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—Vamos (VAMO3), Brazil's largest truck and machinery rental group and a sister company of car renter Movida inside the Simpar empire, pre-released second-quarter operating numbers on July 17: net revenue of R$1.55 billion ($304M), up 10.1%, with the rental core at R$1.08 billion ($212M) and asset sales up 12.6% — the shares spiked as much as 6% on the release.
—The forward-looking number is the loud one: contracted capex — new rental agreements signed — jumped 59.6% year over year to R$1.55 billion ($304M), with the 'Sempre Novo' fleet-renewal program growing 51.6%; Brazilian companies are signing up for trucks they will only receive quarters from now.
—The balance sheet explains the discounted price: R$16.5 billion ($3.2B) of net debt against R$2.6 billion ($510M) of equity makes Vamos the most leveraged name in this earnings series relative to its size — at R$3.17, 36% below its 52-week high, the stock trades at 10.9x earnings with a consensus target of R$4.89, a 54% gap that is pure Selic bet.
Vamos Preview: What Happened
01What Happened
Vamos Locação de Caminhões, Máquinas e Equipamentos (B3: VAMO3) rents what moves Brazil's economy: heavy trucks, agricultural machinery and yellow-line equipment, leased long-term to freight operators, agribusiness and industry, backed by a dealership network of 43 stores across 11 states. It belongs to the Simpar group (56% of the register) — the same controlling family as Movida, whose profit-doubling quarter opened this earnings series — and is run from São Paulo by CEO Gustavo Couto.
On July 17 the company pre-released its second-quarter operating indicators, per ADVFN: net revenue of R$1.55 billion ($304M), up 10.1%, led by the rental segment at R$1.08 billion ($212M), up 7.5%, with asset sales of R$365 million ($72M), up 12.6%, per InfoMoney. The stock jumped as much as 6% intraday on the release, per Bolsa e Mercado, before settling back — the full financial statements, with profit and leverage, come in August.
Company Intelligence · Market Data
Ticker / listingVAMO3 · B3 Novo Mercado
Share price (Jul 17)R$3.17
Market capR$3.9 bn ($764M)
52-week rangeR$2.68 – R$4.94
Trailing P/E10.9x
Price / book1.5x
EV / EBITDA4.1x
Dividend yield4.5%
Wall Street target (consensus)R$4.89
EPS (TTM)R$0.29
Simpar holding~56%
Beta0.10
Source: EODHD market data, July 17, 2026.
Company Intelligence · Company Profile
CompanyVamos Locação de Caminhões, Máquinas e Equip. S.A.
Sector / industryIndustrials · Rental & Leasing Services
HeadquartersSão Paulo, Brazil
Employees~2,300
CEOGustavo Couto
CFO / IRAdriano Ortega Carvalho
Network43 stores · 11 states
Controlling groupSimpar (also controls Movida, JSL)
Source: EODHD company fundamentals, July 17, 2026.
Key Drivers Behind the Vamos Preview
02Key Drivers
Contracted capex is this company's order book, and it grew 59.6%. When a freight operator signs a five-to-seven-year truck lease, Vamos buys the truck and books the contract — so today's signing is next year's revenue with margins locked in.
A near-60% jump in signings, in a double-digit-Selic economy, says Brazilian logistics operators have stopped waiting for cheap money to renew their fleets: renting someone else's balance sheet is precisely how companies invest when credit is expensive.
The 'Sempre Novo' program — always-new fleet renewal, up 51.6% — deepens the model: clients rotate into new trucks on schedule, Vamos feeds the used units into its own dealer network, and the asset-sales line (+12.6%) recycles the capital. It is Movida's playbook with 40 tons of payload.
