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    Electric utilities
Equatorial Maranhao Distribuidora de Energia SA

Equatorial Maranhao Distribuidora de Energia SA

31.99
BRL
+0.50
(+1.59%)
5.22EPS
5.94P/E
5.07BMarket Cap
Equatorial Maranhao Distribuidora de Energia SA
B3:EQMA3B
(B3)

Recent

price

31.99

P/E

ratio

5.94

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
BRL
10.7
11.65
14.3
11.99
15.13
16.68
19.4
20.53
23.13
23.11
25.01
32.83
29.5
34.53
37.84
42.49
45.31
Revenue per Share
1.7
1.51
2.34
1.17
2.04
2.22
2.48
2.98
4.1
3.94
4.27
5.75
3.95
4.73
4.52
4.58
5.19
Basic EPS, GAAP
0.2
0.42
-0.61
1.45
-0.52
1.97
-1.42
0.3
2.58
4.27
5.84
1.03
1.39
-1.58
5.61
4.91
5.33
Free Cash Flow per Basic Share
0.35
1.22
0.57
0.46
0.23
0.38
1.02
1.23
1.57
4.9
2.92
4.62
2.03
2.79
2.38
2.74
- -
Dividend per Share
5.53
5.87
7.47
8.41
10.07
11.87
13.25
15.17
17.37
17.02
18.26
22.57
21.01
22.88
24.9
26.94
30.09
Book Value per Share
-2.81
-3.62
-1.85
-1.31
-0.33
1.15
1.13
3.03
7.47
7.62
8.95
11.37
11.99
13.32
15.02
16.65
-17.66
Tangible Book Value per Share
164
164
164
164
164
164
161
164
164
164
164
164
164
164
164
164
164
Basic Weighted Avg Shares
1,756
1,912
2,348
1,969
2,484
2,739
3,130
3,371
3,797
3,794
4,107
5,390
4,843
5,669
6,212
6,977
7,440
Sales/Revenue/Turnover
22.45
19.52
18.51
17.75
20.95
16.62
18.49
22.12
20.61
21.8
22.54
23.9
18.1
20.15
18.69
19.69
20.69
Operating Margin (%)
94
90
80
110
122
127
144
169
172
184
190
223
230
252
307
391
407
Depreciation Expense
279
248
385
192
335
364
400
490
672
647
700
943
648
777
741
752
857
Net Income, GAAP
16.3
18.16
21.39
20.39
16.43
17.9
18.31
17.23
17.33
17.52
17.93
18.39
12.44
5.08
9.12
14.42
15.49
Effective Tax Rate (%)
15.86
12.94
16.39
9.76
13.47
13.28
12.77
14.53
17.71
17.06
17.05
17.5
13.38
13.71
11.93
10.77
11.52
Profit Margin (%)
426
308
205
701
1,013
1,308
1,056
1,425
1,395
1,406
1,044
622
751
778
895
702
943
Working Capital
850
1,088
1,193
1,527
1,868
1,998
1,871
2,306
2,001
2,182
1,488
1,546
2,179
2,786
3,636
3,865
4,036
LT Debt
908
964
1,226
1,381
1,654
1,948
2,176
2,448
2,853
2,794
2,997
3,064
3,450
3,756
4,088
4,423
4,940
Total Equity
18.58
11.64
14.89
6.46
9.58
8.52
9.38
9.93
9.89
12.25
13.25
18.15
11.26
13.32
11.87
12.37
13.3
Return on Invested Capital (%)
21.27
15.37
18.22
10.21
15.09
13.01
12.5
12.46
17.03
14.64
14.67
19.19
14.03
14.35
12.09
11.68
12.51
Return on Capital (%)
34.46
26.44
35.15
14.75
22.06
20.2
19.39
21.18
25.37
22.92
24.18
31.13
19.9
21.57
18.9
17.66
18.59
Return on Common Equity (%)

Capital Structure

BRL

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
240
258
249
LT Borrowings
3,865
4,065
4,035
LT Finance Leases
- -
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
164
164
164
Market Capitalization
5,205
5,091
5,065

Working Capital

BRL

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,515
2,729
2,615
Cash, Cash Equivalents & STI
582
740
366
Accounts Receivable, Net
1,436
1,401
1,497
Inventories
22
25
27
Total Current Liabilities
1,813
1,736
1,672
Payables & Accruals
- -
- -
- -
ST Debt
240
258
249
Deferred Revenue
- -
- -
- -

Growth Rates

BRL

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.67%
8.15%
8.19%
Free Cash Flow
-15.97%
-145.52%
-12.41%
Net Income, GAAP
9.43%
4.02%
1.4%
Sales/Revenue/Turnover
10.28%
12.01%
12.31%
Total Cash Common Dividend
42.54%
7.97%
15.13%

Quarterly Revenue

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,320
1,443
1,603
1,847
6,212
2025
1,478
1,624
1,699
2,176
6,977
2026
1,658
1,907
- -
- -
- -

Quarterly Earnings Per Share

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.93
0.92
1.28
1.37
4.52
2025
0.85
1.68
0.64
1.4
4.58
2026
1.63
1.53
- -
- -
- -

Quarterly Dividends Per Share

BRL

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.38
2025
- -
- -
- -
- -
2.74
2026
- -
- -
- -
- -
- -
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Business
Equatorial Maranhão Distribuidora de Energia S.A. delivers essential electricity distribution services throughout the state of Maranhão, Brazil, serving millions of inhabitants across 217 municipalities. Operating as a key subsidiary of the broader Equatorial Energia Group, a prominent multi-service utility across seven Brazilian states, the company consistently works to enhance its operational reach and service reliability. The firm actively engages with customers through various digital and traditional channels, providing support for billing, reconnections, and outage reports. With roots tracing back to 1958, this São Luís-based entity, formerly known as Companhia Energética do Maranhão – CEMAR, continues to invest in infrastructure modernization and community initiatives, reflecting its commitment to local development and robust service delivery.