Latest Ratios: P/E Ratio 23.5x · EV/EBITDA 10.1x · ROE 5.5%. (2004–2025 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 | $23.2B | $20.6B | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $35.0B | $81.4B | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | 23.51 | 4.04 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.91 | 0.50 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.01 | 0.17 | — | — | — | — | — | — | — | — | — |
| P/FCF | 13.43 | 2.30 | — | — | — | — | — | — | — | — | — |
| P/OCF | 8.27 | 1.42 | — | — | — | — | — | — | — | — | — |
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 | — | 1.97 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 10.12 | 4.56 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 13.61 | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 9.11 | — | — | — | — | — | — | — | — | — |
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 | 87.8% | 87.8% | 85.2% | 85.1% | 85.8% | 88.0% | 87.0% | 76.7% | 78.9% | 67.9% | 82.3% |
| Operating Margin | 32.2% | 32.2% | 31.3% | 29.2% | 18.5% | 28.3% | 24.4% | 29.6% | 62.4% | 12.0% | 33.4% |
| Net Profit Margin | 15.9% | 15.9% | 25.8% | 12.2% | 10.7% | 16.3% | 25.1% | 38.5% | 55.2% | -6.0% | 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 | 5.5% | 5.5% | 8.9% | 4.1% | 3.9% | 7.5% | 8.8% | 17.7% | 29.4% | -4.1% | 8.0% |
| ROA | 2.3% | 2.3% | 3.7% | 1.7% | 1.6% | 3.1% | 3.6% | 6.2% | 8.2% | -1.0% | 2.1% |
| ROIC | 5.6% | 5.6% | 5.6% | 5.1% | 3.3% | 6.0% | 3.8% | 5.6% | 12.2% | 2.9% | 14.0% |
| ROCE | 5.2% | 5.2% | 5.0% | 4.5% | 3.1% | 6.2% | 4.1% | 5.8% | 11.6% | 2.5% | 12.9% |
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 | 0.65 | 0.65 | 0.64 | 0.55 | 0.55 | 0.60 | 0.67 | 0.70 | 1.01 | 1.10 | 1.08 |
| Debt / EBITDA | 4.32 | 4.32 | 4.73 | 4.27 | 6.79 | 4.11 | 6.58 | 4.76 | 3.12 | 9.34 | 2.58 |
| Net Debt / Equity | — | 0.51 | 0.42 | 0.43 | 0.45 | 0.60 | 0.66 | 0.69 | 1.00 | 1.08 | 1.07 |
| Net Debt / EBITDA | 3.41 | 3.41 | 3.12 | 3.37 | 5.60 | 4.09 | 6.54 | 4.73 | 3.08 | 9.18 | 2.56 |
| Debt / FCF | — | 6.81 | 13.87 | 11.86 | — | 7.95 | 12.00 | — | 18.00 | — | — |
| Interest Coverage | -0.16 | -0.16 | 2.74 | 1.27 | 1.71 | 4.94 | 11.71 | 8.53 | 4.73 | 1.39 | 3.09 |
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 | 1.68 | 1.68 | 2.04 | 1.76 | 1.88 | 1.66 | 1.64 | 1.57 | 1.26 | 1.09 | 0.94 |
| Quick Ratio | 1.67 | 1.67 | 2.02 | 1.75 | 1.86 | 1.62 | 1.60 | 1.54 | 1.23 | 1.07 | 0.91 |
| Cash Ratio | 0.89 | 0.89 | 1.12 | 0.70 | 0.87 | 0.66 | 0.51 | 0.71 | 0.39 | 0.44 | 0.27 |
| Asset Turnover | — | 0.15 | 0.14 | 0.14 | 0.13 | 0.18 | 0.14 | 0.16 | 0.14 | 0.17 | 0.30 |
| Inventory Turnover | 11.92 | 11.92 | 13.47 | 12.95 | 11.26 | 3.73 | 3.53 | 6.71 | 6.21 | 10.02 | 8.97 |
| 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 | 10.2% | 59.2% | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 185.8% | 185.8% | 12.6% | 19.0% | 41.0% | 66.4% | — | 10.6% | 0.4% | — | 0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 24.8% | — | — | — | — | — | — | — | — | — |
| FCF Yield | 7.4% | 43.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.2% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 10.2% | 59.3% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $2.2B | $2.2B | $2.3B | $2.0B | $1.6B | $1.6B | $1.6B | $1.4B | $1.4B | $1.4B |
Regulatory and hydrological volatility
Based on reported figures, AXIA trades at a TTM P/E of 24.67, which appears to reflect significant market skepticism regarding the sustainability of its earnings power, especially when contrasted with the 9.7% dividend yield that suggests investors are demanding a high risk premium for the company's Brazilian operations.
