Latest Ratios: P/E Ratio 4.9x · EV/EBITDA 5.1x · ROE 10.8%. (1998–2025 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 | $2.6B | $1.8B | $971M | $1.4B | — | — | — | — | — | — | — |
| Enterprise Value | $6.0B | $18.9B | $14.4B | $11.0B | — | — | — | — | — | — | — |
| P/E Ratio → | 4.92 | 0.67 | 0.30 | 3.07 | — | — | — | — | — | — | — |
| P/S Ratio | 0.51 | 0.07 | 0.04 | 0.06 | — | — | — | — | — | — | — |
| P/B Ratio | 0.56 | 0.08 | 0.04 | 0.06 | — | — | — | — | — | — | — |
| P/FCF | 10.45 | 1.42 | — | 18.14 | — | — | — | — | — | — | — |
| P/OCF | 4.38 | 0.59 | 1.54 | 1.98 | — | — | — | — | — | — | — |
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 | — | 0.74 | 0.64 | 0.51 | — | — | — | — | — | — | — |
| EV / EBITDA | 5.06 | 3.18 | 2.84 | 2.41 | — | — | — | — | — | — | — |
| EV / EBIT | 6.69 | 3.33 | 4.82 | 4.26 | — | — | — | — | — | — | — |
| EV / FCF | — | 15.23 | — | 143.19 | — | — | — | — | — | — | — |
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 | 21.3% | 21.3% | 21.6% | 22.8% | 24.0% | 225.4% | 28.4% | 27.8% | 21.8% | 23.9% | 21.9% |
| Operating Margin | 17.6% | 17.6% | 15.9% | 14.8% | 6.2% | -21.9% | 26.3% | 17.0% | 13.4% | 9.9% | 13.6% |
| Net Profit Margin | 10.3% | 10.3% | 12.4% | 10.5% | 5.4% | -37.2% | 21.0% | 12.5% | 9.7% | 7.4% | 6.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | 11.3% | 10.0% | 5.1% | 23.3% | 20.6% | 11.7% | 8.8% | 6.8% | 6.1% |
| ROA | 4.5% | 4.5% | 5.0% | 4.3% | 2.2% | 10.3% | 9.2% | 5.4% | 4.1% | 3.3% | 3.0% |
| ROIC | 8.5% | 8.5% | 7.4% | 7.4% | 3.1% | 7.6% | 13.7% | 7.7% | 5.8% | 4.4% | 6.1% |
| ROCE | 9.4% | 9.4% | 7.7% | 7.2% | 3.0% | 7.4% | 14.0% | 8.7% | 6.9% | 5.4% | 7.3% |
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 | 0.88 | 0.88 | 0.69 | 0.63 | 0.60 | 0.54 | 0.50 | 0.66 | 0.72 | 0.63 | 0.59 |
| Debt / EBITDA | 3.41 | 3.41 | 3.47 | 3.33 | 5.06 | 3.06 | 1.71 | 3.19 | 4.40 | 4.63 | 3.55 |
| Net Debt / Equity | — | 0.74 | 0.52 | 0.40 | 0.48 | 0.39 | 0.34 | 0.50 | 0.60 | 0.57 | 0.52 |
| Net Debt / EBITDA | 2.88 | 2.88 | 2.65 | 2.10 | 4.00 | 2.18 | 1.16 | 2.39 | 3.67 | 4.14 | 3.15 |
| Debt / FCF | — | 13.81 | — | 125.05 | 46.03 | 15.16 | 15.57 | 6.81 | — | — | — |
| Interest Coverage | 2.27 | 2.27 | 39.05 | 3.48 | 11.32 | 110.29 | 39.09 | 11.72 | 36.87 | 17.28 | 30.65 |
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 | 0.98 | 0.98 | 1.26 | 1.47 | 1.30 | 1.40 | 1.18 | 1.48 | 0.99 | 0.93 | 0.75 |
| Quick Ratio | 0.97 | 0.97 | 1.25 | 1.45 | 1.28 | 1.38 | 1.16 | 1.46 | 0.98 | 0.92 | 0.73 |
| Cash Ratio | 0.32 | 0.32 | 0.42 | 0.61 | 0.40 | 0.49 | 0.35 | 0.62 | 0.37 | 0.20 | 0.20 |
| Asset Turnover | — | 0.42 | 0.39 | 0.38 | 0.41 | -0.27 | 0.40 | 0.41 | 0.40 | 0.42 | 0.43 |
| Inventory Turnover | 116.26 | 116.26 | 130.28 | 94.90 | 80.09 | 84.48 | 81.99 | 87.89 | 97.80 | 96.47 | 78.34 |
| 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 | 19.0% | 100.0% | 30.3% | 10.8% | — | — | — | — | — | — | — |
| Payout Ratio | 93.8% | 93.8% | 10.5% | 6.7% | 37.7% | 14.5% | 3.1% | 19.1% | 21.4% | 49.0% | 41.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 20.3% | 149.7% | 331.7% | 32.5% | — | — | — | — | — | — | — |
| FCF Yield | 9.6% | 70.5% | — | 5.5% | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 3.9% | 1.0% | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 19.5% | 100.0% | 31.3% | 10.8% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $186M | $186M | $177M | $171M | $171M | $171M | $171M | $171M | $171M | $171M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying ELPC stock.
