Capital allocation remains aggressive with a CapEx-to-OCF ratio that reached 151.7% in 2024Q1, necessitating frequent external financing to bridge the gap between infrastructure investment and regulatory recovery.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 3.83B | 4B | 5.5B | 6.64B | 6.61B | 682.59M | 8.61B | 2.04B | 1.01B | 580M | 1.21B | 3.01B | 3.73B | 3.52B | 3.11B | 3.9B | 3.46B | 3.5B | 2.96B | 2.84B | 2.29B | 1.77B | 1.54B | 658M | 732M | 720M | 831M |
| Operating CF Growth % | 176.71% | -27.28% | -17.28% | 0.47% | 868.82% | -92.07% | 322.74% | 101.98% | 73.79% | -52.18% | -59.66% | -19.47% | 6.23% | 12.86% | -20.11% | 12.76% | -1.37% | 18.37% | 4.41% | 24.06% | 29.15% | 15.08% | 133.74% | -10.11% | 1.67% | -13.36% | - |
| Operating CF / Revenue % | 15.01% | 9.35% | 13.8% | 18.03% | 19.19% | 2.03% | 34.12% | 7.99% | 4.53% | 2.67% | 6.46% | 14.12% | 19.11% | 24.03% | 16.87% | 24.65% | 26.88% | 20.1% | 30.13% | 30.07% | 26.46% | 23.56% | 20.09% | 10.91% | 15.02% | 14.38% | 22.12% |
| Net Income | 2.52B | 4.8B | 7.12B | 5.76B | 1.41B | 695.18M | 2.87B | 3.13B | 1.7B | 1B | 335M | 2.49B | 3.14B | 3.1B | 4.27B | 2.42B | 2.26B | 1.86B | 1.75B | 1.62B | 702M | 1.81B | 1.74B | 1.4B | -12M | -719M | 366M |
| Depreciation & Amortization | 1.58B | 1.5B | 1.38B | 1.27B | 1.18B | 194.42M | 989M | 958M | 849M | 850M | 834M | 835M | 801M | 824M | 1B | 1.02B | 896M | 736M | 769M | 878M | 810M | 669M | 677M | 686M | 666M | 641M | 583M |
| Deferred Taxes | 824.15M | 205.37M | 1.73B | -825M | -734M | -39.06M | -14M | -2.84B | -650M | 644M | 33M | 893M | 1.34B | 950M | 1.06B | 0 | 0 | -23M | -218M | -256M | -78M | 29M | 188M | 383M | -161M | -88M | -30M |
| Other Non-Cash Items | -3.1B | -2.35B | -5.18B | -78.7M | 3.92B | -671.9M | -6.13B | -189M | 581M | -402M | 2.63B | -2.69B | 725M | 635M | -2.07B | -302.37M | -39M | 903M | -51M | 49M | 1.97B | -592.64M | 25.05M | -818M | -16M | -429M | -71M |
| Working Capital Changes | 120.94M | -160.2M | 453M | 509.7M | 841M | 503.94M | 10.9B | 980M | 820M | -1.18B | -1.94B | 594M | -503M | -707M | 660.75M | 760.27M | 342M | 1.12B | 648M | 849M | -521M | 142.91M | 202.42M | -841M | 116M | 126M | -165M |
| Capital Expenditures | -5.52B | -6.53B | -2.38B | -3.97B | -3.21B | 254.11M | -5.08B | -1.93B | -877M | -856M | -1.51B | -3.22B | -4.3B | 2.5B | -2.27B | -2.78B | -4.53B | -3.08B | -971M | -1.12B | -2.09B | -1.51B | -1.22B | -782M | -636M | -1.01B | -406M |
| CapEx / Revenue % | 21.63% | 15.28% | 5.97% | 10.77% | 9.3% | 0.76% | 20.12% | 7.56% | 3.94% | 3.94% | 8.03% | 15.11% | 22% | 17.11% | 12.29% | 17.56% | 35.18% | 17.67% | 9.88% | 11.88% | 24.14% | 20.11% | 15.87% | 12.96% | 13.05% | 20.26% | 10.81% |
| CapEx / D&A | 3.49x | 4.35x | 1.73x | 3.11x | 2.71x | 1.31x | 5.13x | 2.01x | 1.03x | 1.01x | 1.81x | 3.85x | 5.37x | 3.04x | 2.27x | 2.71x | 5.05x | 4.19x | 1.26x | 1.28x | 2.58x | 2.26x | 1.79x | 1.14x | 0.95x | 1.58x | 0.70x |
| CapEx Coverage (OCF/CapEx) | 0.69x | 0.61x | 2.31x | 1.67x | 2.06x | 2.69x | 1.70x | 1.06x | 1.15x | 0.68x | 0.80x | 0.93x | 0.87x | 1.40x | 1.37x | 1.40x | 0.76x | 1.14x | 3.05x | 2.53x | 1.10x | 1.17x | 1.27x | 0.84x | 1.15x | 0.71x | 2.05x |
| Cash from Investing | -5.52B | -6.53B | -2.38B | -3.97B | -3.21B | 254.11M | -5.08B | -1.19B | -211M | -386M | -614M | -3.22B | -4.3B | 2.5B | -2.1B | -4.02B | -4.53B | -3.61B | -1.28B | -1.11B | -2.09B | -1.54B | -917M | -852M | -546M | -1.01B | -523M |
| Acquisitions | 61.62M | 90.86M | 2.79B | 632M | -3.46B | 28.72K | -93M | 38.27M | 70M | 474M | -506M | -490M | -2.87B | -449M | 306.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | -251M | 0 | -223M | 0 |
