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Cogna Educação S.A (COGN3) Fair Value & Analysis

Consumer Defensive · BR · Market cap R$4.5B (≈ $873M)

What is Cogna Educação S.A really worth?

CE Cogna Educação S.A COGN3 · SA
PriceR$2.34
Fair ValueR$6.88
Upside+194.0%
Quality61/100

A solid business, trading 66% below our fair value of R$6.88.

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Strengths

Healthy Growth (revenue 5y +5.9 %/yr)
Low debt · generates free cash flow
Ranks above peers (13/14)

Risks

!Thin margins · 8.9% net margin
!Moderate moat 48/100
!Evidence only low, so the estimate is less certain
!Weak on past: 19 out of 100

For context

·4.44% dividend yield
Evidence: Low Range R$4.48 – R$8.60

Fair value as of: Aug 14, 2026

From 26 valuation models · updated 19 days ago

Share price +2.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (R$4.48). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R$4.48 to R$8.60) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

R$11.70 R$0.8373 Fair Value R$6.88 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range R$0.8373 – R$11.70 · fair‑value band R$4.48 – R$8.60 · the R$2.34 price screens below the R$6.88 fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Cogna Educação S.A (COGN3) currently trades at R$2.34, while our model-based Fair Value estimate is R$6.88, implying the stock looks roughly 66.0% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of R$8.18 per share, and 24 of the 26 models we run sit above the R$2.34 price. Bear case: the Dividend Discount group reads lowest at R$0.9100, and 2 of the 26 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Cogna Educação S.A generated revenue of R$7.5B at a net margin of 8.9%. Revenue grew 31.9% year over year. It earns a return on equity of 4.7%. Net debt stands at R$6.6B. Fundamentals as of Aug 14, 2026

Our scenario range runs from R$4.48 (bear case) to R$8.60 (bull case); at R$2.34, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 50% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 8% fair-value upside, at 194%, COGN3 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly R$0.1584 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF R$5.46 R$11.37 R$21.54 76
Residual Income R$5.01 R$4.98 R$4.55 76
Growth DCF R$5.35 R$10.60 R$19.23 75
All 26 models by family
DCF Models
FCF DCF R$5.46 R$11.37 R$21.54 76
Owner Earnings R$5.58 R$11.59 R$21.94 72
5Y Revenue Exit R$2.61 R$5.26 R$8.76 70
5Y EBITDA Exit R$6.41 R$13.25 R$21.97 72
5Y P/E Exit R$3.86 R$7.88 R$12.50 69
10Y Revenue Exit R$3.43 R$6.28 R$10.51 65
10Y EBITDA Exit R$6.01 R$12.07 R$21.54 65
10Y P/E Exit R$4.35 R$8.18 R$13.64 62
Earnings-Based
Graham-Dodd R$2.13 R$10.57 R$14.58 64
Lynch FV R$2.85 R$4.08 R$5.30 61
PEG = 1.0 R$2.85 R$4.08 R$5.30 57
EPV R$3.94 R$4.83 R$5.59 74
Dividend Discount
Gordon GGM R$0.5300 R$1.05 R$1.59 67
DDM Multi-Stage R$0.5300 R$0.9100 R$1.11 67
Multiples
P/E Multiple R$5.16 R$6.88 R$8.60 63
P/S Multiple R$3.16 R$4.21 R$5.26 58
P/B Multiple R$3.99 R$5.31 R$6.64 55
EV/EBIT R$7.60 R$10.70 R$13.80 65
EV/EBITDA R$7.55 R$10.64 R$13.72 67
EV/Revenue R$1.25 R$2.51 R$3.77 51
Asset-Based
NCAV (Graham) R$3.36 R$4.50 R$6.72 54
Growth DCF
Growth DCF R$5.35 R$10.60 R$19.23 75
Rev-Margin DCF R$2.61 R$5.25 R$8.74 70
Economic Profit
Residual Income R$5.01 R$4.98 R$4.55 76
ROIC Compounder R$3.94 R$4.83 R$5.59 72
Growth Earnings
Growth-Adj P/E R$4.48 R$6.40 R$8.32 67

Widest divergence: DCF Models (R$8.18) versus Dividend Discount (R$0.9100). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 6.6 as of Jul 16, 2026
P/S ratio 0.59 P/E × margin
EPS (TTM) R$0.3400 price ÷ EPS = P/E 6.6
Dividend yield 4.4% payout 30.6%
Net margin 8.9% FY2025
Return on equity 4.7% TTM
More key figures
Profitability
Return on assets (EBIT) 3.4% avg 5y
Operating margin 19.8% TTM
Growth
Revenue (TTM) R$7.5B TTM
Revenue growth (YoY) +31.9% 3y avg +11.9%
EPS growth (YoY) −72.7%
Balance sheet & cash flow
Free cash flow R$1.1B FY2025
Net debt R$6.6B FY2025 · ≈ 5.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 33