Companhia Paranaense de Energia's current P/E ratio is 4.9x. The historical average is 1.3x. This places it at the 100th percentile of its historical range.
Companhia Paranaense de Energia's current EV/EBITDA is 5.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.8x.
Companhia Paranaense de Energia's return on equity (ROE) is 10.8%. The historical average is 9.4%.
Based on historical data, Companhia Paranaense de Energia is trading at a P/E of 4.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Companhia Paranaense de Energia's current dividend yield is 19.02% with a payout ratio of 93.8%.
Companhia Paranaense de Energia has 21.3% gross margin and 17.6% operating margin. Operating margin between 10-20% is typical for established companies.
Companhia Paranaense de Energia's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Anomalous debt/equity ratio
Deep Value or Distressed Yield
ELPC trades at a P/E of 3.88 and a dividend yield of 24.1%, per the latest snapshot, suggesting the market prices in significant risk or a one-time payout, warranting scrutiny of sustainability.
The P/E of 3.88 is far below the peer average of roughly 6-10, and the dividend yield of 24.1% is more than double that of CIG (13.4%), implying the market expects either a dividend cut or a re-rating. Given the recent privatization and anomalous debt figures, the low multiple may reflect governance and regulatory uncertainty rather than pure value. Investors should monitor whether the yield normalizes as the market adjusts to the new corporate structure.
Earned ROE Lags Authorized
ELPC's quarterly ROE averaged 2.9% over the last ten quarters, per the ratio data, well below typical Brazilian authorized ROEs of 8-10%, indicating regulatory lag or operational inefficiencies.
The earned ROE of 4.4% in 2026Q2 is the highest in the period but still far from the authorized level, suggesting that the company is not fully recovering its allowed return. This gap may be due to hydrological risk (GSF) and non-technical losses, which are not fully compensated. If the privatization leads to efficiency gains, the earned ROE could converge toward the authorized level, but this remains unproven.
Margin Stability Amid Pass-Through
Operating margin improved to 20.7% in 2026Q2 from 18.0% a year earlier, as reported in the latest financials, indicating effective cost recovery despite a 21.26% gross margin.
The net margin of 15.1% in 2026Q2 is robust, suggesting that ELPC is recovering purchased power and fuel costs through tariffs. However, the volatility in net margin (from 5.6% to 21.3% over the period) reflects the impact of hydrological conditions and one-time items. The improvement in operating margin may indicate better cost control post-privatization, but the sustainability depends on regulatory adjustments and GSF settlements.
Leverage Creeps Up, Data Anomaly
Debt-to-capital rose from 0.38 in 2024Q1 to 0.49 in 2026Q2, per the ratio data, while the reported D/E of 0.88% appears inconsistent with the balance sheet's $23.6B debt.
The increasing debt-to-capital ratio suggests ELPC is funding its CAPEX program with debt, which is typical for utilities. However, the anomalous D/E figure of 0.88% is likely a data error or a carve-out, as the balance sheet shows total debt of $23.6B. This discrepancy clouds the true leverage profile and warrants verification. If the actual leverage is higher, the interest coverage of 47.56 in 2026Q2 may be overstated, and credit quality could be weaker than it appears.
Dividend Coverage Under Strain
Dividends paid in 2026Q2 were $267.6M against operating cash flow of $20.8M, per the cash flow statement, resulting in an OCF/Div ratio of 0.1, indicating unsustainable coverage.
The dividend payout ratio of 25.5% in 2026Q2 is low, but the cash flow coverage is extremely weak, suggesting that dividends are being funded by debt or existing cash rather than operating cash flow. This is a red flag for dividend sustainability, especially if the 24.1% yield is maintained. The company may need to cut dividends or increase cash generation to support its CAPEX program, which is critical for rate base growth.
Misapplied P/E and Yield
Comparing ELPC's P/E of 3.88 to industrial peers is misleading, as utilities are bond proxies; instead, the earned ROE versus authorized ROE and dividend sustainability are more relevant.
The low P/E and high dividend yield may appear attractive, but they are distorted by non-cash accounting items like construction revenue and regulatory assets, which inflate earnings without generating cash. The appropriate valuation metric for a utility is the ratio of market price to regulatory asset base (P/RAB) or the implied authorized ROE. Investors should focus on the gap between earned and allowed ROE, and the cash flow coverage of dividends, rather than the headline P/E.