Latest Ratios: P/E Ratio 9.8x · EV/EBITDA 8.4x · 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 | $9.2B | $7.4B | $6.6B | $6.9B | $5.1B | $4.6B | $3.8B | $4.6B | $5.1B | $2.1B | $2.4B |
| Enterprise Value | $12.6B | $25.4B | $17.4B | $15.6B | $14.6B | $15.4B | $17.4B | $19.2B | $19.0B | $15.4B | $16.6B |
| P/E Ratio → | 9.83 | 1.53 | 0.93 | 1.20 | 1.26 | 1.59 | 1.72 | 1.45 | 3.03 | 3.77 | 27.80 |
| P/S Ratio | 1.12 | 0.17 | 0.17 | 0.19 | 0.15 | 0.14 | 0.15 | 0.18 | 0.23 | 0.10 | 0.13 |
| P/B Ratio | 1.67 | 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 | 11.96 | 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 | 8.36 | 3.23 | 1.97 | 2.09 | 2.13 | 1.92 | 3.08 | 4.68 | 5.71 | 4.42 | 6.30 |
| EV / EBIT | 10.39 | 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 | 8.1% | 52.3% | — | 26.3% | 40.7% | 5.7% | 15.8% | 15.2% | 9.9% | 26.0% | 27.6% |
| Payout Ratio | 79.4% | 79.4% | — | 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 | 10.2% | 65.4% | 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 | 8.1% | 52.3% | 0.0% | 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 |
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 9.8x. 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 8.4x. 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 9.8x. 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 8.14% 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.
Key Metrics
Top Statement Risk
Hydrological and regulatory volatility
Yield-Driven Valuation Anchored to Rates
CIG-C's 8.4% dividend yield and 9.5x TTM P/E position it as a high-income play, with the forward P/E of 2.53 suggesting the market expects significant earnings expansion, likely from regulatory recovery or asset sales.
The valuation is heavily anchored to the dividend yield, which at 8.4% offers a substantial premium over Brazilian government bonds, making it attractive to income-focused investors. The low forward P/E of 2.53, compared to the TTM P/E of 9.50, implies the market is pricing in a near-term surge in earnings, possibly from the recovery of regulatory assets or the successful execution of its divestment strategy. However, this yield is currently supported by a payout ratio exceeding 100% of earnings in recent quarters, which warrants scrutiny regarding its sustainability without external funding.
Volatile Earned ROE vs. Regulatory Target
CIG-C's earned ROE has been highly erratic, ranging from 2.8% to 12.0% over the past ten quarters, indicating significant difficulty in consistently achieving the regulatory authorized return set by ANEEL.
The extreme volatility in earned ROE, with a recent reading of 3.3% in 2026Q2, suggests that regulatory cost recovery mechanisms and hydrological conditions are creating substantial earnings instability rather than a smooth return profile. This pattern implies that the company's actual returns are frequently disconnected from the regulatory allowed return, which is the primary driver of long-term value for a regulated utility. Investors should monitor whether the recent trend of lower earned ROE persists, as it could signal structural challenges in translating regulatory approvals into consistent bottom-line performance.
Leverage Rising to Fund Rate Base Expansion
The debt-to-capital ratio has increased from 0.32 in 2024Q1 to 0.44 in 2026Q2, reflecting a deliberate shift to leverage the balance sheet to finance the company's aggressive capital expenditure program.
This increase in leverage, while still within manageable levels for a utility, is a direct consequence of the massive CAPEX cycle aimed at expanding the regulated asset base. The interest coverage ratio of 3.30x and FFO/Debt of 4.42x indicate that the company maintains adequate capacity to service its debt, but the trend warrants monitoring. The rising leverage profile is a strategic choice to fund growth, but it increases sensitivity to interest rate movements and regulatory decisions on the allowed return on new investments.
Dividend Payout Strains Internal Cash Generation
The dividend payout ratio reached 149.8% in 2026Q2, indicating that the current dividend is being funded from sources beyond current earnings, which may not be sustainable without relying on external financing or asset sales.
The payout ratio consistently exceeding 100% in recent quarters suggests that the dividend is not being covered by net income, raising questions about its long-term sustainability from an earnings perspective. This level of payout appears to be supported by the company's cash reserves or external funding, which aligns with the prior analysis of persistent negative free cash flow. While the high yield is attractive, investors should assess whether the dividend policy is aligned with the company's capital needs for its significant CAPEX program.
Discount to Private Peers Reflects SOE Risk
CIG-C trades at a P/E of 6.16 and a dividend yield of 13.0%, a significant discount to private peer SBS (P/E 10.41, yield 2.7%), reflecting the market's persistent discount for state-owned enterprise governance and political risk.
The valuation discount to private peers like SBS is substantial and appears to be driven by the perceived risks associated with CIG-C's state ownership, including potential political interference in capital allocation and dividend policy. While CIG-C's dividend yield is far superior, its earned ROE of 10.7% is lower than SBS's 18.1%, suggesting that the discount may also reflect lower profitability and efficiency. The comparison highlights that the market is pricing CIG-C not just as a utility, but as an entity with additional governance and regulatory execution risks.
Misapplied Metric: Standard Payout Ratio
The standard dividend payout ratio is the most commonly misapplied metric to CIG-C, as it obscures the reality that dividends are funded by a combination of earnings, regulatory cash flows, and external financing in a capital-intensive utility.
Comparing CIG-C's payout ratio to non-regulated companies is misleading because it ignores the regulatory compact, where dividends are often supported by the recovery of capital investments through tariffs over time. The ratio exceeding 100% does not necessarily indicate an unsustainable dividend in the same way it would for an industrial firm; instead, it reflects the timing mismatch between massive upfront CAPEX and the subsequent regulatory recovery of those investments. A more appropriate metric would be the dividend coverage from regulated cash flows or the payout relative to the regulatory allowed return, which better captures the economic reality of the business model.