Why US retail investors are buying Afya directly on Nasdaq
Brazilian medical education giant Afya climbs 3.45% on Nasdaq following major investment bank upgrades and its massive merger with Yduqs.
American retail investors looking for international exposure often find themselves navigating the complex world of American Depositary Receipts (ADRs) and foreign tax withholdings. However, a select group of foreign companies bypasses this friction entirely by listing their primary shares directly on US exchanges. Among them is Afya, a Brazilian medical education powerhouse that trades directly on the Nasdaq, allowing US retail investors to buy and sell its shares as easily as any domestic stock.
On November 8, 2026, Afya closed at $10.50, marking a 3.45% gain following a wave of positive momentum. The stock's upward movement comes on the heels of major Wall Street upgrades. In late October and early November 2026, analysts at Bank of America, Citi, and Morgan Stanley upgraded the company, citing resilient undergraduate trends and an "exaggerated" selloff that opened a buying window for international investors.
Headquartered in Nova Lima, Brazil, Afya is the country's leading medical education group. It operates an integrated healthcare ecosystem that spans undergraduate medical schools, residency preparation, and specialized digital software tools for practicing physicians. Unlike general education providers, Afya's core business of training doctors is highly defensive; medical seats in Brazil are strictly regulated by the federal government, creating a high barrier to entry and a predictable, recurring tuition stream.
The company's growth trajectory shifted into high gear in late September 2026, when Afya announced a definitive merger agreement with Yduqs Participações S.A., another major Brazilian higher education player. According to the company's Investor Day presentation on October 20, 2026, the combined entity expects to capture up to 2.2 billion Brazilian reais ($400 million) in synergies. This transaction consolidates Afya's position as the dominant force in Brazilian medical training, expanding its reach across more than 20 Brazilian states.
For US investors, the primary risk remains currency volatility and local regulatory shifts. Because Afya's revenues are earned in Brazilian reais, a weakening real against the US dollar can erode dollar-denominated earnings, even when local operations are highly profitable. Furthermore, medical school licensing in Brazil is subject to the Ministry of Education (MEC), meaning any sudden changes in government policies regarding new medical student seats could impact long-term growth projections.
In your brokerage app
Afya is listed in New York on the Nasdaq under the ticker AFYA. Because it is a direct US listing rather than an ADR, retail investors can trade its Class A common shares directly through standard brokerage accounts at Fidelity, Schwab, or Robinhood without paying foreign custody fees.
