Grupo Panvel, controlled by Dimed (ticker PNVL3), reported an adjusted net income of R$ 46.4 million for the third quarter of 2026, compared to R$ 34.3 million a year earlier. Anyone checking stock screening platforms like Fundamentus today still sees multiples calculated using June's balance sheet. With the new quarter factored in, the stock is cheaper than the screen shows.
What Did Panvel Report in Q3 2026?
The company sold more and spent proportionally less to make those sales. Management attributed the results to greater leverage on selling expenses, which offset a 0.2 percentage point drop in retail gross margin. Gross retail revenue reached R$ 1.7 billion, up 15.3%. Growth came from legacy stores rather than just newly opened locations: same-store sales (SSS) grew 13.3%, and mature units advanced 11.5%, both outpacing inflation for the period.
The main driver for margins was digital channels. According to the earnings release, online sales totaled R$ 792.4 million—a 104% increase—reaching 46.6% of gross retail revenue. This marked a 20.2 percentage point gain, meaning digital accounted for roughly 26% of sales a year prior. The Panvel app surged 271%, accounting for 78.5% of digital sales. As a result, the EBITDA margin rose from 5.4% to 5.7%, while the adjusted net margin advanced from 2.3% to 2.7%.
Gross margin declined due to weight-loss pens. GLP-1 items grew 68.8%, representing 11.8% of actual retail sales. While these products drive store traffic, they leave narrow margins. Safra summarized the dynamic: the higher share of brand-name drugs pressured gross margins, with GLP-1 products contributing to the trend. On an accounting basis, net income reached R$ 44.6 million, up 37.0%. The accounting figure sits close to the adjusted metric, signaling that growth does not rely on adjustments. So why do indicator screens show none of this?
PNVL3 on Fundamentus: What Changes with Q3 2026?
Fundamentus has not yet incorporated the quarter. In the most recent query, the latest processed balance sheet was dated June 30, 2026. The P/E ratio of 11.08 shown there was calculated using the stock price of R$ 10.14 from November 3, prior to the post-earnings rally. The table below breaks down screen data, price-only adjustments, and the updated figures incorporating Q3.
| Indicator | Fundamentus (Q2 2026, R$ 10.14) | Same Balance at R$ 11.42 | With Q3 2026 at R$ 11.42 (Our Estimate) |
|---|---|---|---|
| Trailing 12-Month EPS | R$ 0.92 | R$ 0.92 | ≈ R$ 1.00 |
| P/E Ratio | 11.1 | 12.4 | ≈ 11.4 |
| P/B Ratio | 1.16 | 1.30 | ≈ 1.3 |
| Market Capitalization | R$ 1.52 billion | R$ 1.72 billion | R$ 1.72 billion |
The math behind the final column: the trailing 12-month net income used by the screen is roughly R$ 138 million (an EPS of R$ 0.92 multiplied by 150.4 million shares). To update it, we remove Q3 2025 accounting net income of about R$ 32.6 million and add Q3 2026. The trailing 12-month total rises to nearly R$ 150 million. That cuts one full point off the P/E ratio without the stock price changing. BTG Pactual, which maintains a buy recommendation, looks further ahead: the stock trades at roughly 8x estimated 2027 earnings, and its price target was raised to R$ 19 for the end of 2027.
One caveat regarding debt, which often causes confusion when comparing financial websites. The company reports a leverage ratio of 0.8x: net debt to adjusted LTM EBITDA stood at 0.8x in the third quarter of 2026, compared to 1.0x in Q3 2025 and 0.9x in Q2 2026. Meanwhile, aggregators show higher figures. Our tracking showed 2.1x. The difference stems primarily from store lease liabilities, which accounting rules (IFRS 16) treat as debt. This also explains why Fundamentus shows an enterprise value of R$ 2.63 billion versus a market capitalization of R$ 1.52 billion. The trend points the same way in both metrics: downward. But does higher profit reach the unitholder's pocket?
