Consumer Defensive
MEAL3 — INTERNATIONAL MEAL COMPANY ALIMENTAÇÃO S.A.
CNPJ 17.314.329/0001-20 · listed classes: MEAL3 · CVM code 23574
Setor de Varejo de AlimentaçãoAs filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Alimentos
Verdict
Net margin -8.6%; ROIC 2.1%; debt 1.2x EBITDA; 2025 data, with a relevant recent restatement.
Confidence flag: Incomplete or flagged snapshot
Data for fiscal year 2025, received by the CVM on 2026-03-30; 3 of the 5 core figures published; last restatement recorded in 2024.
- core figure not published because of a caveat: pl, pvp
- the 2024 statements were restated with a change of at least 5% in a key account
Does the company make money?
- Net margin of -8.6% in 2025; sector median 4.4% (24 companies); the company itself ranged from -41.0% to 10.9% between 2011 and 2025; 17% of the 330 companies in the base are below; negative margin. how we compute it
- Return on invested capital (ROIC) of 2.1% in 2025; sector median 15.0% (12 companies); 1% of the 167 companies in the base are below; return below the average Selic rate of 2025 (14.4% a year, before tax); note: tax rate assumed at 34% for ROIC. how we compute it
Is it sound or indebted?
- Net debt to EBITDA of 1.2 in 2025; sector median 2.4 (23 companies); the company itself ranged from -1.3 to 9.4 between 2011 and 2025; 60% of the 300 companies in the base are above; debt up to 2 times EBITDA. how we compute it
Is the share expensive or cheap relative to the sector and its own history?
- Price to earnings (P/E): not published for 2025 — the figure did not pass the checks cleanly (caveat: share count jumped with no declared event: market value not computed [acoes_salto_sem_evento]). how we compute it
- Price to book (P/B): not published for 2025 — the figure did not pass the checks cleanly (caveat: share count jumped with no declared event: market value not computed [acoes_salto_sem_evento]). how we compute it
Descriptive: number, numeric band and comparison with the sector, the company's own history and the whole universe. Not investment advice. JSON · how the verdict works
Quick answers: How much has it paid in dividends? · Has profit grown? · Has debt gone up?
Embed these charts (net income and ROE: ready-made cards for your blog or forum)
Quote
1m -10.9% · 12m -27.4% · YTD -29.1% · 52-week R$ 0.56–1.34
Return by window
| 1 month | 3 months | 1 year | 2 years | 5 years | 10 years | |
|---|---|---|---|---|---|---|
| Price | -10.9% | +28.6% | -27.4% | -34.3% | -69.7% | -84.4% |
| With dividends reinvested | -10.9% | +28.6% | -27.4% | -34.3% | -69.7% | -84.4% |
| Real, net of inflation (IPCA to 09/2026) | -11.1% | +27.9% | -30.6% | -40.0% | -76.4% | -90.4% |
| R$ 1,000 would be worth | R$ 891 | R$ 1,286 | R$ 726 | R$ 657 | R$ 303 | R$ 156 |
Closing prices from the base up to 2026-10-22. The starting price is adjusted by the corporate actions checked against the price (the small mark says how many); a jump they do not explain leaves the window blank. Reinvestment buys more shares at the close of the ex-date, with no tax or cost; only the main ticker class. The real line divides the reinvested return by the IPCA accumulated in the window (Banco Central series 433, monthly, edge months pro rata by days); the latest month is only published around the 10th of the following month.
Buy-and-hold vs 21×100 moving-average crossover
| 2021-10-22 → 2026-10-22 | Return (price) | Maximum drawdown (price) |
|---|---|---|
| Buy and hold | -69.70% | -82.66% |
| 21×100 crossover | -68.71% | -69.77% |
Closing price adjusted for corporate actions, no dividends, no costs; a session's crossover signal applies to the next one. Not a recommendation. Same numbers, with the premises and volatility, open, no key: /empresas/MEAL3/desempenho.
How much did R$ 1,000 in MEAL3 become in 1, 3, 5 and 10 years?
