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

31 JUL 2026

FLRY3

(Fleury S.A.)

B3 LISTED

Healthcare • São Paulo, Brazil

R$ 17.14

+6.59%

Reference Price • Change over 90 days

Research Synthesis

Consensus across all agents

NEUTRAL • 84%

The combined view is clear: this appears to be a high-quality business, but not an obviously attractive stock at the current price. Both analysts agree that the company has durable operations, a long record of profitability, conservative finances, and a history of returning cash to shareholders. That combination lowers business risk and supports the idea that this is a dependable enterprise rather than a speculative one. Where the case stops short of bullish is valuation. Both perspectives reach the same conclusion that the market already seems to recognize the company’s strengths, leaving little room for error or disappointment. In other words, the business may continue to do well and the investment could still produce only modest results if too much optimism is already built into the share price. There is also a smaller secondary concern around management alignment. The business looks competently run, but the evidence does not point to especially strong owner-operator characteristics that would offset the valuation issue or justify paying a premium with greater confidence. So the most balanced conclusion is neutral. This is not a weak company that should be avoided on fundamental grounds, but it is also not a compelling buy today because the price appears to leave limited margin of safety. It belongs on a watch list for a better entry point or for evidence that business performance is strengthening enough to justify the current valuation.

Strength

Business quality is high — profitable, financially conservative, and resilient over time.

Caution

Margin of safety is slim to nonexistent — buyers today may be paying too much for quality already priced in.

Watch

A more attractive entry price or clearly stronger, more consistent earnings growth would materially improve the investment case.

Agent Conviction Scores

Ben Graham

Deep Value Agent

NEUTRAL • 79%

This is a sound business, and that deserves respect. It appears to have the sort of qualities a defensive investor should like: durable operations, a long record of earning money, a strong financial position, and a habit of paying dividends over many years. In plain terms, the enterprise seems sturdy rather than speculative, and that is always a good beginning. But in my approach, a good company is not automatically a good investment at any price. The investor must separate the business from the stock market’s opinion of the business. If the shares are offered without a sufficient margin of safety, then even an admirable enterprise may lead to an unsatisfactory result. The principal danger is not that the company will suddenly become poor, but that the buyer may be paying too much for certainty and quality. Here, the strength of the business is largely offset by the lack of an attractive purchase price. The company seems to meet many tests of financial soundness and earnings dependability, which would normally place it on a favorable list. However, the valuation perspective suggests that the market is already recognizing these virtues quite fully. That leaves less protection for the investor if business conditions weaken, sentiment changes, or results merely remain ordinary instead of improving. So I would not call this bearish, because the underlying business does not appear weak, reckless, or speculative. Nor would I call it bullish, because the margin of safety seems insufficient. The proper Graham conclusion is neutral: a respectable company, but not offered at a sufficiently attractive price to justify clear enthusiasm. For the enterprising investor, patience is often the best ally; it is wiser to wait for a more favorable opportunity than to stretch for quality without adequate protection.

Inner Scoring Radar

Earnings

Stability 100/100

Growth 67/100

The business has delivered profits consistently for more than a decade, showing strong earnings stability. Growth has been present, but it has come in unevenly, so progress appears steady overall rather than reliably accelerating.

Financial

Liquidity 100/100

Leverage 100/100

Payout 100/100

The business appears financially solid, with healthy short-term resources, steady operating profits, and cautious debt use that suggests limited balance-sheet strain. It has also maintained dividend payments for each of the past 12 years, supporting a low-risk view.

Valuation 25/100

Trading at 1.7x Graham Number — exceeds valuation ceiling, no margin of safety.

Warren Buffett

Value & Moat Agent

NEUTRAL • 83%

If I were thinking about this business in my usual way, I would begin by saying that Fleury appears to be a real business with real usefulness. People need diagnostic and medical support services in good times and bad, and that gives the company a degree of resilience I generally like. It also seems to have demonstrated the sort of operational strength that suggests the enterprise is not merely busy, but productive. That is important, because a business can grow and still not truly enrich its owners if it lacks durable economics. There are several qualities here that fit my preferences. The company appears to have built a steady and understandable operation in a field where reputation, trust, and scale matter. Its record suggests a business that has been able to expand while maintaining discipline. That usually points to a sound underlying franchise rather than a temporary stroke of luck. I also like that the business has continued to reward owners over time and has not relied on dangerous financial behavior to produce its results. Management, however, looks good rather than exceptional. I prefer leaders who behave unmistakably like owner-operators and allocate capital with a deeply shareholder-minded attitude. Here, the evidence suggests competence and some consistency, but not the kind of unmistakable alignment that makes me especially enthusiastic. Now we come to the part that matters most in investing: price. A wonderful business can still be a poor investment if you pay too much for it. In this case, the business itself seems attractive, but the current market quotation does not appear to offer a satisfactory margin of safety. That means even if the company continues to perform well, the investor may not earn a satisfactory return from today’s price. So I would not call this bearish, because the business seems sound and useful. But I also would not call it bullish, because discipline matters, and discipline means being willing to wait when the price is not favorable. In plain terms: this looks like a good company, but not a good enough bargain today to justify strong buying enthusiasm. My conclusion is neutral. I would keep it on the watch list, admire the business, and wait patiently for a more sensible entry point. Investing success often comes not from activity, but from judgment and restraint.

Inner Scoring Radar

Fundamentals

ROE 100/100

ROIC 100/100

Leverage 100/100

Returns on equity and invested capital have consistently stayed above the cost of capital, suggesting the business is creating value. At the same time, leverage has remained conservative and comfortably within healthy industry norms.

Consistency

Revenue 100/100

Margin 100/100

Net Income 70/100

The business has shown steady revenue growth over time, pointing to a stable and expanding operation. Margins remain healthy and consistent, suggesting solid pricing and cost discipline, while profits stay positive overall despite a less even growth pattern.

Management

Ownership 28/100

Earnings 90/100

Payout 100/100

Insider ownership looks scattered and relatively weak, with many small long-time holdings fading over time and newer larger stakes still unproven. Profitability has remained steady for over a decade, growth has been uneven, and dividends were paid every year.

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