Detailed financial statements for Companhia Energética de Minas Gerais (CIG-C): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Companhia Energética de Minas Gerais (CEMIG), through its various subsidiaries, plays a comprehensive role in Brazil's energy landscape, covering the production, transmission, distribution, and retail of power. As of December 31, 2021, its substantial infrastructure included 70 generating facilities powered by hydroelectric, wind, and solar sources, boasting a combined installed capacity of 5,700 megawatts.
Analysis Summary
Companhia Energética de Minas Gerais reported revenue of 42.75B BRL in the most recent fiscal year, growing at a 5-year CAGR of 11.1%. Net income reached 4.90B BRL, with a 11.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 14.5%, operating margin 12.2%, net margin 10.5%. Free cash flow grew at -17.1% CAGR over 5 years.
At $3.08 (intraday price, October 30, 2026), CIG-C trades at a P/E of 9.10 and an ROE of 15.93%. Market capitalisation stands at $8.8B.
Balance sheet quality for CIG-C: current ratio of 1.0, net debt of 17.21B BRL. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 3.31B BRL represents 68% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 18.77B BRL | 21.71B BRL | 22.27B BRL | 25.49B BRL | 25.23B BRL | 33.65B BRL | 34.46B BRL | 36.85B BRL | 39.82B BRL | 42.75B BRL |
| Cost of Revenue | 15.90B BRL | 18.43B BRL | 19.02B BRL | 18.60B BRL | 19.91B BRL | 26.92B BRL | 27.65B BRL | 28.47B BRL | 31.99B BRL | 35.51B BRL |
| Gross Profit | 2.87B BRL | 3.28B BRL | 3.25B BRL | 6.89B BRL | 5.32B BRL | 6.72B BRL | 6.81B BRL | 8.38B BRL | 7.83B BRL | 7.24B BRL |
| Research & Development | 47.9M BRL | 37.8M BRL | 38.2M BRL | 40.7M BRL | 42.8M BRL | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 1.05B BRL | 1.01B BRL | 936.0M BRL | 879.5M BRL | 729.2M BRL | 720.5M BRL | 1.41B BRL | 1.43B BRL | 1.26B BRL | 124.0M BRL |
| Operating Expenses | 1.56B BRL | 382.9M BRL | 471.6M BRL | 3.68B BRL | 610.7M BRL | 720.5M BRL | 1.13B BRL | 2.17B BRL | 338.0M BRL | 909.0M BRL |
| Operating Income | 1.80B BRL | 2.64B BRL | 2.50B BRL | 3.21B BRL | 4.71B BRL | 6.00B BRL | 5.69B BRL | 6.21B BRL | 7.49B BRL | 6.33B BRL |
| EBITDA | 3.23B BRL | 4.35B BRL | 4.33B BRL | 4.02B BRL | 5.30B BRL | 6.67B BRL | 6.24B BRL | 9.15B BRL | 11.74B BRL | 8.71B BRL |
| Interest Expense | 2.48B BRL | 1.80B BRL | 1.32B BRL | 342.1M BRL | 245.2M BRL | 2.25B BRL | 935.0M BRL | 238.5M BRL | 1.01B BRL | 1.50B BRL |
| Pre-tax Income | 367.9M BRL | 1.65B BRL | 1.98B BRL | 4.57B BRL | 3.80B BRL | 4.70B BRL | 4.12B BRL | 6.85B BRL | 9.36B BRL | 5.67B BRL |
| Income Tax | 33.2M BRL | 644.3M BRL | 599.1M BRL | 1.60B BRL | 935.7M BRL | 945.3M BRL | 26.0M BRL | 1.08B BRL | 2.24B BRL | 771.0M BRL |
