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B3 · BRL

CMIG3

Companhia Energetica de Minas Gerais SA

R$16.61+0.24% (R$0.04)
Day's range
R$16.61 – R$16.95
Day's volume
R$4.2m
52-week range
R$13.65 – R$19.96

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See how CMIG3 weighs in your net worth, what it has paid you and how far it is from your target allocation.

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CMIG3 in numbers

Market cap
R$37.2bn
P/E
10.34
P/B
1.63
Dividend yield (12m)
6.86%
Net debt/EBITDA
4.68

The 12-month dividend yield of CMIG3 is 6.86%, below its 5-year average of 10.04%.

CMIG3 price history

01/10/202530/09/2026
Compare with

CMIG3 risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+23.87%+90.48%+191.40%
Volatility (annualised)12.82%18.46%27.30%
Largest drawdown-4.54%-15.61%-22.33%
Positive months9/1225/3640/60

How much did investing in CMIG3 return?

R$1,000.00 invested on 01/09/2021 would be worth R$2,816.75 today.

Value today in CMIG3
R$2,816.75
Return over the period
+181.68%
Return per year
+23.02%
In the Ibovespa
R$1,657.66

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

CMIG3 fundamentals

Valuation

  • P/E
    10.34
  • P/B
    1.63
  • EV/EBITDA
    9.04
  • EV/EBIT
    11.14
  • EV/Revenue
    1.76
  • P/EBIT
    5.37
  • P/S
    0.85
  • P/OCF
    10.91
  • P/FCF
    -11.83
  • Earnings yield
    8.97%
  • PEG ratio
    —
  • Earnings per share
    R$1.61
  • Book value per share
    R$10.20

Debt

  • Net debt
    R$39.9bn
  • Net debt/EBITDA
    4.68
  • Net debt/Equity
    1.37
  • Debt/Equity
    1.47
  • Current ratio
    1.17
  • Quick ratio
    1.17
  • Cash ratio
    0.23

Efficiency

  • Gross margin
    15.93%
  • EBITDA margin
    19.50%
  • Operating margin
    15.82%
  • Net margin
    10.51%
  • Asset turnover
    0.62

Profitability

  • ROE
    15.75%
  • ROA
    6.49%
  • ROIC
    8.91%
  • Payout
    70.96%

Growth

  • Revenue CAGR (5 years)
    9.57%
  • Earnings CAGR (5 years)
    1.59%
  • Revenue growth (year)
    7.36%
  • Earnings growth (year)
    -31.19%
  • Revenue growth (quarter)
    4.25%
  • Earnings growth (quarter)
    -29.33%

What is CMIG3's fair price?

Two classic value formulas, with today's numbers. The current price is R$16.61.

Graham's fair price
R$19.19
15.55% above the price

√(22.50 × R$1.61 × R$10.20)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
R$21.69
30.61% above the price

R$1.30 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

CMIG3 indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E8.595.887.518.698.369.707.2712.90
P/B1.471.531.761.631.611.591.431.38
EV/EBITDA9.435.706.917.225.737.8810.7812.70
Dividend yield9.55%13.10%7.07%8.25%12.24%6.02%8.39%0.79%
Earnings per shareR$1.71R$2.49R$2.01R$1.86R$2.22R$1.69R$2.14R$1.17
Book value per shareR$9.99R$9.57R$8.62R$9.90R$11.49R$10.32R$10.89R$10.93
ROE17.13%25.99%23.38%18.79%19.28%16.39%19.68%10.67%
ROIC9.02%15.13%15.16%15.79%16.34%10.26%5.46%4.79%
Gross margin16.93%20.48%22.75%19.76%19.98%21.34%22.81%20.61%
EBITDA margin19.38%28.26%23.08%19.93%23.78%22.58%16.02%14.96%
Net margin11.46%17.87%15.64%11.87%11.15%11.35%12.32%7.64%
Net debt/EBITDA4.351.981.822.041.813.005.186.11

