Latest Ratios: P/E Ratio 3.0x · EV/EBITDA 2.5x · ROE 11.3%. (1998–2024 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 | $7M | $4.4B | $6.0B | $4.0B | $3.2B | $4.0B | $4.7B | $2.2B | $2.1B | $2.4B | $1.6B |
| Enterprise Value | $13.4B | $17.8B | $15.6B | $14.1B | $11.7B | $10.9B | $13.4B | $11.9B | $10.9B | $10.2B | $7.9B |
| P/E Ratio → | 2.97 | 1.90 | 2.90 | 3.27 | 0.84 | 1.04 | 2.25 | 1.57 | 2.05 | 2.63 | 1.46 |
| P/S Ratio | 0.00 | 0.20 | 0.28 | 0.20 | 0.13 | 0.21 | 0.30 | 0.15 | 0.15 | 0.18 | 0.11 |
| P/B Ratio | 0.27 | 0.17 | 0.25 | 0.19 | 0.14 | 0.20 | 0.27 | 0.13 | 0.14 | 0.16 | 0.11 |
| P/FCF | — | — | 15.65 | 18.45 | 5.58 | 9.08 | 3.71 | 8.01 | — | — | — |
| P/OCF | 0.06 | 7.02 | 1.71 | 5.33 | 5.03 | 5.24 | 1.61 | 1.24 | 2.11 | 1.61 | 1.24 |
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 | — | 0.79 | 0.73 | 0.69 | 0.49 | 0.58 | 0.85 | 0.80 | 0.78 | 0.78 | 0.53 |
| EV / EBITDA | 2.46 | 3.27 | 3.12 | 6.67 | 2.45 | 2.06 | 3.52 | 4.37 | 5.14 | 4.87 | 3.34 |
| EV / EBIT | 17.09 | 4.71 | 4.61 | 5.70 | 2.31 | 2.68 | 4.21 | 5.28 | 5.36 | 5.61 | 4.03 |
| EV / FCF | — | — | 40.69 | 64.48 | 20.74 | 24.65 | 10.49 | 43.49 | — | — | — |
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 | 18.0% | 18.0% | 18.8% | 19.2% | 20.3% | 28.4% | 24.2% | 19.4% | 21.1% | 18.7% | 17.0% |
| Operating Margin | 17.9% | 17.9% | 17.2% | 4.6% | 15.6% | 23.2% | 18.3% | 13.3% | 9.9% | 10.6% | 11.3% |
| Net Profit Margin | 12.4% | 12.4% | 10.5% | 5.4% | 20.6% | 21.0% | 12.5% | 9.4% | 7.4% | 6.8% | 7.4% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 10.0% | 5.1% | 23.3% | 20.6% | 11.7% | 8.8% | 6.8% | 6.1% | 7.9% |
| ROA | 5.0% | 5.0% | 4.3% | 2.2% | 10.3% | 9.2% | 5.4% | 4.1% | 3.3% | 3.0% | 4.1% |
| ROIC | 8.4% | 8.4% | 8.5% | 2.3% | 9.7% | 12.1% | 8.3% | 5.9% | 4.4% | 4.8% | 6.4% |
| ROCE | 8.7% | 8.7% | 8.3% | 2.2% | 9.5% | 12.3% | 9.3% | 7.0% | 5.4% | 5.7% | 7.4% |
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 | 0.69 | 0.69 | 0.63 | 0.60 | 0.54 | 0.50 | 0.66 | 0.72 | 0.63 | 0.59 | 0.53 |
| Debt / EBITDA | 3.22 | 3.22 | 3.05 | 6.03 | 2.52 | 1.91 | 3.05 | 4.28 | 4.63 | 4.20 | 3.27 |
| Net Debt / Equity | — | 0.52 | 0.40 | 0.48 | 0.39 | 0.34 | 0.49 | 0.60 | 0.57 | 0.52 | 0.43 |
| Net Debt / EBITDA | 2.46 | 2.46 | 1.92 | 4.76 | 1.79 | 1.30 | 2.28 | 3.56 | 4.14 | 3.74 | 2.65 |
| Debt / FCF | — | — | 25.04 | 46.03 | 15.16 | 15.57 | 6.78 | 35.49 | — | — | — |
| Interest Coverage | 1.81 | 1.81 | 1.90 | 1.53 | 5.20 | 5.95 | 3.40 | 2.04 | 1.58 | 1.52 | 2.03 |
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 | 1.26 | 1.26 | 1.47 | 1.30 | 1.40 | 1.18 | 1.48 | 1.00 | 0.93 | 0.75 | 1.45 |
| Quick Ratio | 1.25 | 1.25 | 1.45 | 1.28 | 1.38 | 1.16 | 1.46 | 0.98 | 0.92 | 0.73 | 1.42 |
| Cash Ratio | 0.40 | 0.40 | 0.61 | 0.37 | 0.49 | 0.33 | 0.55 | 0.31 | 0.17 | 0.20 | 0.39 |
| Asset Turnover | — | 0.39 | 0.38 | 0.41 | 0.48 | 0.40 | 0.41 | 0.42 | 0.42 | 0.43 | 0.52 |
| Inventory Turnover | 136.28 | 136.28 | 99.76 | 85.20 | 96.67 | 81.99 | 92.27 | 103.47 | 100.10 | 81.58 | 94.67 |
| 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 | 4.3% | 6.7% | 12.5% | 10.4% | 22.8% | 3.0% | 8.0% | 13.7% | 23.7% | 15.5% | 18.7% |
| Payout Ratio | 10.5% | 10.5% | 33.2% | 37.7% | 14.5% | 3.1% | 19.1% | 21.4% | 49.0% | 41.2% | 27.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 33.7% | 52.6% | 34.4% | 30.6% | 119.7% | 95.7% | 44.4% | 63.6% | 48.7% | 38.0% | 68.3% |
| FCF Yield | — | — | 6.4% | 5.4% | 17.9% | 11.0% | 27.0% | 12.5% | — | — | — |
| Buyback Yield | 100.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 100.0% | 6.9% | 12.5% | 10.4% | 22.8% | 3.0% | 8.0% | 13.7% | 23.7% | 15.5% | 18.7% |
| Shares Outstanding | — | $746M | $708M | $684M | $684M | $684M | $684M | $684M | $684M | $684M | $684M |
Regulatory and Hydrological Volatility
With a P/B ratio of 0.27 and a TTM P/E of 2.97, COPEL trades at a significant discount to historical norms, suggesting that investors are heavily discounting the company's future earnings power due to ongoing concerns regarding regulatory stability and the long-term viability of its generation concessions.
