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B3 · BRL

CMIG3

Companhia Energetica de Minas Gerais SA

R$16.89+1.93% (R$0.32)
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$37.2B
P/E
10.52
P/B
1.66
Dividend yield (12m)
6.75%
Net debt/EBITDA
4.68

The 12-month dividend yield of CMIG3 is 6.75%, below its 5-year average of 10.04%.

CMIG3 price history

10/01/202510/01/2026
Compare with

CMIG3 risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+23.56%+52.56%+181.68%
Volatility (annualized)12.85%22.18%27.37%
Largest drawdown-4.54%-19.48%-22.33%
Positive months9/1224/3639/60

How much did investing in CMIG3 return?

R$1,000.00 invested on 10/01/2021 would be worth R$2,963.13 today.

Value today in CMIG3
R$2,963.13
Return over the period
+196.31%
Return per year
+24.27%
In the Ibovespa
R$1,794.78

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

CMIG3 fundamentals

Valuation

  • P/E
    10.52
  • P/B
    1.66
  • 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$39.9B
  • 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$16.89.

Graham's fair price
R$19.19
13.64% 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
28.44% above the price

R$1.30 (5-year average) ÷ 6%

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

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

CMIG3's indicators by year

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

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's financial statements

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

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 - Cemig10.521.666.75%15.75%R$37.2B
AXIA3AXIA313.391.323.41%9.86%R$159.1B
AXIA7AXIA7——0.00%—R$159.1B
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO12.062.1512.68%17.80%R$96.7B
ENEV3ENEVA S.A56.292.660.00%4.73%R$54.2B
CPFE3CPFL ENERGIA S.A.8.732.318.20%26.43%R$52.4B
EQTL3EQUATORIAL S.A.53.421.963.89%3.67%R$51.2B

