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CIG

Companhia Energética de Minas Gerais

CIG

Companhia Energética de Minas Gerais • NYSE
$2.12 ▲ 0.47% (+0.01)
Market Cap $6.06 B
52w High $2.30
52w Low $1.59
Dividend Yield 0.26%
P/E 5.05
Volume 2.29M
Outstanding Shares 2.86B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.62B ▼ $266.057M ▲ $796.267M ▼ 7.498% ▼ $0.28 ▼ $1.443B ▼
Q2-2025 $10.786B ▲ $191.508M ▼ $1.188B ▲ 11.011% ▲ $0.42 ▲ $1.915B ▲
Q1-2025 $9.706B ▼ $346.931M ▲ $1.039B ▲ 10.702% ▲ $0.36 ▲ $1.838B ▲
Q4-2024 $12.303B ▲ $-1.079B ▼ $996.422M ▼ 8.099% ▼ $0.35 ▼ $1.039B ▼
Q3-2024 $10.055B $1.397B $3.28B 32.622% $1.15 $5.8B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.317B ▼ $64.75B ▲ $36.015B ▲ $28.728B ▲
Q2-2025 $2.979B ▼ $63.411B ▼ $34.932B ▼ $28.473B ▲
Q1-2025 $6.032B ▲ $63.902B ▲ $35.981B ▲ $27.915B ▲
Q4-2024 $3.446B ▼ $59.726B ▼ $32.344B ▼ $27.377B ▼
Q3-2024 $7.647B $63.007B $34.943B $28.059B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $796.267M ▼ $1.078B ▲ $-1.487B ▼ $103.441M ▲ $-306.103M ▲ $925.461M ▲
Q2-2025 $1.188B ▲ $974.652M ▼ $-504.126M ▲ $-1.957B ▼ $-1.486B ▼ $769.933M ▲
Q1-2025 $1.039B ▲ $1.372B ▲ $-2.763B ▼ $2.737B ▲ $1.346B ▲ $-390M ▼
Q4-2024 $-1.844B ▼ $859.587M ▼ $823.057M ▲ $-3.445B ▼ $-1.763B ▼ $678.699M ▼
Q3-2024 $6.122B $4.638B $-3.2B $686M $2.124B $856M

Five-Year Company Overview

Income Statement

Income Statement CIG’s income statement shows a healthy, fairly consistent buildup in the core business. Revenues have grown year after year, and profits have improved even faster than sales. Earnings today are notably stronger than they were five years ago, suggesting better cost control, more efficient operations, and possibly more favorable pricing or mix. There is a small sign that the cost of providing service has ticked up recently, but overall profitability remains solid for a regulated utility, with earnings quality that looks stable rather than volatile.

Balance Sheet

Balance Sheet The balance sheet has steadily strengthened. Total assets have inched higher over time, while shareholders’ equity has grown at a faster pace, indicating that profits are being retained and the capital base deepened. Debt levels, while still meaningful as is typical for utilities, are lower than they were a few years ago relative to the size of the company, pointing to a gradual de‑risking of the balance sheet. Cash on hand has improved but remains modest, which is normal for a regulated, cash-generative utility that invests heavily in infrastructure.

Cash Flow

Cash Flow Cash generation from the underlying business is robust and comfortably covers investment needs. Operating cash flow has been consistently positive, with occasional swings but no sign of structural weakness. Even after capital expenditures, free cash flow has remained positive each year, which is a sign of financial flexibility. Capital spending has been trending up from a low base, hinting at a phase of higher investment, yet still leaving room for debt reduction or shareholder returns if management chooses, without stretching the company’s finances.

Competitive Edge

Competitive Edge CIG enjoys a strong entrenched position as the dominant electricity distributor in much of Minas Gerais, effectively operating with a natural monopoly under long-term concessions. This wide and hard-to-replicate network, built over decades, forms a deep competitive moat and supports relatively predictable cash flows. The company also benefits from diversification across electricity distribution, generation, and natural gas. The main strategic risk is the gradual opening of Brazil’s power market, which could bring more competition for end customers over time, forcing CIG to compete more actively on service quality, innovation, and pricing.

Innovation and R&D

Innovation and R&D For a traditional utility, CIG is unusually active on the innovation front. It is investing in smart grids, smart meters, and digital tools to make the network more reliable and efficient. The company is funding research into advanced energy systems, artificial intelligence for grid management, and mobile battery storage, all of which could improve resilience and reduce costs over time. Its subscription-based solar offering, efficiency programs, and early moves in electric mobility show a clear push to create new revenue streams and strengthen customer relationships, positioning CIG to adapt as the energy transition and market liberalization progress.

Summary

Overall, CIG looks like a mature utility that has been steadily improving its profitability and capital structure while using its strong local dominance to fund a meaningful modernization and innovation agenda. The financials point to a stable, cash-generative core with manageable leverage and room to invest. Strategically, its entrenched grid and regulatory position provide a powerful base, but the company is clearly preparing for a future with more competition, more renewables, and a more digital grid. How effectively it executes on smart infrastructure, distributed solar, and customer-centric services will likely shape its growth and resilience in the coming years.