Em finanças empresariais, dois conceitos fundamentais para investidores avaliarem negócios são o equity e o valuation. Equity refere-se ao valor patrimonial líquido de uma empresa – em termos simples, é a parte que efetivamente pertence aos sócios, após deduzir todas as dívidas. Já o valuation corresponde ao valor econômico total de uma empresa, ou seja, uma estimativa de quanto vale o negócio inteiro no mercado, considerando seu potencial de ganhos futuros. Apesar de relacionados, equity e valuation não são a mesma coisa. Neste artigo didático, vamos explicar claramente o que é equity, como calculá-lo, em que se diferencia do valuation, e como fatores como a marca e outros ativos intangíveis influenciam o valor percebido da empresa. Também trazemos exemplos práticos (como startups de alto valuation e baixo equity) e destacamos como investidores analisam equity versus valuation na hora de decidir seus aportes.
What is equity and how is calculated?
Equity is basically the corporate participation or equity of a company. It is the portion of the value of the business that belongs to the owners (shareholders), after all obligations and debts were subtracted from the assets. A simple way to understand: Think of equity as your own slice in business, your “piece of cake” after paying debts . In the balance sheet , this translates into the formula:
- Equity = total assets - total liabilities.
In other words, if the company sold all assets and paid all debts today, what was left would be the equity, representing the accounting value that actually belongs to the partners. Therefore, equity is also known as equity. This metric reflects the current financial health of the business - a positive and growing shareholders' equity usually indicates that the company has accumulated resources and wealth over time, while a negative equity means that liabilities surpass assets (a worrying situation).
To calculate the equity of a company, the balance sheet data is used. Added to the value of all assets (circulating and non-circulating) and subtract all liabilities (circulating and long term). The result is equity. For example, imagine that a company has total assets of $ 100 million and passive of $ 70 million ; Its equity (equity) would be $ 30 million . This simple account depends on the quality of accounting information, but gives an immediate view of the accounting value of the business. In short, the higher the equity, the greater the base value of the company , as there are the more their own resources supporting the operations. However, as we will see later, equity alone does not tell the whole story about the value of a company.
Difference between Equity and Valuation
Although related, equity and valuation are different concepts. Equity is a present accounting value , a kind of financial photography of the company at a given moment - it shows what the company is worth today in terms of accumulated heritage. Valuation is a market value estimate , usually designed for the future - it is like a film that considers the company's growth potential, its future profitability and other external factors.
While equity represents the current property (equity) of shareholders, valuation is the process of determining how much the business is worth a whole . It's like giving the whole cake a price and not just current ingredients , considering future recipes, expected growth, risks and opportunities. Valuation is obtained through financial methodologies (discounted cash flow, market multiples, comparable, etc.) and incorporates multiple factors beyond the balance . In short, equity focuses on the present and past (data already performed), while valuation focuses on the future and value generation potential.
This difference means that a company can have a very different equity value from its valuation. For example, it is possible for a company to have negative equity (more debts than active today), but still have a positive valuation if it has great future growth potential . This is often the case with startups in early stages: even operating in red or with modest equity, they can achieve high valuations based on growth expectations, innovative technology or other differentials. Valuation is a projection and vision exercise , not just accounting, while equity is an accounted for what has been built so far.
Outra forma de entender a relação é: o valuation influencia diretamente o valor do equity de cada acionista. Se o valuation de uma empresa sobe, a participação (equity) de cada sócio se torna mais valiosa no mercado. Porém, um alto valuation não altera o patrimônio líquido contábil instantaneamente – ele reflete uma avaliação de mercado. Por isso, não se deve confundir o capital próprio (equity) com a avaliação de mercado (valuation), pois esta última considera múltiplos fatores e projeções futuras que vão além do que está nos livros contábeis.
