Sul America (SULA11.SA) Stock Price

Sul America Price

Delisted

Over the last 17 years Sul America grew revenue by 8.3% annually, reaching 22.19 B BRL. Earnings per share have declined at 39.3% per year over the last 4 years. For Sul America, the net margin of 1.5% is down versus 4.1% a few years ago. The payout ratio is around 135% of earnings.

Sul America stock price

Volume
Ex-Dividend
Details

Stock Price

How to Read This Chart

This chart tracks the historical stock price of Sul America over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Sul America stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Sul America's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

Sul America Stock Price History
DateSul America Price
Access this data via the Eulerpool API

Sul America Revenue, EBIT, Net Income

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Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2019
23.30 B BRL
857.56 M BRL
1.18 B BRL
Jan 1, 2020
20.17 B BRL
978.53 M BRL
2.35 B BRL
Jan 1, 2021
22.19 B BRL
-280.12 M BRL
332.55 M BRL
Jan 1, 2022 (e)
22.55 B BRL
-347.02 M BRL
1.69 B BRL
Jan 1, 2023 (e)
24.95 B BRL
978.84 M BRL
2.61 B BRL
Jan 1, 2024 (e)
28.49 B BRL
901.44 M BRL
3.79 B BRL
Jan 1, 2025 (e)
30.10 B BRL
0.00 BRL
5.96 B BRL
Jan 1, 2026 (e)
30.71 B BRL
0.00 BRL
9.47 B BRL

Sul America Income Statement, Balance Sheet, Cash Flow Statement

Last updated Jul 27, 2026, 3:51 AM
 
REVENUEB BRL
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB BRL
EBITB BRL
EBIT MARGIN%
NET INCOMEB BRL
NET INCOME GROWTH%
DIV.BRL
DIV. GROWTH%
SHARESB
201120122013201420152016201720182019202020212022e2023e2024e2025e2026e
11.0412.4913.4016.0715.7916.2318.9421.0123.3020.1722.1922.5524.9528.4930.1030.71
16.5113.167.3219.94-1.772.8216.6610.9610.87-13.4310.041.6210.6214.195.652.01
51.6245.6242.5021.3318.6719.0017.4624.6124.4528.2425.6724.4524.4524.4524.4524.45
5.705.705.703.432.953.083.315.175.705.705.705.516.106.977.367.51
1.700.780.861.610.300.190.440.760.860.98-0.28-0.350.980.90
15.446.266.4110.001.901.192.313.633.684.85-1.26-1.543.923.16
0.450.480.480.560.730.700.770.901.182.350.331.692.613.795.969.47
-27.528.54-0.6215.6332.25-5.3111.2216.9530.7598.56-85.85407.5354.6645.3257.3058.89
1.410.640.610.390.500.970.210.531.051.842.232.673.21
-34.11-54.61-4.69-36.0728.2194.00-78.35152.3898.1175.2419.7320.22
1.201.201.201.201.201.200.380.391.181.211.201.201.201.201.201.20
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales Sul America generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Sul America retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Sul America's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares Sul America has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Sul America's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

Sul America stock margins

The Sul America margin analysis displays the gross margin, EBIT margin, as well as the profit margin of Sul America. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for Sul America.
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Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2017
17.46 %
2.32 %
4.08 %
Jan 1, 2018
24.61 %
3.64 %
4.31 %
Jan 1, 2019
24.45 %
3.68 %
5.08 %
Jan 1, 2020
24.45 %
4.85 %
11.64 %
Jan 1, 2021
24.45 %
-1.26 %
1.50 %
Jan 1, 2022 (e)
24.45 %
-1.54 %
7.47 %
Jan 1, 2023 (e)
24.45 %
3.92 %
10.45 %
Jan 1, 2024 (e)
24.45 %
3.16 %
13.30 %

Sul America Stock Revenue, EBIT, Earnings per Share

The Sul America earnings per share therefore indicates how much revenue Sul America has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.
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Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2017
50.02 BRL
1.16 BRL
2.04 BRL
Jan 1, 2018
53.75 BRL
1.95 BRL
2.31 BRL
Jan 1, 2019
19.67 BRL
0.72 BRL
1.00 BRL
Jan 1, 2020
16.65 BRL
0.81 BRL
1.94 BRL
Jan 1, 2021
18.47 BRL
-0.23 BRL
0.28 BRL
Jan 1, 2022 (e)
18.86 BRL
-0.29 BRL
1.41 BRL
Jan 1, 2023 (e)
20.87 BRL
0.81 BRL
2.18 BRL
Jan 1, 2024 (e)
23.83 BRL
0.75 BRL
3.17 BRL

Sul America business model & stock analysis

Sul America SA is one of the oldest insurance companies in Brazil, headquartered in Rio de Janeiro. It was founded in 1895 by Leopoldo Froes, who served as the first director. The company's headquarters are still located in Rio de Janeiro, but Sul America SA now has branches throughout Brazil. The current board members are Patrick Larragoiti and Mathias Elena. Sul America SA operates in three main areas: health insurance, asset management, and life insurance. The company places great importance on the diversity of its product offerings and therefore has a wide range of insurance products available. In the health insurance sector, Sul America SA offers a variety of insurance products tailored to the needs of different customers. These include private health insurance, dental insurance, vision insurance, and accident insurance. In the asset management sector, Sul America SA primarily focuses on wealth management. The company offers its clients a wide range of investment opportunities, including stocks, bonds, investment funds, and other financial instruments. Additionally, Sul America SA is also involved in real estate projects. In the life insurance sector, Sul America SA offers a wide range of insurance products that protect individuals throughout their lives. These include annuities, whole life insurance, and term life insurance. The company is known for its high quality customer service and is consistently praised by its customers. Customers benefit from a wide range of insurance products, easy claims processing, and fast response to inquiries. Sul America SA is also very active in social initiatives. The company supports nonprofit organizations and engages in various social projects, particularly in the areas of health and education. Through these efforts, Sul America SA creates a positive image and contributes to the development of society. Overall, Sul America SA is a renowned insurance company with a long history in Brazil. Over the years, the company has become a leading provider of health, asset, and life insurance. Sul America SA is known for its high quality customer service and strong commitment to social responsibility.

