The company exhibits a precarious cash flow profile, evidenced by a 2026Q1 free cash flow deficit of $497.8 million and a CapEx-to-OCF ratio of 145.3%, necessitating frequent reliance on external capital markets.
| Metric | TTM | Dec'25 | 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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 3.83B | 4B | 5.5B | 6.64B | 6.61B | 3.69B | 8.61B | 2.04B | 1.01B | 580M | 1.21B | 3.01B | 3.73B | 3.52B | 3.11B | 3.9B | 3.46B | 3.5B | 2.96B | 2.84B | 2.29B | 1.77B | 1.54B | 658M | 732M | 720M | 831M |
| Operating CF Growth % | -141.41% | -27.28% | -17.28% | 0.47% | 79.46% | -57.19% | 322.74% | 101.98% | 73.79% | -52.18% | -59.66% | -19.47% | 6.23% | 12.86% | -20.11% | 12.76% | -1.37% | 18.37% | 4.41% | 24.06% | 29.15% | 15.08% | 133.74% | -10.11% | 1.67% | -13.36% | - |
| Operating CF / Revenue % | 15.01% | 9.35% | 13.8% | 18.03% | 19.19% | 10.95% | 34.12% | 7.99% | 4.52% | 2.67% | 6.46% | 13.75% | 19.06% | 24.03% | 22.03% | 31.45% | 25.07% | 28.83% | 21.66% | 30.07% | 26.46% | 23.56% | 20.56% | 10.91% | 15.02% | 14.38% | 22.12% |
| Net Income | 2.52B | 4.8B | 7.12B | 5.76B | 1.41B | 3.75B | 2.87B | 3.13B | 1.7B | 1B | 335M | 2.49B | 3.14B | 3.1B | 4.27B | 2.42B | 2.26B | 1.86B | 1.75B | 1.62B | 702M | 1.81B | 1.74B | 1.4B | -12M | -719M | 366M |
| Depreciation & Amortization | 1.58B | 1.5B | 1.38B | 1.27B | 1.18B | 1.05B | 1B | 958M | 849M | 850M | 834M | 835M | 801M | 824M | 1B | 1.02B | 896M | 736M | 769M | 878M | 810M | 669M | 677M | 686M | 666M | 641M | 583M |
| Deferred Taxes | 375.62M | 205.37M | 1.73B | -825M | -734M | -1.53B | 252M | -2.84B | -650M | 644M | 33M | 893M | 1.34B | 950M | 1.06B | 0 | 0 | -23M | -218M | -256M | -78M | 29M | 188M | 383M | -161M | -88M | -30M |
| Other Non-Cash Items | -3.1B | -2.35B | -5.18B | -78.7M | 3.92B | -159.46M | 412.11M | -189M | 581M | -402M | 2.63B | -2.69B | 725M | 635M | -2.07B | -302.37M | -39M | 903M | -51M | 49M | 1.97B | -592.64M | 25.05M | -818M | -16M | -429M | -71M |
| Working Capital Changes | 120.94M | -160.2M | 453M | 509.7M | 841M | 569.46M | 4.07B | 980M | 820M | -1.18B | -1.94B | 594M | -503M | -707M | 660.75M | 760.27M | 342M | 1.12B | 648M | 849M | -521M | 142.91M | 202.42M | -841M | 116M | 126M | -165M |
| Capital Expenditures | -5.52B | -6.53B | -2.38B | -3.97B | -3.21B | 1.37B | -5.08B | -1.93B | -877M | -856M | -1.51B | -3.22B | -4.3B | 2.5B | -2.27B | -2.78B | -4.53B | -3.08B | -971M | -1.12B | -2.09B | -1.51B | -1.22B | -782M | -636M | -1.01B | -406M |
| CapEx / Revenue % | 21.63% | 15.28% | 5.97% | 10.77% | 9.3% | 4.07% | 20.12% | 7.56% | 3.93% | 3.94% | 8.03% | 14.71% | 21.94% | 17.11% | 16.05% | 22.4% | 32.81% | 25.35% | 7.1% | 11.88% | 24.14% | 20.11% | 16.25% | 12.96% | 13.05% | 20.26% | 10.81% |
| CapEx / D&A | 3.49x | 4.35x | 1.73x | 3.11x | 2.71x | 1.31x | 5.05x | 2.01x | 1.03x | 1.01x | 1.81x | 3.85x | 5.37x | 3.04x | 2.27x | 2.71x | 5.05x | 4.19x | 1.26x | 1.28x | 2.58x | 2.26x | 1.79x | 1.14x | 0.95x | 1.58x | 0.70x |
| CapEx Coverage (OCF/CapEx) | 0.69x | 0.61x | 2.31x | 1.67x | 2.06x | 2.69x | 1.70x | 1.06x | 1.15x | 0.68x | 0.80x | 0.93x | 0.87x | 1.40x | 1.37x | 1.40x | 0.76x | 1.14x | 3.05x | 2.53x | 1.10x | 1.17x | 1.27x | 0.84x | 1.15x | 0.71x | 2.05x |
| Cash from Investing | -5.52B | -6.53B | -2.38B | -3.97B | -3.21B | 1.37B | -5.08B | -1.19B | -211M | -386M | -614M | -3.22B | -4.3B | 2.5B | -2.1B | -4.02B | -4.53B | -3.61B | -1.28B | -1.11B | -2.09B | -1.54B | -917M | -852M | -546M | -1.01B | -523M |