Does PNVL3 Pay Dividends? How Much and When?
It does, but slowly. Dimed distributes payouts primarily via interest on equity (JCP), which involves very long payment schedules. Over the past 12 months, payouts totaled roughly R$ 0.48 per share, representing a dividend yield of around 4% at current prices. The JCP declared with an ex-date of September 25, 2026, totals R$ 0.1207 gross per share, split into three installments that will not be paid out until 2028:
There is an 18- to 20-month gap between the ex-date and payment. In prior declarations, the company noted that the payout amount is not indexed for inflation. In the JCP approved in June, for instance, management stated that the distribution would not be monetarily updated. After deducting a 15% withholding tax, the September declaration yields approximately R$ 0.103 net per share, or less than 1% of the current stock price. Anyone buying PNVL3 today is buying growth, not income. The payout ratio sits near half of earnings, with cash reinvested into new stores. The company finished September with 677 pharmacies, up from 651 a year earlier, maintaining a target of 700 by the end of 2026. But if the quarter was so strong, why is the stock price so far below its peak?
Why Did PNVL3 Drop Ahead of Earnings?
The decline originated outside the company. PNVL3 rallied alongside broader retail shares following the first round of the elections, reaching R$ 16.08 on October 10, before giving up those gains. According to BTG, deteriorating macroeconomic expectations in late October triggered a sharp reversal in the sector's recent gains. Pharmacy stocks faced an additional sector-specific headwind: Panvel's CFO views Mercado Livre's initiative to allow third-party sellers to distribute prescription drugs as detrimental to the industry. That announcement in late September sent retail pharmacy stocks lower.
The market reaction to the earnings was positive, though modest compared to the prior drop. The stock closed up 2.77% on November 5, the day of the release, and BTG recorded a 6.26% gain the following day, closing at R$ 11.37. Other retailers experienced similar macroeconomic volatility during earnings season, as seen in Assaí's case, which cut debt but failed to unlock sales growth. Panvel did the opposite: rising sales alongside falling debt.
Is PNVL3 Worth It After Q3 2026?
The financial results are solid and reinforce the efficiency thesis we track. Major financial institutions viewed the print favorably: Safra noted that operational performance met expectations and reiterated its buy rating. Our valuation model, calculated on November 5 with the stock at R$ 10.75, still pointed to a "avoid" rating, with a central fair value of R$ 7.43. However, the dispersion among methodologies reached 123%, spanning a range from R$ 2.69 to R$ 11.82. This reflects the difficulty of pricing a company with a 2% to 3% net profit margin rather than indicating the stock is overvalued. That calculation does not yet include Q3 2026 and requires updating. Some sectors are heading in the opposite direction: Renner canceled its revenue guidance during the same period. Before making a decision, consider the opposing factors:
- Legacy stores growing above inflation, indicating customer acquisition rather than simple price adjustments.
- Leverage declining quarter over quarter, supported by positive free cash flow of R$ 19.9 million, up 24%.
- With Q3 2026 included, trailing 12-month P/E returns to roughly 11x, below what screens show at current prices.
- Gross margins pressured by GLP-1 weight-loss pens. The larger their sales share, the less profit remains from each real sold.
- Mercado Livre entering the prescription drug market presents a new threat to digital operations—the very engine of this quarter's growth.
- Modest dividend payouts subject to delays of up to 20 months without indexation, making the stock unsuitable for income investors.
- Financial results deteriorated, posting a net financial expense of R$ 11.978 million compared to a negative R$ 9.829 million a year earlier.
In summary: the quarter confirms that Panvel converts sales into profit, with a 35.4% jump in adjusted earnings and declining leverage. The stock's performance, however, was not driven by company fundamentals. Its trajectory will depend on market sentiment toward domestic retail and how the sector reacts to Mercado Livre's market entry. The three key metrics to monitor in Q4 2026 are: digital sales share holding above 46%, gross margins remaining stable despite higher GLP-1 volumes, and achieving the promised 700 store openings by December.