CMIG3 financial statements

Line202520242023202220212020
Net revenueR$42.8bnR$39.8bnR$36.8bnR$34.5bnR$33.6bnR$25.2bn
Cost of sales-R$35.5bn-R$31.7bn-R$28.5bn-R$27.7bn-R$26.9bn-R$19.8bn
Gross profitR$7.2bnR$8.2bnR$8.4bnR$6.8bnR$6.7bnR$5.4bn
EBITDAR$8.3bnR$11.3bnR$8.5bnR$6.9bnR$8bnR$5.7bn
EBITR$6.8bnR$9.9bnR$7.2bnR$5.7bnR$7bnR$4.7bn
Net finance result-R$1.1bn-R$520.8m-R$379m-R$1.6bn-R$2.3bn-R$905.5m
Profit before taxR$5.7bnR$9.4bnR$6.9bnR$4.1bnR$4.7bnR$3.8bn
Income tax-R$771.6m-R$2.2bn-R$1.1bn-R$26.2m-R$945.3m-R$935.7m
Net incomeR$4.9bnR$7.1bnR$5.8bnR$4.1bnR$3.8bnR$2.9bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

CMIG3 against its sector

The same indicators for the company's other shares and the sector's largest stocks.

StockP/EP/BDividend yield (12m)ROEMarket cap
CMIG3Cia Energetica De Minas Gerais - Cemig10.341.636.86%15.75%R$37.2bn
AXIA3AXIA313.391.323.41%9.86%R$159bn
AXIA7AXIA7——0.00%—R$159bn
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO12.062.1512.68%17.80%R$96.7bn
ENEV3ENEVA S.A56.292.660.00%4.73%R$54.2bn
CPFE3CPFL ENERGIA S.A.8.732.318.20%26.43%R$52.4bn
EQTL3EQUATORIAL S.A.53.421.963.89%3.67%R$51.2bn

Does CMIG3 pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend30/04/202630/12/2026R$0.12
Interest on equity23/12/202530/12/2026R$0.12
Interest on equity29/09/202530/12/2026R$0.11
Interest on equity23/06/202530/12/2026R$0.10
Interest on equity25/03/202530/12/2026R$0.09
Interest on equity22/09/202630/06/2027R$0.03
Interest on equity23/06/202630/06/2027R$0.11
Interest on equity24/03/202630/06/2027R$0.12
Interest on equity22/09/202630/12/2027R$0.03
Interest on equity23/06/202630/12/2027R$0.11
Interest on equity24/03/202630/12/2027R$0.12