| Acquisitions | 61.62M | 90.86M | 2.79B | 632M | -3.46B | 1.31B | 27M | 38.27M | 70M | 474M | -506M | -490M | -2.87B | -449M | 306.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07B | -251M | 0 | -223M | 0 |
| Purchase of Investments | -8.35B | -16.99B | -16.63B | -11.27B | -52.3M | -51M | -3.37B | -38.27M | 30M | -4M | -1.39B | -1.64B | -80M | -267M | -1.64B | -214.61M | -1.88B | -529M | -220M | -26M | -568M | -32M | -10M | 0 | -336M | -468M | -117M |
| Sale of Investments | 8.8B | 17.78B | 16.92B | 12.36B | 200M | 2.05B | -41M | 80M | 596M | 766M | 1.4B | -1.5B | 116M | 1.24B | -1.67B | 0 | 0 | 0 | 0 | 49M | 0 | 0 | 154.05M | 119M | 426M | 0 | 0 |
| Other Investing | -5.26B | -6.36B | -4.79B | -4.61B | 394.3M | -1.7B | -1.52B | 659M | -30M | -766M | 1.39B | 1.5B | -545M | 2.92B | 3.17B | -1.03B | -1.56B | -312M | -89M | -17M | -190M | 0 | 1.22B | 62M | 0 | 0 | 0 |
| Cash from Financing | -178.45M | 2.54B | -2.76B | -2.58B | -2.79B | -5.91B | -2.39B | -1.2B | -937M | -158M | -529M | 247M | -750M | -5.74B | -1.39B | 1.33M | -377M | 2.25B | -1.5B | -1.05B | -441M | 206M | -187M | 511M | -281M | 276M | -158M |
| Dividends Paid | -3.96B | -3.89B | -4.29B | -1.82B | -2.09B | -1.42B | -598.13M | -701.14M | -509M | -540M | -675M | -796M | -3.92B | -4.6B | -1.75B | -2.04B | -1.83B | -937M | -865M | -1.33B | -2.07B | -490.45M | -308.1M | -200M | -214M | -172M | -196M |
| Dividend Payout Ratio % | - | 79.44% | 60.33% | 31.63% | 51.17% | 37.76% | 20.88% | 21.95% | 29.54% | 53.95% | 202.1% | 32.26% | 124.88% | 96.66% | 40.91% | 84.29% | 81% | 43.93% | 49.34% | 84.06% | 295.11% | 32.65% | 17.74% | 14.33% | - | - | 53.55% |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 815K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.55M | 1.22B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.08B | 0 | 0 | -230K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -37.42M | -79.91M | 0 | -67.44M | 907K | -256K | 135K | 137K | 109M | 1.2B | -404K | 0 | 398K | -64K | 716.93M | 1.77B | 0 | 0 | 0 | 287.19M | 0 | 0 | 71.1M | 0 | -67M | 0 | 0 |
| Net Change in Cash | -1.81B | 217.8M | 361M | 96M | 616M | -855M | 1.14B | -355M | -140M | 35M | 70M | 37M | -1.31B | 283M | -376.68M | -117.2M | -1.45B | 2.14B | 185M | 676M | -241M | 433M | 434M | 317M | -95M | -18M | 150M |
| Exchange Rate Effect | 54.28M | 214.46M | 0 | 0 | 0 | 0 | 0 | 0 | 1M | -1M | 0 | 1M | 0 | 0 | 680K | -797K | 0 | -207M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.79B | 1.68B | 1.54B | 1.44B | 825M | 1.68B | 536M | 891M | 1.03B | 995M | 925M | 887M | 2.2B | 1.92B | 2.86B | 2.98B | 4.42B | 2.28B | 1.78B | 1.11B | 1.35B | 916M | 440M | 123M | 218M | 236M | 86M |
| Cash at End | 1.36B | 1.9B | 1.9B | 1.54B | 1.44B | 825M | 1.68B | 536M | 890M | 1.03B | 995M | 924M | 887M | 2.2B | 2.49B | 2.86B | 2.98B | 4.43B | 1.97B | 1.78B | 1.11B | 1.35B | 874M | 440M | 123M | 218M | 236M |
| Free Cash Flow | -1.69B | -2.54B | 3.12B | 2.68B | 3.41B | 5.05B | 3.53B | 109M | 131M | -276M | -295M | -210M | -565M | 6.02B | 846.12M | 1.12B | -1.07B | 423M | 1.99B | 1.72B | 200M | 259M | 322.95M | -124M | 96M | -294M | 425M |
| FCF Growth % | -245.59% | -181.27% | 16.55% | -21.43% | -32.6% | 43.16% | 3139.45% | -16.79% | 147.46% | 6.44% | -40.48% | 62.83% | -109.39% | 611.25% | -24.59% | 205.05% | -352.48% | -78.74% | 15.97% | 758% | -22.78% | -19.8% | 360.45% | -229.17% | 132.65% | -169.18% | - |
