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B3 · BRL

CMIG4

Companhia Energetica de Minas Gerais SA Pfd

R$11.16+1.82% (R$0.20)
Day's range
R$11.03 – R$11.17
Day's volume
R$203.7M
52-week range
R$9.87 – R$13.87

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See how CMIG4 weighs in your net worth, what it has paid you and how far it is from your target allocation.

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CMIG4 in numbers

Market cap
R$37.2B
P/E
6.95
P/B
1.09
Dividend yield (12m)
10.21%
Net debt/EBITDA
4.68

The 12-month dividend yield of CMIG4 is 10.21%, below its 5-year average of 13.67%.

CMIG4 price history

10/01/202509/30/2026
Compare with

CMIG4 risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+8.03%+69.40%+156.83%
Volatility (annualized)18.01%17.69%22.26%
Largest drawdown-13.03%-13.03%-13.03%
Positive months9/1225/3640/60

How much did investing in CMIG4 return?

R$1,000.00 invested on 09/01/2021 would be worth R$2,568.25 today.

Value today in CMIG4
R$2,568.25
Return over the period
+156.83%
Return per year
+20.76%
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.

CMIG4 fundamentals

Valuation

  • P/E
    6.95
  • P/B
    1.09
  • 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 CMIG4's fair price?

Two classic value formulas, with today's numbers. The current price is R$11.16.

Graham's fair price
R$19.19
71.99% 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
94.39% 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.

CMIG4's indicators by year

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

Indicator20252024202320222021202020192018
P/E6.544.475.705.995.928.616.4311.89
P/B1.121.161.331.131.141.411.271.27
EV/EBITDA8.224.815.695.614.597.3310.1312.18
Dividend yield12.53%17.25%9.32%11.95%17.28%6.78%9.49%7.08%
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

CMIG4'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.

CMIG4 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
CMIG4Cia Energetica De Minas Gerais - Cemig6.951.0910.21%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

Does CMIG4 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

  • 15.58%2017
  • 7.08%2018
  • 9.49%2019
  • 6.78%2020
  • 17.28%2021
  • 11.95%2022
  • 9.32%2023
  • 17.25%2024
  • 12.53%2025
  • 4.85%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
Dividend04/30/201812/28/2018R$0.50
Dividend05/12/201712/28/2017R$0.12
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
Split12/27/201317 for 13
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
Set by the bylaws
Free float
80.11%
Shares issued
956.6M common · 1.91B preferred
Average daily trading
R$151.1M
Ibovespa weight
0.78%
Listed since
01/14/1972
CNPJ
17.155.730/0001-64

A Companhia Energética de Minas Gerais S.A. (Cemig) é uma empresa brasileira do setor de energia, fundada em 1952 e listada na B3 sob os tickers CMIG3 e CMIG4. A companhia atua de forma integrada no setor elétrico e também possui participação em distribuição de gás natural em Minas Gerais. As operações da Cemig abrangem geração, transmissão, distribuição e comercialização de energia elétrica por meio de controladas e coligadas. O grupo também desenvolve atividades em soluções energéticas e serviços associados ao consumo e à eficiência energética. No ambiente competitivo brasileiro, a Cemig está entre os grupos tradicionais de energia com base relevante de ativos regulados e concessões de longo prazo. A companhia concorre com grandes grupos privados e estatais em distribuição, transmissão e comercialização de energia. A empresa tem sede em Belo Horizonte e presença operacional em diferentes estados, com maior concentração em Minas Gerais. Sua escala inclui milhares de empregados, extensa rede de distribuição e ativos de transmissão e geração de grande porte no Sistema Interligado Nacional.

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 CMIG4

How much is CMIG4 today?

CMIG4 is at R$11.16 (1.82% on the day), last traded on 10/01/2026.

How much did CMIG4 pay in dividends in 2025?

CMIG4 paid R$1.40 per share in 2025, a dividend yield of 12.53%.

When is the next CMIG4 dividend?

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

What are the P/E and P/B of CMIG4?

CMIG4 trades at a P/E of 6.95 and a P/B of 1.09.

How much did CMIG4 return in 12 months?

CMIG4 returned 8.03% in 12 months, with annualized volatility of 18.01% and a largest drawdown of -13.03%.

What sector is CMIG4 in?

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