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

NATU3

(Natura Cosméticos S.A.)

B3 LISTED

Consumer goods • São Paulo, Brazil

R$ 8.38

-17.76%

Reference Price • Change over 90 days

Research Synthesis

Consensus across all agents

BULLISH • 92%

The overall case is favorable because both perspectives agree on the essentials: this appears to be a fundamentally sound business with a strong balance sheet, dependable profitability over time, and a stock price that looks meaningfully below a reasonable estimate of its underlying worth. That combination is powerful because it gives investors both business quality and price protection. The most important positive is that the company does not seem to be relying on fragile finances or optimistic future promises to justify the investment. It has already shown an ability to stay profitable, handle its obligations responsibly, and return some cash to shareholders. That makes the opportunity look more like ownership in a durable operating business than a speculative bet. The main area of disagreement is not about whether the business is sound, but about how smooth and predictable its growth really is. One view is especially enthusiastic about the long-term record, while the other is more cautious about uneven growth, shifting profitability, and some signs that management alignment may not be as steady as ideal. Those are real concerns, but they do not outweigh the broader picture of resilience, conservative financing, and an attractive entry price. Taken together, the evidence supports a bullish recommendation with high conviction, though not an unquestioning one. This looks like a good business being offered at a favorable price, with the main task for investors being to make sure the underlying consistency of operations and management quality does not erode over time.

Strength

Business quality is high and the shares appear priced with a meaningful margin of safety.

Caution

Growth and profitability are not perfectly consistent, and weaker management alignment could reduce long-term compounding quality.

Watch

Watch for steady earnings and margins alongside stable insider ownership to confirm the business remains durable.

Agent Conviction Scores

Ben Graham

Deep Value Agent

BULLISH • 96%

I would regard this situation favorably. The company seems to possess the qualities of a sound enterprise rather than a speculation. Its affairs appear to be conservatively financed, its resources seem ample for ordinary needs, and its use of debt does not suggest imprudence. That is the first requirement of a defensive investor: strength enough to endure adversity without placing the owner at the mercy of events. Next, the record of earnings is especially reassuring. One should prefer a business that has already demonstrated an ability to earn steadily through different conditions, rather than one that asks us to imagine a brilliant future. Here, the evidence points to a business with durable operations and a dependable earning power. That kind of consistency is far more valuable than exciting promises. The dividend history adds another measure of comfort. While dividends are not the whole of the case, a company that has shown a willingness and ability to return cash to its owners is generally more trustworthy than one that offers only hopes of future reward. It suggests management is running a real business for shareholders, not merely telling an attractive story. Most important of all, the shares appear to be available at a price that offers a genuine margin of safety. In my philosophy, even a good company may be a poor investment if bought too dearly; but a sound company purchased at a sufficiently modest price gives the investor protection against errors, disappointments, and the ordinary uncertainties of business life. That protection seems present here. So, speaking plainly: this appears to be a strong and seasoned business, with stable earning power, respectable financial condition, some record of shareholder distributions, and a price that is meaningfully favorable. Those are precisely the elements that justify a bullish recommendation under a Graham approach.

Inner Scoring Radar

Earnings

Stability 92/100

Growth 100/100

The business has shown strong stability, delivering positive results in nearly every year over the past decade, while also maintaining a healthy pattern of growth. Overall, this suggests a resilient performance profile for long-term investors.

Financial

Liquidity 100/100

Leverage 100/100

Payout 75/100

The business appears financially steady, with healthy short-term resources, reliable operating profits, and cautious use of debt. Balance sheet risk looks low, and it has returned cash to investors through dividends in most recent years.

Valuation 100/100

Trading at 0.6x Graham Number — below intrinsic ceiling, strong margin of safety.

Warren Buffett

Value & Moat Agent

BULLISH • 88%

I would view this as bullish. When I look at a business, I ask a simple question: if the stock market closed for years, would I still be comfortable owning this company as a piece of a real business? In this case, the answer appears to be yes. This is a company selling everyday products that people know, use, and repurchase. That matters. Businesses tied to recurring consumer habits tend to be easier to understand and more durable than businesses that depend on constant reinvention. The company also appears to earn good returns on the capital it employs while avoiding the kind of balance-sheet strain that can turn a good business into a bad investment. That is the sort of economic profile I prefer. On top of that, management seems reasonably shareholder-minded. The record suggests they have generally produced solid business outcomes and have returned cash to owners at times. I do see one mild caution: the ownership picture looks less steady than I would ideally like, which can sometimes hint at weakening alignment. It is not enough to overturn the case, but it does keep me from being maximally enthusiastic. The second caution is consistency. This is not a perfectly smooth compounding machine. Growth has had some unevenness, and profitability has shown some swings. In Buffett terms, this may not be the purest example of a business with effortless predictability. Still, the important point is that the business has remained profitable and has continued to build value over time rather than destroying it. What pushes this into bullish territory is the combination I care most about: a fundamentally sound business, recognizable brands, sensible financial stewardship, and a price that appears to offer a meaningful cushion. I would rather buy a wonderful business at a fair price than a mediocre one at a bargain, and this situation seems closer to the former than the latter. So my conclusion is straightforward: this looks like the kind of business I would be willing to own patiently, provided the underlying strengths remain intact. Not perfect, but attractive enough to justify a bullish recommendation.

Inner Scoring Radar

Fundamentals

ROE 100/100

ROIC 100/100

Leverage 100/100

Returns on both equity and invested capital have stayed above the cost of capital, pointing to steady value creation. At the same time, leverage has remained conservative and comfortably within a healthy range for the industry.

Consistency

Revenue 50/100

Margin 70/100

Net Income 100/100

Growth has been inconsistent, with gains in some periods offset by pullbacks in others. Profitability remains positive but can swing, pointing to moderate pricing power and sensitivity to costs or demand. Earnings stay positive and continue to build over time.

Management

Ownership 52/100

Earnings 94/100

Payout 75/100

Ownership remains meaningful but has become less stable. Long-term insider presence still supports alignment, yet key voting stakes have fallen over time, especially in 2025, suggesting dilution or succession. Business results stayed strong, with dividends in most recent years.

Valuation 100/100

Significant margin of safety: market price is well below estimated intrinsic value, offering a favorable entry point.

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 0.3x

Excellent financial position

Operating Margin 7.0%

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

Return on Equity 2.3x

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

Return on Invested Capital 1.2x

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 %
Family Seabra	14.5%
Free Float	85.5%

Payout History

DIVIDEND

R$ 0.000 / share

Dec 2025

DIVIDEND

R$ 0.376 / share

Dec 2024

DIVIDEND

R$ 0.000 / share

Dec 2023

DIVIDEND

R$ 0.000 / share

Dec 2022