Eletrobrás maintains a stable capital structure with a conservative debt-to-equity ratio of 0.69, providing a solid foundation despite recent equity fluctuations to $109.3 billion.
| Metric | TTM | 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 |
|---|
| Total Assets | 266.5B | 289.87B | 267.06B | 270.22B | 188.3B | 178.97B | 178.62B | 181.21B | 172.98B | 173.06B | 149.65B | 144.63B | 138.39B | 172.2B | 163.14B | 146.9B | 133.82B | 150.37B | 120.58B | 122.09B |
| Asset Growth % | 10.9% | 8.54% | -1.17% | 43.5% | 5.22% | 0.19% | -1.43% | 4.76% | -0.05% | 15.64% | 3.47% | 4.51% | -19.63% | 5.55% | 11.06% | 9.78% | -11.01% | 24.71% | -1.23% | - |
| PP&E (Net) | 39.09B | 36.85B | 35.81B | 34.74B | 33.37B | 32.66B | 33.32B | 32.37B | 27.97B | 26.81B | 29.55B | 31.17B | 30.04B | 47.41B | 53.21B | 46.68B | 77.26B | 78.64B | 74.16B | 77.7B |
| PP&E / Total Assets % | 14.67% | 12.71% | 13.41% | 12.86% | 17.72% | 18.25% | 18.65% | 17.86% | 16.17% | 15.49% | 19.74% | 21.55% | 21.71% | 27.53% | 32.62% | 31.78% | 57.74% | 52.29% | 61.5% | 63.64% |
| Total Current Assets | 52.37B | 64.45B | 47.9B | 49.62B | 39.74B | 44.82B | 41.49B | 46.85B | 37.36B | 29.27B | 29.44B | 30.55B | 39.08B | 44.34B | 36.66B | 32.81B | 28.19B | 26.06B | 18.61B | 15.42B |
| Cash & Equivalents | 18.5B | 26.57B | 13.05B | 10.74B | 192.66M | 286.61M | 335.31M | 583.35M | 792.25M | 679.67M | 1.39B | 1.41B | 3.6B | 4.43B | 4.96B | 9.22B | 15.4B | 13.03B | 8.09B | 5.46B |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Inventory | 389.92M | 441.47M | 426.69M | 429.31M | 1.12B | 509.99M | 1.01B | 890.93M | 944.39M | 996.63M | 1.03B | 852.93M | 958.34M | 815.39M | 388.66M | 2.06B | 859.28M | 767.28M | 603.18M | 519.82M |
| Other Current Assets | 21.91B | 28.27B | 5.71B | 6.61B | 5.8B | 25.03B | 8.99B | 24.03B | 10.07B | 8.35B | 9.02B | 10.47B | 17.07B | 28.49B | 1.56B | 9.29B | 4.41B | 3.82B | 3.61B | 5.44B |
| Long-Term Investments | 133.63B | 32.12B | 33.64B | 34.4B | 32.7B | 29.41B | 34.78B | 62.38B | 79.7B | 79.53B | 50.57B | 49.26B | 41.31B | 50.64B | 4.97B | 5.52B | 7.5B | 6.65B | 6.68B | 5.98B |
| Goodwill | 0 | 0 | 0 | 0 | 158.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 76.95B | 78.17B | 79.87B | 79.98B | 4.83B | 3.99B | 655.04M | 649.65M | 749.76M | 761.74M | 935.15M | 1.37B | 788.58M | 2.3B | 2.87B | 932.51M | 2.37B | 0 | 469.81M | 412.54M |
| Other Assets | 73.08B | 78.27B | 69.85B | 71.48B | 75.99B | 68.08B | 67.74B | 38.41B | 26.19B | 18.69B | 16B | 12.27B | 9.91B | 11.12B | 59.65B | 56.62B | 13.91B | 39.03B | 18.15B | 20.62B |
| Total Liabilities | 157.16B | 167.87B | 154.59B | 159.19B | 111.89B | 105.22B | 107.46B | 125.2B | 130.22B | 128.99B | 107.91B | 87.78B | 77.7B | 104.91B | 85.94B | 76.37B | 57.52B | 79.82B | 39.84B | 43.76B |
| Total Debt | 75.32B | 78.24B | 61.83B | 61.15B | 46.14B | 49.1B | 49.59B | 56.31B | 47.17B | 48.01B | 48.74B | 52.19B | 33.24B | 52.73B | 45.95B | 33.53B | 17.93B | 35.7B | 14.71B | 19.95B |
| Net Debt | 56.82B | 51.66B | 48.78B | 50.41B | 45.94B | 48.82B | 49.26B | 55.73B | 46.38B | 47.33B | 47.34B | 50.79B | 29.65B | 48.31B | 40.99B | 24.31B | 2.53B | 22.67B | 6.61B | 14.49B |
| Long-Term Debt | 59.86B | 62.81B | 48.57B | 51.58B | 35.78B | 35.59B | 40.66B | 43.22B | 39.52B | 39.98B | 42.38B | 35.51B | 31.07B | 25.68B | 38.69B | 31.98B | 27B | 32.88B | 13.18B | 17.84B |
| Short-Term Borrowings | 14.97B | 15.24B | 13.04B | 8.81B | 9.45B | 12.46B | 7.73B | 12.12B | 6.11B | 5.89B | 4.64B | 5.31B | 1.99B | 1.35B | 1.65B | 1.98B | 1.44B | 2.82B | 1.53B | 2.1B |
| Capital Lease Obligations | 1.3B | 182.58M | 216.75M | 753.17M | 903.48M | 1.05B | 1.21B | 976.12M | 1.08B | 1.17B | 1.25B | 1.33B | 1.39B | 1.45B | 1.92B | 1.82B | 1.75B | 1.79B | 0 | 0 |
