B3 · BRL

EMAE4

EMAE-Empresa Metropolitana de Aguas e Energia SA Pfd Registered

R$35.00-1.10% (-R$0.39)Updated 01/10/2026, 12:57

Day's range: R$34.10 – R$35.61
Day's volume: R$108.5k
52-week range: R$30.00 – R$50.06

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EMAE4 in numbers

Market cap: R$3bn

P/E: -10.54

P/B: 1.93

Dividend yield (12m): 0.00%

EMAE4 price history

01/10/202501/10/2026

Compare with

EMAE4 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	0.00%	-45.59%	-48.46%
Volatility (annualised)	43.41%	36.66%	52.35%
Largest drawdown	-31.94%	-58.45%	-58.45%
Positive months	5/12	16/36	26/60

How much did investing in EMAE4 return?

Amount invested

R$1,000.00 invested on 01/10/2021 would be worth R$519.09 today.

Value today in EMAE4: R$519.09

Return over the period: -48.09%

Return per year: -12.29%

In the Ibovespa: R$1,794.02

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

EMAE4 fundamentals

Valuation

P/E
-10.54
P/B
1.93
EV/EBITDA
-7.64
EV/EBIT
-7.17
EV/Revenue
6.12
P/EBIT
-8.46
P/S
7.21
P/OCF
-34.98
P/FCF
14.42
Earnings yield
-13.94%
PEG ratio
—
Earnings per share
-R$3.32
Book value per share
R$18.18

Debt

Net debt
-R$455.1m
Net debt/EBITDA
—
Net debt/Equity
-0.68
Debt/Equity
0.00
Current ratio
3.57
Quick ratio
3.57
Cash ratio
2.86

Efficiency

Gross margin
45.17%
EBITDA margin
-80.04%
Operating margin
-85.26%
Net margin
-29.53%
Asset turnover
0.22

Profitability

ROE
-18.27%
ROA
-6.52%
ROIC
-91.52%
Payout
—

Growth

Revenue CAGR (5 years)
-2.79%
Earnings CAGR (5 years)
—
Revenue growth (year)
-23.26%
Earnings growth (year)
-343.69%
Revenue growth (quarter)
-33.61%
Earnings growth (quarter)
-283.80%

What is EMAE4's fair price?

Two classic value formulas, with today's numbers. The current price is R$35.00.

Graham's fair price: —; Does not apply to EMAE4: the formula needs positive earnings and book value.

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$46.28; 32.22% above the price

R$2.78 (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.

EMAE4 indicators by year

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

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	-12.38	28.36	14.49	36.93	18.73	14.04	14.73	6.65
P/B	2.78	1.31	2.00	2.23	3.81	3.88	1.38	0.78
EV/EBITDA	—	1,882.09	20.78	—	40.35	15.65	25.23	78.36
Dividend yield	0.00%	3.89%	5.57%	1.30%	10.63%	2.44%	2.25%	5.12%
Earnings per share	-R$3.61	R$1.48	R$4.07	R$1.84	R$4.06	R$5.37	R$2.51	R$2.75
Book value per share	R$16.10	R$32.07	R$29.46	R$30.43	R$19.97	R$19.45	R$26.80	R$23.52
ROE	-22.42%	4.62%	13.82%	6.05%	20.32%	27.62%	9.36%	11.68%
ROIC	-95.98%	-1.15%	11.02%	-3.82%	10.37%	39.38%	4.01%	0.18%
Gross margin	46.92%	33.02%	26.60%	8.64%	27.39%	46.20%	19.02%	19.33%
EBITDA margin	-68.61%	0.10%	13.99%	-4.58%	11.70%	33.35%	9.25%	2.11%
Net margin	-27.97%	8.81%	24.94%	12.77%	28.34%	44.39%	21.10%	32.08%
Net debt/EBITDA	—	-505.26	-5.05	—	-5.03	-3.03	-8.36	-22.91

EMAE4 financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$476.9m	R$621.4m	R$603.3m	R$532.7m	R$529m	R$447.1m
Cost of sales	-R$253.1m	-R$416.2m	-R$442.8m	-R$486.7m	-R$384.1m	-R$240.5m
Gross profit	R$223.7m	R$205.2m	R$160.5m	R$46m	R$144.9m	R$206.6m
EBITDA	-R$327.1m	R$650k	R$84.4m	-R$24.4m	R$61.9m	R$149.1m
EBIT	-R$344.9m	-R$9.8m	R$77.3m	-R$30.2m	R$56.1m	R$143.1m
Net finance result	R$121.9m	R$63m	R$82m	R$108.4m	R$134m	R$127.9m
Profit before tax	-R$223m	R$53.1m	R$159.3m	R$78.2m	R$190.1m	R$271m
Income tax	R$89.6m	R$1.6m	-R$8.9m	-R$10.2m	-R$40.2m	-R$72.6m
Net income	-R$133.4m	R$54.7m	R$150.5m	R$68m	R$149.9m	R$198.5m

