Afya Limited (AFYA) Balance Sheet
AFYA balance sheet, 2025
December 31, 2025 · Brazilian reaisR$9.35B assets = R$4.46B liabilities + R$4.89B equity
Both columns are drawn to the same scale: what AFYA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AFYA financial health
Current ratio2.20
Comfortable · current assets cover current liabilities 2.20×
Debt / equity0.64
Moderate leverage · R$0.64 of debt for each $1 of equity
Equity / assets51.8%
Equity-funded · of assets funded by shareholders
Cash / debt36.1%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles59.7%
Mostly intangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
AFYA balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | R$103.6M2017 | R$9.35B2025 | +75.6%/yr | |
| Total liabilities | R$56.9M2017 | R$4.46B2025 | +72.5%/yr | |
| Shareholders’ equity | R$46.1M2017 | R$4.85B2025 | +79.0%/yr | |
| Cash & short-term investments | R$25.5M2017 | R$1.12B2025 | +60.5%/yr | |
| Total debt | R$3.8M2017 | R$3.12B2025 | +131.2%/yr | |
| Net cash (debt) | R$21.7M2017 | −R$1.99B2025 | −R$2.0B | |
| Working capital | R$8.5M2017 | R$1.06B2025 | +R$1.0B | |
| Current ratio | 1.162017 | 2.202025 | +1.03 | |
| Debt / equity | 0.082017 | 0.642025 | +0.56 | |
| Shares outstanding | 87.7M2017 | 91.3M2025 | +0.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AFYA assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AFYA liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AFYA debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AFYA balance sheet in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | R$1.12B | R$911.0M | R$553.0M | R$1.09B | R$748.6M | R$1.05B | R$943.2M | R$62.3M | R$25.5M |
| Cash & equivalents | R$1.12B | R$911.0M | R$553.0M | R$1.09B | R$748.6M | R$1.05B | R$943.2M | R$62.3M | R$25.5M |
| Short-term investments | — | — | — | — | — | — | R$0 | R$556,000 | R$0 |
| Receivables | R$753.5M | R$621.6M | R$590.2M | R$480.6M | R$403.9M | R$302.3M | R$125.4M | R$58.4M | R$31.1M |
| Inventory | R$0 | R$0 | R$1.4M | R$12.2M | R$11.8M | R$7.5M | R$3.9M | R$1.1M | R$448,000 |
| Other current assets | R$62.9M | R$57.1M | R$58.9M | R$51.7M | R$42.5M | R$50.6M | R$39.2M | R$11.7M | R$3.4M |
| Total current assets | R$1.94B | R$1.59B | R$1.20B | R$1.64B | R$1.21B | R$1.41B | R$1.11B | R$133.5M | R$60.5M |
| Property, plant & equipment (net) | R$1.61B | R$1.50B | R$1.38B | R$1.23B | R$1.08B | R$679.5M | R$413.6M | R$65.8M | R$32.5M |
| Goodwill & intangible assets | R$5.59B | R$5.53B | R$4.80B | R$4.04B | R$3.90B | R$2.57B | R$1.31B | R$682.5M | R$4.7M |
| Long-term investments | R$46.5M | R$54.4M | R$51.8M | R$53.9M | R$48.5M | R$51.4M | R$45.6M | R$1 | R$0 |
| Other non-current assets | R$172.9M | R$151.8M | R$156.8M | R$234.3M | R$207.7M | R$83.7M | R$29.1M | R$36.7M | R$5.9M |
| Total assets | R$9.35B | R$8.83B | R$7.58B | R$7.20B | R$6.45B | R$4.79B | R$2.91B | R$918.4M | R$103.6M |
| Liabilities | |||||||||