| Net Income | 334.3M BRL | 1.00B BRL | 1.70B BRL | 3.19B BRL | 2.86B BRL | 3.75B BRL | 4.09B BRL | 5.76B BRL | 7.12B BRL | 4.90B BRL |
| EPS | $0.07 | $0.25 | $0.69 | $1.39 | $1.00 | $1.31 | $1.86 | $2.01 | $2.49 | $1.70 |
| EPS (Diluted) | $0.05 | $0.25 | $0.69 | $1.39 | $1.00 | $1.31 | $1.86 | $2.01 | $2.49 | $1.70 |
| Shares Outstanding (Diluted) | 1,898.8 M | 2,200.5 M | 2,453.5 M | 2,291.0 M | 2,200.5 M | 2,860.7 M | 2,200.5 M | 2,860.7 M | 2,860.7 M | 2,860.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 10.53B BRL | 11.50B BRL | 10.46B BRL | 11.16B BRL |
| Gross Profit | 1.51B BRL | 1.14B BRL | 1.66B BRL | 1.95B BRL |
| Operating Income | 1.02B BRL | 728.3M BRL | 1.34B BRL | 1.90B BRL |
| EBITDA | 2.38B BRL | 2.72B BRL | 1.73B BRL | 2.15B BRL |
| Net Income | 796.7M BRL | 1.88B BRL | 978.5M BRL | 945.0M BRL |
| EPS | $0.28 | $0.66 | $0.34 | $0.33 |
| EPS (Diluted) | $0.28 | $0.66 | $0.34 | $0.33 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 995.0M BRL | 1.03B BRL | 891.0M BRL | 536.0M BRL | 1.68B BRL | 825.0M BRL | 1.44B BRL | 1.54B BRL | 1.90B BRL | 1.90B BRL |
| Short-term Investments | 2.11B BRL | 2.01B BRL | 1.77B BRL | 1.82B BRL | 3.62B BRL | 3.23B BRL | 2.80B BRL | 1.59B BRL | 1.55B BRL | 759.3M BRL |
| Receivables | 3.57B BRL | 3.89B BRL | 4.21B BRL | 4.71B BRL | 4.56B BRL | 8.03B BRL | 8.34B BRL | 5.48B BRL | 7.37B BRL | 9.56B BRL |
| Inventory | 49.0M BRL | 38.0M BRL | 36.0M BRL | 39.0M BRL | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 8.29B BRL | 8.54B BRL | 27.80B BRL | 10.14B BRL | 15.46B BRL | 12.95B BRL | 13.46B BRL | 11.87B BRL | 12.23B BRL | 14.47B BRL |
| Property, Plant & Equipment | 3.77B BRL | 2.76B BRL | 2.66B BRL | 2.73B BRL | 2.62B BRL | 2.65B BRL | 2.74B BRL | 3.65B BRL | 4.10B BRL | 4.56B BRL |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.82B BRL | 11.16B BRL | 10.78B BRL | 11.62B BRL | 11.81B BRL | 12.95B BRL | 14.62B BRL | 15.25B BRL | 16.81B BRL | 18.54B BRL |
| Total Assets | 42.04B BRL | 42.24B BRL | 59.85B BRL | 49.93B BRL | 54.08B BRL | 52.05B BRL | 53.67B BRL | 55.00B BRL | 59.73B BRL | 66.99B BRL |
| Accounts Payable | 1.94B BRL | 2.34B BRL | 1.80B BRL | 2.08B BRL | 2.36B BRL | 2.92B BRL | 3.29B BRL | 3.72B BRL | 4.20B BRL | 3.04B BRL |
| Short-term Debt | 4.84B BRL | 2.37B BRL | 2.20B BRL | 2.75B BRL | 2.06B BRL | 1.47B BRL | 955.0M BRL | 2.63B BRL | 2.88B BRL | 3.14B BRL |
| Total Current Liabilities | 11.45B BRL | 8.66B BRL | 23.39B BRL | 7.96B BRL | 9.69B BRL | 10.69B BRL | 11.20B BRL | 13.09B BRL | 14.14B BRL | 14.46B BRL |
| Long-term Debt | 10.34B BRL | 12.03B BRL | 12.57B BRL | 12.03B BRL | 12.96B BRL | 9.90B BRL | 9.63B BRL | 7.20B BRL | 9.40B BRL | 16.41B BRL |