Equity and the perceived value of the company
O equity impacta o valor percebido da empresa, mas não é o único determinante do valuation. Em empresas consolidadas e de setores tradicionais, costuma haver uma relação mais próxima entre patrimônio líquido e valor de mercado – investidores frequentemente olham indicadores como Preço/Valor Patrimonial (P/VP) para avaliar se uma ação está cara ou barata em relação ao que a empresa realmente possui. Por exemplo, o indicador P/VP compara o valor de mercado (preço da ação vezes número de ações) com o patrimônio líquido contábil; se uma ação negocia abaixo do seu valor patrimonial (P/VP menor que 1), pode indicar que o mercado avalia a empresa por menos do que seus ativos líquidos valeriam, sugerindo potencial desconto (ou eventualmente problemas não refletidos no balanço). Por outro lado, empresas com P/VP muito acima de 1 são avaliadas pelo mercado muito além do seu patrimônio, o que geralmente significa que seus ativos intangíveis ou perspectivas de lucro futuro são muito valorizados pelos investidores.
Em resumo, um patrimônio líquido robusto tende a aumentar o piso de valuation de uma empresa, pois indica solidez financeira. Bancos, por exemplo, precisam ter patrimônio forte para ganhar confiança do mercado. Já uma empresa com equity baixo (ou deteriorado por prejuízos) pode ter seu valor de mercado penalizado – caso clássico de empresas em crise, cujo preço de ações cai e chega a valer menos que o patrimônio líquido, por falta de confiança em sua rentabilidade. Investidores analisam atentamente a qualidade do equity: não apenas o valor em si, mas sua composição (quanto é capital próprio vs. dívida), a tendência (equity crescente ou decrescente ao longo dos anos) e a rentabilidade gerada sobre esse patrimônio (indicadores como ROE – Return on Equity). Um ROE elevado sugere que a empresa consegue gerar lucro significativo em relação ao seu patrimônio, o que costuma elevar o valuation. Já um ROE baixo ou negativo aponta ineficiência ou problemas, potencialmente reduzindo o valor percebido.
However, it is possible for the market to assign a high valuation to companies whose accounting equity is low . This happens especially when other factors come into play - and that's where intangible assets and growth expectation come in. Next, we explore as elements such as brand , technology, and other intangibles can make Valuation much over the accounting value.
The role of brand and intangible assets in valuation
Uma das razões pelas quais o valuation de uma empresa pode superar amplamente seu equity está no valor dos ativos intangíveis. Ativos intangíveis são recursos não físicos – por exemplo, marca, patentes, software, capital intelectual, base de clientes e tecnologia proprietária. Esses itens muitas vezes não aparecem totalmente contabilizados no balanço patrimonial (a não ser que tenham sido adquiridos de terceiros), mas possuem enorme valor econômico. Na economia moderna, ativos intangíveis se tornaram os principais motores de geração de valor das empresas. Para se ter ideia, estima-se que em 2020 os intangíveis representaram cerca de 90% do valor de mercado das empresas do índice S&P 500 (as 500 maiores companhias listadas nos EUA), enquanto em 1975 esse percentual era de apenas 17%. Isso ilustra como fatores intangíveis hoje pesam muito mais no valuation do que os ativos físicos e tangíveis.
Uma marca forte, por exemplo, agrega valor ao permitir que a empresa pratique preços premium e tenha maior fidelização de clientes. Isso significa margens de lucro melhores e receitas mais previsíveis, elementos que aumentam o valor presente dos fluxos de caixa futuros e, portanto, elevam o valuation.
Accounting, if these assets are not registered (or underestimated) in the balance, the accounting equity is below the “real value” of the business. Therefore, when evaluating companies, investors look beyond net equity: they consider future performance indicators. Valuation methods such as discounted cash flow (FCD) serves precisely to capture the value of intangible assets within the financial projection. This method brings at present value all the cash flows that the company can generate in the future, more faithfully showing the impact of advantages such as brand, technology and customer base on cash generation.
In innovative or technology companies, it is common for valuation to be much higher than equity precisely because of these intangibles. Think of technology giants or platform startups: Much of the value comes from things as a global brand, millions of users, accumulated data and intellectual property - factors that do not appear fully in the PL , but which investors “precet” by determining the market value. A valuable brand and strong active actives make investors to pay much more than the accounting amount of tangible assets , because they expect extraordinary future gains from these competitive differentials.
