1. Brazil Stocks

  2. •

    Utilities

  3. •

    Diversified Utilities
Empresa Metropolitana de Águas e Energia S.A.

Empresa Metropolitana de Águas e Energia S.A.

EMAE4.SA
Empresa Metropolitana de Águas e Energia S.A.BR flagB3 S.A.
37.31
BRL
+0.01
- -
3.19BMarket Cap
Empresa Metropolitana de Águas e Energia S.A.
EMAE4.SA
(B3 S.A.)

Recent

price

37.31

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
3.86
4.52
4.92
5.58
4.24
5.37
5.63
5.72
8.63
11.98
12.1
14.32
14.42
16.33
14.14
12.91
12.15
Revenue per Share
0.38
-1.1
-1.86
1.14
-0.74
1.62
1.49
3.22
2.75
2.51
5.37
4.06
1.84
4.07
0.79
-3.61
-3.84
Basic EPS, GAAP
-0.94
-0.05
-5.57
-2.98
-4.19
-0.92
-1.14
-0.11
1.72
3.81
2.76
2.49
1.42
2.33
-1.23
-2.82
-2.42
Free Cash Flow per Basic Share
0.03
0.08
- -
- -
0.15
- -
0.1
0.4
0.93
0.75
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
7.72
4.79
7.24
7.72
7.48
7.72
7.72
7.72
7.72
7.72
7.72
7.72
7.72
-2.97
7.72
7.72
8.42
Book Value per Share
21.98
20.87
17.73
20.36
18.4
20.53
19.52
22.12
23.45
26.64
19.23
19.68
30.05
18.31
20.18
15.58
16.28
Tangible Book Value per Share
37
37
37
37
37
37
37
37
37
37
37
37
37
37
37
37
37
Basic Weighted Avg Shares
143
167
182
206
157
198
208
211
319
443
447
529
533
603
522
477
449
Sales/Revenue/Turnover
-59.42
-94.08
-89.18
-17.69
-55.95
-5.44
-0.94
51.17
6.39
7.52
31.88
11.05
-8.14
6.57
-19.42
-36.05
-40.3
Operating Margin (%)
29
29
24
1
2
2
5
5
5
6
6
6
6
7
10
18
20
Depreciation Expense
14
-41
-69
42
-27
60
55
119
102
93
198
150
68
150
29
-133
-142
Net Income, GAAP
56.14
- -
- -
2.25
- -
9.54
29.05
23.72
- -
25.17
26.77
21.15
13.01
5.56
- -
- -
63.06
Effective Tax Rate (%)
9.79
-24.41
-37.72
20.38
-17.32
30.13
26.41
56.42
31.84
20.93
44.39
28.34
12.77
24.94
5.58
-27.97
-31.62
Profit Margin (%)
21
30
133
152
116
110
128
177
281
477
308
395
784
710
525
334
365
Working Capital
- -
1
31
69
101
91
86
79
74
69
1
1
1
1
1
1
1
LT Debt
813
772
656
753
681
761
723
820
869
990
719
738
1,124
693
764
595
621
Total Equity
-4.5
- -
- -
-4.65
- -
-1.17
-0.16
9.46
- -
2.45
11.15
5.97
-4.01
4.07
- -
- -
- -
Return on Invested Capital (%)
5.22
- -
- -
12.69
- -
17.43
15.97
33.02
- -
26.51
55.98
46.74
23.74
165.64
- -
- -
31.63
Return on Capital (%)
4.9
-17.65
-30.88
15.2
-9.67
21.28
19.26
41.75
35.57
32.46
69.54
52.53
23.83
52.72
19.17
-46.72
-44.15
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
5
5
6
LT Borrowings
1
1
1
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
37
37
37
Market Capitalization
1,289
1,651
1,515

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
876
495
536
Cash, Cash Equivalents & STI
254
389
425
Accounts Receivable, Net
44
46
47
Inventories
2
- -
- -
Total Current Liabilities
114
161
172
Payables & Accruals
- -
- -
- -
ST Debt
5
5
6
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.57%
0.96%
-22.13%
Free Cash Flow
-167.93%
-2.65%
128.36%
Net Income, GAAP
-39.69%
-119.25%
-557.76%
Sales/Revenue/Turnover
10.73%
2.03%
-8.72%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
153
151
159
158
522
2025
110
160
154
15
477
2026
121
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.61
0.85
1.02
- -
0.79
2025
0.54
0.86
7.78
- -
-3.61
2026
0.7
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Similar Companies
Electricité de France S.A. (ECIFY)
Canadian Utilities Limited (CU.TO)
SSE plc (SSE.L)
Brookfield Infrastructure Partners L.P. (BIP-PA)
Dubai Electricity and Water Authority (PJSC) (DEWA.AE)
SSE plc (SSEZY)
Business
Empresa Metropolitana de Águas e Energia S.A. Empresa Metropolitana de Águas e Energia S.A. engages in the planning, construction, operation, and maintenance of hydroelectric power generation systems, hydraulic infrastructure, and related energy commercialization activities in Brazil. The company operates a complex hydraulic system including dikes, dams, reservoirs, and spillways such as Billings and Guarapiranga in southern São Paulo; pumping stations at São Paulo and Pedreira; the Pinheiros River channel; and five hydroelectric plants—Henry Borden (889 MW), Porto Goes, Rasgao, Izabel, and Edgard de Souza—forming the Alto Tietê power complex, with total installed capacity of approximately 960.8 MW, alongside flood control operations, ferry services at Billings Reservoir, asset construction, and operation and maintenance services for industrial facilities and public entities. Founded in 1899 and headquartered in São Paulo, the company serves the Metropolitana de São Paulo region, Baixada Santista, and Médio Tietê areas, targeting electricity utilities, private firms, and government bodies with renewable energy output of around 1.7 TWh annually. In 2024, Empresa Metropolitana de Águas e Energia S.A. underwent privatization as the State of São Paulo auctioned its majority stake to investment fund Phoenix FIP for BRL 1.04 billion (US$200 million), marking a shift from state control; additionally, in October 2025, Companhia de Saneamento Básico do Estado de São Paulo (Sabesp) announced the acquisition of a 70.1% controlling stake for BRL 1.13 billion (US$212 million) across share classes from Phoenix and Eletrobras to integrate water and energy operations. The company advances sustainability through initiatives like Brazil's largest floating photovoltaic plant and maintains 290 employees under CEO Marcio Reá.