Afya is a profitable Brazilian medical education platform built around scarce regulated medical-school seats. The thesis rests on seat maturation, tuition durability, cash conversion and whether the newer physician ecosystem can grow without undermining margins.
References
Sources used in this report
SEC datasetSEC company tickers exchange dataset2026-05-14 · Issuer name, ticker, CIK and Nasdaq listing confirmation.SEC APISEC submissions for Afya2026-05-14 · Filing chronology, latest Form 20-F, recent 6-Ks, SIC, fiscal year end and SEC identity.SEC XBRL APISEC companyfacts for Afya2026-05-14 · Financial statement cross-checks where IFRS tags are available.Annual filingFiscal 2025 Form 20-F2026-03-31 · Business model, segments, medical seats, regulation, risks, ownership, governance and audited annual financials.Earnings releaseFirst-quarter 2026 financial-results press release2026-05-07 · Current revenue, adjusted EBITDA, net income, cash conversion, operating metrics, guidance and management discussion.Interim filing exhibitFirst-quarter 2026 interim financial statements2026-05-07 · Balance sheet, debt, cash, segment revenue, financial risk and revenue recognition.Earnings releaseFourth-quarter and full-year 2025 results2026-03-12 · FY2025 revenue, adjusted EBITDA, cash conversion, seat authorizations, net debt and 2026 guidance.Financial statements exhibitFiscal 2025 financial statements exhibit2026-03-12 · Additional annual financial statement and debt support.Government education sourceCenso da Educacao Superior 2024 resumo tecnico2026-04-28 · Official Brazilian higher-education census context.Government policy sourcePrograma Mais MedicosRetrieved 2026-05-14 · Official medical-course and seat authorization policy context.Government policy updateMEC and Ministry of Health studies for new Mais Medicos notice2026-03-13 · Current policy review around medical-course authorization, regional inequality and quality standards.