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CMIG3 · B3 · Brazil · Energia Elétrica
In shortCemig is profitable, generates cash and carries moderate debt, with revenue growing (+7.4% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | 15.8% | 69/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 11.5% | 66/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 17.5% | 88/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | 12.1% | 81/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 1.00× | 17/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 0.68× | 73/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 2.03× | 56/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | 3.27× | 17/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 2.15 | 27/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 7.0% | 48/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 0.61× | 39/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 12.4% | 65/100 |
| Operating margin volatility | 3.6% | 76/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 7.4% | 58/100 |
|---|---|---|
| EPS growth, 3-year average | -2.8% | 11/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
1 older year available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
BRL millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 33,646 | 34,463 | 36,850 | 39,820 | 42,751 |
| Cost of revenue | 26,924 | 27,652 | 28,466 | 31,664 | 35,514 |
| Gross profit | 6,722 | 6,811 | 8,384 | 8,156 | 7,237 |
| Selling, general & admin | 715 | 898 | 882 | 995 | 988 |
| Operating income | 6,951 | 5,687 | 7,230 | 9,878 | 6,750 |
| Interest expense | 3,096 | 3,066 | 1,651 | 1,951 | 2,061 |
| Pre-tax income | 4,698 | 4,121 | 6,851 | 9,357 | 5,671 |
| Income tax | 945 | 26 | 1,084 | 2,238 | 772 |
| Net income | 3,751 | 4,092 | 5,764 | 7,117 | 4,897 |
| Diluted EPS | BRL2.22 | BRL1.86 | BRL2.62 | BRL2.49 | BRL1.71 |
1 older year available with the 10-year history. Essential plan, from €8.25/month →
2.15 Grey zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
3/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: CVM (dados.cvm.gov.br). Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Mar 19, 2026