 1.77%
Beta (5 years): 1.42
Shares outstanding: 776M
Next earnings: Nov 9, 2026

About the company

Magazine Luiza SA is a Brazil-based company principally engaged in the retail sector. The Company's activities are divided into four business lines: Retail, through physical stores and E-commerce sells various consumer goods, including home appliances, electronics, furniture, cosmetics, baby care accessories, toys and sport articles, among others; Luizacred, which offers products such as the credit cards, consumer credits, personal loans, payroll loans; Luizaseg, offering insurance and extended product's warranty; and Consortium Management, providing customers access to its so-called letters of credit through Consorcio Luiza. The Company owns several subsidiaries, such as Magalog Servicos Logisticos Ltda and Campos Floridos Comercio de Cosmeticos Ltda.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,067	6,157	7,578	7,056	6,333	–
Revenue growth	14.8%	−18.7%	7.4%	11.4%	12.7%	4.7%
EPS (basic, normalized)	0.04	0.06	−0.15	−0.10	0.03	–
EPS growth	−35.8%	–	–	–	–	–
Gross margin	29.9%	30.6%	27.6%	28.0%	24.1%	28.0%
Net margin	0.5%	1.2%	−2.7%	−1.3%	1.7%	−0.1%
ROE	1.8%	4.3%	−9.7%	−4.6%	6.4%	−0.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	341
Current ratio	1.10x
Long-term debt (mil)	1,248
Net debt (mil)	1,308
Total equity (mil)	2,164
Net debt / equity	0.60x
Net debt / EBITDA	2.24x

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	7,067	+14.8%	0.3x	584	+15.1%	3.5x	0.04	−35.8%	93.6x
2026	7,341	+3.9%	0.3x	588	+0.6%	3.5x	0.07	+68.5%	55.6x
2027	7,889	+7.5%	0.3x	643	+9.3%	3.2x	0.14	+109.8%	26.5x
2028	8,348	+5.8%	0.2x	782	+21.7%	2.6x	0.21	+47.5%	18.0x

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	7,341	−0.2%	−0.3%	−1.8%	0.07	+11.3%	−12.7%	−28.2%
2027	7,889	+1.2%	+1.7%	+0.4%	0.14	+5.8%	+1.2%	−15.7%
2028	8,348	+1.9%	+2.8%	+1.1%	0.21	+2.7%	+11.1%	−6.8%

Earnings surprises EPS beat in 1 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	Jun 2025	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	9,239	9,010	9,002	10,787	9,389	9,135	9,027	11,153	9,206	8,899
Sales mean (mil)	9,480	8,893	9,019	11,067	9,617	9,231	9,266	10,972	9,603	9,087
Surprise	−2.5%	+1.3%	−0.2%	−2.5%	−2.4%	−1.0%	−2.6%	+1.6%	−4.1%	−2.1%
EPS reported	0.04	0.05	0.09	0.18	0.02	0.00	–	0.16	−0.04	−0.07
EPS mean	0.00	−0.05	0.04	0.21	0.12	0.00	0.03	0.11	−0.03	−0.01
Surprise	–	−200.0%	+129.2%	−15.6%	−84.2%	−14.4%	–	+42.0%	−50.0%	−1,200.0%

Peer comparison Diversified Retail

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
MGLUY Magazine Luiza SA	772M	2.24x	0.5%	0.37x	55.6x	26.5x	3.5x	3.2x
BOZTY Boozt AB	969M	0.84x	3.6%	3.48x	18.8x	15.8x	11.3x	9.8x
RERE ATRenew Inc	856M	–	1.6%	1.40x	9.3x	6.1x	7.8x	5.7x
ASOMY ASOS PLC	689M	–	−12.1%	6.04x	−12.5x	−19.6x	6.9x	5.8x
BWMX Betterware de Mexico S.A.P.I. de C.V.	664M	2.44x	7.4%	5.11x	7.4x	6.3x	5.6x	4.7x
GRPN Groupon, Inc.	640M	1.17x	−16.6%	−8.85x	−127.5x	18.9x	9.3x	7.0x
Mean		1.67x	−2.6%	1.26x	−8.2x	9.0x	7.4x	6.0x
Median		1.70x	1.1%	2.44x	8.4x	11.1x	7.3x	5.8x