| Total Current Liabilities | 27.31B | 31.63B | 27.16B | 26.44B | 23.88B | 27.39B | 26.34B | 36.52B | 34.19B | 33.6B | 28.1B | 19.28B | 25.7B | 30.85B | 26.12B | 18.37B | 14.16B | 24.16B | 11B | 10.2B |
| Accounts Payable | 2.79B | 2.76B | 2.96B | 3.52B | 4.03B | 3.9B | 3.1B | 3.36B | 10.44B | 9.66B | 10.13B | 7.49B | 7.74B | 6.42B | 5.49B | 0 | 0 | 1.93B | 1.9B | 1.98B |
| Accrued Expenses | 5.93B | 3.08B | 1.63B | 2.47B | 1.62B | 4.61B | 2.17B | 1.4B | 1.2B | 1.19B | 1.21B | 1.67B | 9.36B | 5.62B | 4.99B | 584.24M | 787.55M | 11.01B | 0 | 0 |
| Deferred Revenue | 0 | 0 | 138.69M | 1.65B | 1.46B | 0 | 683.6M | 421M | 654.85M | 620.78M | 648.24M | 501.57M | 511.58M | 469.89M | 0 | 341.46M | 63.4M | 296.13M | 3.61B | 3.57B |
| Other Current Liabilities | 6.66B | 10.53B | 7.16B | 7.72B | 6.3B | 6.2B | 9.17B | 19.08B | 12.96B | 11.7B | 11.99B | 4.75B | 6.46B | 19.88B | 16.52B | 14.24B | 11.32B | 18.86B | -3.75B | 3.78B |
| Deferred Taxes | 11.56B | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 0 | 0 |
| Other Liabilities | 69.58B | 68.99B | 72.88B | 74.13B | 44.1B | 41.4B | 34.92B | 35.87B | 45.83B | 44.33B | 34.4B | 15.6B | 19B | 46.16B | 17.45B | 23.11B | 14.48B | 21.06B | 15.66B | 15.72B |
| Total Equity | 109.34B | 122B | 112.46B | 111.03B | 76.42B | 73.75B | 71.16B | 56.01B | 42.75B | 44.06B | 41.74B | 56.85B | 60.69B | 67.28B | 77.2B | 70.76B | 76.3B | 70.55B | 79.96B | 77.84B |
| Equity Growth % | 17.6% | 8.48% | 1.29% | 45.29% | 3.61% | 3.64% | 27.05% | 31.01% | -2.98% | 5.57% | -26.58% | -6.33% | -9.8% | -12.85% | 9.11% | -7.26% | 8.15% | -11.77% | 2.73% | - |
| Shareholders Equity | 109.29B | 121.86B | 112.33B | 110.5B | 76.12B | 73.48B | 70.7B | 55.54B | 42.34B | 44.2B | 42.09B | 56.54B | 60.49B | 67.08B | 76.84B | 70.53B | 76.09B | 70.2B | 79.58B | 77.59B |
| Minority Interest | 50.52M | 136.55M | 131.27M | 523.84M | 295.56M | 272.99M | 457.22M | 466.04M | 413.15M | -138.54M | -352.79M | 308.95M | 195.2M | 196.65M | 358.81M | 226.3M | 205.14M | 349.52M | 385.61M | 244.54M |
| Common Stock | 70.03B | 69.99B | 70.1B | 69.81B | 39.06B | 39.06B | 31.31B | 31.31B | 31.31B | 31.31B | 31.31B | 31.31B | 31.31B | 31.31B | 31.31B | 26.16B | 26.16B | 26.16B | 24.24B | 24.24B |
| Additional Paid-in Capital | 10.46B | 10.16B | 0 | 0 | 0 | 10.46B | 0 | 13.87B | 3.38B | 3.38B | 22.64B | 3.68B | 0 | 31.31B | 31.31B | 753.2M | 25.75B | 26.1B | 29.45B | 0 |
| Retained Earnings | 32.79B | 45.44B | 0 | 0 | 0 | 28.91B | 201.75M | 5.95B | 713.8M | 713.8M | -12.18B | -3.2B | 4.33B | 12.79B | 44.62B | 16.8B | 19.01B | 16.08B | 0 | 0 |
| Accumulated OCI | -1.73B | -1.51B | 44.46B | 40.8B | 37.06B | -4.95B | 31.44B | 24.24B | 11.01B | 12.86B | 22.93B | 25.19B | 28.69B | 35.14B | -8.11M | 377.82M | 2.48B | -1.63B | 51.92B | 50.19B |
| Return on Assets (ROA) | -2.16% | 3.73% | 1.69% | 1.59% | 3.07% | 3.57% | 6.22% | 7.42% | -1.02% | 2.12% | -9.81% | -2.14% | -4.05% | -4.1% | 2.41% | 1.6% | 0.12% | 6.32% | 1.41% | 0.84% |
| Return on Equity (ROE) | -5.1% | 8.85% | 4.07% | 3.88% | 7.52% | 8.82% | 17.61% | 26.62% | -4.06% | 7.99% | -29.3% | -5.16% | -9.83% | -9.52% | 5.05% | 3.06% | 0.23% | 11.38% | 2.17% | 1.32% |
| Debt / Equity | 0.69x | 0.64x | 0.55x | 0.55x | 0.60x | 0.67x | 0.70x | 1.01x | 1.10x | 1.09x | 1.17x | 0.92x | 0.55x | 0.78x | 0.60x | 0.47x | 0.24x | 0.51x | 0.18x | 0.26x |
| Debt / Assets | 28.26% | 26.99% | 23.15% | 22.63% | 24.5% | 27.44% | 27.76% | 31.07% | 27.27% | 27.74% | 32.57% | 36.09% | 24.02% | 30.62% | 28.17% | 22.83% | 13.4% | 23.74% | 12.2% | 16.34% |