Sul America SWOT Analysis

Strengths

Sul America SA boasts several strengths that contribute to its success in the market. Firstly, the company has a strong brand reputation and recognition, allowing it to stand out among competitors. Additionally, Sul America SA has a diverse range of insurance products and services, catering to various customer needs. This extensive product portfolio provides a competitive advantage.

Furthermore, Sul America SA has an extensive distribution network, which enables it to reach a wide customer base effectively. The company also possesses a robust financial position, allowing it to invest in innovative technologies and expand its operations. This financial stability reassures customers and stakeholders about the company's reliability.

Weaknesses

However, Sul America SA does face a few weaknesses that need to be addressed. One significant weakness is its limited international presence compared to some global competitors. This could potentially hinder its growth opportunities in emerging markets.

Another weakness lies in the company's dependence on third-party distributors for sales and marketing. This reliance may reduce its control over the customer experience and limit its ability to gather customer feedback directly.

Opportunities

The market presents numerous opportunities for Sul America SA. Firstly, the increasing awareness of the importance of insurance coverage in emerging economies opens the door for significant growth. By expanding its international operations strategically, Sul America SA can tap into these markets with untapped potential.

Additionally, advancements in technology provide an opportunity for Sul America SA to enhance its customer experience and streamline its processes. Embracing digitalization can lead to improved efficiency, attract tech-savvy customers, and enable effective data analysis for better risk assessments.

Threats

Despite its strengths, Sul America SA must remain vigilant of potential threats in the market. One major threat is the intense competition within the insurance industry. Competitors with similar product offerings and established market presence can pose challenges to Sul America SA's market share and customer acquisition.

Additionally, changing regulatory environments and government policies can impact insurance companies' operations. Sul America SA must stay updated and adaptable to comply with emerging regulations and adjust its strategies accordingly.

Sul America Eulerpool Fair Value

Details

Fair Value Estimate

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

Sul America historical P/E ratio, EBIT multiple, and P/S ratio

Sul America annual returns

Details

Annual Return

What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

Sul America shares outstanding

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Number of stocks
Details
Date
Number of stocks
Jan 1, 2017
378.62 M Stocks
Jan 1, 2018
390.95 M Stocks
Jan 1, 2019
1.18 B Stocks
Jan 1, 2020
1.21 B Stocks
Jan 1, 2021
1.20 B Stocks
Jan 1, 2022 (e)
1.20 B Stocks
Jan 1, 2023 (e)
1.20 B Stocks
Jan 1, 2024 (e)
1.20 B Stocks

Sul America stock splits

In Sul America's history, there have been no stock splits.

Sul America Dividend History

14 years of dividend payments

YearAnnual DividendYoY ChangePayments
20210.38BRL 79.3%
20201.84BRL 74.8%
20191.05BRL 100.6%
20180.53BRL 152.3%
20170.21BRL 60.9%
20160.53BRL 5.8%
20150.50BRL 29.4%
20140.39BRL 36.6%
20130.61BRL 4.1%
20120.64BRL 54.6%

Sul America dividend payout ratio

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Payout ratio
Details
Date
Payout ratio
Jan 1, 2017
9.45 %
Jan 1, 2018
21.03 %
Jan 1, 2019
97.79 %
Jan 1, 2020
88.07 %
Jan 1, 2021
134.92 %
Jan 1, 2022 (e)
157.95 %
Jan 1, 2023 (e)
122.59 %
Jan 1, 2024 (e)
101.22 %
Price targets and forecasts for Sul America are not yet available.

Sul America shareholder structure

% Name
2.93900%
BTG Pactual WM Gestão de Recursos Ltda.
BTG Pactual WM Gestão de Recursos Ltda.
1.77238%
Orbis Investment Management Ltd.
Orbis Investment Management Ltd.
1.48639%
Dynamo Administração de Recursos, Ltda.
Dynamo Administração de Recursos, Ltda.
1.05734%
The Vanguard Group, Inc.
The Vanguard Group, Inc.
0.87000%
Morgan Stanley Administradora de Carteiras S.A.
Morgan Stanley Administradora de Carteiras S.A.
0.57314%
Itaú Unibanco S.A.
Itaú Unibanco S.A.
...

Sul America Executives and Management Board

PL

Mr. Patrick Antonio Claude de Larragoiti Lucas

(61)

Chairman of the Board of Directors · since 1997

RS

Mr. Ricardo Bottas Dourado dos Santos

(45)

Chief Executive Officer, Member of the Executive Board

CP

Mr. Clovis Poggetti

(48)

Vice President of Control and Investor Relations

LS

Mr. Laenio Pereira dos Santos

(60)

Member of the Executive Board

FR

Mr. Fabiane Reschke

(50)

Member of the Executive Board

Frequently asked questions about Sul America

The main competitors of Sul America SA in the market include other major insurance companies such as Bradesco Seguros, Porto Seguro, and Liberty Seguros. These companies also provide a wide range of insurance products and services, competing for market share and customers in the insurance industry. Sul America SA faces strong competition from these established players, and they continuously strive to differentiate themselves and offer attractive insurance solutions to attract and retain customers in the market.

All fundamentals and in-depth analysis of Sul America

Our stock analysis for Sul America stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Sul America. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.