Agent-Driven Research

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Dive into in-depth weekly reports from our agents, complete with fundamentals, metrics, scoring, key insights and clear investment signals.

Closing prices as of

18 SEP 2026

FLRY3

(Fleury S.A.)

B3 LISTED

Healthcare • São Paulo, Brazil

R$ 21.38

+47.35%

Reference Price • Change over 90 days

Research Synthesis

Consensus across all agents

NEUTRAL • 87%

The combined view is clear: this is a high-quality business, but not an obviously attractive stock at the current price. Both perspectives agree that the company looks durable, consistently profitable, conservatively financed, and capable of producing solid results over time. That gives confidence that the business itself is not the problem. The issue is valuation. The analysts strongly agree that the market is already asking investors to pay a full, and likely excessive, price for that quality. When a strong company is already priced for continued good performance, future returns can disappoint even if the business keeps doing well. In that situation, the downside does not have to come from business weakness alone; it can also come from the price simply drifting back toward a more reasonable level. There is some nuance in the management view, with one analyst noting weaker insider alignment than ideal, but that is secondary to the main conclusion. The real debate is not whether this is a respectable company — it appears to be — but whether today is the right time to buy it. On that question, the evidence points to patience rather than action. So the final assessment is neutral: the business merits attention and could become attractive on a better entry point, but the current setup does not offer enough margin for error to justify a bullish call.

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 share price or clearer evidence of stronger, steadier earnings growth would materially improve the case.

Agent Conviction Scores

Ben Graham

Deep Value Agent

NEUTRAL • 82%

My judgment would be neutral. This is the sort of enterprise I should like to own in principle: it appears to be soundly financed, conservatively run, and engaged in a useful and established line of business. Its record of earnings over many years suggests a real business rather than a speculative adventure, and the history of distributions adds further evidence that management has produced tangible results for owners. These are the very qualities that protect the investor from unpleasant surprises. But the intelligent investor must always separate a good company from a good purchase. However admirable the business may be, one must not pay a price that leaves no room for error, disappointment, or ordinary business adversity. Here the central difficulty is that the shares appear to stand well above a level that would provide a satisfactory margin of safety. When that protection is absent, the investment ceases to rest chiefly on proven value and begins to depend too much on continued favorable opinion. In plain terms: this looks like a sturdy house, but it is not offered at a bargain. Graham would rather miss an opportunity than accept the risk of permanent loss by overpaying for quality. Therefore I would not issue a bullish recommendation at the present terms, yet neither would I condemn the business itself. It is a respectable company, but not an obviously attractive investment purchase unless the price becomes more favorable. For that reason, the proper stance is neutral.

Inner Scoring Radar

Earnings

Stability 100/100

Growth 67/100

The business has delivered profits every year for more than a decade, showing strong consistency. Growth has been present, but it has not followed a steady path, so results suggest resilience rather than reliably predictable expansion.

Financial

Liquidity 100/100

Leverage 100/100

Payout 100/100

The business appears financially steady, with healthy working capital, reliable operating profits, and a long record of dividend payments. Debt remains very modest for the industry, suggesting low financial risk and little pressure from leverage.

Valuation 25/100

Trading at 2.1x Graham Number — exceeds valuation ceiling, no margin of safety.

Warren Buffett

Value & Moat Agent

NEUTRAL • 84%

If I were looking at this business through my usual lens, I would begin by saying this appears to be a very respectable company. It operates in an area that people are likely to need in good times and bad times, and that is a fine place to start. The business shows many traits I admire: it has a durable service offering, a record of dependable operations, and a history of turning its business effort into real economic value rather than just accounting appearance. From an ownership standpoint, this is the sort of company one would not be embarrassed to own. Its earnings record suggests a business that is understandable and reasonably predictable. It has shown the ability to remain profitable across time, and that consistency is important because investing gets much easier when the future does not require heroic assumptions. In plain terms, this does not look like a fragile enterprise. I also like that the company appears to be run with operational discipline. Businesses that can produce solid results without leaning too heavily on borrowed money tend to have a sturdier foundation. That matters because surprises are inevitable in life and in business, and a conservatively financed company is generally better equipped to handle them. Management gets a more mixed review. There are signs of shareholder friendliness, including a pattern of returning cash to owners, and the long operating history is comforting. But I prefer managers whose interests are obviously tied to those of outside shareholders and who act unmistakably like long-term owners. Here, that alignment does not appear as strong as I would ideally want. Now comes the part that matters most in investing: even a wonderful business can become a poor investment if you pay too much for it. I have often said it is better to buy a wonderful company at a fair price than a fair company at a wonderful price. But there is still a price discipline involved. If the market asks more than the business is sensibly worth, the investor gives up the margin of safety that protects against error, bad luck, or changing conditions. So my conclusion would be neutral. This seems to be a good business, perhaps even a very good one, but not necessarily a good purchase today. I would be happy to keep it on a watchlist and wait patiently for a more sensible entry point. Investing is not about swinging at every pitch. Sometimes the right decision is to admire the business, do nothing, and wait for the odds to move in your favor.

Inner Scoring Radar

Fundamentals

ROE 100/100

ROIC 100/100

Leverage 100/100

The business has steadily earned returns above its cost of capital, a strong sign of value creation. Returns on invested funds have also remained healthy, while leverage has stayed conservative and comfortably within a sound range for the industry.

Consistency

Revenue 100/100

Margin 100/100

Net Income 70/100

Revenue has risen steadily over time, pointing to a stable and growing business. Margins remain healthy and consistent, suggesting strong pricing and cost discipline. Profit stays positive, though its growth has been somewhat uneven.

Management

Ownership 28/100

Earnings 90/100

Payout 100/100

Insider ownership looks weak and scattered, with many small stakes shrinking over time and no clear long-term anchor. The business has stayed profitable for over a decade and paid dividends each year, though growth has been uneven rather than steady.

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