TOTVS Future Growth

Future criteria checks 4/6

TOTVS is forecast to grow earnings and revenue by 17.5% and 13.7% per annum respectively. EPS is expected to grow by 18.7% per annum. Return on equity is forecast to be 20.1% in 3 years.

Key information

17.5%

Earnings growth rate

18.73%

EPS growth rate

Software earnings growth	20.2%
Revenue growth rate	13.7%
Future return on equity	20.10%
Analyst coverage	Good
Last updated	16 Sep 2025

Recent future growth updates

TOTVS S.A. (BVMF:TOTS3) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

May 10

Here's What Analysts Are Forecasting For TOTVS S.A. (BVMF:TOTS3) After Its Yearly Results

Feb 15

Recent updates

TOTVS S.A. (BVMF:TOTS3) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

May 10

At R$37.62, Is It Time To Put TOTVS S.A. (BVMF:TOTS3) On Your Watch List?

May 01

Expanding Cloud And AI Services Will Capture Brazil's Growing SMB Market

Mar 02 TOTVS is focusing on an immature market in Brazil to drive revenue through cloud and AI with potential for capturing significant market share.

Here's What Analysts Are Forecasting For TOTVS S.A. (BVMF:TOTS3) After Its Yearly Results

Feb 15

After Leaping 27% TOTVS S.A. (BVMF:TOTS3) Shares Are Not Flying Under The Radar

Feb 01

Is Now The Time To Look At Buying TOTVS S.A. (BVMF:TOTS3)?

Jan 20

TOTVS (BVMF:TOTS3) Seems To Use Debt Rather Sparingly

Jan 02

Why We're Not Concerned About TOTVS S.A.'s (BVMF:TOTS3) Share Price

Nov 04

Should You Think About Buying TOTVS S.A. (BVMF:TOTS3) Now?

Oct 17

We Think TOTVS (BVMF:TOTS3) Can Manage Its Debt With Ease

Sep 26

Earnings and Revenue Growth Forecasts

BOVESPA:TOTS3 - Analysts future estimates and past financials data (BRL Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2027	8,151	1,322	1,238	1,662	7
12/31/2026	7,107	1,081	1,080	1,496	10
12/31/2025	6,133	850	943	1,250	10
6/30/2025	5,676	860	925	1,174	N/A
3/31/2025	5,461	786	871	1,128	N/A
12/31/2024	5,224	719	872	1,115	N/A
9/30/2024	5,004	650	782	1,007	N/A
6/30/2024	4,813	545	685	990	N/A
3/31/2024	4,602	535	737	1,007	N/A
12/31/2023	4,440	507	675	952	N/A
9/30/2023	4,269	533	672	961	N/A
6/30/2023	4,105	482	749	975	N/A
3/31/2023	3,959	505	616	840	N/A
12/31/2022	3,793	495	734	916	N/A
9/30/2022	3,617	476	626	803	N/A
6/30/2022	3,423	437	522	716	N/A
3/31/2022	3,211	396	669	847	N/A
12/31/2021	2,977	389	400	574	N/A
9/30/2021	2,838	362	282	438	N/A
6/30/2021	2,734	344	218	314	N/A
3/31/2021	2,659	317	120	212	N/A
12/31/2020	2,596	296	287	372	N/A
9/30/2020	2,486	265	361	433	N/A
6/30/2020	2,383	273	422	492	N/A
3/31/2020	2,320	272	333	394	N/A
12/31/2019	2,282	253	285	345	N/A
9/30/2019	2,242	222	275	342	N/A
6/30/2019	2,201	172	341	419	N/A
3/31/2019	2,156	145	N/A	397	N/A
12/31/2018	2,111	137	N/A	418	N/A
9/30/2018	2,127	112	N/A	394	N/A
6/30/2018	2,154	97	N/A	329	N/A
3/31/2018	2,186	98	N/A	318	N/A
12/31/2017	2,227	93	N/A	330	N/A
9/30/2017	2,223	110	N/A	307	N/A
6/30/2017	2,198	127	N/A	315	N/A
3/31/2017	2,192	133	N/A	307	N/A
12/31/2016	2,184	153	N/A	261	N/A
9/30/2016	2,168	118	N/A	236	N/A
6/30/2016	2,095	152	N/A	244	N/A
3/31/2016	2,001	174	N/A	256	N/A
12/31/2015	1,909	196	N/A	313	N/A
9/30/2015	1,831	273	N/A	361	N/A
6/30/2015	1,812	269	N/A	369	N/A
3/31/2015	1,800	273	N/A	356	N/A
12/31/2014	1,772	263	N/A	332	N/A
9/30/2014	1,748	255	N/A	310	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TOTS3's forecast earnings growth (17.5% per year) is above the savings rate (11.5%).

Earnings vs Market: TOTS3's earnings (17.5% per year) are forecast to grow faster than the BR market (12% per year).

High Growth Earnings: TOTS3's earnings are forecast to grow, but not significantly.

