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CIG-C

Companhia Energética de Minas Gerais

CIG-C

Companhia Energética de Minas Gerais • NYSE
$2.63 ▲ 2.54% (+0.07)
Market Cap $7.51 B
52w High $3.39
52w Low $2.13
Dividend Yield 0.26%
P/E 6.1
Volume 623
Outstanding Shares 2.86B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $10.62B ▼ $255.637M ▲ $796.267M ▼ 7.498% ▼ $0.28 ▼ $1.492B ▼
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 $11.177B ▲ $9.897B ▲ $997.131M ▼ 8.921% ▼ $0.35 ▼ $1.932B ▼
Q3-2024 $10.149B $-3.416B $3.28B 32.315% $1.15 $4.882B

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 $591.396M $315.745M $-65.496M $152.092M $390.601M $275.72M

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown meaningfully over the past five years, with earnings rising faster than sales. That points to better cost control and operating efficiency, even in a regulated utility environment. Profitability now looks solid for a power company, though there was a slight softening in gross profitability in the most recent year compared with the prior one. Overall, the income statement shows a business that has become more profitable and resilient, but still exposed to regulation, weather, and macro conditions in Brazil.

Balance Sheet

Balance Sheet The balance sheet has gradually strengthened. Total assets have inched up, equity has grown steadily, and debt has come down from earlier, more leveraged levels, even though it ticked back up in the latest year. This means the company now relies less heavily on borrowing than it once did, which gives it more flexibility to fund large investment plans and handle shocks. However, cash balances remain relatively modest for such a capital‑intensive business, so access to funding and disciplined capital allocation will stay important.

Cash Flow

Cash Flow Cash generation from operations has been consistently positive, though somewhat bumpy from year to year. Importantly, free cash flow has remained positive throughout the period, even as investment spending has started to ramp up. Capital expenditure is still moderate relative to the scale of the business, suggesting the really heavy spending tied to the new multi‑year plan is still ahead. Overall, the cash flow profile looks healthy for now, but future outlays for modernization and renewables could put more pressure on cash if not carefully timed and financed.

Competitive Edge

Competitive Edge Cemig holds a dominant position in its home state of Minas Gerais, with a large, established customer base and a vertically integrated model spanning generation, transmission, distribution, and gas. This provides stability and scale advantages, especially in the regulated parts of its business. At the same time, upcoming market deregulation will open the door to more competition for residential customers, which could erode some of that traditional strength. Its strong presence in the free market and the exclusive gas distribution franchise offer important offsets, but competitive intensity is likely to rise over the next several years.

Innovation and R&D

Innovation and R&D The company is embarking on a very large multi‑year investment program focused on grid digitalization, smart meters, and modernization, alongside heavier bets on solar, wind, and energy storage. It is phasing out its remaining thermal plant and leaning into cleaner sources, which aligns with global trends and may enhance its long‑term relevance. Cemig is also experimenting with new business lines such as EV charging, energy efficiency services, and tailored solutions for rural and industrial clients. The key uncertainty is execution: the scale and complexity of this plan mean delays, cost overruns, or regulatory setbacks could dilute the expected benefits.

Summary

Cemig looks like a maturing Brazilian utility that has steadily improved profitability, strengthened its balance sheet, and maintained solid cash generation, while preparing for a major investment cycle. Its entrenched position in Minas Gerais and integrated model provide a strong foundation, but regulatory changes and new competitors will test how durable that advantage really is. The strategic pivot toward digital grids, renewables, storage, and new customer solutions could enhance its long‑term standing if executed well. Overall, the story is one of a traditional utility in transition: financially sound today, but facing meaningful execution and regulatory risks as it modernizes and adapts to a more open, low‑carbon energy market.