Practical Examples: High Valuation Startups Low Equity
To illustrate, let's look at market examples - especially startups - where valuation reaches high figures while equity is still reduced. Growth startups often operate with damage in the early years , consuming capital to gain market, which keeps its equity low or even negative. Still, they can reach billionaire valuations due to the expectation of future dominance in the market and the value of their intangible assets (innovative technology, emerging brand, user base).
O Nubank (famoso pelo seu cartão roxo) é um exemplo de startup brasileira que alcançou valuation bilionário mesmo operando com prejuízos nos primeiros anos. Em 2019, o Nubank – principal fintech de cartões e banco digital do Brasil – jamais havia dado lucro desde sua fundação, acumulando prejuízos de cerca de R$ 380 milhões nos primeiros cinco anos. Ainda assim, grandes fundos de investimento aportaram capital pesado na empresa (mais de US$ 700 milhões até então) e na última rodada de investimento antes do IPO atribuíram ao Nubank uma avaliação de quase US$ 3,9 bilhões (cerca de R$ 15 bilhões). Ou seja, apesar do patrimônio líquido modesto (basicamente formado pelos aportes recebidos menos os prejuízos acumulados), o valuation já chegava a dezenas de vezes esse valor. Por quê? Os investidores não estavam olhando para o lucro atual (inexistente na época), mas para outras métricas e perspectivas: crescimento explosivo de clientes (milhões de usuários do cartão roxo), disrupção no setor bancário tradicional e uma marca amada pelo público jovem. A grande aposta era que o Nubank lideraria uma transformação no mercado financeiro brasileiro e, eventualmente, se tornaria muito lucrativo. De fato, anos depois, em 2021/2022, o Nubank abriu capital com um valuation que chegou a superar R$ 250 bilhões, ultrapassando o valor de mercado de bancos tradicionais. mesmo ainda tendo rentabilidade incipiente. Esse caso evidencia como investidores precificam o potencial futuro e a qualidade intangível do negócio (marca, tecnologia, fidelidade dos clientes) muito acima do patrimônio líquido corrente.
Nubank is not an isolated case. Several unicorns (startups valued at over $ 1 billion) followed this way. the “startups with valuations disproportionate to its cash generation was caught , true loss machines operating with very high market value. This disconnection tends to sound a warning: eventually, to support high valuations, the company will need to deliver compatible results. Otherwise, there may be drastic corrections in value. International examples such as Uber and Wework were famous for reaching stratospheric valuations despite successive losses - later facing questions and adjustments when investors began to demand clear paths for profitability.
On the other hand, there are companies whose valuation is less or close to equity - for example, mature companies from traditional or difficult sectors, where the market believes the business is worth a little more than its liquid assets. In these cases, few valuable intangibles or low growth perspective cause the price to be pulled down and may even be below equity (p/VP <1). This can signal opportunity (cheap actions in relation to accounting value) or simply reflect that the assets in the balance is overpowered and the company cannot generate proper return on them.
As investors analyze equity vs. Valuation when investing
investor 's point of view , understanding the relationship between Equity and Valuation is crucial to making good investment decisions. In business ratings (whether to buy stocks on the scholarship, or to invest in a startup), the investor wants to know how much it is paying for what the company really has (equity) and how much expects to earn with what the company can come to Valuation (Valuation) .
In the case of investments in startups or closed capital companies , investors look at which equity will obtain from the invested capital and whether the proposed valuation makes sense in the face of fundamentals. For example, if a startup calls for an investment that prices on $ 100 million valuation, but has a much lower equity (say $ 5 million) and little revenue, the investor will question where this value comes from - will usually be anchored in growth projections. Experienced investors carefully evaluate these projections and compare with current indicators to avoid paying too expensive for a slice of a company that may not deliver the expected growth. They also consider dilution : a higher valuation means that, by the same money invested, the investor has a smaller slice of equity; Therefore, it is in the entrepreneur's interest to negotiate a high valuation, while the investor wants a realistic valuation to give him significant participation for the risk he is assuming. Balance in these negotiations comes exactly from the critical analysis of equity vs. Valuation.
