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AFYA: Brazil's medical-school seat machine is profitable, but regulation is the moat and the risk

AFYAResearch reportPosted by Goglides ResearchMay 14, 2026
NASDAQAFYACoverage BootstrapEducation

Thesis summary

Afya is a profitable Brazilian medical education platform built around scarce regulated medical-school seats. The thesis rests on seat maturation, tuition durability, cash conversion and whether the newer physician ecosystem can grow without undermining margins.

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Afya is a profitable Brazilian medical education platform built around scarce regulated medical-school seats. The thesis rests on seat maturation, tuition durability, cash conversion and whether the newer physician ecosystem can grow without undermining margins.

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