TTEN3 Liquidity: Debt Up 78% with a 3.0x Covenant
TTEN3 FRE liquidity looks comfortable on ratios — and shows a growth-financing balance sheet: cash up, debt up faster, short-term maturity share rising, and at least one hard leverage covenant.
This page summarizes a liquidity analysis from the 2025 FRE. apicvm returns the filings.
The research question
> Assess liquidity, leverage, maturity profile, covenants, and risk of missing obligations.
Liquidity and leverage (31 Dec 2024)
| Metric | Figure |
|---|---|
| Current ratio | 1.58x (vs 1.59x in 2023) |
| Overall liquidity | 1.84x |
| Cash + financial investments + derivatives | R$ 2.174 billion (+56.1% YoY) |
| Loans, financings & derivatives | R$ 2.399 billion (+77.7%) |
| Net debt | R$ 225 million (vs net cash R$43M in 2023) |
| Net debt / adjusted EBITDA | 0.17x |
| Operating cash flow 2024 | R$ 726 million |
Maturity profile
Of consolidated loan obligations (R$ 2.067 billion): 44% due within 1 year (R$ 921 million), 22% in 2–3 years, 33% in 3–5 years, 1% beyond 5 years. Current portion of loans: 52.2% (vs 47.4% in 2023).
Covenant and restrictions
Most contracts lack dividend/issuance financial covenants, but some restrict capital-structure changes, control sales, and asset sales. At least one Citibank facility sets Financial Debt / EBITDA ≤ 3.0x at each year-end. Management states cash, operating generation, and credit lines suffice for short-term obligations and the Novo Ciclo — with ~43.3% of granted credit limits used in 2024.
Low net leverage can coexist with rising short-term debt and covenant monitoring — the FRE liquidity section is where that tension is explicit.
Replicate with apicvm
export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/companies/resolve?query=TTEN3&by=ticker"
curl -H "Authorization: Bearer $APICVM_KEY" \
"$APICVM_URL/v1/documents?ticker=TTEN3&type=FRE&year=2025&name=Liqu"
curl -X POST -H "Authorization: Bearer $APICVM_KEY" \
-H "Content-Type: application/json" \
-d '{"callback_url":"https://your-server/callback","document":{"id":"<id>"}}' \
"$APICVM_URL/v1/document-text-extractions"Methodology note
Findings above come from a completed Hold analysis of the company's public 2025 FRE. This is a research illustration, not investment, legal, or tax advice. Verify numbers against the original filing before trading, modeling, or publishing reports.
Limitations
- apicvm returns filings and extracted text — it does not classify risks or compute coverage ratios.
- Figures are as of the FRE filing date; later ITRs or facts relevantes can update them.
- Corpus coverage depends on ingestion lag.
Next steps
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