Lavoro Limited (LVRO) 10-Year Financial Performance & Capital Metrics

LVRO • • Industrial / General

Basic MaterialsAgricultural InputsAgricultural Retail & DistributionAgricultural Input Retailers

AboutLavoro Limited operates as an agricultural inputs retailer. It sells agricultural inputs, including seeds, fertilizers and specialty products, crop protection products, and others for the agricultural industry. The company also produces specialty fertilizers, crop protection products, and biological crop inputs. It operates in Brazil, Colombia, and Uruguay. The company sells its products through its physical stores and digital. Lavoro Limited was founded in 2017 and is based in Sao Paulo, Brazil.Show more

Revenue $9.39B +0.5%
EBITDA $191M -48.0%
Net Income -$762M -192.5%
EPS (Diluted) -6.71 -193.0%
Gross Margin 14.24% -23.1%
EBITDA Margin 2.03% -48.3%
Operating Margin 0.13% -94.8%
Net Margin -8.12% -191.1%
ROE -43.95% -218.6%
ROIC 0.36% -94.8%
Debt/Equity 1.36 +149.5%
Interest Coverage 0.01 -95.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 4.0%
✓Trading at only 0.1x book value
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y22.59%

TTM-3.7%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-144.13%

EPS CAGR

10Y-

5Y-

3Y-

TTM-139.24%

ROCE

10Y Avg7.26%

5Y Avg7.26%

3Y Avg10.77%

Latest0.54%

Peer Comparison

Agricultural Input Retailers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTRNutrien Ltd.	29.64B	61.33	45.10	-10.61%	6.79%	7.17%	4.66%	0.52
LVROLavoro Limited	101.87M	0.89	-0.13	0.48%	-10.4%	-86.78%	50.39%	1.36

Profit & Loss

	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024
Sales/Revenue+	2.71B	5.1B	7.75B	9.35B	9.39B
Revenue Growth %	-	0.88%	0.52%	0.21%	0%
Cost of Goods Sold+	2.38B	4.36B	6.42B	7.62B	8.05B
COGS % of Revenue	0.88%	0.86%	0.83%	0.81%	0.86%
Gross Profit+	322.2M	735.89M	1.33B	1.73B	1.34B
Gross Margin %	0.12%	0.14%	0.17%	0.19%	0.14%
Gross Profit Growth %	-	1.28%	0.8%	0.31%	-0.23%
Operating Expenses+	383.86M	603.89M	965.63M	1.5B	1.33B
OpEx % of Revenue	0.14%	0.12%	0.12%	0.16%	0.14%
Selling, General & Admin	394.66M	619.51M	1.02B	1.23B	1.36B
SG&A % of Revenue	0.15%	0.12%	0.13%	0.13%	0.15%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	-10.79M	-15.62M	-56.76M	275.81M	-39.05M
Operating Income+	-61.66M	132M	359.87M	226.87M	11.91M
Operating Margin %	-0.02%	0.03%	0.05%	0.02%	0%
Operating Income Growth %	-	3.14%	1.73%	-0.37%	-0.95%
EBITDA+	-25M	165.21M	478.38M	367.44M	190.89M
EBITDA Margin %	-0.01%	0.03%	0.06%	0.04%	0.02%
EBITDA Growth %	-	7.61%	1.9%	-0.23%	-0.48%
D&A (Non-Cash Add-back)	36.66M	33.21M	118.51M	140.57M	178.98M
EBIT	-104.78M	132M	734.5M	453.95M	232.7M
Net Interest Income+	-31.84M	-87.96M	-177.92M	-587.03M	-721.1M
Interest Income	50.52M	207.21M	416.15M	257.85M	322.22M
Interest Expense	70.1M	295.17M	594.08M	844.88M	1.04B
Other Income/Expense	-113.22M	-85.79M	-219.44M	-617.81M	-822.53M
Pretax Income+	-174.88M	46.21M	140.42M	-390.94M	-810.62M
Pretax Margin %	-0.06%	0.01%	0.02%	-0.04%	-0.09%
Income Tax+	-53.38M	24.68M	32.66M	-172.26M	-25.62M
Effective Tax Rate %	0.62%	0.83%	0.56%	0.67%	0.94%
Net Income+	-108.7M	38.39M	78.17M	-260.71M	-762.46M
Net Margin %	-0.04%	0.01%	0.01%	-0.03%	-0.08%
Net Income Growth %	-	1.35%	1.04%	-4.34%	-1.92%
Net Income (Continuing)	-121.5M	21.53M	107.76M	-218.68M	-785M
Discontinued Operations	0	0	0	0	0
Minority Interest	68.92M	123.06M	218.08M	250.24M	236.4M
EPS (Diluted)+	-0.82	0.29	0.59	-2.29	-6.71
EPS Growth %	-	1.35%	1.03%	-4.88%	-1.93%
EPS (Basic)	-0.82	0.29	0.59	-2.29	-6.71
Diluted Shares Outstanding	132.29M	132.29M	132.29M	113.6M	113.6M
Basic Shares Outstanding	132.29M	132.29M	132.29M	113.6M	113.6M
Dividend Payout Ratio	-	-	1.78%	-	-

