Latest Ratios: P/E Ratio 4.1x · EV/EBITDA 4.7x · ROE 10.2%. (2018–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $394M | $160M | $367M | $335M | $348M | $1.2B | — | — |
| Enterprise Value | $607M | $1.3B | $1.4B | $1.4B | $1.1B | $1.3B | — | — |
| P/E Ratio → | 4.15 | 0.33 | — | — | — | — | — | — |
| P/S Ratio | 1.21 | 0.10 | 0.25 | 0.26 | 0.37 | 1.21 | — | — |
| P/B Ratio | 0.40 | 0.03 | 0.08 | 0.07 | 0.07 | 1.31 | — | — |
| P/FCF | 42.90 | 3.40 | 3.99 | 14.48 | — | 7.04 | — | — |
| P/OCF | 11.53 | 0.91 | 1.68 | 1.91 | — | 5.59 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.75 | 0.96 | 1.13 | 1.19 | 1.34 | — | — |
| EV / EBITDA | 4.72 | 1.90 | 2.98 | 3.61 | 6.53 | 5.89 | — | — |
| EV / EBIT | 8.52 | 4.00 | 8.27 | 9.23 | — | 48.58 | — | — |
| EV / FCF | — | 26.54 | 15.47 | 61.79 | — | 7.80 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.0% | 61.0% | 61.6% | 62.6% | 58.1% | 62.1% | 54.8% | 71.6% |
| Operating Margin | 21.8% | 21.8% | 12.7% | 10.0% | -4.1% | 5.3% | 8.3% | 16.6% |
| Net Profit Margin | 29.1% | 29.1% | -5.6% | -4.3% | -12.5% | -4.6% | -6.1% | -0.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| ROE | 10.2% | 10.2% | -1.8% | -1.2% | -4.3% | -5.4% | -3.0% | -0.1% |
| ROA | 6.7% | 6.7% | -1.1% | -0.7% | -2.7% | -3.2% | -1.6% | -0.1% |
| ROIC | 4.7% | 4.7% | 2.5% | 1.7% | -0.9% | 3.5% | 2.1% | 2.5% |
| ROCE | 6.1% | 6.1% | 3.0% | 1.9% | -1.0% | 4.4% | 2.6% | 3.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.24 | 0.24 | 0.25 | 0.25 | 0.23 | 0.21 | 0.58 | 0.51 |
| Debt / EBITDA | 1.78 | 1.78 | 2.42 | 2.88 | 6.31 | 0.84 | 1.80 | 6.67 |
| Net Debt / Equity | — | 0.22 | 0.23 | 0.24 | 0.17 | 0.14 | 0.56 | 0.48 |
| Net Debt / EBITDA | 1.65 | 1.65 | 2.21 | 2.77 | 4.52 | 0.57 | 1.76 | 6.26 |
| Debt / FCF | — | 23.14 | 11.48 | 47.31 | — | 0.76 | — | — |
| Interest Coverage | 44.87 | 44.87 | 0.59 | 0.59 | -0.45 | 1.33 | 2.44 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.18 | 1.18 | 1.01 | 1.82 | 1.67 | 1.46 | 0.70 | 0.76 |
| Quick Ratio | 0.96 | 0.96 | 0.80 | 1.48 | 1.36 | 1.23 | 0.50 | 0.49 |
| Cash Ratio | 0.16 | 0.16 | 0.24 | 0.54 | 0.61 | 0.73 | 0.04 | 0.10 |
| Asset Turnover | — | 0.23 | 0.20 | 0.17 | 0.13 | 0.74 | 0.65 | 0.16 |
| Inventory Turnover | 2.36 | 2.36 | 1.90 | 1.78 | 1.64 | 7.87 | 8.09 | 1.07 |
| Days Sales Outstanding | — | 198.98 | 182.38 | 198.84 | 208.60 | 36.69 | 43.92 | 121.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 24.1% | 303.5% | — | — | — | — | — | — |
| FCF Yield | 2.3% | 29.4% | 25.1% | 6.9% | — | 14.2% | — | — |
| Buyback Yield | 1.1% | 14.1% | 10.9% | 0.0% | 6.9% | 0.0% | — | — |
| Total Shareholder Yield | 1.1% | 14.1% | 10.9% | 0.0% | 6.9% | 0.0% | — | — |
| Shares Outstanding | — | $80M | $82M | $84M | $82M | $83M | $83M | $83M |
High Seasonal Revenue Volatility
Based on current market data, VSTA trades at a forward P/E of 2.11 and an EV/EBITDA of 4.74, suggesting that investors are heavily discounting the company's future earnings potential compared to broader education sector peers which often command double-digit multiples.
The current valuation appears to reflect a significant conglomerate discount or parent-subsidiary risk associated with Cogna Educação. Investors should monitor whether this low multiple represents a genuine value opportunity or a structural market reaction to the volatility in the company's earnings and its reliance on the Brazilian middle-class economic cycle.
As reported in recent financial statements, Vasta's ROIC has struggled to maintain positive territory, oscillating between -0.6% and 4.4% over the last ten quarters, which indicates that the company is currently failing to generate consistent returns on its invested capital base.
The inability to sustain positive ROIC suggests that the company's heavy investment in pedagogical infrastructure and acquisitions has yet to translate into efficient value creation. This trend warrants further investigation into whether the current asset base is overvalued or if the operational costs of the 'Learning System' model are structurally too high to permit meaningful compounding.
According to the latest quarterly data, Vasta's cash conversion cycle remains highly erratic, peaking at 177 days in 2024Q3, which highlights the significant strain placed on the company's working capital by its B2B school partners and the seasonal nature of its billing cycle.
The high DSO and DIO figures suggest that Vasta is effectively acting as a lender to its school partners, which introduces significant credit risk into the business model. Investors should monitor the company's ability to tighten these cycles, as persistent inefficiencies here may continue to suppress free cash flow generation regardless of top-line growth.
The P/E ratio is the most commonly misapplied metric for Vasta, as it obscures the company's extreme seasonal earnings volatility and the significant impact of non-operating items on the bottom line, rendering standard valuation comparisons largely meaningless for this specific business model.
Because Vasta recognizes revenue in highly concentrated windows, a TTM P/E ratio fails to account for the underlying contract value and the timing of pedagogical material delivery. Analysts should instead prioritize Annual Contract Value (ACV) bookings and normalized cash flow metrics to better assess the true health and growth trajectory of the platform.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying VSTA stock.
Vasta Platform Limited's current P/E ratio is 4.1x. The historical average is 0.3x. This places it at the 100th percentile of its historical range.
Vasta Platform Limited's current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.2x.
Vasta Platform Limited's return on equity (ROE) is 10.2%. The historical average is -0.8%.
Based on historical data, Vasta Platform Limited is trading at a P/E of 4.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Vasta Platform Limited has 61.0% gross margin and 21.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Vasta Platform Limited's Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.