Companhia Energética de Minas Gerais (CIG) Key Metrics
CIG key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Brazilian reaisCIG returns How much profit the business earns on the capital it uses.
CIG financial health Debt, liquidity and how easily interest is covered.
CIG efficiency & capital use Working capital cycle and where the cash goes.
CIG returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CIG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CIG cash returned to shareholders
CIG key metrics in Brazilian reais
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.5% | 27.4% | 24.8% | 19.8% | 20.3% | 17.1% | 19.9% | 11.4% | 7.3% | 2.6% |
| Return on invested capital (ROIC) | 13.3% | 16.7% | 17.4% | 20.4% | 20.4% | 12.6% | 6.9% | 7.5% | 6.3% | 6.7% |
| Return on assets (ROA) | 7.7% | 12.4% | 10.6% | 7.7% | 7.1% | 5.5% | 5.8% | 3.4% | 2.4% | 0.8% |
| Return on tangible assets | 10.1% | 16.6% | 16.9% | 10.5% | 9.6% | 6.8% | 8.2% | 3.5% | 3.2% | 1.1% |
| Free cash flow margin | 7.7% | 11.5% | 14.6% | 18.3% | 10.3% | 33.4% | 0.4% | 0.6% | −1.3% | −1.6% |
| Income quality (OCF / net income) | 0.82 | 0.77 | 1.15 | 1.62 | 0.98 | 3.01 | 0.64 | 0.59 | 0.58 | 3.63 |
| Financial health | ||||||||||
| Total debt | R$19.87B | R$12.71B | R$10.26B | R$10.93B | R$11.61B | R$15.25B | R$15.06B | R$14.77B | R$14.40B | R$16.64B |
| Cash & short-term investments | R$2.66B | R$3.45B | R$3.12B | R$4.24B | R$4.05B | R$5.30B | R$2.17B | R$2.66B | R$3.04B | R$4.23B |
| Net debt | R$17.21B | R$9.26B | R$7.14B | R$6.69B | R$7.55B | R$9.95B | R$12.90B | R$12.11B | R$11.36B | R$12.42B |
| Debt / equity | 0.70 | 0.46 | 0.42 | 0.50 | 0.60 | 0.87 | 0.94 | 0.93 | 1.00 | 1.28 |
| Debt / assets | 0.30 | 0.21 | 0.19 | 0.20 | 0.22 | 0.28 | 0.30 | 0.25 | 0.34 | 0.41 |
| Net debt / EBITDA | 1.98 | 0.79 | 0.78 | 1.07 | 1.09 | 1.88 | 1.88 | 2.87 | 2.77 | 3.84 |
| Current ratio | 1.00 | 0.86 | 0.91 | 1.20 | 1.21 | 1.60 | 1.30 | 1.19 | 0.99 | 0.72 |
| Quick ratio | 1.00 | 0.86 | 0.99 | 1.20 | 1.37 | 1.41 | 1.30 | 1.19 | 0.98 | 0.71 |
| Interest coverage | 4.2 | 36.6 | 26.1 | 28.9 | 29.9 | 4.3 | 8.8 | 2.1 | 1.7 | 0.9 |
| Working capital | R$17.3M | −R$1.91B | −R$1.22B | R$2.26B | R$2.26B | R$5.77B | R$2.39B | R$4.40B | −R$125.0M | −R$3.71B |
| Invested capital | R$45.77B | R$36.64B | R$31.79B | R$28.48B | R$27.02B | R$27.42B | R$29.00B | R$28.05B | R$25.69B | R$25.42B |
| Tangible asset value | R$10.03B | R$10.58B | R$3.68B | R$7.16B | R$6.51B | R$5.67B | R$4.48B | R$5.16B | R$3.17B | R$2.72B |
| Net current asset value | −R$23.95B | −R$20.11B | −R$18.48B | −R$18.42B | −R$19.64B | −R$21.15B | −R$24.07B | −R$16.12B | −R$19.37B | −R$18.50B |
| Capital allocation | ||||||||||
| Dividends paid | R$3.89B | R$4.29B | R$1.82B | R$2.09B | R$1.42B | R$598.0M | R$701.0M | R$509.0M | R$540.0M | R$675.0M |
| Share buybacks (net) | — | — | — | — | — | — | R$0 | R$0 | R$0 | R$0 |
| Dividend payout ratio | 79.4% | 60.3% | 31.6% | 51.1% | 37.7% | 20.9% | 21.9% | 29.6% | 53.9% | 202.1% |
| Dividends + buybacks / free cash flow | 117.5% | 93.8% | 33.9% | 33.1% | 41.0% | 7.1% | 643.1% | 388.5% | — | — |
| Capex / revenue | 1.6% | 2.3% | 3.4% | 0.8% | 0.7% | 0.7% | 7.6% | 3.9% | 3.9% | 8.0% |
| Capex / operating cash flow | 17.2% | 16.7% | 19.0% | 4.4% | 6.3% | 2.0% | 94.6% | 87.0% | 147.6% | 124.3% |