| Accounts payable | R$123.5M | R$313.4M | R$462.2M | R$333.2M | R$298.9M | R$224.2M | R$149.5M | R$8.1M | R$6.7M |
| Short-term debt | R$116.4M | R$409.1M | R$216.2M | R$239.8M | R$168.2M | R$179.6M | R$76.3M | R$26.8M | R$1.2M |
| Deferred revenue | R$158.0M | R$161.0M | R$153.5M | R$133.1M | R$114.6M | R$63.8M | R$36.9M | R$13.7M | R$8.2M |
| Total current liabilities | R$883.6M | R$1.14B | R$1.06B | R$905.7M | R$766.5M | R$589.4M | R$333.2M | R$182.3M | R$51.9M |
| Long-term debt | R$1.99B | R$1.83B | R$1.62B | R$1.74B | R$1.30B | R$576.0M | R$268.6M | R$51.0M | R$2.7M |
| Lease obligations | R$1.07B | R$978.3M | R$874.6M | R$769.5M | R$714.1M | R$447.7M | R$284.5M | R$0 | R$0 |
| Other long-term liabilities | R$1.59B | R$1.55B | R$1.26B | R$1.31B | R$1.38B | R$793.9M | R$196.9M | R$94.7M | R$2.3M |
| Total liabilities | R$4.46B | R$4.52B | R$3.94B | R$3.95B | R$3.45B | R$1.96B | R$798.7M | R$328.1M | R$56.9M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | R$16,991 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$315.0M | R$66.5M |
| Retained earnings (deficit) | R$2.63B | R$2.01B | R$1.38B | R$1.00B | R$631.3M | R$408.0M | R$115.9M | R$52.6M | R$40.3M |
| Treasury stock | — | — | — | — | — | — | R$0 | R$0 | R$0 |
| Accumulated other comprehensive income | R$202.7M | R$187.5M | R$155.1M | R$123.5M | R$94.1M | R$50.7M | R$115.9M | R$59.8M | R$43.2M |
| Minority interest | R$39.4M | R$40.6M | R$41.5M | R$51.3M | — | — | R$0 | R$0 | R$0 |
| Total shareholders' equity | R$4.85B | R$4.27B | R$3.60B | R$3.20B | R$2.95B | R$2.78B | R$2.07B | R$502.0M | R$46.1M |
| Key figures | |||||||||
| Total debt | R$3.12B | R$3.17B | R$2.68B | R$2.71B | R$2.16B | R$1.14B | R$344.9M | R$77.8M | R$3.8M |
| Net cash (debt) | −R$1.99B | −R$2.26B | −R$2.12B | −R$1.62B | −R$1.41B | −R$96.3M | R$598.3M | −R$15.6M | R$21.7M |
| Working capital | R$1.06B | R$449.6M | R$144.9M | R$732.0M | R$440.3M | R$816.1M | R$778.5M | −R$48.8M | R$8.5M |
| Tangible book value | −R$735.8M | −R$1.26B | −R$1.19B | −R$842.7M | −R$952.7M | R$209.2M | R$752.8M | −R$180.5M | R$41.4M |
| Shares outstanding | 91.3M | 91.2M | 90.5M | 89.9M | 94.1M | 93.6M | 76.2M | 87.7M | 87.7M |
| Current ratio | 2.20 | 1.39 | 1.14 | 1.81 | 1.57 | 2.38 | 3.34 | 0.73 | 1.16 |
| Quick ratio | 2.13 | 1.34 | 1.08 | 1.74 | 1.50 | 2.29 | 3.21 | 0.66 | 1.09 |
| Debt / equity | 0.64 | 0.74 | 0.74 | 0.85 | 0.73 | 0.41 | 0.17 | 0.16 | 0.08 |
| Equity / assets | 51.8% | 48.4% | 47.5% | 44.4% | 45.7% | 58.0% | 70.9% | 54.7% | 44.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | R$1.00B | R$1.32B | R$1.12B | R$996.8M | R$1.10B | R$1.15B | R$911.0M | R$836.9M | R$723.4M | R$611.1M | R$553.0M | R$822.0M |
| Cash & equivalents | R$1.00B | R$1.32B | R$1.12B | R$996.8M | R$1.10B | R$1.15B | R$911.0M | R$836.9M | R$723.4M | R$611.1M | R$553.0M | R$822.0M |
| Receivables | R$876.8M | R$815.3M | R$753.5M | R$716.9M | R$721.1M | R$669.0M | R$621.6M | R$593.8M | R$654.2M | R$586.8M | R$546.4M | R$543.9M |