Profitability 30
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 94
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Cogna Educação S.A. operates as an educational organization in Brazil and internationally. It operates through three segments: Kroton, Vasta, and Saber. The company provides in-person and distance learning for higher education and postgraduate courses; and editing, marketing, and distribution of textbooks, paradidactic books and handouts.

Full company description

Cogna Educação S.A. operates as an educational organization in Brazil and internationally. It operates through three segments: Kroton, Vasta, and Saber. The company provides in-person and distance learning for higher education and postgraduate courses; and editing, marketing, and distribution of textbooks, paradidactic books and handouts. It also offers basic education, pre-university preparatory courses, and language courses; educational solutions for technical and higher education; and complementary activities, such as education technology development for services to complement management and training. In addition, the company advises on and/or facilitates direct and indirect financing for students; and develops software for adaptive teaching and academic management optimization. The company was incorporated in 1966 and is headquartered in Belo Horizonte, Brazil.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cogna Educação S.A reported revenue of R$7.0B in FY2025 versus R$4.8B in FY2021, a compound +10.1%/yr. Reported net income was R$626M in FY2025.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$7.0B
Latest YoY
+9.8%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.9%
Avg. revenue growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.6%
Value creation/yr (5Y, in BRL) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+23.3% (18.9 + 4.4)
Revenue +10.1%/yr
FY21 R$4.8B
FY22 R$5.0B
FY23 R$5.8B
FY24 R$6.4B
FY25 R$7.0B
Net income
FY21 −R$489M
FY22 −R$529M
FY23 −R$493M
FY24 R$880M
FY25 R$626M

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Cite: Fair Value Calculator (2026). "Cogna Educação S.A Fair Value". https://www.fairvalue-calculator.com/stock/COGN3

Peer Group

Education & Training Services · 149 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 61 · Above median
Fair Value upside +194% · Top 25%
Return on equity (TTM) 5% · Above median
Return on assets 4% · Above median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 20% · Above median
Revenue growth 32% · Top 25%
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.26× · Higher than median

Valuation Multiples vs Education & Training Services median · lower = cheaper

P/E (TTM) 6.6× · Cheaper than 75% of peers
P/B 0.33× · Cheaper than 75% of peers
P/S (TTM) 0.60× · Cheaper than median
P/FCF 0.8× · Cheaper than median
EV/EBITDA 4.5× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 35
FUTURE100 · sector 25
PAST19 · sector 18
HEALTH87 · sector 95
DIVIDEND89 · sector 66

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Education & Training Services stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
New Oriental Education & Technology Group EDU $57.72 $48.37 −16%
TAL Education Group TAL $11.69 $15.60 +33%
Laureate Education, Inc LAUR $38.36 $41.45 +8%
Physicswallah Limited PWL ₹119.46 ₹13.69 −89%
Grand Canyon Education, Inc LOPE $151.19 $152.01 +1%
Covista Inc CVSA $128.22 $135.45 +6%
Stride, Inc LRN $84.58 $139.45 +65%
Universal Technical Institute, Inc UTI $25.64 $20.98 −18%
Perdoceo Education Corporation PRDO $33.81 $40.65 +20%
Strategic Education, Inc STRA $85.31 $105.48 +24%

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Frequently asked questions

Is Cogna Educação S.A (COGN3) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of R$6.88 versus a price of R$2.34, about +194% upside (undervalued).
What is the fair value of COGN3?
Our model-based fair value for Cogna Educação S.A is R$6.88 (as of Aug 14, 2026), built from audited fundamentals. The current price: R$2.34.
What is the quality score of COGN3?
Cogna Educação S.A has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Cogna Educação S.A (COGN3)?
Cogna Educação S.A reported trailing-twelve-month revenue of about R$7.5B (latest available figure, as of Aug 14, 2026).
What is the net profit margin of COGN3?
The net profit margin of Cogna Educação S.A is about 8.9%, meaning it keeps roughly 8.9% of revenue as net income. Based on the latest reported figures.
Does Cogna Educação S.A pay a dividend?
Cogna Educação S.A currently shows a dividend yield of about 4.44% relative to its recent price (as of Aug 14, 2026).
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