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

EMAE4 against its sector

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

Stock	P/E	P/B	Dividend yield (12m)	ROE	Market cap
EMAE4Metrop.aguas Energia S.a.	-10.54	1.93	0.00%	-18.27%	R$3bn
AXIA3AXIA3	13.39	1.32	3.41%	9.86%	R$159.1bn
AXIA7AXIA7	—	—	0.00%	—	R$159.1bn
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO	12.06	2.15	12.68%	17.80%	R$96.7bn
ENEV3ENEVA S.A	56.29	2.66	0.00%	4.73%	R$54.2bn
CPFE3CPFL ENERGIA S.A.	8.73	2.31	8.20%	26.43%	R$52.4bn
EQTL3EQUATORIAL S.A.	53.42	1.96	3.89%	3.67%	R$51.2bn

Does EMAE4 pay dividends?

Dividend yield per year

9.83%2017
5.12%2018
2.25%2019
2.44%2020
10.63%2021
1.30%2022
5.57%2023
3.89%2024
0.00%2025
0.00%2026

Payment history
Type	Last day to own	Payment	Per share
Interest on equity	23/09/2024	30/09/2024	R$0.84
Dividend	08/04/2024	30/04/2024	R$0.79
Interest on equity	08/12/2023	26/12/2023	R$1.30
Interest on equity	05/06/2023	30/06/2023	R$0.51
Interest on equity	14/04/2023	30/06/2023	R$1.16
Dividend	14/04/2023	30/06/2023	R$0.32
Interest on equity	16/05/2022	30/06/2022	R$0.56
Dividend	29/04/2022	25/05/2022	R$0.32
Interest on equity	18/11/2021	29/12/2021	R$0.54
Interest on equity	10/05/2021	30/06/2021	R$0.47
Dividend	23/04/2021	21/05/2021	R$0.84
Dividend	05/01/2021	29/01/2021	R$6.22

See all 27 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Interest on equity	14/12/2020	30/12/2020	R$1.06
Dividend	23/04/2020	23/05/2020	R$0.39
Interest on equity	26/12/2019	17/02/2020	R$0.40
Dividend	22/04/2019	22/07/2019	R$0.26
Interest on equity	10/12/2018	05/02/2019	R$0.57
Dividend	24/04/2018	30/11/2018	R$0.93
Dividend	26/04/2017	30/11/2017	R$0.45
Dividend	26/04/2016	30/11/2017	R$0.45
Dividend	26/04/2016	29/11/2016	R$0.10
Dividend	25/04/2014	23/06/2014	R$0.16
Dividend	29/04/2011	15/07/2011	R$0.09
Dividend	03/05/2010	15/07/2010	R$0.03
Dividend	25/04/2001	25/06/2001	R$0.10
Interest on equity	14/05/2008	—	R$0.37
Dividend	26/04/1999	—	R$0.01

Splits, share consolidations and bonus shares
Event	Last day to own	Ratio
Split	13/06/2025	50 for 1
Share consolidation	13/06/2025	1 for 50
Share consolidation	03/09/2007	1 for 1000

About Metrop.aguas Energia S.a.

Listing segment: Traditional
Tag along: Set by the bylaws
Free float: 14.22%
Shares issued: 14.71m ordinary · 22.24m preferred
Average daily trading: R$93.3k
Listed since: 31/03/1998
CNPJ: 02.302.101/0001-42

ShareholdersAs of 31/12/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Ordinary	Preferred	Total
CIA SANEAMENTO BASICO DO ESTADO DE SAO PAULO - SABESPControlling	98.97%	66.93%	79.69%
JULIA TALIA XAVIER ÁLVARES OTERO	0.00%	10.03%	6.04%
Outros	1.03%	22.94%	14.22%
Ações Tesouraria	0.00%	0.10%	0.06%

Questions about EMAE4

How much is EMAE4 today?

EMAE4 is at R$35.00 (-1.10% on the day), last traded on 01/10/2026.

How much did EMAE4 pay in dividends in 2025?

EMAE4 paid R$0.00 per share in 2025, a dividend yield of 0.00%.

What are the P/E and P/B of EMAE4?

EMAE4 trades at a P/E of -10.54 and a P/B of 1.93.

How much did EMAE4 return in 12 months?

EMAE4 returned 0.00% in 12 months, with annualised volatility of 43.41% and a largest drawdown of -31.94%.