Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Brazil keeps the largest cattle herd on earth. One mid-sized company from the São Paulo interior has quietly built a profitable business supplying the medicines and vaccines that keep those animals — and the country’s booming pet population — alive and healthy.
| Full name | Ouro Fino Saúde Animal Participações S.A. |
| Ticker / exchange | OFSA3 — B3 (São Paulo) |
| Headquarters | Cravinhos, São Paulo state, Brazil |
| Sector | Healthcare — Specialty & Generic Drug Manufacturers (veterinary) |
| Employees | 1,086 |
| Market value (market cap) | R$1.53 bn (~US$296 m) |
| Yearly sales (revenue, TTM) | R$1.29 bn (~US$250 m) |
| Net profit (FY2025) | R$222 m (~US$43 m) |
| Net margin (TTM) | 18.8% |
| Return on equity (ROE) | 33.3% |
| Price-to-earnings (P/E) | 6.3× |
| Dividend yield | 4.6% |
| Net cash (our calculation) | R$251 m (~US$49 m); no debt disclosed |
| Website | ourofinosaudeanimal.com |
What it is
Ouro Fino develops, produces and sells veterinary drugs, vaccines and other products for production and companion animals, mainly in Brazil, operating through three segments: Production Animals, Companion Animals and International Operations.
On the farm side it makes anti-inflammatories, antibiotics, antiparasitics, reproductive products and vaccines for cattle, swine, poultry, sheep and horses; on the companion-animal side it covers anaesthetics, dermatological treatments and antiparasitics for dogs and cats. The company also exports to countries in Latin America, Asia and Africa.
Who owns it
This is a tightly held family-controlled company: insiders hold 86.2% of the shares, leaving only about 7.8% with institutional investors and roughly 6% freely traded — meaning the public float is exceptionally thin. The company was formerly known as A.H.N.S.P.E.
Empreendimentos e Participações S.A. and was incorporated in 1987. The exact names and percentages of the controlling family shareholders are not individually broken out in available public disclosures.
Who runs it
Kleber Cesar Silveira Gomes serves as CEO and member of the executive board; Marcelo Da Silva is CFO, also a member of the executive board and Chief Investor Relations Officer. The CEO was born in 1961, holds a business-administration degree from Fundação Getúlio Vargas, an MBA from FGV and studied at the Stern School of Business in New York.
The money, in plain words
Sales have grown fast: revenue rose 19.5% in the latest fiscal year to R$1.22 bn (~US$238 m), and is up nearly 30% over the past two fiscal years (our calculation). For every real of sales, the company keeps about 19 cents as profit — a net margin of 18.8% on a trailing basis, strong for a specialty pharmaceutical maker.
For every real shareholders have put into the business, Ouro Fino earns back roughly 33 cents a year — a return on equity of 33.3%, which is exceptional by any measure. The balance sheet carries R$251 m (~US$49 m) of cash and no disclosed debt (our calculation), a rare position of financial strength.
Despite all of this, the stock trades at only 6.3 times earnings — a price-to-earnings ratio of 6.3× — while paying a dividend yield of 4.6%. That combination of high returns and a low multiple is what draws value-focused investors to a name this illiquid.
One shadow in the three-year record: FY2023 saw a net loss of R$50 m (US$10 mn), reversed sharply in FY2024 (R$814 m (US$158 mn) net income — inflated by a non-recurring item) and then settled to a more representative R$222 m (US$43 mn) in FY2025. The underlying earning power appears solid; the year-to-year swings deserve scrutiny.
What it is doing now
Ouro Fino is scheduled to release its next earnings report in August 2025. The most recent trading data puts the share price at around R$22, inside a 52-week range of R$15.72 (US$3)–R$25.97, (US$5)suggesting the market is reassessing the stock after a period of volatility.
No material acquisition, merger or leadership change has been confirmed in available sources at the time of writing.
What to watch
- Float risk. With barely 6% of shares freely traded, the stock can move sharply on small volumes — a feature, not a bug, for insiders; a risk for outside investors.
- The FY2024 anomaly. Operating income of R$867 m (US$168 mn) against net income of R$814 m (US$158 mn) in FY2024, versus R$236 m (US$46 mn) operating / R$222 m (US$43 mn) net in FY2025, points to a large one-time gain in 2024 that has since unwound. Knowing exactly what that was matters for reading the trend.
- Brazil’s agribusiness cycle. Revenue is tied to livestock farming and the Brazilian real. A commodity downturn or a weaker currency squeezes the farmers who are Ouro Fino’s main customers.
- Pet market growth. Brazil’s companion-animal segment is expanding quickly; how fast Ouro Fino captures that shift will shape the next chapter of its growth story.
- Succession and governance. A company where insiders control 86% and the public float is thin lives or dies by the quality and continuity of its controlling group.
Sources
- Ourofino Saúde Animal — Investor Relations: Management and Board of Directors (official IR site)
- Ourofino Saúde Animal — CVM Reference Form (executive biographies) (official filing)
- Alpha Spread — OFSA3 Investor Relations (executive roster)
- Stock Analysis — BVMF:OFSA3 overview
- Investing.com — Ouro Fino Saude Animal company profile
- Market data: EODHD.
This is news, not investment advice.
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