The wide divergence between the TTM P/E and the forward P/E of 2.64 suggests that the market is pricing in extreme volatility or potential non-recurring earnings adjustments that may not repeat. Investors should monitor whether this valuation discount is a reflection of the regulatory risk inherent in the Brazilian power sector or a genuine mispricing of the company's long-term transmission assets.
According to recent financial statements, AXIA's ROE has fluctuated wildly, ranging from a negative 4.8% in 2025Q3 to a positive 12.0% in 2025Q4, indicating that the company's ability to consistently meet or exceed regulatory authorized returns is severely hampered by hydrological cycles and non-recurring accounting noise.
The inability to maintain a stable ROE suggests that the company's generation segment is currently struggling to achieve the constructive regulatory outcomes expected of a utility. This volatility warrants further investigation into whether the current regulatory framework is providing sufficient protection against the GSF-related spot market exposure that appears to be eroding shareholder returns.
As reported in recent filings, AXIA maintains a debt-to-capital ratio fluctuating near 0.38, a level that appears unusually conservative for a capital-intensive utility and warrants further investigation into whether this reflects actual deleveraging or significant accounting distortions within the company's complex capital structure and pension obligations.
While the reported debt-to-capital ratio suggests a healthy balance sheet, the inconsistent interest coverage ratios, which have dipped into negative territory, imply that the company's debt service capacity is more vulnerable than the headline leverage figures suggest. Investors should be cautious of relying on these ratios without adjusting for the potential off-balance-sheet liabilities associated with the company's nuclear assets.
Based on the provided cash flow data, AXIA's dividend yield of 9.7% appears disconnected from its recent free cash flow deficits, as the company's capital expenditure requirements continue to outpace its internal liquidity generation, raising questions about the long-term sustainability of current payout levels.
The reliance on external financing to fund both massive infrastructure projects and dividend payments suggests that the company may be prioritizing shareholder returns over balance sheet preservation. This strategy appears unsustainable if the company cannot stabilize its operating cash flow and reduce its dependence on volatile spot market conditions.
Financial data suggests that the P/E ratio is the most commonly misapplied metric for AXIA, as it fails to account for the massive distortions caused by RBSE receivables and IFRIC 12 construction accounting, which artificially inflate net income without providing any corresponding improvement in actual cash-generating capacity.
Analysts should instead focus on EV/EBITDA or cash-flow-based valuation metrics to better understand the underlying value of the transmission network. Relying on P/E in this context obscures the true operational reality of the company and may lead to an inaccurate assessment of its long-term investment potential.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying AXIA stock.
AXIA Energia S.A.'s current P/E ratio is 23.5x. The historical average is 4.0x. This places it at the 100th percentile of its historical range.
AXIA Energia S.A.'s current EV/EBITDA is 10.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.6x.
AXIA Energia S.A.'s return on equity (ROE) is 5.5%. The historical average is 2.7%.
Based on historical data, AXIA Energia S.A. is trading at a P/E of 23.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AXIA Energia S.A.'s current dividend yield is 10.16% with a payout ratio of 185.8%.
AXIA Energia S.A. has 87.8% gross margin and 32.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
AXIA Energia S.A.'s Debt/EBITDA ratio is 4.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.