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Companhia Energética de Minas Gerais

Companhia Energética de Minas Gerais

CMIG4.SA
Companhia Energética de Minas GeraisBR flagB3 S.A.
10.97
BRL
-0.06
- -
44.83BMarket Cap
Companhia Energética de Minas Gerais
CMIG4.SA
(B3 S.A.)

Recent

price

10.97

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
6.05
5.02
5.73
5.35
7.94
8.61
6.83
7.07
7.79
8.9
8.21
11.09
11.12
12.88
13.92
- -
3,622.92
Revenue per Share
0.99
0.98
1.73
1.22
1.27
0.97
0.13
0.35
0.6
1.12
1
1.31
1.43
2.01
2.49
- -
1.28
Basic EPS, GAAP
0.32
0.97
0.59
1
1.14
0.76
0.03
-0.19
0.05
0.36
2.94
1.21
2.19
1.88
1.6
- -
0.47
Free Cash Flow per Basic Share
0.8
0.82
0.71
1.81
1.59
0.31
0.27
0.19
0.18
0.24
0.21
0.49
0.73
- -
- -
- -
- -
Dividend per Share
2.76
2.72
2.88
3.99
3.6
4.31
2.48
2.2
2.6
2.62
2.65
2.96
3.85
3.85
5
- -
- -
Book Value per Share
2.86
2.57
3.92
4.19
3.2
1.07
0.83
1.11
1.86
1.56
1.98
2.28
2.5
3.29
3.7
- -
- -
Tangible Book Value per Share
2,279
2,470
2,469
2,540
2,468
2,540
2,540
2,861
2,861
2,864
2,864
2,861
2,861
2,861
2,861
- -
2,861
Basic Weighted Avg Shares
13,790
12,393
14,137
13,580
19,595
21,868
17,352
20,228
22,299
25,486
23,519
31,711
31,805
36,850
39,820
42,751
10,364,031
Sales/Revenue/Turnover
25.3
26.01
18.17
17.89
26.07
15.99
7.84
6.97
12.61
11.32
17.83
18.14
11.05
16.86
19.95
14.8
100.91
Operating Margin (%)
896
786
763
824
801
835
834
850
850
958
989
1,049
1,182
1,274
1,376
1,533
801
Depreciation Expense
2,258
2,415
4,272
3,104
3,137
2,469
334
1,001
1,722
3,194
2,864
3,751
4,092
5,764
7,117
4,897
3,650
Net Income, GAAP
19.53
23.67
16.3
23.43
29.96
26.56
8.99
39.13
30.33
34.99
24.63
20.13
0.63
15.82
23.93
13.6
11.54
Effective Tax Rate (%)
16.37
19.49
30.22
22.86
16.01
11.29
1.92
4.95
7.72
12.53
12.18
11.83
12.87
15.64
17.87
11.45
0.04
Profit Margin (%)
1,683
-3,637
-3,994
747
-3,569
-3,697
-3,161
-126
4,529
2,389
5,766
2,261
2,262
-1,224
-1,914
16
- -
Working Capital
11,024
7,958
3,950
7,219
8,218
8,867
10,342
12,027
12,574
12,233
13,140
10,081
9,923
7,555
9,753
16,742
- -
LT Debt
11,476
11,745
11,550
12,638
11,285
12,988
12,934
14,330
16,084
16,103
17,478
19,462
21,784
24,656
27,382
28,581
- -
Total Equity
11.63
9.21
8.48
8.24
14.9
9.46
4.28
2.94
6.42
5.94
9.65
13.85
10.35
14.62
15.49
11.99
41,265.43
Return on Invested Capital (%)
18.46
15.18
25.13
19.99
18.38
14.71
8.91
9.16
11.76
17.45
16.61
21.74
23.85
30.6
32.58
20.23
34.6
Return on Capital (%)
50.55
37.18
61.8
35.98
32.98
24.88
3.87
15.9
25.08
42.74
37.93
46.71
42.03
52.37
56.23
34.22
49.3
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
3,070
3,141
- -
LT Borrowings
12,429
16,414
- -
LT Finance Leases
337
328
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,861
2,861
- -
Market Capitalization
31,897
32,040
36,073

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
13,247
14,478
- -
Cash, Cash Equivalents & STI
3,671
4,337
- -
Accounts Receivable, Net
5,570
5,795
- -
Inventories
- -
- -
- -
Total Current Liabilities
14,884
14,462
- -
Payables & Accruals
9,982
9,242
- -
ST Debt
3,070
3,141
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.32%
10.38%
4.38%
Free Cash Flow
30.34%
-8.26%
-34.48%
Net Income, GAAP
33.36%
14.64%
-31.19%
Sales/Revenue/Turnover
7.91%
13.28%
7.36%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
8,929
9,436
10,055
9,397
39,820
2025
9,705,774
- -
10,528
11,593
42,751
2026
10,341,911
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.4
0.59
1.15
- -
2.49
2025
0.36
- -
0.28
- -
- -
2026
0.34
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
1.04
- -
- -
2025
- -
- -
0.62
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Companhia Energética de Minas Gerais Companhia Energética de Minas Gerais S.A. (CEMIG) engages in the generation, transmission, distribution, trading, and commercialization of electric energy, as well as natural gas distribution, primarily in Brazil with operations across 24 states and the Federal District, including presence in Chile; headquartered in Belo Horizonte, Minas Gerais, and founded in 1952, the company serves over 9.4 million consumers in 774 municipalities covering 96% of Minas Gerais, ranking as one of Brazil's largest integrated electric utilities by market share and network extension of more than 400,000 km. CEMIG generates power through approximately 60 hydroelectric plants, seven wind farms, one photovoltaic plant, and stakes in 83 projects totaling around 6,000 MW capacity using renewable sources including hydro, wind, solar, biomass, and others; it operates a nearly 5,000 km transmission grid via subsidiaries, distributes electricity to residential (36%), industrial (47%), commercial (13%), rural (6%), and public sectors, trades energy capturing 18% of the free market with sales to free clients, traders, cooperatives, and regulated markets, and through Gasmig distributes piped natural gas exclusively in Minas Gerais to industrial, residential, commercial, automotive, CNG, LNG, and thermoelectric users with 103,885 clients. The group comprises 87 companies and shares in 44 consortiums, with subsidiaries like Cemig D for distribution, Cemig GT for generation and transmission, Efficientia for energy efficiency, and Gasmig holding 99.57% ownership by CEMIG; it targets captive and free consumers including industries like ferroalloys, cement, chemicals, food, extractives, and non-ferrous metals, emphasizing 100% renewable electricity sources and sustainability recognition such as 25 years in the Dow Jones Sustainability Index World as the only Americas electric utility. Recent developments include record 2024 investments of R$5.7 billion, addition of 155 MW centralized solar capacity and 5,000 km distribution networks connecting 190,000 new clients, reduction of energy losses to 10.36% below regulatory limits through 385,000 inspections and 370,000 smart meters, improved service quality with DEC at 9.46 hours, sale of stake in Aliança Energia for R$2.7 billion and four small hydro plants (Machado Mineiro, Sinceridade, Martins, Marmelos totaling 14.8 MW) to Âmbar Energia for R$52.4 million in October 2025 to optimize portfolio and reallocate capital, transfer of 60% energy trading contracts to the holding company, full settlement of Eurobonds eliminating FX exposure, leverage at 1.30x net debt/adjusted EBITDA, AAA rating from Fitch, 5.4% RAP increase to R$1.24 billion for 2024-2025 transmission cycle, and proposed dividends of R$1.88 billion plus R$1.85 billion interest on equity alongside R$1.4 billion additional payouts.