Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 8.0x · ROE 17.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.7B | $7.4B | $6.6B | $6.9B | $5.1B | $4.6B | $3.8B | $4.6B | $5.1B | $2.1B | $2.4B |
| Enterprise Value | $12.2B | $25.4B | $17.4B | $15.6B | $14.6B | $15.4B | $17.4B | $19.2B | $19.0B | $15.4B | $16.6B |
| P/E Ratio → | 9.28 | 1.53 | 0.93 | 1.20 | 1.26 | 1.59 | 1.72 | 1.45 | 3.03 | 3.77 | 27.80 |
| P/S Ratio | 1.06 | 0.17 | 0.17 | 0.19 | 0.15 | 0.14 | 0.15 | 0.18 | 0.23 | 0.10 | 0.13 |
| P/B Ratio | 1.58 | 0.26 | 0.24 | 0.28 | 0.24 | 0.24 | 0.22 | 0.29 | 0.32 | 0.14 | 0.19 |
| P/FCF | — | — | 2.13 | 2.59 | 1.51 | 4.89 | 1.07 | 42.46 | 39.14 | — | — |
| P/OCF | 11.29 | 1.86 | 1.21 | 1.04 | 0.78 | 6.71 | 0.44 | 2.27 | 5.09 | 3.58 | 2.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.59 | 0.44 | 0.42 | 0.42 | 0.46 | 0.69 | 0.75 | 0.85 | 0.71 | 0.89 |
| EV / EBITDA | 8.03 | 3.23 | 1.97 | 2.09 | 2.13 | 1.92 | 3.08 | 4.68 | 5.71 | 4.42 | 6.30 |
| EV / EBIT | 9.97 | 3.54 | 1.68 | 1.99 | 2.90 | 2.62 | 4.02 | 6.25 | 5.47 | 4.41 | 6.94 |
| EV / FCF | — | — | 5.59 | 5.85 | 4.30 | 16.40 | 4.91 | 175.75 | 145.11 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.9% | 16.9% | 19.7% | 22.8% | 19.8% | 20.0% | 21.1% | 27.0% | 14.6% | 15.1% | 15.3% |
| Operating Margin | 14.8% | 14.8% | 18.8% | 16.9% | 16.5% | 20.7% | 18.7% | 12.6% | 11.2% | 12.2% | 9.6% |
| Net Profit Margin | 11.5% | 11.5% | 17.9% | 15.6% | 11.9% | 11.1% | 11.4% | 12.5% | 7.6% | 4.6% | 1.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.5% | 17.5% | 27.4% | 24.8% | 19.8% | 20.3% | 17.1% | 19.9% | 11.2% | 7.3% | 2.6% |
| ROA | 7.7% | 7.7% | 12.4% | 10.6% | 7.7% | 7.1% | 5.5% | 5.8% | 3.3% | 2.4% | 0.8% |
| ROIC | 11.2% | 11.2% | 15.7% | 14.4% | 13.9% | 17.0% | 11.4% | 8.0% | 6.5% | 7.2% | 5.0% |
| ROCE | 12.9% | 12.9% | 17.1% | 14.7% | 13.6% | 16.2% | 10.9% | 8.2% | 7.1% | 8.2% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.46 | 0.42 | 0.50 | 0.60 | 0.87 | 0.94 | 0.93 | 1.00 | 1.17 |
| Debt / EBITDA | 2.53 | 2.53 | 1.43 | 1.37 | 1.59 | 1.45 | 2.71 | 3.68 | 4.44 | 4.12 | 5.75 |
| Net Debt / Equity | — | 0.63 | 0.39 | 0.35 | 0.44 | 0.55 | 0.78 | 0.90 | 0.87 | 0.93 | 1.10 |
| Net Debt / EBITDA | 2.29 | 2.29 | 1.22 | 1.17 | 1.38 | 1.35 | 2.41 | 3.55 | 4.17 | 3.83 | 5.38 |
| Debt / FCF | — | — | 3.47 | 3.26 | 2.79 | 11.51 | 3.84 | 133.29 | 105.96 | — | — |
| Interest Coverage | 4.77 | 4.77 | 10.28 | 33.03 | 5.41 | 5.03 | 17.59 | 8.96 | 2.63 | 1.94 | 0.97 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 0.86 | 0.91 | 1.20 | 1.21 | 1.60 | 1.27 | 1.19 | 0.99 | 0.72 |
| Quick Ratio | 1.00 | 1.00 | 0.86 | 0.91 | 1.20 | 1.21 | 1.60 | 1.27 | 1.19 | 0.98 | 0.72 |
| Cash Ratio | 0.18 | 0.18 | 0.24 | 0.24 | 0.38 | 0.38 | 0.55 | 0.30 | 0.11 | 0.35 | 0.27 |
| Asset Turnover | — | 0.64 | 0.67 | 0.67 | 0.64 | 0.65 | 0.47 | 0.51 | 0.37 | 0.51 | 0.45 |
| Inventory Turnover | — | — | — | — | — | — | — | 476.82 | 528.24 | 485.11 | 324.55 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.6% | 52.4% | 64.7% | 26.3% | 40.7% | 5.7% | 15.8% | 15.2% | 9.9% | 26.0% | 27.6% |
| Payout Ratio | 79.4% | 79.4% | 60.3% | 31.6% | 51.2% | 7.0% | 20.9% | 22.0% | 29.9% | 53.9% | 201.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 65.5% | 107.3% | 83.1% | 79.5% | 63.0% | 58.1% | 68.8% | 33.0% | 26.5% | 3.6% |
| FCF Yield | — | — | 47.0% | 38.7% | 66.2% | 20.5% | 93.3% | 2.4% | 2.6% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% |
| Total Shareholder Yield | 8.6% | 52.4% | 64.7% | 26.3% | 40.7% | 5.7% | 15.8% | 15.2% | 9.9% | 100.0% | 27.6% |
| Shares Outstanding | — | $2.9B | $2.9B | $2.9B | $2.2B | $2.2B | $2.2B | $2.3B | $2.5B | $2.2B | $1.9B |
Regulatory and hydrological volatility
According to current market data, CIG-C trades at a forward P/E of 2.52, reflecting a significant discount compared to private peers, which suggests that investors are heavily discounting the stock due to persistent concerns regarding state-level political interference and the long-term sustainability of its dividend yield.