Live Company IntelligenceVamos Locação de Caminhões Máquinas e Equipamentos S.A — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.V
◆ Live Company Intelligence
Vamos Locação de Caminhões Máquinas e Equipamentos
SA: VAMO3VAMO3IndustrialsRental & Leasing Services2,291 employees
Valuation & profitability
Market cap$3.86B
Revenue (TTM)$6.04B
P / E ratio10.9
Profit margin5.1%
Return on equity12.1%
Price & risk
52-wk low
$2.6852-wk high
$4.94
Beta (volatility)0.10
200-day average$3.58
Revenue trend · 6y
20202025
Latest $5.76B
Ownership
Institutions22.4%
Shares outstanding1.22B
Dividend
Yield4.5%
Payout ratio48.5%
Fwd. annual$0.14
What Vamos Locação de Caminhões Máquinas e Equipamentos does. Vamos Locação de Caminhões, Máquinas e Equipamentos S.A., together with its subsidiaries, engages in the leasing, reselling, and selling of trucks, machinery, equipment, and parts in Brazil. The company leases tractors, forklift trucks, agricultural machinery and implements, buses, and other vehicles; sells automobile parts and accessories; sells new and used tractors, machines,…
Vamos Financial Detail
03Financial Detail
| Net revenue | R$1.55 bn ($304M) | +10.1% | |
| Rental revenue | R$1.08 bn ($212M) | +7.5% | |
| Asset sales revenue | R$365 mn ($72M) | +12.6% | |
| Contracted capex (new signings) | R$1.55 bn ($304M) | +59.6% | |
| 'Sempre Novo' contracting | — | +51.6% |
Five-Year Track Record
| 2021 | R$2.8 bn ($549M) | R$1.2 bn ($235M) | R$402 mn ($79M) |
| 2022 | R$4.9 bn ($960M) | R$2.0 bn ($392M) | R$669 mn ($131M) |
| 2023 | R$3.5 bn ($686M) | R$2.5 bn ($490M) | R$587 mn ($115M) |
| 2024 | R$4.7 bn ($921M) | R$3.3 bn ($647M) | R$381 mn ($75M) |
| 2025 | R$5.8 bn ($1.1B) | R$3.6 bn ($706M) | R$329 mn ($64M) |
The shape is pure rate cycle: revenue doubled since 2021 while profit halved, because every new truck is financed and the Selic repriced the whole fleet's funding. EBITDA tripling over the same span shows the operating machine works — the interest line is where the profit goes.
Earnings vs. Estimates
| Q1 2026 | R$0.08 | R$0.06 | +33.3% |
| Q4 2025 | R$0.07 | R$0.07 | 0.0% |
| Q3 2025 | R$0.05 | R$0.08 | −37.5% |
| Q2 2025 | R$0.09 | R$0.09 | 0.0% |
| Q1 2025 | R$0.10 | R$0.12 | −12.3% |
Balance Sheet Snapshot
Company Intelligence · Balance Sheet (Mar 31, 2026)
Total debtR$16.6 bn ($3.3B)
Cash & equivalentsR$175 mn ($34M)
Net debtR$16.5 bn ($3.2B)
Shareholders' equityR$2.6 bn ($510M)
Return on equity (TTM)12.1%
Operating margin (TTM)40.5%
Source: EODHD company fundamentals, July 17, 2026.
Net debt at more than six times equity is the number that disciplines every bullish reading of the order book: Vamos is, financially, a truck-shaped bank. A 40% operating margin funds it comfortably today — but the equity story only re-rates when Brazilian rates fall and the funding side of the model gets cheaper.
Management Signals
04Management Signals
Pre-releasing a 60% contracted-capex jump ahead of the full results is the Simpar group's signature move — Movida did exactly the same with its profit preview two days earlier. The holding is systematically front-running its own earnings season with the numbers it wants anchored.
Message received: demand is not the constraint; the cost of money is.
What to Watch Next
05What to Watch Next
August financial statements: profit, leverage and the yield on new contracts behind the preview. Selic cuts: no name in this series is a purer play on Brazilian easing — every 100 basis points flows through R$16.5 billion of funding. Contracted-capex conversion: signings must become deployed, revenue-earning trucks on schedule. Simpar family reports: Movida's August 12 audited numbers and JSL's freight volumes triangulate the group's health.
Risks
06Risks
Leverage above six times equity leaves no cushion if contract yields disappoint or used-truck prices fall — the asset-sales channel is the model's pressure valve and its weak point. Rates staying high extends the profit squeeze the five-year table documents.
Agribusiness, a core client base, is mid-crisis, as Banco do Brasil's farm-loan provisions in this same series atteSt And a preview shows volumes, not margins.
Sector Context
07Sector Context
Fleet outsourcing is Brazil's quiet structural trade: trucking is the country's circulatory system, the fleet is old, credit is dear, and renting new equipment beats buying it in almost every CFO's spreadsheet — which is why Vamos' order book can grow 60% in a downturn. Together with Movida's record quarter, the Simpar group's previews sketch the same picture from two angles: Brazilian mobility demand is already moving; the stock prices are waiting for the central bank.
This report is part of The Rio Times' Company Intelligence coverage of B3-listed companies. It is journalism, not investment advice.
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