Companhia Energética de Minas Gerais

CMIG3.SA

Regulated Electric · Utilities

Price

R$16.77

+0.28 (+1.70%)

Market Cap

R$47.97B

Exchange

B3 S.A.

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 3, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Companhia Energética de Minas Gerais, known as CEMIG, is a major electric utility based in the state of Minas Gerais, Brazil. It generates, transmits, and distributes electricity to millions of homes, businesses, and industries across one of Brazil's largest and most populated states. CEMIG is one of the biggest power companies in Latin America and operates a mix of hydroelectric, wind, and solar generation assets.

The company earns revenue primarily through regulated electricity distribution tariffs set by Brazil's energy regulator, ANEEL, along with power generation and transmission fees. It is controlled by the state government of Minas Gerais, which gives it a strong regional franchise but also exposes it to political influence over strategy and pricing. Key growth opportunities include expanding its renewable energy portfolio and potential privatization discussions, though regulatory changes and hydrological risk from droughts remain important factors for the business.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-21.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

62.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

R$6.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Companhia Energética de Minas Gerais is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 2.86B (2021) → 2.86B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.5%

Thin — 17.5% gross margin

Profit after running costs

Operating Margin

17.0%

Healthy — 17.0% operating margin

Return on the money invested

ROCE

10.4%

Below par — 10.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+2.1%

Nearly flat sales (+2.1% YoY)

Profit growth

EPS YoY

-29.4%

Earnings shrinking (-29.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

74%

Modest — 74% of profit becomes cash

Spare cash per sale

FCF Margin

6.7%

Modest free cash flow (6.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Covers its interest

Interest Cover

2.82x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

10.4x

Attractive valuation — P/E 10.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

15.74%

Healthy income — 15.74% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+7.5%

Dividend growing modestly (7.5% YoY)

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