| Net Debt / EBITDA | 10.39x | 2.19x | 3.33x | 6.42x | 4.09x | 6.54x | 4.73x | 3.56x | 8.67x | 2.84x | - | 48.95x | - | 14.03x | 6.99x | 4.05x | 0.36x | 2.28x | 1.25x | 1.49x |
| Book Value per Share | 48.65 | 52.9 | 49.52 | 55.71 | 47.94 | 47.01 | 45.05 | 41.41 | 31.61 | 32.19 | 30.85 | 42.01 | 44.85 | 49.72 | 57.05 | 62.35 | 67.33 | 62.26 | 70.75 | 68.87 |
Regulatory and political overhang
Based on the most recent quarterly filings, Eletrobrás maintains a conservative debt-to-equity ratio of 0.69, which reflects a significant deleveraging trend following the company's privatization and subsequent capital increase, positioning the balance sheet with substantial headroom for future infrastructure investment or potential shareholder returns.
The current leverage profile appears exceptionally low for a utility of this scale, suggesting that management is prioritizing balance sheet flexibility over aggressive capital deployment. This conservative stance may be a strategic buffer against the inherent volatility of the Brazilian power market and the ongoing legal uncertainties surrounding voting rights.
As reported in financial statements, the company's net property, plant, and equipment (PPE) has remained relatively stable at $39.1 billion in 2025Q3, indicating that the core regulated asset base is not currently experiencing the rapid expansion typically associated with aggressive greenfield transmission or generation development projects.
The stagnation in net PPE growth suggests that the company is currently focused on optimizing existing assets rather than expanding its footprint. Investors should monitor whether this lack of asset growth reflects a deliberate pause in capital allocation or an inability to navigate the complex regulatory environment for new projects.
According to the latest balance sheet data, Eletrobrás holds $24.6 billion in cash, which, when combined with a current ratio of 1.92, provides a significant liquidity cushion to mitigate risks associated with hydrological volatility and potential spot market exposure in the Brazilian power pool.
This liquidity position appears more than sufficient to cover short-term obligations and operational contingencies. However, the persistence of such a large cash balance may raise questions regarding the efficiency of capital allocation and whether management intends to deploy these funds toward debt reduction or strategic acquisitions.
Based on reported figures, equity has fluctuated significantly, reaching $109.3 billion in 2025Q3, a trend that appears heavily influenced by recent net losses and the ongoing impact of non-recurring items that continue to obscure the underlying quality of the company's retained earnings.
The volatility in equity levels warrants further investigation into the sustainability of the company's capital base. The negative ROE of -4.8% in the most recent quarter suggests that the company is struggling to generate adequate returns on its equity, which may pressure future valuation multiples if operational performance does not improve.
Quick answers to the most common questions about buying EBR-B stock.
As of 2024, Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) had total assets of $289.87B including $64.45B in current assets.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) carries total debt of $78.24B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) has total shareholders' equity (book value) of $121.86B ($52.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Centrais Elétricas Brasileiras S.A. - Eletrobrás (EBR-B) reported a current ratio of 2.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.