Valuation
At the filing date (point-in-time)
price of 2025-03-26 · sector 12.0 · 12 cos. · 1st of 13price ÷ earnings per share for the year
price of 2025-03-26 · sector 1.4 · 12 cos. · 1st of 13price ÷ book value per share
price of 2025-03-26 · sector 5.5 · 12 cos. · 1st of 13enterprise value on the filing date ÷ EBITDA for the year (other sites use trailing 12 months and today's price)
price of 2025-03-26 · sector 15.1% · 12 cos. · 13th of 13(operating cash flow + capex) ÷ market value
sector 9.3% · 18 cos. · 17th of 19net income to controlling ÷ average equity
sector 15.0% · 12 cos. · 13th of 13EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
By theme, fiscal year 2025
Debt and liquidity
| Dívida líquida/PLnet debt ÷ shareholders' equity | 0.35× |
| Dívida bruta/PLshort- and long-term borrowings ÷ equity | 0.55× |
| Dívida líquida/EBITDAnet debt ÷ EBITDA for the year | 1.24× |
| PL/Ativosequity ÷ total assets | 0.37× |
| Passivos/Ativos(total assets − equity) ÷ total assets | 0.63× |
| Liquidez correntecurrent assets ÷ current liabilities | 1.01× |
Efficiency
| Margem brutagross profit ÷ net revenue | 33.2% |
| Margem EBITDAEBITDA ÷ net revenue | 13.9% |
| Margem EBITEBIT ÷ net revenue | 2.3% |
| Margem líquidanet income ÷ net revenue | -8.6% |
Profitability
| ROEnet income to controlling ÷ average equity | -15.7% |
| ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included | 2.1% |
| ROAnet income ÷ total assets | -5.8% |
| Giro do ativonet revenue ÷ total assets | 0.75× |
Growth
| Receita, 1 anorevenue this year ÷ previous year − 1 | -4.5% |
| Receita, CAGR 5 anoscompound annual growth of revenue over 5 years | 8.4% |
Standardized accounts and published indicators of the fiscal year; items marked today divide today's market value or enterprise value by an account of that year.
Indicators, year by year
Four indicators as charts and the full table below. A hollow point carries a caveat; a gap is a year without the figure — we never draw a line across a hole. In the table, the arrow opens the path from the figure down to the line in the regulator's file; a cell with ! carries a caveat; a dashed dash is a suppressed figure — hover to see why. Nothing is hidden.
Fact checklist 3 of 9
- ✓More than 5 years of trading in our data 11.6 years
- ✗Profit in each of the last 5 fiscal years loss in 2021, 2023, 2024, 2025
- ✗Never a loss in the base's history loss in 2014, 2015, 2016, 2019, 2020, 2021, 2023, 2024, 2025
- ✗Latest-year ROE above 10% -15.7%
- ✓Revenue grew over 5 years (positive CAGR) 8.4%
- ✗Profit grew over 5 years (positive CAGR) —
- ✓Gross debt below equity debt = 55% of equity
- ✗Average yield of the last 5 years at least 5% —
- ✗Average daily traded value above R$ 10 million R$ 0.2 m/day
Nine objective checks with the threshold written in each line and the figure behind it. Descriptive, not a recommendation; the thresholds are ours and are declared.
Full table
| indicator | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE ⟶ | 10.6%! | 22.9% | 17.9% | -1.5% | -9.4% | -6.9% | 0.4% | 0.8% | -1.5% | -40.7% | -7.0% | 6.4% | -7.6% | -7.4%! | -15.7%! | 9.3% |
| ROIC ⟶ | 11.2%! | 20.4% | 16.7% | 0.4%! | -3.5%! | -2.9%! | 1.6%! | 2.5%! | 2.7%! | -27.3%! | -0.2%! | 10.3%! | 3.8%! | 1.5%! | 2.1%! | 15.0% |
| ROA ⟶ | 4.6%! | 11.0% | 8.1% | -0.7% | -4.8% | -4.1% | 0.2% | 0.5% | -0.7% | -17.4% | -2.8% | 2.5% | -2.9% | -2.8% | -5.8% | 4.5% |