Technical analysis

1M−27.9%
3M−3.8%
1Y−32.8%
3Y−70.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Magazine Luiza SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,067	6,157	7,578	7,056	6,333	5,618
Cost of revenue	4,957	4,275	5,483	5,081	4,810	4,170
Gross profit	2,110	1,882	2,095	1,975	1,524	1,448
Selling, general & administrative expenses	1,684	1,450	1,798	1,580	1,357	1,191
Research & development	–	–	–	–	–	–
Depreciation/amortization	235	216	256	220	147	135
Interest expense (income), operating	−23.2	−24.0	3.9	6.8	−17.8	−23.1
Unusual expense (income)	−112	10.5	−78.2	26.3	24.4	0.6
Other operating expenses	−23.6	−23.1	192	−4.2	−71.4	−15.0
Operating income	350	253	−76.7	146	84.5	159
Net interest income (expense)	−110	−61.4	−68.6	−134	0.7	−16.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−263	−177	−280	−252	−124	−62.7
Net income before taxes	−22.9	14.1	−425	−240	−39.2	79.7
Provision for taxes	−60.3	−58.5	−224	−146	−145	4.3
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	37.4	72.6	−202	−94.4	106	75.4
Extraordinary items	–	–	–	–	–	–
Net income	37.4	72.6	−202	−94.4	106	75.4
EBIT, normalized	215	254	−127	207	108	156
EBITDA, normalized	450	470	129	427	254	292
Basic EPS, normalized	0.04	0.06	−0.15	−0.10	0.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Magazine Luiza SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	372	350	695	515	740	559
Receivables	1,853	1,530	1,858	2,122	1,952	1,503
Total inventory	1,311	1,232	1,545	1,474	1,636	1,141
Prepaid expenses	–	–	–	–	–	–
Other current assets	86.8	52.7	69.0	39.4	72.3	31.0
Total current assets	3,622	3,165	4,168	4,150	4,400	3,234
Property, plant & equipment	934	821	1,069	1,034	952	717
Goodwill	409	363	464	426	404	212
Intangibles	423	363	464	412	369	151
Long-term investments	201	157	66.5	64.1	73.2	74.5
Note receivable	271	311	523	405	282	155
Other long-term assets	1,062	861	966	653	411	202
Total assets	6,922	6,040	7,719	7,145	6,891	4,746
Liabilities
Accounts payable	2,100	1,665	1,922	1,805	1,813	1,637
Payable/accrued	–	–	–	–	–	–
Accrued expenses	158	149	157	122	109	147
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	265	300	714	141	151	389
Other current liabilities	614	591	795	738	665	411
Total current liabilities	3,137	2,705	3,588	2,806	2,739	2,583
Long-term debt	1,292	1,013	1,540	1,903	1,689	423
Minority interest	–	–	–	–	–	–
Other liabilities	433	489	611	421	442	329
Total liabilities	4,863	4,207	5,739	5,130	4,869	3,335
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,557	2,202	2,546	2,337	2,218	1,146
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−426	−267	−336	−87.0	64.1	378
Treasury stock	−40.6	−81.5	−204	−236	−260	−116
Other equity	−31.0	−20.9	−25.0	0.4	0.2	2.1
Total equity	2,059	1,832	1,981	2,015	2,022	1,410
Total liabilities & shareholders' equity	6,922	6,040	7,719	7,145	6,891	4,746

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Magazine Luiza SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	37.4	72.6	−202	−94.4	106	75.4
Depreciation, depletion & amortization	235	216	256	220	147	135
Deferred taxes	–	–	–	–	–	–
Non-cash items	200	219	103	201	−37.5	93.6
Changes in working capital	2,399	2,056	534	253	−1,574	197
Cash from operations	2,870	2,563	691	580	−1,359	501
Investing activities
Capital expenditures	−163	−118	−132	−132	−209	−105
Other investing cash flows	−19.9	−90.8	101	−65.9	−27.5	−20.7
Cash from investing	−183	−209	−30.6	−197	−237	−125
Financing activities
Financing cash flow items	−2,665	−2,030	−518	−302	494	−38.2
Cash dividends paid	−41.1	0	0	−18.9	−26.2	−57.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−27.1	−448	−107	−89.0	1,287	−15.2
Cash from financing	−2,733	−2,478	−625	−410	1,755	−111
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−45.9	−124	35.7	−27.7	159	265
Free cash flow	2,707	2,445	559	448	−1,568	397

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 1, 2026 after market close.