Balance Sheet

	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024
Total Current Assets+	2.1B	3.47B	4.38B	5.54B	6.22B
Cash & Short-Term Investments	158.5M	459.46M	254.41M	564.29M	911.34M
Cash Only	158.5M	459.46M	254.41M	564.29M	911.34M
Short-Term Investments	0	0	0	0	0
Accounts Receivable	1.08B	1.47B	1.79B	2.67B	2.87B
Days Sales Outstanding	145.72	105.04	84.56	104.14	111.67
Inventory	431.47M	849.14M	1.75B	1.87B	1.78B
Days Inventory Outstanding	66.06	71.04	99.42	89.53	80.67
Other Current Assets	429.35M	690.32M	577.62M	437.09M	403.34M
Total Non-Current Assets+	562.78M	935.45M	1.31B	1.99B	2.13B
Property, Plant & Equipment	93.64M	157.56M	286.38M	370.27M	439M
Fixed Asset Turnover	28.90x	32.36x	27.05x	25.25x	21.39x
Goodwill	259.53M	396.72M	451.97M	546.66M	700.16M
Intangible Assets	122.96M	260.09M	272.35M	260.53M	271.18M
Long-Term Investments	0	0	1.34M	324.39M	4.49M
Other Non-Current Assets	86.67M	6.34M	97.05M	156.41M	377.86M
Total Assets+	2.66B	4.4B	5.69B	7.52B	8.35B
Asset Turnover	1.02x	1.16x	1.36x	1.24x	1.12x
Asset Growth %	-	0.65%	0.29%	0.32%	0.11%
Total Current Liabilities+	1.76B	2.87B	3.84B	5.05B	6.37B
Accounts Payable	1.02B	1.56B	2.3B	2.58B	3.84B
Days Payables Outstanding	155.6	130.82	130.84	123.43	174.21
Short-Term Debt	160.29M	221.77M	681.22M	922.64M	1.19B
Deferred Revenue (Current)	0	1000K	1000K	0	1000K
Other Current Liabilities	537.96M	450.32M	276.36M	1.25B	603.52M
Current Ratio	1.19x	1.21x	1.14x	1.10x	0.98x
Quick Ratio	0.95x	0.91x	0.68x	0.73x	0.70x
Cash Conversion Cycle	56.18	45.26	53.14	70.24	18.13
Total Non-Current Liabilities+	42.12M	65.33M	179.69M	359.15M	616.52M
Long-Term Debt	8.28M	20.63M	29.34M	42.84M	439.26M
Capital Lease Obligations	32.78M	40.61M	86.03M	98.55M	120.52M
Deferred Tax Liabilities	0	0	0	0	12.42M
Other Non-Current Liabilities	1.05M	4.09M	8.61M	151.71M	44.32M
Total Liabilities	1.81B	2.93B	4.02B	5.41B	6.99B
Total Debt+	210.18M	317.54M	865.8M	1.15B	1.85B
Net Debt	51.68M	-141.92M	611.39M	585.6M	936.55M
Debt / Equity	0.25x	0.22x	0.52x	0.54x	1.36x
Debt / EBITDA	-	1.92x	1.81x	3.13x	9.68x
Net Debt / EBITDA	-	-0.86x	1.28x	1.59x	4.91x
Interest Coverage	-0.88x	0.45x	0.61x	0.27x	0.01x
Total Equity+	856.63M	1.47B	1.67B	2.11B	1.36B
Equity Growth %	-	0.71%	0.14%	0.26%	-0.36%
Book Value per Share	6.48	11.10	12.62	18.58	11.96
Total Shareholders' Equity	787.71M	1.35B	1.45B	1.86B	1.12B
Common Stock	787.71M	1.35B	1.45B	591K	591K
Retained Earnings	0	0	0	-260.71M	-1.02B
Treasury Stock	0	0	0	0	0
Accumulated OCI	0	0	0	-14.1M	35.62M
Minority Interest	68.92M	123.06M	218.08M	250.24M	236.4M

