Detailed financial statements for Companhia Paranaense de Energia (ELPC): 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 Paranaense de Energia (COPEL) is a Brazilian enterprise primarily engaged in the generation, transformation, distribution, and sale of electrical power. The company serves a diverse clientele, including industrial, residential, commercial, and agricultural sectors, throughout Brazil. Its operations are strategically divided into several key business units: Power Generation and Transmission, Power Distribution, GAS, Power Sale, and Holding and Services.
Analysis Summary
Companhia Paranaense de Energia reported revenue of 25.60B BRL in the most recent fiscal year, growing at a 5-year CAGR of 6.6%. Net income reached 2.64B BRL, with a -7.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 24.0%, operating margin 20.1%, net margin 11.2%. Free cash flow grew at 31.3% CAGR over 5 years.
At $10.55 (closing price, October 30, 2026), ELPC trades at a P/E of 13.42 and an ROE of 12.91%. Market capitalisation stands at $2.0B.
Balance sheet quality for ELPC: current ratio of 1.0, net debt of 16.78B 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 strong: free cash flow of 2.81B BRL represents 107% 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 | 13.10B BRL | 14.02B BRL | 14.55B BRL | 15.87B BRL | 18.63B BRL | -13.33B BRL | 20.54B BRL | 21.48B BRL | 22.65B BRL | 25.60B BRL |
| Cost of Revenue | 10.23B BRL | 10.67B BRL | 11.37B BRL | 11.46B BRL | 13.35B BRL | 16.71B BRL | 15.61B BRL | 16.58B BRL | 17.76B BRL | 20.16B BRL |
| Gross Profit | 2.87B BRL | 3.36B BRL | 3.18B BRL | 4.41B BRL | 5.29B BRL | -30.03B BRL | 4.93B BRL | 4.90B BRL | 4.89B BRL | 5.44B BRL |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 961.3M BRL | 822.7M BRL | 717.8M BRL | 843.9M BRL | 969.2M BRL | 1.06B BRL | 909.4M BRL | 1.06B BRL | 736.7M BRL | 931.0M BRL |
| Operating Expenses | 1.09B BRL | 1.97B BRL | 1.22B BRL | 1.70B BRL | 393.3M BRL | -32.95B BRL | 3.65B BRL | 1.71B BRL | 1.29B BRL | 933.5M BRL |
| Operating Income | 1.78B BRL | 1.39B BRL | 1.96B BRL | 2.70B BRL | 4.89B BRL | 2.91B BRL | 1.28B BRL | 3.19B BRL | 3.60B BRL | 4.51B BRL |
| EBITDA | 2.15B BRL | 2.21B BRL | 2.59B BRL | 3.83B BRL | 6.14B BRL | 5.64B BRL | 2.27B BRL | 3.96B BRL | 4.45B BRL | 7.14B BRL |
| Interest Expense | 47.0M BRL | 85.6M BRL | 51.2M BRL | 245.7M BRL | 131.3M BRL | 41.9M BRL | 91.4M BRL | -741.2M BRL | 76.4M BRL | 2.51B BRL |
| Pre-tax Income | 1.39B BRL | 1.39B BRL | 1.84B BRL | 2.85B BRL | 5.12B BRL | 4.58B BRL | 942.9M BRL | 2.49B BRL | 2.91B BRL | 3.18B BRL |
| Income Tax | 519.7M BRL | 274.7M BRL | 471.2M BRL | 675.7M BRL | 1.29B BRL | 1.18B BRL | -281.1M BRL | 354.1M BRL | 599.4M BRL | 566.3M BRL |