| Inventory | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$235,000 | R$344,000 | R$653,000 | R$1.4M | R$4.5M |
| Other current assets | R$65.4M | R$65.4M | R$62.9M | R$48.5M | R$62.8M | R$57.3M | R$57.1M | R$45.3M | R$56.5M | R$61.7M | R$102.7M | R$52.0M |
| Total current assets | R$1.95B | R$2.20B | R$1.94B | R$1.76B | R$1.88B | R$1.88B | R$1.59B | R$1.48B | R$1.43B | R$1.26B | R$1.20B | R$1.42B |
| Property, plant & equipment (net) | R$1.59B | R$1.58B | R$1.61B | R$1.60B | R$1.54B | R$1.52B | R$1.50B | R$1.49B | R$1.41B | R$1.40B | R$1.38B | R$1.37B |
| Goodwill & intangible assets | R$5.57B | R$5.50B | R$5.59B | R$5.57B | R$5.58B | R$5.50B | R$5.53B | R$5.54B | R$4.80B | R$4.82B | R$4.80B | R$4.80B |
| Long-term investments | R$55.0M | R$50.6M | R$46.5M | R$56.3M | R$53.5M | R$53.1M | R$54.4M | R$55.4M | R$52.8M | R$52.1M | R$51.8M | R$53.3M |
| Other non-current assets | R$156.1M | R$173.0M | R$172.9M | R$198.3M | R$174.1M | R$157.5M | R$151.8M | R$154.7M | R$150.9M | R$154.7M | R$156.8M | R$187.7M |
| Total assets | R$9.31B | R$9.51B | R$9.35B | R$9.19B | R$9.24B | R$9.11B | R$8.83B | R$8.71B | R$7.85B | R$7.69B | R$7.58B | R$7.83B |
| Liabilities | ||||||||||||
| Accounts payable | R$145.8M | R$132.5M | R$123.5M | R$249.1M | R$333.3M | R$321.7M | R$128.1M | R$377.1M | R$368.5M | R$367.6M | R$108.2M | R$468.2M |
| Short-term debt | R$183.7M | R$185.3M | R$116.4M | R$969.4M | R$1.27B | R$421.0M | R$409.1M | R$75.2M | R$204.6M | R$201.7M | R$216.2M | R$274.1M |
| Deferred revenue | R$104.2M | R$149.3M | R$158.0M | R$147.0M | R$108.9M | R$161.3M | — | R$154.8M | R$120.2M | R$156.6M | R$153.5M | R$137.7M |
| Total current liabilities | R$884.5M | R$1.23B | R$883.6M | R$1.80B | R$2.01B | R$1.32B | R$1.14B | R$925.2M | R$974.4M | R$981.9M | R$1.06B | R$1.21B |
| Long-term debt | R$1.92B | R$1.99B | R$1.99B | R$996.8M | R$997.0M | R$1.84B | R$1.83B | R$2.12B | R$1.62B | R$1.62B | R$1.62B | R$1.72B |
| Lease obligations | R$1.07B | R$1.08B | R$1.07B | R$1.06B | R$1.01B | R$989.2M | R$978.3M | R$974.8M | R$921.7M | R$902.5M | R$874.6M | R$869.7M |
| Other long-term liabilities | R$1.58B | R$1.56B | R$1.59B | R$1.60B | R$1.59B | R$1.51B | R$1.55B | R$1.52B | R$1.23B | R$1.23B | R$1.26B | R$1.35B |
| Total liabilities | R$4.39B | R$4.78B | R$4.46B | R$4.40B | R$4.60B | R$4.67B | R$4.52B | R$4.56B | R$3.83B | R$3.83B | R$3.94B | R$4.28B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | R$16,973 | R$16,791 | R$16,991 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 | R$17,000 |
| Retained earnings (deficit) | R$2.78B | R$2.55B | R$2.63B | R$2.46B | R$2.31B | R$2.13B | R$2.01B | R$1.86B | R$1.74B | R$1.58B | R$1.38B | R$1.29B |
| Accumulated other comprehensive income | R$221.7M | R$211.3M | R$202.7M | — | R$200.0M | R$194.5M | R$187.5M | R$181.4M | R$175.5M | R$163.7M | R$155.1M | R$143.6M |
