Latest Ratios: P/E Ratio 2.2x · EV/EBITDA 2.3x · ROE 8.9%. (2006–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $14.7B | $21.6B | $16.3B | $9.6B | $11.1B | $15.0B | $9.7B | $9.2B | $10.8B | $3.5B |
| Enterprise Value | $54.4B | $66.4B | $70.4B | $66.8B | $55.5B | $59.9B | $64.2B | $65.4B | $55.6B | $58.1B | $50.8B |
| P/E Ratio → | 2.20 | 1.42 | 4.43 | 6.17 | 1.69 | 0.33 | 2.01 | 0.74 | — | 3.22 | — |
| P/S Ratio | 0.07 | 0.37 | 0.58 | 0.48 | 0.28 | 0.44 | 0.52 | 0.39 | 0.24 | 0.18 | 0.11 |
| P/B Ratio | 0.19 | 0.12 | 0.19 | 0.15 | 0.13 | 0.15 | 0.21 | 0.17 | 0.21 | 0.24 | 0.08 |
| P/FCF | 0.73 | 3.95 | 5.26 | — | 1.66 | 2.73 | 4.70 | 8.45 | 10.59 | — | — |
| P/OCF | 1.13 | 1.19 | 2.63 | 1.76 | 1.37 | 2.17 | — | 4.03 | 4.24 | 5.74 | 0.50 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.65 | 1.89 | 1.96 | 1.60 | 2.36 | 2.21 | 2.62 | 1.47 | 0.96 | 1.56 |
| EV / EBITDA | 2.30 | 2.81 | 4.81 | 8.50 | 4.94 | 8.03 | 6.17 | 4.18 | 10.39 | 3.48 | — |
| EV / EBIT | 14.35 | 3.97 | 8.59 | 8.29 | 4.00 | 6.31 | 5.94 | 3.24 | 8.67 | 3.48 | — |
| EV / FCF | — | 17.82 | 17.11 | — | 9.61 | 14.73 | 20.18 | 56.95 | 64.05 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 85.2% | 85.2% | 85.1% | 85.8% | 88.0% | 87.0% | 76.7% | 77.8% | 59.4% | 73.3% | 47.9% |
| Operating Margin | 48.8% | 48.8% | 29.6% | 15.2% | 28.3% | 24.4% | 29.6% | 55.8% | 10.1% | 24.4% | -40.1% |
| Net Profit Margin | 25.8% | 25.8% | 12.2% | 10.7% | 16.3% | 25.1% | 38.5% | 52.6% | -4.7% | 5.6% | -44.3% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 4.1% | 3.9% | 7.5% | 8.8% | 17.6% | 26.6% | -4.1% | 8.0% | -29.3% |
| ROA | 3.7% | 3.7% | 1.7% | 1.6% | 3.1% | 3.6% | 6.2% | 7.4% | -1.0% | 2.1% | -9.8% |
| ROIC | 8.8% | 8.8% | 5.1% | 2.7% | 6.0% | 3.8% | 5.6% | 10.4% | 3.2% | 12.3% | -10.0% |
| ROCE | 7.9% | 7.9% | 4.6% | 2.5% | 6.2% | 4.1% | 5.8% | 9.8% | 2.7% | 11.4% | -10.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.55 | 0.55 | 0.60 | 0.67 | 0.70 | 1.01 | 1.10 | 1.09 | 1.17 |
| Debt / EBITDA | 3.32 | 3.32 | 4.22 | 7.79 | 4.11 | 6.58 | 4.76 | 3.60 | 8.82 | 2.88 | — |
| Net Debt / Equity | — | 0.42 | 0.43 | 0.45 | 0.60 | 0.66 | 0.69 | 0.99 | 1.08 | 1.07 | 1.13 |
| Net Debt / EBITDA | 2.19 | 2.19 | 3.33 | 6.42 | 4.09 | 6.54 | 4.73 | 3.56 | 8.67 | 2.84 | — |
| Debt / FCF | — | 13.87 | 11.86 | — | 7.95 | 12.00 | 15.47 | 48.50 | 53.46 | — | — |
| Interest Coverage | 2.74 | 2.74 | 1.27 | 1.71 | 4.94 | 11.71 | 8.53 | 65.45 | 20.02 | 55.01 | -25.96 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.04 | 2.04 | 1.76 | 1.88 | 1.66 | 1.64 | 1.57 | 1.28 | 1.09 | 0.87 | 1.05 |
| Quick Ratio | 2.02 | 2.02 | 1.75 | 1.86 | 1.62 | 1.62 | 1.54 | 1.26 | 1.07 | 0.84 | 1.01 |
| Cash Ratio | 0.94 | 0.94 | 0.70 | 0.87 | 0.66 | 0.49 | 0.71 | 0.36 | 0.44 | 0.25 | 0.33 |
| Asset Turnover | — | 0.14 | 0.14 | 0.13 | 0.18 | 0.14 | 0.16 | 0.14 | 0.22 | 0.35 | 0.22 |
| Inventory Turnover | 13.47 | 13.47 | 12.95 | 11.26 | 3.73 | 6.49 | 6.71 | 6.21 | 16.28 | 16.27 | 16.43 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.7% | 8.9% | 4.0% | 9.1% | 39.2% | — | 7.9% | 0.7% | 4.2% | 0.1% | 0.7% |
| Payout Ratio | 12.6% | 12.6% | 19.0% | 41.0% | 66.4% | — | 10.6% | 0.5% | — | 0.2% | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 45.4% | 70.5% | 22.6% | 16.2% | 59.0% | 299.0% | 49.8% | 135.4% | — | 31.1% | — |
| FCF Yield | 100.0% | 25.3% | 19.0% | — | 60.4% | 36.6% | 21.3% | 11.8% | 9.4% | — | — |
| Buyback Yield | 4.3% | 0.8% | 9.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.0% | 9.7% | 13.1% | 9.1% | 39.2% | 0.0% | 7.9% | 0.7% | 4.2% | 0.1% | 0.7% |
| Shares Outstanding | — | $2.3B | $2.3B | $2.0B | $1.6B | $1.6B | $1.6B | $1.4B | $1.4B | $1.4B | $1.4B |
Regulatory and political overhang
Based on reported figures, the TTM P/E of 2.20 and P/B of 0.19 suggest that the market is heavily discounting Eletrobrás, likely reflecting deep skepticism regarding the company's ability to translate its massive asset base into consistent, sustainable earnings following its recent privatization and complex corporate restructuring.