The current valuation multiples appear to reflect a market skeptical of the company's ability to consistently earn its authorized return on equity. Investors should monitor whether the transition to a corporation model can catalyze a re-rating, as the current pricing implies a permanent state-ownership discount that may no longer be fundamentally justified.
As reported in recent financial statements, COPEL's ROE has fluctuated between 1.5% and 4.8% over the last ten quarters, consistently trailing the typical authorized ROE levels for Brazilian utilities, which indicates significant regulatory lag and the impact of hydrological volatility on generation margins.
The inability to consistently achieve higher ROE levels suggests that the company is struggling to fully capture the benefits of its regulated asset base. This performance gap warrants further investigation into whether the current tariff structures are adequately compensating for the operational risks inherent in the distribution and generation segments.
Based on the provided quarterly data, the debt-to-capital ratio has remained in the 0.38 to 0.45 range, which, while healthy, appears to underutilize the company's capacity to leverage its regulated monopoly status to optimize the cost of capital and enhance shareholder returns.
The relatively low leverage profile may provide a buffer against interest rate volatility, but it also suggests a missed opportunity for capital structure optimization. Analysts should consider whether management's conservative stance is a strategic choice to mitigate regulatory risk or an artifact of the company's historical state-owned operating model.
According to the company's reported figures, dividend payout ratios have been highly volatile, swinging from 0% to over 170% in recent periods, which indicates that the dividend policy is likely tied to non-recurring cash events rather than a sustainable, predictable cash flow generation model.
This inconsistency makes it difficult for income-oriented investors to rely on COPEL as a stable yield play. The erratic nature of these distributions suggests that the company's internal funding requirements for its extensive CAPEX program may be taking precedence over consistent shareholder returns.
The most commonly misapplied metric for COPEL is the standard P/E ratio, which fails to account for the significant distortions caused by IFRIC 12 accounting and the volatility of regulatory asset adjustments that do not reflect the underlying cash-generating capacity of the utility.
Investors should instead focus on EV/EBITDA or P/B ratios, which are less sensitive to the non-cash accounting items that frequently inflate or deflate reported earnings. Relying on P/E in this context obscures the true operational efficiency of the distribution network and the annuity-like nature of the transmission assets.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying ELP stock.
Companhia Paranaense de Energia - COPEL's current P/E ratio is 3.0x. The historical average is 3.9x. This places it at the 35th percentile of its historical range.
Companhia Paranaense de Energia - COPEL's current EV/EBITDA is 2.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Companhia Paranaense de Energia - COPEL's return on equity (ROE) is 11.3%. The historical average is 9.5%.
Based on historical data, Companhia Paranaense de Energia - COPEL is trading at a P/E of 3.0x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Companhia Paranaense de Energia - COPEL's current dividend yield is 4.26% with a payout ratio of 10.5%.
Companhia Paranaense de Energia - COPEL has 18.0% gross margin and 17.9% operating margin. Operating margin between 10-20% is typical for established companies.
Companhia Paranaense de Energia - COPEL's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.