Cash Flow

	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024
Cash from Operations+	-11.43M	53.82M	-259.47M	108.07M	165.75M
Operating CF Margin %	-0%	0.01%	-0.03%	0.01%	0.02%
Operating CF Growth %	-	5.71%	-5.82%	1.42%	0.53%
Net Income	-108.7M	-46.37M	140.42M	-260.71M	-810.62M
Depreciation & Amortization	36.66M	53.43M	118.51M	140.57M	178.98M
Stock-Based Compensation	0	0	0	14.53M	15.65M
Deferred Taxes	-53.38M	24.68M	32.66M	-27.15M	0
Other Non-Cash Items	137.06M	20.76M	40.88M	548.23M	287.06M
Working Capital Changes	-23.07M	1.33M	-591.94M	-307.4M	494.69M
Change in Receivables	-88.58M	262.67M	19.56M	-608.55M	-425.4M
Change in Inventory	-19.92M	5.75M	-721.6M	49.74M	135.34M
Change in Payables	-46.85M	-316.57M	273.61M	-117.57M	1.02B
Cash from Investing+	-280.43M	-393.36M	-293.95M	-220.73M	-318.27M
Capital Expenditures	-33.84M	-34.94M	-47.7M	-65.38M	-114.43M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	551K	4.24M	1.31M	2.08M	19.12M
Cash from Financing+	381M	640.5M	333.47M	448.73M	489.52M
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	-139.51M	-2.28M	-4.07M
Share Repurchases	-	-	-	-	-
Other Financing	0	0	0	457.27M	382.13M
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	-45.27M	18.88M	-292.26M	42.69M	51.33M
FCF Margin %	-0.02%	0%	-0.04%	0%	0.01%
FCF Growth %	-	1.42%	-16.48%	1.15%	0.2%
FCF per Share	-0.34	0.14	-2.21	0.38	0.45
FCF Conversion (FCF/Net Income)	0.11x	1.40x	-3.32x	-0.41x	-0.22x
Interest Paid	0	0	0	0	0
Taxes Paid	0	0	0	0	0

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	-12.69%	3.3%	4.98%	-13.79%	-43.95%
Return on Invested Capital (ROIC)	-5.09%	8.86%	14.96%	6.84%	0.36%
Gross Margin	11.91%	14.43%	17.11%	18.52%	14.24%
Net Margin	-4.02%	0.75%	1.01%	-2.79%	-8.12%
Debt / Equity	0.25x	0.22x	0.52x	0.54x	1.36x
Interest Coverage	-0.88x	0.45x	0.61x	0.27x	0.01x
FCF Conversion	0.11x	1.40x	-3.32x	-0.41x	-0.22x
Revenue Growth	-	88.4%	51.94%	20.67%	0.48%

Frequently Asked Questions

Growth & Financials

Lavoro Limited (LVRO) reported $9.08B in revenue for fiscal year 2024. This represents a 235% increase from $2.71B in 2020.

Lavoro Limited (LVRO) grew revenue by 0.5% over the past year. Growth has been modest.

Lavoro Limited (LVRO) reported a net loss of $944.5M for fiscal year 2024.

Dividend & Returns

Yes, Lavoro Limited (LVRO) pays a dividend with a yield of 4.05%. This makes it attractive for income-focused investors.

Lavoro Limited (LVRO) has a return on equity (ROE) of -44.0%. Negative ROE indicates the company is unprofitable.

Lavoro Limited (LVRO) had negative free cash flow of $75.5M in fiscal year 2024, likely due to heavy capital investments.

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