The extremely low valuation multiples indicate that investors are currently prioritizing the mitigation of political and regulatory risks over the company's underlying earnings potential. Until the firm demonstrates a sustained ability to generate positive net margins, these multiples may remain depressed, as the market treats the stock more as a distressed asset than a stable utility.
As reported in financial statements, the company's ROE plummeted to -4.8% in 2025Q3, a significant deviation from the constructive regulatory returns typically expected in the Brazilian utility sector, which warrants further investigation into whether this is a temporary accounting anomaly or a structural failure to meet regulatory targets.
The persistent gap between authorized returns and the actual negative ROE suggests that legacy operational burdens and non-recurring charges are currently overwhelming the core regulated business. Investors should monitor whether management can successfully streamline the cost structure to align actual returns with the regulatory framework, as the current negative trend is unsustainable for long-term equity value.
According to the latest balance sheet data, the company maintains a debt-to-capital ratio of 0.41, which, when viewed alongside its substantial cash reserves, indicates a fortress-like balance sheet that provides significant protection against the volatility inherent in the Brazilian power pool and potential future capital expenditure requirements.
This low leverage profile is a direct result of the recent privatization and capital increase, providing the firm with an unusual degree of financial flexibility for a utility. While this position is currently healthy, the lack of aggressive capital deployment suggests that management is still in the early stages of optimizing its balance sheet for shareholder value.
As evidenced by the 2025Q3 dividend yield of 17.1%, the company's payout policy appears highly erratic, with recent payments potentially exceeding operating cash flow, which suggests that the dividend may not be supported by recurring earnings and could be subject to significant future adjustments or outright suspension.
The extreme volatility in dividend payouts indicates that the company has not yet established a predictable capital allocation policy. Investors should be cautious, as the current yield may be a function of non-recurring cash distributions rather than a sustainable commitment to returning capital from core utility operations.
The most commonly misapplied ratio for Eletrobrás is the standard P/E ratio, which fails to account for the massive non-recurring items and legacy litigation charges that frequently distort the company's net income, thereby obscuring the true underlying cash-generating capacity of its regulated transmission and generation assets.
Using a standard P/E ratio for this utility is misleading because it treats volatile, non-recurring accounting losses as if they were permanent reductions in earnings power. Analysts should instead focus on EV/EBITDA or cash-flow-based metrics, which better capture the stability of the regulated Permitted Annual Revenue and the underlying operational performance of the transmission backbone.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying EBR-B stock.
Centrais Elétricas Brasileiras S.A. - Eletrobrás's current P/E ratio is 2.2x. The historical average is 6.4x. This places it at the 46th percentile of its historical range.
Centrais Elétricas Brasileiras S.A. - Eletrobrás's current EV/EBITDA is 2.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Centrais Elétricas Brasileiras S.A. - Eletrobrás's return on equity (ROE) is 8.9%. The historical average is 2.7%.
Based on historical data, Centrais Elétricas Brasileiras S.A. - Eletrobrás is trading at a P/E of 2.2x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Centrais Elétricas Brasileiras S.A. - Eletrobrás's current dividend yield is 5.72% with a payout ratio of 12.6%.
Centrais Elétricas Brasileiras S.A. - Eletrobrás has 85.2% gross margin and 48.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Centrais Elétricas Brasileiras S.A. - Eletrobrás's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.