| Minority interest | R$40.2M | R$41.6M | R$39.4M | R$40.5M | R$40.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | R$4.88B | R$4.69B | R$4.85B | R$4.75B | R$4.60B | R$4.40B | R$4.27B | R$4.11B | R$3.98B | R$3.81B | R$3.60B | R$3.50B |
| Key figures | ||||||||||||
| Total debt | R$3.11B | R$3.16B | R$3.12B | R$2.97B | R$3.23B | R$3.20B | R$3.17B | R$3.12B | R$2.71B | R$2.69B | R$2.68B | R$2.83B |
| Net cash (debt) | −R$2.11B | −R$1.85B | −R$1.99B | −R$1.98B | −R$2.13B | −R$2.05B | −R$2.26B | −R$2.28B | −R$1.98B | −R$2.07B | −R$2.12B | −R$2.01B |
| Working capital | R$1.06B | R$965.5M | R$1.06B | −R$38.0M | −R$128.2M | R$558.2M | R$449.6M | R$551.0M | R$460.1M | R$278.4M | R$144.9M | R$215.9M |
| Tangible book value | −R$686.2M | −R$818.1M | −R$735.8M | −R$828.7M | −R$987.5M | −R$1.10B | −R$1.26B | −R$1.43B | −R$819.7M | −R$1.01B | −R$1.19B | −R$1.30B |
| Shares outstanding | 89.3M | 90.1M | 91.0M | 91.3M | 91.7M | 97.3M | 90.8M | 91.3M | 91.2M | 97.3M | 90.6M | 90.7M |
| Current ratio | 2.20 | 1.78 | 2.20 | 0.98 | 0.94 | 1.42 | 1.39 | 1.60 | 1.47 | 1.28 | 1.14 | 1.18 |
| Quick ratio | 2.13 | 1.73 | 2.13 | 0.95 | 0.91 | 1.38 | 1.34 | 1.55 | 1.41 | 1.22 | 1.04 | 1.13 |
| Debt / equity | 0.64 | 0.67 | 0.64 | 0.63 | 0.70 | 0.73 | 0.74 | 0.76 | 0.68 | 0.70 | 0.74 | 0.81 |
| Equity / assets | 52.4% | 49.3% | 51.8% | 51.7% | 49.8% | 48.3% | 48.4% | 47.2% | 50.7% | 49.6% | 47.5% | 44.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported (latest annual report filed March 31, 2026); data from EODHD.
AFYA financial position
At the end of fiscal 2025 (December 31, 2025), Afya had total assets of R$9.4 billion (up 5.9% from a year earlier), total liabilities of R$4.5 billion and shareholders' equity of R$4.8 billion. It held R$1.1 billion in cash and short-term investments against R$3.1 billion of debt, net debt of R$2.0 billion. Its current ratio was 2.20. In the latest quarter (ended June 30, 2026) total assets were R$9.3 billion and equity R$4.9 billion.
Related: AFYA income statement, AFYA cash flow statement, AFYA key metrics. See the AFYA stock overview for the latest quote and news.
AFYA balance sheet FAQ
What are Afya's total assets?
Afya reported total assets of R$9.4 billion at the end of fiscal 2025 (December 31, 2025), compared with R$8.8 billion a year earlier.
How much debt does Afya have?
Afya had R$3.1 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.64.
How much cash does Afya have?
Afya held R$1.1 billion in cash and short-term investments at the end of fiscal 2025; with R$3.1 billion of debt that is net debt of R$2.0 billion.
What is Afya's book value?
Afya's shareholders' equity (book value) was R$4.8 billion at the end of fiscal 2025.
What is Afya's current ratio?
Afya had current assets of R$1.9 billion and current liabilities of R$883.6 million, a current ratio of 2.20 (it can cover its short-term obligations).
How much goodwill does Afya have?
Afya carried R$5.6 billion of goodwill and intangible assets, 59.7% of total assets, at the end of fiscal 2025.