| Purchase of Investments | -9.63B | -16.99B | -16.63B | -11.27B | -52.3M | -10.44M | -3.37B | -38.27M | 30M | -4M | -1.39B | -1.64B | -80M | -267M | -1.64B | -214.61M | -1.88B | -529M | -220M | -26M | -568M | -32M | -10M | 0 | -336M | -468M | -117M |
| Sale of Investments | 9.89B | 17.78B | 16.92B | 12.36B | 200M | 641.01M | 0 | 80M | 596M | 766M | 1.4B | -1.5B | 116M | 1.24B | -1.67B | 0 | 0 | 0 | 0 | 49M | 0 | 0 | 154.05M | 119M | 426M | 0 | 0 |
| Other Investing | -5.26B | -6.36B | -4.79B | -4.61B | 394.3M | -333.25M | -1.48B | 659M | -30M | -766M | 1.39B | 1.5B | -545M | 2.92B | 3.17B | -1.03B | -1.56B | -312M | -89M | -17M | -190M | 0 | 1.22B | 62M | 0 | 0 | 0 |
| Cash from Financing | -178.45M | 2.54B | -2.76B | -2.58B | -2.79B | -1.1B | -2.39B | -1.2B | -937M | -158M | -529M | 247M | -750M | -5.74B | -1.39B | 1.33M | -377M | 2.25B | -1.5B | -1.05B | -441M | 206M | -187M | 511M | -281M | 276M | -158M |
| Dividends Paid | -3.96B | -3.89B | -4.29B | -1.82B | -2.09B | -262.47M | -598M | -701.14M | -509M | -540M | -675M | -796M | -3.92B | -4.6B | -1.75B | -2.04B | -1.83B | -937M | -865M | -1.33B | -2.07B | -490.45M | -308.1M | -200M | -214M | -172M | -196M |
| Dividend Payout Ratio % | - | 79.44% | 60.33% | 31.63% | 51.17% | 7% | 20.88% | 21.95% | 29.93% | 53.91% | 201.89% | 158326.64% | 124.88% | 101.54% | 40.91% | 84.28% | 81% | 50.35% | 49.34% | 84.06% | 295.11% | 32.65% | 17.74% | 14.33% | - | - | 53.55% |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 815K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.55M | 1.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08B | 0 | 0 | -230K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -41.08M | -79.91M | -4.29B | -67.44M | 907K | -13M | 0 | 137K | 109M | 1.2B | -404K | 0 | 398K | -64K | 716.93M | 1.77B | 0 | 0 | 0 | 287.19M | 0 | 0 | 71.1M | 0 | -67M | 0 | 0 |
| Net Change in Cash | -1.81B | 217.8M | 361M | 96M | 616M | -14.91M | 1.14B | -355M | -140M | 35M | 70M | 37M | -1.31B | 283M | -376.68M | -117.2M | -1.45B | 2.14B | 185M | 676M | -241M | 433M | 434M | 317M | -95M | -18M | 150M |
| Exchange Rate Effect | 54.28M | 214.46M | 0 | 0 | 0 | 143.57M | 0 | 0 | 1M | -1M | 0 | 1M | 0 | 0 | 680K | -797K | 0 | -207M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.79B | 1.68B | 1.54B | 1.44B | 825M | 50.91M | 536M | 891M | 1.03B | 995M | 925M | 887M | 2.2B | 1.92B | 2.86B | 2.98B | 4.42B | 2.28B | 1.78B | 1.11B | 1.35B | 916M | 440M | 123M | 218M | 236M | 86M |
| Cash at End | 1.36B | 1.9B | 1.9B | 1.54B | 1.44B | 36M | 1.68B | 536M | 890M | 1.03B | 995M | 924M | 887M | 2.2B | 2.49B | 2.86B | 2.98B | 4.43B | 1.97B | 1.78B | 1.11B | 1.35B | 874M | 440M | 123M | 218M | 236M |
| Free Cash Flow | -1.69B | -2.54B | 3.12B | 2.68B | 3.41B | 936.69M | 3.53B | 109M | 131M | -276M | -295M | -210M | -565M | 6.02B | 846.12M | 1.12B | -1.07B | 423M | 1.99B | 1.72B | 200M | 259M | 322.95M | -124M | 96M | -294M | 425M |
| FCF Growth % | -404.52% | -181.27% | 16.55% | -21.43% | 263.73% | -73.47% | 3139.45% | -16.79% | 147.46% | 6.44% | -40.48% | 62.83% | -109.39% | 611.25% | -24.59% | 205.05% | -352.48% | -78.74% | 15.97% | 758% | -22.78% | -19.8% | 360.45% | -229.17% | 132.65% | -169.18% | - |
| FCF Margin % | -6.62% | -5.93% | 7.84% | 7.26% | 9.89% | 2.78% | 14% | 0.43% | 0.59% | -1.27% | -1.57% | -0.99% | -2.89% | 41.14% | 4.58% | 7.09% | -8.3% | 2.43% | 20.25% | 18.2% | 2.31% | 3.45% | 4.22% | -2.06% | 1.97% | -5.87% | 11.32% |
| FCF / Net Income % | -67.12% | -51.78% | 43.84% | 46.44% | 83.26% | 24.97% | 123.28% | 3.41% | 7.71% | -27.56% | -88.24% | -41749.5% | -18.01% | 203.67% | 19.81% | 46.45% | -47.3% | 22.73% | 113.52% | 106.06% | 28.49% | 14.32% | 18.57% | -8.88% | -800% | 40.89% | 116.12% |
Hydrological and regulatory volatility
According to the provided quarterly data, CIG-C exhibits a highly volatile capital expenditure profile, with the CapEx-to-OCF ratio reaching as high as 151.7% in 2024Q1, indicating that the company frequently outspends its internal cash generation to fund necessary infrastructure upgrades across its regulated distribution network.
The recurring spikes in capital intensity suggest that the company is in a heavy investment phase, likely driven by mandatory grid modernization and maintenance requirements. Investors should monitor whether these high levels of investment translate into a commensurate expansion of the regulatory asset base, as failure to do so may indicate inefficient capital allocation.
As reported in the cash flow statements, the company frequently experiences significant free cash flow deficits, such as the $1.4 billion shortfall observed in 2025Q1, necessitating a reliance on external financing to bridge the gap between heavy infrastructure investment and the timing of regulatory tariff recoveries.
The intermittent nature of debt issuance suggests that CIG-C manages its liquidity through opportunistic capital market access rather than a steady-state financing model. Given the company's reported low debt-to-equity ratio, there appears to be sufficient headroom to absorb these deficits, provided that credit markets remain receptive to the utility's state-controlled risk profile.
Based on the reported financial figures, the dividend payout policy appears disconnected from operational cash flow, evidenced by the 2025Q4 period where dividend payments of $2.2 billion significantly exceeded the $681.6 million in operating cash flow, raising questions regarding the long-term sustainability of such distributions.
The erratic coverage ratios, which swing from extreme highs to sub-unity levels, imply that dividend policy may be influenced by political objectives rather than purely financial performance. This inconsistency warrants caution, as it suggests that cash reserves could be depleted to satisfy shareholder expectations during periods of operational stress.
Data from the cash flow statements suggests that the company's reported operating cash flow is subject to significant timing distortions, as evidenced by the sharp variance between net income and cash generation, which likely reflects the impact of regulatory assets and liabilities on actual cash inflows.
The disconnect between accounting profits and cash flow indicates that the company is effectively financing the regulatory lag between cost incurrence and tariff adjustment. Investors should monitor the accumulation of these regulatory assets, as they represent a future cash claim that is contingent upon favorable regulatory outcomes and political stability.
Quick answers to the most common questions about buying CIG-C stock.
Companhia Energética de Minas Gerais (CIG-C) generated $4.00B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Companhia Energética de Minas Gerais (CIG-C) reported negative free cash flow of $2.54B in 2025, indicating capital requirements exceeded cash from operations.
Companhia Energética de Minas Gerais (CIG-C) spent $6.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Companhia Energética de Minas Gerais (CIG-C) returned $3.89B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.