| Gross margin ⟶ | 37.3% | 39.0% | 38.9% | 33.3% | 29.6% | 30.7% | 31.2% | 32.2% | 32.0% | 23.5% | 31.8% | 31.0% | 34.6% | 32.8% | 33.2% | 25.1% |
| EBIT margin ⟶ | 14.2% | 18.6% | 15.2% | 1.0% | -4.3% | -3.2% | 1.9% | 1.6% | 3.1% | -48.3% | -0.2% | 11.8% | 3.6% | 1.4% | 2.3% | 6.1% |
| Net margin ⟶ | 5.5% | 10.9% | 8.9% | -1.8% | -6.1% | -5.0% | 0.2% | 0.5% | -1.0% | -41.0% | -4.3% | 3.2% | -3.7% | -3.4% | -8.6% | 4.4% |
| Revenue growth (1y) ⟶ | — | 22.3% | 16.2% | 59.5% | 267.7% | -4.6% | -3.0% | 5.9% | 1.3% | -28.0% | 60.6% | 21.0% | 6.4% | -0.1% | -4.5% | 9.9% |
| Revenue growth (5y CAGR) ⟶ | — | — | — | — | — | 49.4% | 42.6% | 40.0% | 29.6% | -6.5% | 3.8% | 8.4% | 7.1% | 6.8% | 8.4% | 11.2% |
| Net debt/EBITDA ⟶ | 0.75x | 0.33x | 0.58x | 9.38x | 1.80x | -1.31x | -0.11x | 0.28x | 1.14x | — | 1.53x | 0.59x | 0.96x | 1.21x | 1.24x | 2.45x |
| Current ratio ⟶ | 0.61x | 0.72x | 1.36x | 0.79x | 1.68x | 1.40x | 1.52x | 1.22x | 1.12x | 1.81x | 1.34x | 0.93x | 0.92x | 0.78x | 1.01x | 1.80x |
In reais, year by year
The three statements behind the ratios — income statement, balance sheet and cash flow — in the standardized lines, consolidated as filed (or parent-only when that is what the company files). EBITDA and net debt follow the published methodology; gross debt, cash and investments and free cash flow are sums the line names spell out.
| line | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2T26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||||||||||
| Net revenue (R$ bn) | 0.2 | 0.3 | 0.3 | 0.5 | 1.6 | 1.5 | 1.5 | 1.6 | 1.6 | 1.2 | 1.9 | 2.2 | 2.2 | 2.2 | 1.7 | 0.4 | 1.5 | |
| Cost of goods and services (R$ bn) | -0.1 | -0.2 | -0.2 | -0.3 | -1.1 | -1.1 | -1.0 | -1.1 | -1.1 | -0.9 | -1.3 | -1.5 | -1.5 | -1.5 | -1.2 | -0.3 | -1.0 | |
| Gross profit (R$ m) | 77 | 99 | 114 | 156 | 478 | 472 | 466 | 509 | 513 | 271 | 589 | 694 | 771 | 730 | 575 | 153 | 514 | |
| EBITDA (R$ m) | 51 | 68 | 66 | 42 | 39 | 46 | 111 | 105 | 201 | -378 | 180 | 489 | 307 | 298 | 241 | — | — | |
| Depreciation and amortization (R$ m) | 22 | 21 | 22 | 37 | 108 | 95 | 82 | 80 | 152 | 179 | 183 | 225 | 228 | 268 | 200 | — | — | |
| EBIT (operating result) (R$ m) | 30 | 47 | 45 | 5 | -69 | -49 | 29 | 25 | 49 | -557 | -3 | 264 | 79 | 30 | 41 | 13 | 37 | |
| Pre-tax profit (R$ m) | 23 | 42 | 40 | -10 | -129 | -64 | 20 | 8 | -8 | -608 | -76 | 132 | -57 | -88 | -85 | -10 | -137 | |
| Income taxes (R$ m) | -12 | -15 | -14 | 2 | 24 | -16 | -16 | 0 | -8 | 134 | -4 | -67 | -28 | 12 | -57 | -2 | -22 | |
| Net income (R$ m) | 11 | 28 | 26 | -8 | -99 | -76 | 4 | 8 | -16 | -474 | -80 | 73 | -82 | -76 | -149 | -13 | -165 | |
| Net income (controlling) (R$ m) | 11 | 28 | 26 | -8 | -99 | -76 | 4 | 8 | -16 | -474 | -80 | 73 | -82 | -76 | -149 | -13 | -165 | |
| Balance sheet | ||||||||||||||||||
| Total assets (R$ bn) | 0.2 | 0.3 | 0.4 | 1.9 | 2.2 | 1.5 | 1.5 | 1.6 | 2.7 | 2.8 | 3.0 | 3.0 | 2.7 | 2.8 | 2.3 | 2.0 | 2.0 | |
| Current assets (R$ m) | 26 | 34 | 74 | 265 | 965 | 349 | 373 | 458 | 556 | 723 | 655 | 685 | 504 | 486 | 610 | 372 | 372 | |
| Current liabilities (R$ m) | 43 | 47 | 54 | 335 | 574 | 249 | 245 | 376 | 495 | 399 | 488 | 740 | 547 | 625 | 606 | 553 | 553 | |
| Gross debt (short + long term) (R$ m) | 46 | 28 | 74 | 479 | 360 | 129 | 171 | 298 | 562 | 674 | 736 | 665 | 530 | 579 | 470 | 402 | 402 | |
| Cash and investments (R$ m) | 8 | 6 | 35 | 85 | 289 | 190 | 184 | 269 | 333 | 538 | 461 | 374 | 234 | 218 | 171 | 210 | 210 | |