The valuation gap between CIG-C and private sector peers like Equatorial Energia appears to be a structural feature rather than a temporary mispricing. Investors should monitor whether the current 8.6% dividend yield is a sustainable return component or a signal of market skepticism regarding the company's ability to maintain capital discipline while navigating state-mandated infrastructure priorities.
Based on quarterly financial data, CIG-C's ROE has fluctuated between 0.7% and 12.0% over the last ten quarters, indicating that the company frequently struggles to achieve its authorized regulatory returns due to the combined impact of hydrological variability and the timing of tariff adjustments within the ANEEL framework.
The wide variance in earned ROE suggests that the utility's profitability is highly sensitive to external factors beyond management's direct control. This inconsistency warrants further investigation into whether the current regulatory environment in Minas Gerais provides sufficient protection against the operational shocks inherent in the company's hydroelectric-heavy generation portfolio.
As reported in recent financial statements, the company maintains a debt-to-capital ratio of approximately 0.41, which appears deceptively healthy for a state-controlled utility, yet this figure may obscure significant off-balance-sheet liabilities, including pension fund obligations and potential decommissioning costs that could impact future financial flexibility.
While the reported leverage metrics suggest a strong balance sheet, the disconnect between low debt levels and inconsistent cash flow generation is concerning. Analysts should scrutinize the company's interest coverage ratios, which have shown extreme volatility, suggesting that the utility's debt-servicing capacity is more fragile than the headline debt-to-capital ratio implies.
Based on the provided financial figures, dividend payout ratios have reached as high as 149.5% in recent periods, indicating that distributions are frequently funded through external financing or asset divestments rather than consistent operational cash flow, which raises significant questions regarding the long-term viability of the current policy.
The tendency to pay out more than 100% of earnings in certain quarters suggests a capital allocation strategy that prioritizes short-term shareholder returns over the internal funding of necessary CAPEX. Investors should monitor whether this payout trend forces the company to increase its debt burden to maintain its infrastructure, potentially undermining its long-term credit quality.
The most commonly misapplied metric for CIG-C is the standard P/E ratio, which fails to account for the distortive effects of IFRIC 12 construction revenue and regulatory accounting adjustments that frequently inflate or deflate net income, thereby obscuring the true earnings power of the regulated utility business.
Using a standard P/E ratio to value CIG-C ignores the reality that utility earnings are often a function of regulatory asset base growth rather than organic demand expansion. Analysts should instead focus on the Price-to-Regulatory-Asset-Base (P/RAB) or adjusted cash flow metrics to better understand the company's valuation relative to its actual regulated infrastructure footprint.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CIG-C stock.
Companhia Energética de Minas Gerais's current P/E ratio is 9.3x. The historical average is 3.4x. This places it at the 95th percentile of its historical range.
Companhia Energética de Minas Gerais's current EV/EBITDA is 8.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 3.5x.
Companhia Energética de Minas Gerais's return on equity (ROE) is 17.5%. The historical average is 15.9%.
Based on historical data, Companhia Energética de Minas Gerais is trading at a P/E of 9.3x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Companhia Energética de Minas Gerais's current dividend yield is 8.62% with a payout ratio of 79.4%.
Companhia Energética de Minas Gerais has 16.9% gross margin and 14.8% operating margin. Operating margin between 10-20% is typical for established companies.
Companhia Energética de Minas Gerais's Debt/EBITDA ratio is 2.5x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.