Revenue vs Market: TOTS3's revenue (13.7% per year) is forecast to grow faster than the BR market (6.9% per year).

High Growth Revenue: TOTS3's revenue (13.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TOTS3's Return on Equity is forecast to be high in 3 years time (20.1%)

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/09/22 15:13
End of Day Share Price	2025/09/19 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

TOTVS S.A. is covered by 24 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Lucca Brendim	BofA Global Research
Daniel Federle	Bradesco S.A. Corretora de Títulos e Valores Mobiliários
Frederico Mendes	Bradesco S.A. Corretora de Títulos e Valores Mobiliários

TOTVS Future Growth

Future criteria checks 4/6

Key information

Recent future growth updates

Price target increased by 7.4% to R$45.35

Price target increased by 7.3% to R$42.23

TOTVS S.A. (BVMF:TOTS3) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

Here's What Analysts Are Forecasting For TOTVS S.A. (BVMF:TOTS3) After Its Yearly Results

Consensus EPS estimates increase by 10%

Consensus EPS estimates increase by 36%, revenue downgraded

Recent updates

TOTVS (BVMF:TOTS3) Seems To Use Debt Rather Sparingly

Price target increased by 7.4% to R$45.35

Pinning Down TOTVS S.A.'s (BVMF:TOTS3) P/E Is Difficult Right Now

TOTVS S.A. (BOVESPA:TOTS3) entered into a definitive agreement to acquire Linx and certain other software assets of StoneCo Ltd from StoneCo Ltd. (NasdaqGS:STNE) in a enterprise valued at BRL 3.0 billion.

Price target increased by 7.3% to R$42.23

TOTVS (BVMF:TOTS3) Seems To Use Debt Rather Sparingly

TOTVS S.A. (BVMF:TOTS3) First-Quarter Results Just Came Out: Here's What Analysts Are Forecasting For This Year

First quarter 2025 earnings: EPS and revenues miss analyst expectations

At R$37.62, Is It Time To Put TOTVS S.A. (BVMF:TOTS3) On Your Watch List?

TOTVS S.A., Annual General Meeting, Apr 23, 2025

Expanding Cloud And AI Services Will Capture Brazil's Growing SMB Market

Here's What Analysts Are Forecasting For TOTVS S.A. (BVMF:TOTS3) After Its Yearly Results

Full year 2024 earnings: EPS misses analyst expectations

After Leaping 27% TOTVS S.A. (BVMF:TOTS3) Shares Are Not Flying Under The Radar

Is Now The Time To Look At Buying TOTVS S.A. (BVMF:TOTS3)?

TOTVS (BVMF:TOTS3) Seems To Use Debt Rather Sparingly

TOTVS S.A. to Report Q3, 2025 Results on Nov 05, 2025

Third quarter 2024 earnings: Revenues miss analyst expectations

Investor sentiment improves as stock rises 18%

Why We're Not Concerned About TOTVS S.A.'s (BVMF:TOTS3) Share Price

Should You Think About Buying TOTVS S.A. (BVMF:TOTS3) Now?

We Think TOTVS (BVMF:TOTS3) Can Manage Its Debt With Ease

First quarter 2024 earnings released: EPS: R$0.21 (vs R$0.17 in 1Q 2023)

Consensus EPS estimates increase by 10%

Full year 2023 earnings released: EPS: R$0.84 (vs R$0.82 in FY 2022)

TOTVS S.A. to Report Q1, 2024 Results on May 08, 2024

Consensus EPS estimates increase by 36%, revenue downgraded

Third quarter 2023 earnings released: EPS: R$0.71 (vs R$0.22 in 3Q 2022)

Investor sentiment improves as stock rises 15%

Consensus EPS estimates fall by 16%, revenue upgraded

Second quarter 2023 earnings: Revenues miss analyst expectations

Consensus EPS estimates increase by 13%, revenue downgraded

First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind

Full year 2022 earnings: Revenues exceed analyst expectations

TOTVS S.A. to Report Q4, 2022 Results on Feb 14, 2023

TOTVS S.A. to Report Q3, 2023 Results on Nov 07, 2023

Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint

Insufficient new directors

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

Investor sentiment deteriorated over the past week

First quarter 2022 earnings: Revenues exceed analyst expectations

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Investor sentiment improved over the past week

Third quarter 2021 earnings released

First quarter 2021 earnings released: EPS R$0.14 (vs R$0.11 in 1Q 2020)

Upcoming dividend of R$0.09 per share

Price target increased to R$34.50

Analysts lower EPS estimates to R$0.68

Analysts update estimates

Full year 2020 earnings released: EPS R$0.52 (vs R$0.47 in FY 2019)

Revenue beats expectations, earnings disappoint

New 90-day high: R$30.37

TOTVS S.A. to Report Q3, 2021 Results on Nov 10, 2021

Market bids up stock over the past week

New 90-day high: R$30.49

Revenue beats expectations, earnings disappoint

Third quarter 2020 earnings released: EPS R$0.14

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

Discover growth companies

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources