Latest Ratios: P/E Ratio 6.4x · EV/EBITDA 6.2x · 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 | $6.0B | $5.7B | $5.1B | $5.1B | $4.5B | $4.1B | $4.4B | $5.0B | $4.4B | $3.0B | $2.9B |
| Enterprise Value | $9.4B | $23.7B | $15.9B | $13.8B | $14.0B | $14.9B | $17.9B | $19.5B | $18.3B | $16.4B | $17.1B |
| P/E Ratio → | 6.37 | 1.18 | 0.71 | 0.89 | 1.09 | 1.10 | 1.53 | 1.55 | 2.62 | 3.00 | 8.92 |
| P/S Ratio | 0.72 | 0.13 | 0.13 | 0.14 | 0.13 | 0.12 | 0.17 | 0.20 | 0.20 | 0.14 | 0.16 |
| P/B Ratio | 1.08 | 0.20 | 0.18 | 0.21 | 0.20 | 0.21 | 0.25 | 0.31 | 0.28 | 0.21 | 0.23 |
| P/FCF | — | — | 1.62 | 1.90 | 1.31 | 4.40 | 1.24 | 45.67 | 33.90 | — | — |
| P/OCF | 7.75 | 1.43 | 0.92 | 0.77 | 0.67 | 6.03 | 0.51 | 2.44 | 4.41 | 5.18 | 2.43 |
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 | — | 0.55 | 0.40 | 0.38 | 0.40 | 0.44 | 0.71 | 0.77 | 0.82 | 0.75 | 0.91 |
| EV / EBITDA | 6.23 | 3.01 | 1.79 | 1.85 | 2.03 | 1.86 | 3.15 | 4.91 | 4.91 | 4.69 | 6.49 |
| EV / EBIT | 7.74 | 3.30 | 1.53 | 1.75 | 2.76 | 2.54 | 3.45 | 3.31 | 5.44 | 5.05 | 7.14 |
| EV / FCF | — | — | 5.09 | 5.16 | 4.10 | 15.91 | 5.08 | 178.96 | 139.86 | — | — |
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% | 21.3% | 23.1% | 20.7% | 19.5% | 23.1% |
| Operating Margin | 14.8% | 14.8% | 18.8% | 16.9% | 16.5% | 20.7% | 18.7% | 11.8% | 12.9% | 12.2% | 9.6% |
| Net Profit Margin | 11.5% | 11.5% | 17.9% | 15.6% | 11.9% | 11.1% | 11.4% | 12.5% | 7.7% | 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% | 19.8% | 11.3% | 7.3% | 2.6% |
| ROA | 7.7% | 7.7% | 12.4% | 10.6% | 7.7% | 7.1% | 5.5% | 5.8% | 3.4% | 2.4% | 0.8% |
| ROIC | 11.2% | 11.2% | 15.7% | 14.4% | 13.9% | 17.0% | 11.4% | 7.5% | 7.5% | 7.2% | 5.0% |
| ROCE | 12.9% | 12.9% | 17.1% | 14.7% | 13.6% | 16.2% | 10.8% | 7.6% | 8.2% | 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 | 0.92 | 1.00 | 1.17 |
| Debt / EBITDA | 2.53 | 2.53 | 1.43 | 1.37 | 1.59 | 1.45 | 2.68 | 3.79 | 3.96 | 4.12 | 5.75 |
| Net Debt / Equity | — | 0.63 | 0.39 | 0.35 | 0.44 | 0.55 | 0.78 | 0.90 | 0.86 | 0.93 | 1.10 |
| Net Debt / EBITDA | 2.29 | 2.29 | 1.22 | 1.17 | 1.38 | 1.35 | 2.38 | 3.66 | 3.72 | 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 | 50.62 | 33.03 | 25.69 | 25.24 | 21.24 | 17.22 | 2.48 | 2.03 | 1.18 |
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 | 1.30 | 1.19 | 0.99 | 0.72 |
| Quick Ratio | 1.00 | 1.00 | 0.86 | 0.91 | 1.20 | 1.21 | 1.60 | 1.30 | 1.19 | 0.98 | 0.72 |
| Cash Ratio | 0.18 | 0.18 | 0.24 | 0.24 | 0.38 | 0.38 | 0.55 | 0.27 | 0.11 | 0.34 | 0.24 |
| Asset Turnover | — | 0.64 | 0.67 | 0.67 | 0.64 | 0.65 | 0.47 | 0.50 | 0.37 | 0.51 | 0.45 |
| Inventory Turnover | — | — | — | — | — | — | — | 502.51 | 491.03 | 460.21 | 294.49 |
| 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 | 12.6% | 68.0% | 84.8% | 35.8% | 46.9% | 6.4% | 13.7% | 14.1% | 11.5% | 18.0% | 22.9% |
| Payout Ratio | 79.4% | 79.4% | 60.3% | 31.6% | 51.2% | 7.0% | 20.9% | 22.0% | 29.5% | 53.9% | 202.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.7% | 85.0% | 140.7% | 112.9% | 91.7% | 91.0% | 65.4% | 64.4% | 38.1% | 33.3% | 11.2% |
| FCF Yield | — | — | 61.6% | 52.6% | 76.3% | 22.7% | 80.6% | 2.2% | 2.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 69.3% | 0.0% |
| Total Shareholder Yield | 12.6% | 68.0% | 84.8% | 35.8% | 46.9% | 6.4% | 13.7% | 14.1% | 11.5% | 87.3% | 22.9% |
| Shares Outstanding | — | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B | $2.9B | $2.5B | $2.9B | $2.5B |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying CIG stock.
Companhia Energética de Minas Gerais's current P/E ratio is 6.4x. The historical average is 4.1x. This places it at the 79th percentile of its historical range.
Companhia Energética de Minas Gerais's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.6x.
Companhia Energética de Minas Gerais's return on equity (ROE) is 17.5%. The historical average is 16.8%.
Based on historical data, Companhia Energética de Minas Gerais is trading at a P/E of 6.4x. This is at the 79th 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 12.56% 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
Federalization and asset divestment overhang
Extreme Yield Reflects Deep Political Discount
CIG's forward P/E of 1.64 and 13.0% dividend yield suggest the market is pricing in severe governance risk, as reported in recent financial statements, rather than reflecting the company's underlying regulated asset base.
The valuation metrics are extreme outliers for a regulated utility, with the forward P/E implying either a massive earnings surge or a market expectation of permanent capital impairment. The 13.0% dividend yield is likely unsustainable given the reported payout ratio of 149.8% in 2026Q2, indicating the yield is a function of a depressed share price rather than a reliable income stream. This deep discount appears to be a direct reflection of the federalization overhang and the perceived risk of minority shareholder dilution in a state-controlled entity.
Volatile Earned ROE Undermines Regulatory Predictability
CIG's quarterly ROE has swung from 1.2% to 12.0% over the past ten quarters, indicating a persistent and wide gap between its earned return and any stable authorized ROE, as shown in the ratio data.
This extreme volatility suggests the company's actual returns are being driven by non-recurring regulatory settlements, accounting adjustments, and hydrological factors rather than a consistent earned return on its rate base. For a regulated utility, this unpredictability is a significant red flag, as it obscures the true earnings power and makes it difficult to assess whether the company is meeting its regulatory compact. The lack of a stable earned ROE trajectory implies that investors cannot rely on the authorized ROE as a proxy for near-term earnings.
Leverage Rising Amid Internal Cash Deficit
The debt-to-capital ratio has climbed to 0.44 in 2026Q2 from 0.32 in 2024Q1, while FFO/Debt has collapsed from 43.16 to 4.42, signaling a rapid deterioration in credit metrics as reported in recent filings.
The rising leverage is a direct consequence of the massive CAPEX program consuming operating cash flow, forcing the company to fund its investment cycle primarily through debt issuance. The sharp decline in FFO/Debt coverage indicates that the incremental debt is not yet generating proportional cash flow, likely due to regulatory lag in recovering these investments through tariffs. This trajectory warrants close monitoring, as it may be approaching the limits of what rating agencies and regulators will tolerate for a state-controlled entity.
Dividend Payout Unsustainable and Cash-Flow Negative
The dividend payout ratio reached 149.8% in 2026Q2, meaning the company paid out more in dividends than it earned, a pattern that is clearly unsustainable without external financing.
This payout level is not being funded by core earnings or operating cash flow, but rather by a combination of debt issuance and the drawdown of cash reserves. The prior analysis confirms that operating cash flow has frequently failed to cover dividend payments, creating a structural cash deficit. For a utility in a heavy investment cycle, this policy appears to prioritize short-term shareholder returns over the long-term financial health needed to fund its regulated CAPEX program, increasing reliance on external capital markets.
The Misleading Safety of the Dividend Yield
The 13.0% dividend yield is the ratio most commonly misapplied to CIG, as it obscures the fact that the payout is not covered by cash flow and is likely a function of a distressed equity price.
Investors often screen for high-yield utilities as safe income plays, but CIG's yield is a classic value trap signal. The yield is elevated because the share price has collapsed on political risk, not because the dividend is secure. The underlying cash flow analysis shows the company is burning cash and funding dividends with debt. A more appropriate metric for assessing income sustainability would be the dividend coverage ratio from operating cash flow, which in several recent quarters has been well below 1.0x, indicating the payout is not self-funding.