Dividend yield per year

  • 12.97%2017
  • 0.79%2018
  • 8.39%2019
  • 6.02%2020
  • 12.24%2021
  • 8.25%2022
  • 7.07%2023
  • 13.10%2024
  • 9.55%2025
  • 3.26%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend30/04/202630/06/2026R$0.12
Interest on equity23/12/202530/06/2026R$0.12
Interest on equity29/09/202530/06/2026R$0.11
Interest on equity23/06/202530/06/2026R$0.10
Interest on equity25/03/202530/06/2026R$0.09
Dividend22/12/202530/12/2025R$0.15
Dividend30/04/202530/12/2025R$0.33
Interest on equity23/12/202430/12/2025R$0.10
Interest on equity23/09/202430/12/2025R$0.08
Interest on equity21/06/202430/12/2025R$0.08
Interest on equity26/03/202430/12/2025R$0.09
Dividend30/04/202530/06/2025R$0.33
See all 120 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Interest on equity23/12/202430/06/2025R$0.10
Interest on equity23/09/202430/06/2025R$0.08
Interest on equity21/06/202430/06/2025R$0.08
Dividend29/04/202427/12/2024R$0.12
Interest on equity21/12/202327/12/2024R$0.30
Interest on equity25/09/202327/12/2024R$0.09
Interest on equity23/06/202327/12/2024R$0.10
Interest on equity27/03/202327/12/2024R$0.10
Dividend23/08/202430/08/2024R$0.50
Dividend29/04/202428/06/2024R$0.12
Interest on equity21/12/202328/06/2024R$0.30
Interest on equity25/09/202328/06/2024R$0.09
Interest on equity23/06/202328/06/2024R$0.10
Interest on equity27/03/202328/06/2024R$0.10
Dividend27/04/202328/12/2023R$0.06
Interest on equity27/12/202228/12/2023R$0.12
Interest on equity21/12/202228/12/2023R$0.09
Interest on equity23/09/202228/12/2023R$0.11
Interest on equity24/06/202228/12/2023R$0.08
Dividend27/04/202330/06/2023R$0.06
Interest on equity27/12/202230/06/2023R$0.12
Interest on equity21/12/202230/06/2023R$0.09
Interest on equity23/09/202230/06/2023R$0.11
Dividend29/04/202229/12/2022R$0.30
Interest on equity28/03/202229/12/2022R$0.14
Interest on equity21/12/202129/12/2022R$0.28
Dividend29/04/202230/06/2022R$0.30
Interest on equity30/04/202129/12/2021R$0.18
Dividend30/04/202129/12/2021R$0.31
Dividend30/04/202130/06/2021R$0.31
Interest on equity30/04/202130/06/2021R$0.18
Interest on equity30/12/202030/06/2021R$0.29
Interest on equity25/09/202030/06/2021R$0.08
Dividend31/07/202030/12/2020R$0.25
Interest on equity23/12/201930/12/2020R$0.27
Dividend03/05/201927/12/2019R$0.45
Interest on equity03/05/201927/12/2019R$0.07
Interest on equity21/12/201828/06/2019R$0.14
Dividend30/04/201830/12/2018R$0.03
Dividend30/04/201828/12/2018R$0.03
Interest on equity26/12/201628/12/2017R$0.15
Dividend12/05/201730/06/2017R$0.12
Interest on equity26/12/201630/06/2017R$0.15
Dividend29/04/201630/12/2016R$0.50
Dividend29/04/201620/12/2016R$0.34
Interest on equity30/12/201520/12/2016R$0.08
Interest on equity30/12/201530/06/2016R$0.08
Dividend30/04/201528/12/2015R$0.45
Dividend07/11/201419/12/2014R$0.87
Dividend27/06/201430/09/2014R$0.48
Dividend27/06/201408/07/2014R$0.87
Dividend30/04/201430/06/2014R$0.89
Interest on equity05/12/201319/12/2013R$0.55
Dividend21/12/201231/10/2013R$0.47
Dividend21/12/201215/01/2013R$1.41
Dividend09/12/201128/12/2011R$1.25
Dividend29/04/201130/06/2011R$0.88
Dividend16/12/201029/12/2010R$1.32
Dividend29/04/201029/06/2010R$0.75
Dividend25/04/200827/06/2008R$0.89
Dividend11/07/200610/08/2006R$0.47
Dividend16/01/200627/01/2006R$5.53
Dividend29/04/200529/12/2005R$1.13
Interest on equity10/01/200529/12/2005R$0.25
Interest on equity08/09/200430/06/2005R$0.62
Dividend30/04/200428/12/2004R$0.44
Interest on equity29/12/200328/12/2004R$0.62
Interest on equity08/12/200328/12/2004R$0.93
Interest on equity27/12/200222/12/2003R$0.62
Interest on equity23/05/200222/12/2003R$0.74
Dividend30/04/200230/09/2002R$0.70
Interest on equity27/12/200130/09/2002R$0.65
Interest on equity29/06/200028/09/2001R$0.61
Interest on equity14/04/200028/09/2001R$0.57
Interest on equity20/12/199916/11/2000R$1.18
Dividend27/04/199931/05/1999R$0.50
Dividend27/04/199931/05/1999R$0.32
Dividend27/04/199931/05/1999R$0.23
Interest on equity26/12/2014—R$0.09
Dividend30/04/2014—R$0.45
Dividend30/04/2013—R$0.42
Dividend30/04/2013—R$0.29
Interest on equity21/12/2012—R$0.80
Interest on equity21/12/2012—R$0.19
Interest on equity21/12/2012—R$1.00
Dividend27/04/2012—R$0.95
Dividend29/04/2009—R$0.95
Dividend26/04/2007—R$1.47
Dividend26/04/2007—R$1.02
Interest on equity11/05/2006—R$0.52
Dividend28/04/2006—R$1.43
Interest on equity02/01/2006—R$0.48
Interest on equity08/11/2005—R$0.60
Interest on equity08/07/2005—R$0.87
Interest on equity10/12/2004—R$1.05
Interest on equity09/06/2004—R$1.23
Interest on equity21/12/1998—R$0.63
Interest on equity27/10/1998—R$0.54
Interest on equity27/10/1998—R$0.08
Interest on equity31/08/1998—R$0.35
Interest on equity31/08/1998—R$0.84
Dividend30/04/1998—R$0.92
Interest on equity30/04/1998—R$0.56
Interest on equity23/12/1997—R$0.62
Dividend30/04/1997—R$0.68
Dividend30/04/1997—R$0.32
Dividend29/04/1996—R$0.74
Dividend29/04/1996—R$0.26
Splits, share consolidations and bonus shares
EventLast day to ownRatio
Bonus shares29/04/202430.00% in shares
Split02/05/202213 for 10
Split03/05/202129 for 26
Split03/08/202025 for 24
Split02/05/201335 for 31
Split30/04/20125 for 4
Split30/04/201011 for 10
Share consolidation01/06/20071 for 500