| Net Income | 895.8M BRL | 1.03B BRL | 1.41B BRL | 1.99B BRL | 3.90B BRL | 4.95B BRL | 1.11B BRL | 2.26B BRL | 2.81B BRL | 2.64B BRL |
| EPS | $1.39 | $1.89 | $2.25 | $2.95 | $4.43 | $4.16 | $6.52 | $2.56 | $17.28 | $14.24 |
| EPS (Diluted) | $1.39 | $1.89 | $2.25 | $2.95 | $4.43 | $4.16 | $6.52 | $2.56 | $17.28 | $14.24 |
| Shares Outstanding (Diluted) | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 176.9 M | 186.4 M | 185.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 6.81B BRL | 7.30B BRL | 6.94B BRL | 6.92B BRL |
| Gross Profit | 1.52B BRL | 1.60B BRL | 1.73B BRL | 2.72B BRL |
| Operating Income | 1.28B BRL | 1.33B BRL | 1.44B BRL | 1.43B BRL |
| EBITDA | 1.32B BRL | 2.01B BRL | 2.14B BRL | 1.65B BRL |
| Net Income | 384.2M BRL | 1.08B BRL | 679.1M BRL | 1.05B BRL |
| EPS | $2.04 | $5.92 | $3.72 | $5.64 |
| EPS (Diluted) | $2.04 | $5.92 | $3.72 | $5.64 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 982.1M BRL | 1.04B BRL | 1.95B BRL | 2.94B BRL | 3.22B BRL | 3.47B BRL | 2.68B BRL | 5.63B BRL | 4.16B BRL | 3.13B BRL |
| Short-term Investments | 136.6M BRL | 172.9M BRL | 546.0M BRL | 358.7M BRL | 174.9M BRL | 399.9M BRL | 190.8M BRL | 20.2M BRL | 218.0M BRL | 401.4M BRL |
| Receivables | 2.95B BRL | 4.11B BRL | 3.84B BRL | 4.23B BRL | 6.29B BRL | 7.07B BRL | 6.20B BRL | 5.98B BRL | 6.58B BRL | 6.83B BRL |
| Inventory | 130.6M BRL | 110.6M BRL | 116.3M BRL | 130.4M BRL | 162.8M BRL | 197.8M BRL | 194.8M BRL | 174.7M BRL | 136.3M BRL | 173.4M BRL |
| Total Current Assets | 4.24B BRL | 5.70B BRL | 6.68B BRL | 7.91B BRL | 11.41B BRL | 11.19B BRL | 9.33B BRL | 13.72B BRL | 13.04B BRL | 10.88B BRL |
| Property, Plant & Equipment | 8.93B BRL | 9.83B BRL | 10.96B BRL | 10.68B BRL | 9.63B BRL | 10.35B BRL | 10.33B BRL | 11.08B BRL | 8.83B BRL | 8.41B BRL |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 6.46B BRL | 6.45B BRL | 6.03B BRL | 6.33B BRL | 6.93B BRL | 9.22B BRL | 10.28B BRL | 11.17B BRL | 16.62B BRL | 19.21B BRL |
| Total Assets | 30.29B BRL | 33.16B BRL | 36.05B BRL | 38.31B BRL | 46.78B BRL | 49.54B BRL | 49.70B BRL | 55.82B BRL | 57.38B BRL | 60.41B BRL |
| Accounts Payable | 1.32B BRL | 1.75B BRL | 1.49B BRL | 1.76B BRL | 2.38B BRL | 2.69B BRL | 2.20B BRL | 2.26B BRL | 2.44B BRL | 3.21B BRL |
| Short-term Debt | 2.60B BRL | 2.42B BRL | 3.30B BRL | 1.42B BRL | 2.60B BRL | 2.72B BRL | 1.63B BRL | 1.90B BRL | 3.26B BRL | 2.13B BRL |
| Total Current Liabilities | 5.66B BRL | 6.11B BRL | 6.72B BRL | 5.35B BRL | 9.65B BRL | 7.98B BRL | 7.16B BRL | 9.31B BRL | 10.34B BRL | 11.06B BRL |
| Long-term Debt | 6.24B BRL | 7.41B BRL | 8.27B BRL | 10.15B BRL | 7.35B BRL | 9.10B BRL | 10.83B BRL | 13.06B BRL | 13.99B BRL | 17.95B BRL |