| FCF Margin % | -6.62% | -5.93% | 7.84% | 7.26% | 9.89% | 15.02% | 14% | 0.43% | 0.59% | -1.27% | -1.57% | -0.96% | -2.88% | 41.14% | 5.99% | 9.05% | -7.74% | 3.48% | 14.56% | 18.2% | 2.31% | 3.45% | 4.32% | -2.06% | 1.97% | -5.87% | 11.32% |
| FCF / Net Income % | -67.12% | -51.78% | 43.84% | 46.44% | 83.26% | 134.76% | 123.29% | 3.41% | 7.61% | -27.57% | -88.32% | -8.51% | -18.01% | 193.88% | 19.81% | 46.46% | -47.3% | 19.83% | 113.52% | 106.06% | 28.49% | 14.32% | 18.57% | -8.88% | -800% | 40.89% | 116.12% |
Hydrological and regulatory volatility
According to the company's reported financial statements, operating cash flow has exhibited extreme quarterly variance, ranging from $681.6 million in 2025Q4 to $4.6 billion in 2024Q3, suggesting that the underlying cash generation is highly sensitive to external factors rather than consistent, predictable regulated utility operations.
The significant fluctuations in operating cash flow appear to undermine the predictability typically expected from a regulated utility. Investors should monitor whether these swings are driven by seasonal hydrological impacts or structural issues in the collection of regulated tariffs.
As indicated by the provided data, the company's capital expenditure intensity is substantial, with the CapEx-to-OCF ratio reaching 145.3% in 2026Q1, which demonstrates that the utility is consistently reinvesting more than its operating cash flow to maintain and expand its aging infrastructure network.
This high level of capital intensity is characteristic of a utility in a heavy investment cycle, yet it places significant pressure on liquidity. The persistent negative free cash flow suggests that the company remains entirely dependent on external financing to fund its growth and maintenance requirements.
Based on the reported figures, the company frequently faces a free cash flow deficit, such as the $1.3 billion shortfall observed in 2025Q4, which necessitates a reliance on external capital markets to bridge the gap between massive infrastructure investment needs and internal cash generation capabilities.
The reliance on debt issuance to cover these deficits may expose the company to interest rate risk, particularly given the volatility in the Brazilian credit environment. Investors should evaluate whether the current cost of capital remains sustainable relative to the allowed returns on the regulatory asset base.
Financial data reveals that dividend payments are highly inconsistent, with the OCF-to-dividend coverage ratio fluctuating wildly from 0.3 in 2025Q4 to 1684.1 in 2025Q3, indicating that dividend distributions are likely subject to political and liquidity constraints rather than a stable, formulaic payout policy.
The erratic nature of these payments suggests that shareholders should not rely on the dividend as a predictable income stream. The company appears to prioritize capital expenditure and debt service over consistent shareholder returns, which is a common trade-off in state-controlled utility models.
Quick answers to the most common questions about buying CIG stock.
Companhia Energética de Minas Gerais (CIG) generated $4.00B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Companhia Energética de Minas Gerais (CIG) reported negative free cash flow of $2.54B in 2025, indicating capital requirements exceeded cash from operations.
Companhia Energética de Minas Gerais (CIG) spent $6.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Companhia Energética de Minas Gerais (CIG) returned $3.89B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.