About Cia Energetica De Minas Gerais - Cemig

Sector
Energia
Segment
Energia Elétrica
Listing segment
Level 1
Tag along
80.00%
Free float
80.11%
Shares issued
956.6m ordinary · 1.91bn preferred
Average daily trading
R$1.9m
Listed since
14/01/1972
CNPJ
17.155.730/0001-64

A Companhia Energética de Minas Gerais (Cemig), listada na B3 sob o ticker CMIG3, é um grupo integrado de energia com atuação em geração, transmissão, distribuição e comercialização de eletricidade, além de participações em negócios relacionados. A base de clientes e ativos em Minas Gerais é central para a operação, com presença adicional em outros estados por meio de controladas e coligadas. A companhia opera em ambiente regulado, com resultados influenciados por revisão tarifária, hidrologia, preços de energia no mercado de curto prazo, perdas e nível de investimentos em rede e ativos de geração. Como sociedade de economia mista e emissora listada no Brasil e no exterior, mantém governança formal e divulgação periódica de dados financeiros, operacionais e socioambientais para investidores.

Investor website
ShareholdersAs of 31/12/2026, from the Formulário de Referência filed with the CVM.
ShareholderOrdinaryPreferredTotal
FIA Dinâmica Energia32.82%10.01%17.63%
Estado de Minas Gerais (Casa Civil)Controlling50.97%0.00%17.04%
BLACKROCK, INC.0.00%10.01%6.66%
BNDES Participações S.A.11.15%0.00%3.73%
Pzena Investment Management, LLC0.00%5.00%3.33%
Outros5.07%74.93%51.58%
Ações Tesouraria0.00%0.06%0.04%

Questions about CMIG3

How much is CMIG3 today?

CMIG3 is at R$16.61 (0.24% on the day), last traded on 30/09/2026.

How much did CMIG3 pay in dividends in 2025?

CMIG3 paid R$1.40 per share in 2025, a dividend yield of 9.55%.

When is the next CMIG3 dividend?

The next announced payment is R$0.12 per share on 30/12/2026.

What are the P/E and P/B of CMIG3?

CMIG3 trades at a P/E of 10.34 and a P/B of 1.63.

How much did CMIG3 return in 12 months?

CMIG3 returned 23.87% in 12 months, with annualised volatility of 12.82% and a largest drawdown of -4.54%.

What sector is CMIG3 in?

Cia Energetica De Minas Gerais - Cemig is in the Energia sector, Energia Elétrica segment.