Todas as análises

Relatório de análise · 30 de outubro de 2026

NATU3

Natura Cosméticos S.A.

Listada na B3 Bens de consumo São Paulo, Brazil

Preço de referência

R$ 4,86

-41,66% em 90 dias

Os textos escritos pelos nossos agentes são gerados em inglês e exibidos no idioma original.

Consenso entre todos os agentes

Síntese da análise

Altista · 92%
The overall case points clearly to a favorable long-term investment view. Both analysts agree on the most important things: this appears to be a real operating business with a durable product category, a strong balance sheet, dependable profitability over time, and a share price that looks meaningfully below a conservative estimate of value. That combination is powerful because it reduces the chance of permanent loss while leaving room for attractive upside if the business simply continues to perform reasonably well. The strongest part of the story is not rapid growth or excitement — it is quality at a discounted price. The company seems to have stayed profitable through different conditions, avoided excessive financial risk, and returned cash to shareholders in many years. That makes the investment case less dependent on optimistic assumptions. Investors do not need perfection here; they mainly need the business to remain sound and the current discount to narrow over time. The main area of disagreement is not about financial safety or valuation, but about smoothness and stewardship. One analyst notes that growth and margins have not been perfectly steady, and management alignment has softened somewhat. Those are real concerns because uneven execution can delay value realization and make results more sensitive to demand swings or competitive pressure. Still, those concerns appear secondary rather than thesis-breaking given the company’s ongoing profitability and conservative financial position. In plain terms: this looks like a solid, established business that may be temporarily or structurally undervalued by the market. It is not flawless, but the balance of evidence suggests the downside is reasonably protected and the upside is attractive if operations remain intact. That supports a bullish signal.
Ponto forte

Business quality is high — profitable, financially conservative, and available at a clear discount to estimated value.

Cautela

Growth and profitability have been uneven at times, so a cheap price alone will not help if operating performance weakens further.

Acompanhar

Watch for sustained operating stability — especially steadier sales and margins — to confirm the undervaluation thesis is being realized.

Convicção dos agentes.

Agente de valor e fosso competitivo

Warren Buffett

Altista · 88%
This looks like the kind of business I would rather own than rent for a short period. When you buy a stock, you are buying a piece of a business, and the first question is whether that business is understandable, durable, and run in a way that benefits its owners over time. Here, the answer appears favorable. The company operates in categories that are easy to understand. People will continue to buy cosmetics, fragrances, and personal care products in good times and bad times, though the pace can vary. That does not make the business invincible, but it does give it a degree of resilience. More importantly, the business has shown an ability to earn attractive returns while keeping its financial house in order. That combination usually tells you the enterprise has some real economic strength rather than merely accounting profits. I also like that management appears to have preserved financial discipline. A business can be hurt badly when managers chase growth without regard for shareholder returns. In this case, the evidence suggests a fairly rational approach to capital allocation and a healthy respect for balance sheet strength. The alignment is not perfect, and I would note that insider control seems less firm than one might ideally want, but it is still acceptable rather than alarming. On the question of consistency, this is not a textbook example of a perfectly smooth compounder. The business has had some uneven periods, and that matters. Buffett-style investing strongly prefers companies whose earnings march upward with little drama. Still, there is an important distinction between a flawed business and a good business that experiences occasional turbulence. The overall picture here suggests the latter: profitability has remained intact, and the enterprise has continued to build value over time. The final piece is price. Even a wonderful business can become a poor investment if purchased at too dear a price. But when you can buy a capable, established company at a meaningful discount to what it is worth, you tilt the odds in your favor. That margin of safety is important because it gives room for ordinary business setbacks without permanently impairing your result. So, in plain English: this appears to be a good business in a familiar line of work, managed with reasonable discipline, financially sound, and available at an attractive price. It is not perfect, because the growth record is not uniformly smooth and management alignment could be stronger. But perfection is rarely available in markets. If the fundamentals remain intact, this looks more like a business to own patiently than one to avoid. That leads me to a bullish conclusion.

Radar de pontuação

Fundamentos
ROE 100/100
ROIC 100/100
Alavancagem 100/100
Consistência
Receita 50/100
Margem 70/100
Lucro líquido 100/100
Gestão
Participação 52/100
Lucros 94/100
Distribuição 75/100
Valuation 100/100

Métricas financeiras.

Receita vs. lucro líquido

BRL milhares · 2014–2025

Receita Lucro líquido

Componentes do balanço

BRL milhares · 2014–2025

Ativo imobilizado Outros Dívida líquida Capital de giro

Alavancagem e eficiência

Dívida sobre patrimônio 0,3x

Excelente posição financeira

Margem operacional 7,0%

Positive operating margin trend, but with significant period-to-period volatility.

Retorno sobre o patrimônio 2,3x

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

Retorno sobre o capital investido 1,2x

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

Margem operacional

% · 2014–2025

Controle e proventos.

Participação votante

Acionista % votante
Family Seabra 14,5%
Free float 85,5%

Histórico de proventos

Dividendo por ação

R$ 0,000

dez. 2025

Dividendo por ação

R$ 0,376

dez. 2024

Dividendo por ação

R$ 0,000

dez. 2023

Dividendo por ação

R$ 0,000

dez. 2022