| Net debt (R$ m) | 39 | 22 | 39 | 395 | 71 | -61 | -12 | 29 | 229 | 136 | 275 | 291 | 296 | 361 | 299 | — | — | |
| Shareholders' equity (R$ bn) | 0.1 | 0.1 | 0.2 | 0.9 | 1.2 | 1.0 | 1.0 | 1.0 | 1.1 | 1.2 | 1.1 | 1.1 | 1.0 | 1.0 | 0.9 | 0.8 | 0.8 | |
| Cash flow | ||||||||||||||||||
| Operating cash flow (R$ m) | 41 | 27 | 34 | 63 | 41 | 76 | 70 | 76 | 171 | -87 | 125 | -73 | 106 | 67 | 70 | — | — | |
| Capital expenditures (R$ m) | -12 | -13 | -36 | -67 | -44 | -100 | -66 | -79 | -144 | -117 | -193 | -113 | -133 | -127 | -89 | — | — | |
| Free cash flow (FCO + capex) (R$ m) | 28 | 15 | -2 | -4 | -3 | -25 | 4 | -3 | 27 | -205 | -67 | -186 | -27 | -60 | -19 | — | — | |
The two right-hand columns come from the quarterly filing (ITR): the latest quarter alone and the last 12 months (TTM) built by the same identity as the TTM P/E. EBITDA and net debt have no quarterly series here.
The current year, quarter by quarter
As the company filed it in its interim report. The fourth quarter does not exist on its own in that filing — the closed year comes in the annual one, and we do not derive a Q4, so that a figure we computed never sits beside the figures the company reported. Filed on is the date the report became public, and the price is taken from it.
| quarter | revenue (R$ m) | profit (R$ m) | net margin | P/E TTM | P/B | filed on |
|---|---|---|---|---|---|---|
| 2024T1! | 506.7 | -27.9 | -5.5% | -8.2 | 0.43 | 2024-05-15 |
| 2024T2! | 570.5 | 12.2 | 2.1% | -6.2 | 0.45 | 2024-08-14 |
| 2024T3! | 601.1 | -12.8 | -2.1% | -3.7 | 0.37 | 2024-11-13 |
| 2025T1! | 504.1 | -38.6 | -7.7% | -4.0 | 0.36 | 2025-05-21 |
| 2025T2! | 462.6 | -32.4 | -7.0% | -2.8 | 0.39 | 2025-11-11 |
| 2025T3! | 482.9 | -27.0 | -5.6% | -2.4 | 0.38 | 2025-11-28 |
| 2026T1! | 356.6 | -74.1 | -20.8% | -32.0 | 7.67 | 2026-05-14 |
| 2026T2! | 419.8 | -12.7 | -3.0% | -109.1 | 23.90 | 2026-08-13 |
Full series, every quarter: GET /empresas/MEAL3/trimestres
Dividends
No ex-date or payment scheduled in the base (exchange announcements through 2026-10-21 · filings to the regulator through 2026-10-15).
No dividends recorded. Note this can mean two different things — the company pays none, or we could not confirm. B3 answered and there are no dividends [sem_proventos]
Shareholders and free float
286,676,540 sharesshares outstanding held by the market, as filed in the FRE
22,352 individuals · 69 companies · 51 institutionalcount at the last shareholders meeting, from the FRE
Novo Mercadominimum guaranteed by the listing segment or by law; the bylaws may grant more
| shareholder | type | % ON | % PN | % total |
|---|---|---|---|---|
| UV Gestora de Ativos Financeiros Ltda | PJ | 35.53% | 0.00% | 35.53% |
| BFFC DO BRASIL COMERCIO E PARTICIPACOES LTDA | PJ | 5.96% | 0.00% | 5.96% |
| CHARLES PIMENTEL MARTINS agreement | PF | 3.26% | 0.00% | 3.26% |
| LINCOLN PIMENTEL MARTINS agreement | PF | 3.00% | 0.00% | 3.00% |
| CARLOS ROBERTO WIZARD MARTINS agreement | PF | 2.83% | 0.00% | 2.83% |
| Pizza Hut International LLC agreement | PJ | 0.93% | 0.00% | 0.93% |
| Kentucky Fried Chicken International Holdings LLC agreement | PJ | 0.50% | 0.00% | 0.50% |
| Others (market) | — | — | — | 47.99% |
| Treasury shares | — | — | — | 0.00% |
Direct holdings from the reference form (FRE) filed on 2026-09-03, version 6. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.