| Capex / depreciation | 0.45 | 0.67 | 0.99 | 0.25 | 0.22 | 0.17 | 2.01 | 1.03 | 1.01 | 1.81 |
| Stock-based compensation / revenue | — | — | −7.5% | — | −1.4% | −1.4% | −3.6% | −10.3% | −1.6% | −3.6% |
| R&D / revenue | — | 0.4% | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% |
| SG&A / revenue | 0.3% | 3.2% | 4.4% | 4.1% | 1.7% | 2.5% | 3.5% | 4.2% | 4.7% | 5.6% |
| Efficiency | ||||||||||
| Days sales outstanding | 72.2 | 67.6 | 77.8 | 86.7 | 71.3 | 77.5 | 74.9 | 76.4 | 72.3 | 80.2 |
| Days of inventory on hand | — | — | -7.3 | -11.4 | 0.4 | 16.7 | 0.7 | 0.8 | 0.8 | 0.9 |
| Days payables outstanding | 37.2 | 45.2 | 42.0 | 36.4 | 34.2 | 40.7 | 36.1 | 42.8 | 44.3 | 48.1 |
| Cash conversion cycle (days) | 35.0 | 22.4 | 28.5 | 38.9 | 37.5 | 53.5 | 39.4 | 34.3 | 28.8 | 33.0 |
| Receivables turnover | 5.05 | 5.40 | 4.69 | 4.21 | 5.12 | 4.71 | 4.88 | 4.78 | 5.05 | 4.55 |
| Payables turnover | 9.81 | 8.07 | 8.69 | 10.03 | 10.68 | 8.97 | 10.10 | 8.53 | 8.24 | 7.59 |
| Inventory turnover | — | — | — | — | — | 21.88 | 522.61 | 477.76 | 466.35 | 390.00 |
| Asset turnover | 0.67 | 0.69 | 0.68 | 0.65 | 0.63 | 0.48 | 0.46 | 0.44 | 0.52 | 0.46 |
| Average receivables | R$8.46B | R$7.37B | R$7.86B | R$8.18B | R$6.57B | R$5.36B | R$5.23B | R$4.66B | R$4.30B | R$4.12B |
| Average payables | R$3.62B | R$3.96B | R$3.28B | R$2.76B | R$2.52B | R$2.22B | R$1.94B | R$2.07B | R$2.12B | R$1.90B |
| Average inventory | — | — | −R$571.0M | −R$862.0M | R$28.5M | R$910.0M | R$37.5M | R$37.0M | R$37.5M | R$37.0M |
| Intangibles / total assets | 27.7% | 28.1% | 38.1% | 27.2% | 24.9% | 21.8% | 23.0% | 18.0% | 26.4% | 25.1% |
Computed from CIG's annual financial statements (latest annual report filed April 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Brazilian reais; data from EODHD. Averages use the opening and closing balance of each year.
CIG valuation and financial ratios
Companhia Energética de Minas Gerais earned a return on equity of 17.5% and a return on invested capital of 13.3% in fiscal 2025. It ended the year with R$19.9 billion of debt and R$2.7 billion in cash and short-term investments, net debt of R$17.2 billion. It returned R$3.9 billion to shareholders: R$3.9 billion in dividends and R$0 in share buybacks, 117% of free cash flow.
See the CIG income statement, the CIG chart for price history, or the CIG stock overview for the latest quote and news.
CIG key metrics FAQ
What is Companhia Energética de Minas Gerais's return on equity?
Companhia Energética de Minas Gerais's return on equity (ROE) was 17.5% in fiscal 2025: net income of R$4.9 billion on average shareholders' equity of R$28.0 billion.
What is Companhia Energética de Minas Gerais's ROIC?
Companhia Energética de Minas Gerais's return on invested capital was 13.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Companhia Energética de Minas Gerais have?
Companhia Energética de Minas Gerais had total debt of R$19.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.70 and R$17.2 billion of net debt (1.98 times EBITDA).
What is Companhia Energética de Minas Gerais's current ratio?
Companhia Energética de Minas Gerais's current ratio was 1.00 at the end of fiscal 2025: current assets were 1.00 times current liabilities.