In investments in companies listed , Equity vs. Analysis. Valuation appears in indicators such as the already mentioned for VP (price/equity value) and other multiples. Value Investors investors , for example, seek companies whose quotation is attractive to their accounting value - an indication of possible undervaluation . On the other hand, growing companies often negotiate with multiples above the equity value, and investors agree to pay this prize if they believe in the growth of future profits. In both cases, the key is to understand the difference between the present value (equity/equity) and the future value (valuation) . As a valuation guide points out, "knowing the real value of a company (valuation) and what represents your equity allows you to identify the best opportunities and avoid financial traps . In other words, by mastering these concepts, the investor can decide with more basis if it is worth injecting capital into a business and when terms.
Also, understanding equity and valuation gives negotiation power . In a company sales or investment capture, knowing how to correctly calculate the equity and to support a valuation prevents the owner from accepting an offer below what the business is worth or, in the opposite case, covers an unrealistic price that fans investors. For investors, this clarity helps to negotiate stakes and fair prices , aligning return expectations. Startups that have a well -founded and transparent valuation are easier to attract capital, as they convey confidence that the numbers make sense (data indicates that light valuation startups capture investment 40% faster).
Finally, it is noteworthy that Equity and Valuation complement each other in the analysis. Equity shows where the company is today , and Valuation points out where it can arrive tomorrow . Smart investors look at both: check if the company has a solid base (assets, own resources, low leverage) and also if there are prospects for growth and strong intangibles that justify paying above this base value. This 360º Vision helps identify promising businesses as well as avoid investment pitfalls - for example, companies with high valuation “sold” on Hype, but without heritage substance or real cash capacity. As a synthesis, Equity is the anchor of the company's current financial reality, and Valuation is the balloon of future expectations - the investor's work is to check if the balloon is not too full to the point of disconnecting from the anchor. Balancing these aspects, the chances of making safer and more profitable investment decisions increases.
Equity e valuation são dois lados da mesma moeda
Equity and Valuation are two sides of the same coin when it comes to evaluating companies, but each brings a different perspective. Equity reveals the intrinsic value built so far - equity, what partners actually have today . Valuation reflects the price that the market attributes to the business , looking forward - what investors believe that the company will be worth , given its potential, brand, intangible assets and market context. For investors , understanding both concepts is essential: allows you to value companies more completely, identify hidden opportunities (and risks) and negotiate better agreements. For entrepreneurs , it means to better structure investment rounds, avoiding excessively diluting your participation and knowing how to justify the value of your business with data and projections.
In short, equity is foundation, valuation is the perspective . Knowing how to balance the analysis between what the company has and what it can generate is the key to smart decisions. As we have seen, a strong brand and other intangibles can leverage valuation far beyond net equity, and examples of startups show that the market often pays for the future more than for the present. However, in the long run, it will be the convergence of these two elements - growing assets and expectations - that will determine the success of an investment. So whether you are an investor or entrepreneur, keep your feet on the ground with the equity numbers, but without taking your eyes off the horizon designed by Valuation. This will give you a complete strategic vision of the company's value in all its dimensions.
Referências: A compreensão destes conceitos apoia-se em análises de especialistas e fontes confiáveis do mercado. Estudos mostram a importância dos ativos intangíveis (como marca) no valor de empresas modernas.. Guias financeiros destacam a diferença entre patrimônio líquido e valor de mercado, explicando que equity equivale ao valor contábil (patrimônio líquido), enquanto valuation é uma estimativa ampla do valor econômico do negócio. Na prática, startups brasileiras ilustram essa dinâmica – casos como o Nubank evidenciam valuations bilionários sustentados em potencial de crescimento, mesmo com equity inicial baixo. Investidores bem informados analisam tanto os dados de balanço quanto projeções de fluxo de caixa para precificar empresas de forma justa, usando métricas como P/VP para balizar suas decisões. Assim, equity e valuation, embora diferentes, caminham juntos na avaliação do valor de uma empresa, provendo uma visão abrangente para decisões de investimento inteligentes. gerar riqueza no futuro, algo que vai muito além do valor nominal do capital social.