Does CMIG3 pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend04/30/202612/30/2026R$0.12
Interest on equity12/23/202512/30/2026R$0.12
Interest on equity09/29/202512/30/2026R$0.11
Interest on equity06/23/202512/30/2026R$0.10
Interest on equity03/25/202512/30/2026R$0.09
Interest on equity09/22/202606/30/2027R$0.03
Interest on equity06/23/202606/30/2027R$0.11
Interest on equity03/24/202606/30/2027R$0.12
Interest on equity09/22/202612/30/2027R$0.03
Interest on equity06/23/202612/30/2027R$0.11
Interest on equity03/24/202612/30/2027R$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
Dividend04/30/202606/30/2026R$0.12
Interest on equity12/23/202506/30/2026R$0.12
Interest on equity09/29/202506/30/2026R$0.11
Interest on equity06/23/202506/30/2026R$0.10
Interest on equity03/25/202506/30/2026R$0.09
Dividend12/22/202512/30/2025R$0.15
Dividend04/30/202512/30/2025R$0.33
Interest on equity12/23/202412/30/2025R$0.10
Interest on equity09/23/202412/30/2025R$0.08
Interest on equity06/21/202412/30/2025R$0.08
Interest on equity03/26/202412/30/2025R$0.09
Dividend04/30/202506/30/2025R$0.33
See all 120 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Interest on equity12/23/202406/30/2025R$0.10
Interest on equity09/23/202406/30/2025R$0.08
Interest on equity06/21/202406/30/2025R$0.08
Dividend04/29/202412/27/2024R$0.12
Interest on equity12/21/202312/27/2024R$0.30
Interest on equity09/25/202312/27/2024R$0.09
Interest on equity06/23/202312/27/2024R$0.10
Interest on equity03/27/202312/27/2024R$0.10
Dividend08/23/202408/30/2024R$0.50
Dividend04/29/202406/28/2024R$0.12
Interest on equity12/21/202306/28/2024R$0.30
Interest on equity09/25/202306/28/2024R$0.09
Interest on equity06/23/202306/28/2024R$0.10
Interest on equity03/27/202306/28/2024R$0.10
Dividend04/27/202312/28/2023R$0.06
Interest on equity12/27/202212/28/2023R$0.12
Interest on equity12/21/202212/28/2023R$0.09
Interest on equity09/23/202212/28/2023R$0.11
Interest on equity06/24/202212/28/2023R$0.08
Dividend04/27/202306/30/2023R$0.06
Interest on equity12/27/202206/30/2023R$0.12
Interest on equity12/21/202206/30/2023R$0.09
Interest on equity09/23/202206/30/2023R$0.11
Dividend04/29/202212/29/2022R$0.30
Interest on equity03/28/202212/29/2022R$0.14
Interest on equity12/21/202112/29/2022R$0.28
Dividend04/29/202206/30/2022R$0.30
Interest on equity04/30/202112/29/2021R$0.18
Dividend04/30/202112/29/2021R$0.31
Dividend04/30/202106/30/2021R$0.31
Interest on equity04/30/202106/30/2021R$0.18
Interest on equity12/30/202006/30/2021R$0.29
Interest on equity09/25/202006/30/2021R$0.08
Dividend07/31/202012/30/2020R$0.25
Interest on equity12/23/201912/30/2020R$0.27
Dividend05/03/201912/27/2019R$0.45
Interest on equity05/03/201912/27/2019R$0.07
Interest on equity12/21/201806/28/2019R$0.14
Dividend04/30/201812/30/2018R$0.03
Dividend04/30/201812/28/2018R$0.03
Interest on equity12/26/201612/28/2017R$0.15
Dividend05/12/201706/30/2017R$0.12
Interest on equity12/26/201606/30/2017R$0.15
Dividend04/29/201612/30/2016R$0.50
Dividend04/29/201612/20/2016R$0.34
Interest on equity12/30/201512/20/2016R$0.08
Interest on equity12/30/201506/30/2016R$0.08
Dividend04/30/201512/28/2015R$0.45
Dividend11/07/201412/19/2014R$0.87
Dividend06/27/201409/30/2014R$0.48
Dividend06/27/201407/08/2014R$0.87
Dividend04/30/201406/30/2014R$0.89
Interest on equity12/05/201312/19/2013R$0.55
Dividend12/21/201210/31/2013R$0.47
Dividend12/21/201201/15/2013R$1.41
Dividend12/09/201112/28/2011R$1.25
Dividend04/29/201106/30/2011R$0.88
Dividend12/16/201012/29/2010R$1.32
Dividend04/29/201006/29/2010R$0.75
Dividend04/25/200806/27/2008R$0.89
Dividend07/11/200608/10/2006R$0.47
Dividend01/16/200601/27/2006R$5.53
Dividend04/29/200512/29/2005R$1.13
Interest on equity01/10/200512/29/2005R$0.25
Interest on equity09/08/200406/30/2005R$0.62
Dividend04/30/200412/28/2004R$0.44
Interest on equity12/29/200312/28/2004R$0.62
Interest on equity12/08/200312/28/2004R$0.93
Interest on equity12/27/200212/22/2003R$0.62
Interest on equity05/23/200212/22/2003R$0.74
Dividend04/30/200209/30/2002R$0.70
Interest on equity12/27/200109/30/2002R$0.65
Interest on equity06/29/200009/28/2001R$0.61
Interest on equity04/14/200009/28/2001R$0.57
Interest on equity12/20/199911/16/2000R$1.18
Dividend04/27/199905/31/1999R$0.50
Dividend04/27/199905/31/1999R$0.32
Dividend04/27/199905/31/1999R$0.23
Interest on equity12/26/2014—R$0.09
Dividend04/30/2014—R$0.45
Dividend04/30/2013—R$0.42
Dividend04/30/2013—R$0.29
Interest on equity12/21/2012—R$0.80
Interest on equity12/21/2012—R$0.19
Interest on equity12/21/2012—R$1.00
Dividend04/27/2012—R$0.95
Dividend04/29/2009—R$0.95
Dividend04/26/2007—R$1.47
Dividend04/26/2007—R$1.02
Interest on equity05/11/2006—R$0.52
Dividend04/28/2006—R$1.43
Interest on equity01/02/2006—R$0.48
Interest on equity11/08/2005—R$0.60
Interest on equity07/08/2005—R$0.87
Interest on equity12/10/2004—R$1.05
Interest on equity06/09/2004—R$1.23
Interest on equity12/21/1998—R$0.63
Interest on equity10/27/1998—R$0.54
Interest on equity10/27/1998—R$0.08
Interest on equity08/31/1998—R$0.35
Interest on equity08/31/1998—R$0.84
Dividend04/30/1998—R$0.92
Interest on equity04/30/1998—R$0.56
Interest on equity12/23/1997—R$0.62
Dividend04/30/1997—R$0.68
Dividend04/30/1997—R$0.32
Dividend04/29/1996—R$0.74
Dividend04/29/1996—R$0.26
Splits, reverse splits and bonus shares
EventLast day to ownRatio
Bonus shares04/29/202430.00% in shares
Split05/02/202213 for 10
Split05/03/202129 for 26
Split08/03/202025 for 24
Split05/02/201335 for 31
Split04/30/20125 for 4
Split04/30/201011 for 10
Reverse split06/01/20071 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 common · 1.91B preferred
Average daily trading
R$1.9M
Listed since
01/14/1972
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 12/31/2026, from the Formulário de Referência filed with the CVM.
ShareholderCommonPreferredTotal
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$16.89 (1.93% on the day), last traded on 10/01/2026.

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 12/30/2026.

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

CMIG3 trades at a P/E of 10.52 and a P/B of 1.66.

How much did CMIG3 return in 12 months?

CMIG3 returned 23.56% in 12 months, with annualized volatility of 12.85% 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.