Filings and notices
| filed | category | subject | document |
|---|---|---|---|
| 2026-10-13 | Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Individual - Cia, Controladas e Coligadas | — | open |
| 2026-10-13 | Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada | — | open |
| 2026-10-06 | Fato Relevante | Prorrogação do Reenquadramento da Cotação das Ações Ordinárias | open |
| 2026-10-06 | Escrituras e aditamentos de debêntures | QUINTO ADITAMENTO AO INSTRUMENTO PARTICULAR DE ESCRITURA DA 5ª (QUINTA) EMISSÃO DE DEBÊNTURES | open |
| 2026-10-06 | Aviso aos Debenturistas | 4ª (QUARTA) EMISSÃO DE DEBÊNTURES SIMPLES, NÃO CONVERSÍVEIS EM AÇÕES, | open |
| 2026-10-01 | Assembleia · AGDEB | ATA DA ASSEMBLEIA GERAL DE DEBENTURISTAS | open |
| 2026-10-01 | Escrituras e aditamentos de debêntures | Escrituras e Adiantamentos de Debêntures - - - - - 6º SEXTO ADITAMENTO AO INSTRUMENTO PARTICULAR DE ESCRITURA DA 4ª (QUARTA) EMISSÃO DE DEBÊNTURES | open |
| 2026-09-24 | Reunião da Administração · Conselho de Administração | Ata de Reunião do Conselho de Administração | open |
| 2026-09-21 | Assembleia · AGDEB | Ata da Assembleia Geral de Debenturistas | open |
| 2026-09-20 | Fato Relevante | Esclarecimentos em atendimento ao ofício numero 213/2026/CVM/SPEP/GE-2, de 18 de Setembro de 2026||Esclarecimentos sobre notícia veiculada na mídia | open |
The last filings this company sent to the CVM outside its financial statements, newest first, from the regulator's own IPE index. The subject line is the company's own free text. We do not summarise or classify these documents — read the original.
Piotroski F-Score 5/9 (2025) — what each criterion means.
Restated filings for this company
The regulator overwrites the old version; we keep both. Figures in R$ millions: first filing on the left, restatement on the right.
| fiscal year | account | first filing | restated |
|---|---|---|---|
| 2024 | DRE 3.01 | 2,225.0 | 1,810.8 |
| 2024 | DRE 3.02 | -1,494.9 | -1,219.9 |
| 2022 | DRE 3.01 | 2,240.7 | 2,091.7 |
| 2024 | DRE 3.03 | 730.1 | 590.9 |
| 2022 | DRE 3.02 | -1,546.8 | -1,456.5 |
| 2022 | DRE 3.03 | 693.9 | 635.2 |
| 2014 | DRE 3.01 | 469.5 | 439.2 |
| 2024 | DRE 3.07 | -88.2 | -62.6 |
Every restatement of this company, year by year
This company appears in
Compare
Side by side, with each figure's caveat and how often each company restated its filings.
MEAL3 × ABEV3 · MEAL3 × JBSS3 · MEAL3 × CSAN3 · MEAL3 × BRFS3 · MEAL3 × MBRF3 · MEAL3 × MDIA3
compare with the sector: MBRF3 × BEEF3 × MDIA3
Other companies in Consumer Defensive
26 more with a page, same CVM sector — a classification of the regulator's, not ours.
Take this into your code
GET /empresas/MEAL3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).Price coverage: 2,871 sessions, 2015-03-31 → 2026-10-22 · methodology · how we verify
Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.
Numbers on this page are live. Data version 2026-10-18-pl-classe-versoes · page generated 2026-10-23 12:58 UTC. If this does not match /saude, you are reading a cached copy.