| Total Liabilities | 29.10B BRL | 27.91B BRL | 43.91B BRL | 34.42B BRL | 36.60B BRL | 32.58B BRL | 31.89B BRL | 30.34B BRL | 32.34B BRL | 38.43B BRL |
| Retained Earnings | 5.20B BRL | 5.73B BRL | 145.0M BRL | 212.0M BRL | 0 | 0 | 0 | 0 | 13.58B BRL | 11.48B BRL |
| Total Equity | 12.93B BRL | 14.33B BRL | 14.58B BRL | 16.10B BRL | 17.47B BRL | 19.46B BRL | 21.78B BRL | 24.65B BRL | 27.38B BRL | 28.56B BRL |
| Total Debt | 15.18B BRL | 14.40B BRL | 14.77B BRL | 15.06B BRL | 15.25B BRL | 11.61B BRL | 10.94B BRL | 10.26B BRL | 12.71B BRL | 19.87B BRL |
| Net Debt | 12.07B BRL | 11.36B BRL | 12.11B BRL | 12.71B BRL | 9.95B BRL | 7.55B BRL | 6.69B BRL | 7.14B BRL | 9.26B BRL | 17.21B BRL |
| Working Capital | -3.16B BRL | -125.0M BRL | 4.40B BRL | 2.17B BRL | 5.77B BRL | 2.26B BRL | 2.26B BRL | -1.22B BRL | -1.91B BRL | 17.3M BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 1.45B BRL | 1.90B BRL | 1.36B BRL | 2.16B BRL |
| Total Assets | 64.75B BRL | 66.99B BRL | 67.34B BRL | 70.86B BRL |
| Total Liabilities | 36.02B BRL | 38.43B BRL | 38.80B BRL | 41.68B BRL |
| Total Equity | 28.73B BRL | 28.56B BRL | 28.53B BRL | 29.18B BRL |
| Total Debt | 15.84B BRL | 19.87B BRL | 19.77B BRL | 22.75B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 335.0M BRL | 1.00B BRL | 1.70B BRL | 3.13B BRL | 2.87B BRL | 695.2M BRL | 1.41B BRL | 5.76B BRL | 7.12B BRL | 4.80B BRL |
| Depreciation & Amortization | 834.0M BRL | 850.0M BRL | 850.0M BRL | 958.0M BRL | 989.0M BRL | 1.05B BRL | 1.18B BRL | 1.27B BRL | 1.38B BRL | 1.53B BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -1.94B BRL | -1.18B BRL | 820.0M BRL | 980.0M BRL | 10.90B BRL | 503.9M BRL | 841.0M BRL | 509.7M BRL | 453.0M BRL | -160.2M BRL |
| Operating Cash Flow | 1.21B BRL | 580.0M BRL | 1.01B BRL | 2.04B BRL | 8.61B BRL | 682.6M BRL | 6.61B BRL | 6.64B BRL | 5.50B BRL | 4.00B BRL |
| Capital Expenditure | -1.51B BRL | -856.0M BRL | -877.0M BRL | -1.93B BRL | -173.0M BRL | -33.8M BRL | -292.0M BRL | -1.26B BRL | -919.0M BRL | -685.4M BRL |
| Acquisitions | -506.0M BRL | 474.0M BRL | 70.0M BRL | 38.3M BRL | -93.0M BRL | 28,724 BRL | -3.46B BRL | 632.0M BRL | 2.79B BRL | 90.9M BRL |
| Stock Repurchased | 0 | 2.08B BRL | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -675.0M BRL | -540.0M BRL | -509.0M BRL | -701.1M BRL | -598.0M BRL | -262.5M BRL | -2.09B BRL | -1.82B BRL | 0 | -3.89B BRL |
| Free Cash Flow | -295.0M BRL | -276.0M BRL | 131.0M BRL | 109.0M BRL | 8.43B BRL | 648.8M BRL | 6.32B BRL | 5.38B BRL | 4.58B BRL | 3.31B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 3.42B BRL | 681.6M BRL | 1.10B BRL | 555.1M BRL |
| Capital Expenditure | -4.42B BRL | -241.3M BRL | -51.4M BRL | -29.7M BRL |
| Free Cash Flow | -996.0M BRL | 440.3M BRL | 1.05B BRL | 525.5M BRL |
| Dividends Paid | -1.77B BRL | -2.18B BRL | 0 | -1.42B BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.7% | +2.6% | +14.5% | -1.0% | +33.4% | +2.4% | +6.9% | +8.1% | +7.4% | |
| Net Income Growth (YoY) | +199.6% | +69.7% | +87.9% | -10.3% | +31.0% | +9.1% | +40.9% | +23.5% | -31.2% | |
| EPS Growth (YoY) | +277.1% | +176.0% | +101.4% | -28.1% | +31.0% | +42.0% | +8.1% | +23.9% | -31.7% | |
| Shares Change (YoY) | +15.9% | +11.5% | -6.6% | -4.0% | +30.0% | -23.1% | +30.0% | +0.0% | +0.0% | |
| FCF Growth (YoY) | +6.4% | +147.5% | -16.8% | +7,637.6% | -92.3% | +874.3% | -14.9% | -15.0% | -27.7% | |
| Gross Margin | 15.3% | 15.1% | 14.6% | 27.0% | 21.1% | 20.0% | 19.8% | 22.8% | 19.7% | 16.9% |
| Operating Margin | 9.6% | 12.2% | 11.2% | 12.6% | 18.7% | 17.8% | 16.5% | 16.9% | 18.8% | 14.8% |
| EBITDA Margin | 17.2% | 20.0% | 19.4% | 15.8% | 21.0% | 19.8% | 18.1% | 24.8% | 29.5% | 20.4% |
| Net Margin | 1.8% | 4.6% | 7.6% | 12.5% | 11.4% | 11.1% | 11.9% | 15.6% | 17.9% | 11.5% |
| FCF Margin | -1.6% | -1.3% | 0.6% | 0.4% | 33.4% | 1.9% | 18.3% | 14.6% | 11.5% | 7.7% |
| Effective Tax Rate | 9.0% | 39.1% | 30.3% | 35.0% | 24.6% | 20.1% | 0.6% | 15.8% | 23.9% | 13.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.16 | $-0.13 | $0.05 | $0.05 | $3.83 | $0.23 | $2.87 | $1.88 | $1.60 | $1.16 |
| Dividends Per Share | $0.36 | $0.25 | $0.21 | $0.31 | $0.27 | $0.09 | $0.95 | $0.64 | $0.00 | $1.36 |
| Shares Outstanding (Basic) | 1,898.8 M | 2,200.5 M | 2,453.5 M | 2,291.0 M | 2,200.5 M | 2,860.7 M | 2,200.5 M | 2,860.7 M | 2,860.7 M | 2,860.7 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 15.93% |
| Return on Invested Capital | 8.07% |
| Return on Assets | 6.48% |
| Gross Margin | 14.46% |
| Operating Margin | 12.23% |
| Net Margin | 10.51% |
Financial Health
| Debt / Equity | 0.78 |
| Current Ratio | 1.17 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 65.76 | 13.00 | 11.75 | 6.08 | 8.93 | 8.84 | 6.65 | 5.84 | 5.78 | 8.38 |
| P/B | 0.64 | 0.50 | 1.36 | 1.20 | 1.12 | 1.70 | 1.25 | 1.36 | 1.50 | 1.43 |
| P/S | 0.44 | 0.33 | 0.89 | 0.76 | 0.78 | 0.98 | 0.79 | 0.91 | 1.03 | 0.95 |
| Gross Margin | 15.3% | 15.1% | 14.6% | 27.0% | 21.1% | 20.0% | 19.8% | 22.8% | 19.7% | 16.9% |
| Operating Margin | 9.6% | 12.2% | 11.2% | 12.6% | 18.7% | 17.8% | 16.5% | 16.9% | 18.8% | 14.8% |
| Net Margin | 1.8% | 4.6% | 7.6% | 12.5% | 11.4% | 11.1% | 11.9% | 15.6% | 17.9% | 11.5% |
Related companies: NEE · 0K80.L · SO · SOMN · SOJE · DUK · 0L8A.L · 0ID1.L
Explore sector: Utilities · Regulated Electric
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