Latest Ratios: P/E Ratio 6.3x · 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 | $9.5B | $23.7B | $15.9B | $13.8B | $14.0B | $14.9B | $17.9B | $19.5B | $18.3B | $16.4B | $17.1B |
| P/E Ratio → | 6.34 | 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 | 0.81 | 1.24 | 45.67 | 33.90 | — | — |
| P/OCF | 7.72 | 1.43 | 0.92 | 0.77 | 0.67 | 1.12 | 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 | 6.21 | 3.01 | 1.79 | 1.85 | 2.03 | 1.86 | 3.15 | 4.91 | 4.91 | 4.69 | 6.49 |
| EV / EBIT | 7.72 | 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 | 2.95 | 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 | 2.13 | 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% | 34.4% | 13.7% | 14.1% | 11.5% | 18.0% | 22.9% |
| Payout Ratio | 79.4% | 79.4% | 60.3% | 31.6% | 51.2% | 37.8% | 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 | 15.8% | 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% | 122.7% | 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% | 34.4% | 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 |
Regulatory and hydrological volatility
According to current market data, CIG trades at a TTM P/E of 6.55, which, when viewed alongside a 12.2% dividend yield, suggests that investors are pricing in significant political and regulatory uncertainty rather than relying on the company's historical earnings power or long-term growth prospects.
The low P/E multiple appears to be a direct consequence of the 'state-control discount' common in Brazilian utilities, where market participants demand a higher risk premium for potential government interference. Investors should monitor whether this valuation floor holds as the company navigates potential asset divestments and federalization discussions.
Based on reported financial figures, the company's ROE has fluctuated from a high of 12.0% in 2024Q3 to a meager 0.7% in 2026Q1, indicating that CIG is struggling to consistently achieve its authorized regulatory returns amidst persistent operational and hydrological headwinds.
This wide variance suggests that the company is frequently failing to capture the full benefit of its regulatory rate base, likely due to unrecovered costs or the impact of the Generation Scaling Factor. Such instability in returns complicates the utility's ability to attract equity capital at reasonable costs.
As reported in recent financial statements, the debt-to-capital ratio has trended toward 0.41, a level that, when combined with erratic interest coverage ratios, suggests the company's balance sheet is becoming increasingly strained by the need to fund ongoing capital expenditure programs.
The reliance on debt to bridge the gap between operating cash flow and infrastructure requirements may limit the company's ability to respond to sudden regulatory shifts. Analysts should monitor the FFO-to-debt metric, as any further deterioration could signal a potential downgrade in credit quality.
Financial data reveals that dividend payout ratios have been extremely inconsistent, swinging from 6.3% in 2025Q4 to 149.5% in 2025Q2, which indicates that distributions are likely driven by political objectives rather than a sustainable, cash-flow-backed policy.
The lack of a predictable payout ratio suggests that shareholders should not view the current 12.2% yield as a reliable income stream. Given the company's high CapEx-to-OCF intensity, the dividend appears to be at risk whenever liquidity tightens or hydrological conditions force unexpected cash outflows.
Market participants frequently misapply the P/E ratio to CIG by comparing it to industrial peers, which obscures the fact that utility earnings are heavily influenced by non-cash regulatory accounting entries rather than pure operational growth.
Using P/E as the primary valuation metric ignores the impact of IFRIC 12 and regulatory asset accruals that inflate reported earnings without providing actual liquidity. A more appropriate approach would be to focus on the Price-to-Regulatory Asset Base (P/RAB) or EV/EBITDA, which better capture the underlying value of the regulated infrastructure.
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 6.3x. The historical average is 4.1x. This places it at the 75th 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 6.3x. This is at the 75th 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 12.61% 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.