| Total Liabilities | 15.31B BRL | 17.65B BRL | 19.71B BRL | 20.71B BRL | 26.53B BRL | 27.36B BRL | 28.57B BRL | 31.63B BRL | 31.75B BRL | 37.32B BRL |
| Retained Earnings | 5.02B BRL | 5.56B BRL | 6.42B BRL | 4.85B BRL | 6.09B BRL | 7.79B BRL | 7.91B BRL | 9.00B BRL | 9.36B BRL | 8.21B BRL |
| Total Equity | 14.72B BRL | 15.21B BRL | 16.03B BRL | 17.25B BRL | 19.96B BRL | 21.84B BRL | 20.82B BRL | 23.89B BRL | 25.67B BRL | 23.13B BRL |
| Total Debt | 8.84B BRL | 9.83B BRL | 11.68B BRL | 11.67B BRL | 10.08B BRL | 12.04B BRL | 12.73B BRL | 15.23B BRL | 17.57B BRL | 20.31B BRL |
| Net Debt | 7.72B BRL | 8.62B BRL | 9.19B BRL | 8.37B BRL | 6.69B BRL | 8.17B BRL | 9.86B BRL | 9.58B BRL | 13.19B BRL | 16.78B BRL |
| Working Capital | -1.42B BRL | -408.1M BRL | -45.2M BRL | 2.56B BRL | 1.75B BRL | 3.21B BRL | 2.17B BRL | 4.41B BRL | 2.70B BRL | -180.7M BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 3.82B BRL | 3.13B BRL | 5.11B BRL | 3.27B BRL |
| Total Assets | 62.05B BRL | 60.41B BRL | 62.93B BRL | 61.65B BRL |
| Total Liabilities | 36.10B BRL | 37.32B BRL | 39.13B BRL | 37.50B BRL |
| Total Equity | 25.99B BRL | 23.13B BRL | 23.83B BRL | 24.13B BRL |
| Total Debt | 21.24B BRL | 20.31B BRL | 23.62B BRL | 23.57B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 874.5M BRL | 1.12B BRL | 1.44B BRL | 2.06B BRL | 742.2M BRL | 697.3M BRL | 229.8M BRL | 413.9M BRL | 430.0M BRL | 2.62B BRL |
| Depreciation & Amortization | 708.3M BRL | 731.6M BRL | 696.9M BRL | 950.7M BRL | 1.01B BRL | 1.02B BRL | 1.23B BRL | 1.38B BRL | 1.47B BRL | 1.45B BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -1.07B BRL | 249.3M BRL | 342.1M BRL | 78.0M BRL | 272.5M BRL | 495.8M BRL | 365.2M BRL | 117.2M BRL | 14.0M BRL | 1.11B BRL |
| Operating Cash Flow | 1.48B BRL | 989.2M BRL | 1.77B BRL | 2.95B BRL | 764.0M BRL | 627.6M BRL | 755.7M BRL | 704.4M BRL | 629.5M BRL | 2.97B BRL |
| Capital Expenditure | -2.21B BRL | -2.01B BRL | -1.22B BRL | -372.6M BRL | -43.9M BRL | -62.7M BRL | -74.0M BRL | -41.0M BRL | -25.5M BRL | -158.9M BRL |
| Acquisitions | 75.0M BRL | 0 | 43.3M BRL | -88.8M BRL | 0 | -93.0M BRL | -3.5M BRL | -182.5M BRL | 0 | -186.7M BRL |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.3M BRL | -68.7M BRL |
| Dividends Paid | -369.0M BRL | -506.4M BRL | -300.7M BRL | -380.4M BRL | -121.4M BRL | -718.0M BRL | -419.7M BRL | -150.2M BRL | -294.3M BRL | -2.47B BRL |
| Free Cash Flow | -736.3M BRL | -1.02B BRL | 554.9M BRL | 2.57B BRL | 720.1M BRL | 565.0M BRL | 681.7M BRL | 663.4M BRL | 604.0M BRL | 2.81B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 144.8M BRL | 539.9M BRL | 567.7M BRL | 20.8M BRL |
| Capital Expenditure | -9.9M BRL | -54.4M BRL | -46.5M BRL | -68.5M BRL |
| Free Cash Flow | 134.9M BRL | 485.5M BRL | 521.2M BRL | -47.7M BRL |
| Dividends Paid | -5.5M BRL | -1.27B BRL | -977.6M BRL | -267.6M 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) | +7.0% | +3.7% | +9.1% | +17.4% | -171.5% | +254.1% | +4.6% | +5.5% | +13.0% | |
| Net Income Growth (YoY) | +15.4% | +36.1% | +41.4% | +96.2% | +26.9% | -77.5% | +103.1% | +24.4% | -6.2% | |
| EPS Growth (YoY) | +36.0% | +19.0% | +31.1% | +50.2% | -6.1% | +56.7% | -60.7% | +575.0% | -17.6% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +3.5% | +5.4% | -0.4% | |
| FCF Growth (YoY) | -38.9% | +154.3% | +363.6% | -72.0% | -21.5% | +20.7% | -2.7% | -9.0% | +365.3% | |
| Gross Margin | 21.9% | 23.9% | 21.8% | 27.8% | 28.4% | 225.4% | 24.0% | 22.8% | 21.6% | 21.3% |
| Operating Margin | 13.6% | 9.9% | 13.4% | 17.0% | 26.3% | -21.9% | 6.2% | 14.8% | 15.9% | 17.6% |
| EBITDA Margin | 16.4% | 15.8% | 17.8% | 24.1% | 33.0% | -42.3% | 11.0% | 18.4% | 19.6% | 27.9% |
| Net Margin | 6.8% | 7.4% | 9.7% | 12.5% | 21.0% | -37.2% | 5.4% | 10.5% | 12.4% | 10.3% |
| FCF Margin | -5.6% | -7.3% | 3.8% | 16.2% | 3.9% | -4.2% | 3.3% | 3.1% | 2.7% | 11.0% |
| Effective Tax Rate | 37.3% | 19.7% | 25.6% | 23.7% | 25.1% | 25.7% | -29.8% | 14.2% | 20.6% | 17.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.31 | $-5.98 | $3.24 | $15.04 | $4.21 | $3.30 | $3.99 | $3.75 | $3.24 | $15.14 |
| Dividends Per Share | $2.16 | $2.96 | $1.76 | $2.22 | $0.71 | $4.20 | $2.45 | $0.85 | $1.58 | $13.32 |
| Shares Outstanding (Basic) | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 171.0 M | 176.9 M | 186.4 M | 185.6 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 | 12.91% |
| Return on Invested Capital | 8.64% |
| Return on Assets | 5.08% |
| Gross Margin | 24.01% |
| Operating Margin | 20.15% |
| Net Margin | 11.20% |
Financial Health
| Debt / Equity | 0.98 |
| Current Ratio | 1.30 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.44 | 13.75 | 13.57 | 10.69 | 9.23 | 10.54 | 6.38 | 14.94 | 1.87 | 3.66 |
| P/B | 0.30 | 0.29 | 0.33 | 0.31 | 0.35 | 0.34 | 0.34 | 0.28 | 0.23 | 0.42 |
| P/S | 0.33 | 0.32 | 0.36 | 0.34 | 0.37 | -0.56 | 0.35 | 0.31 | 0.27 | 0.38 |
| Gross Margin | 21.9% | 23.9% | 21.8% | 27.8% | 28.4% | 225.4% | 24.0% | 22.8% | 21.6% | 21.3% |
| Operating Margin | 13.6% | 9.9% | 13.4% | 17.0% | 26.3% | -21.9% | 6.2% | 14.8% | 15.9% | 17.6% |
| Net Margin | 6.8% | 7.4% | 9.7% | 12.5% | 21.0% | -37.2% | 5.4% | 10.5% | 12.4% | 10.3% |
Related companies: OTTR · MGEE · HTO · AVA · CTRI · NWN
Explore sector: Utilities · Regulated Electric
More sections of ELPC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks