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EMAE - EMPRESA METROP.AGUAS ENERGIA S.A.

EMAE4 — EMAE - EMPRESA METROP.AGUAS ENERGIA S.A.

CNPJ 02.302.101/0001-42 · listed classes: EMAE4, EMAE3 · CVM code 16993

Produção de Energia ElétricaAs filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Energia Elétrica

Básicolisting segment
1997founded
São Paulo · SPheadquarters
Estatalcontrol
Btg Pactual Serviços Financeiros S.A. Dtvmshare registrar
BDO Rcs Auditores Independentes - Sociedade Simples Limitadaauditor
ri.emae.com.brinvestor site
R$ 0.1 mavg. daily traded value (63 sessions)

Verdict

Net margin -28.0%; ROIC -42.5%; negative EBITDA; P/E does not apply (negative profit); 2025 data, with a relevant recent restatement.

Confidence flag: Incomplete or flagged snapshot

Data for fiscal year 2025, received by the CVM on 2026-05-11; 3 of the 5 core figures published; last restatement recorded in 2024.

Does the company make money?

Is it sound or indebted?

Is the share expensive or cheap relative to the sector and its own history?

Descriptive: number, numeric band and comparison with the sector, the company's own history and the whole universe. Not investment advice. JSON · how the verdict works

Follow EMAE4: get an e-mail when profit turns into loss, debt or margin change band, or the statements are restated. That is all, and you can cancel in one click. See every event already recorded for EMAE4.

Quote

R$ 34.89close of 2026-09-25 · B3 (COTAHIST), updated nightly — the price the API, the MCP and the dump serve

1m +9.0% · 12m +18.2% · YTD -21.9% · 52-week R$ 30.63–49.47

15-minute delayed quote, shown by TradingView — display only: it never enters our API, MCP or dump
Close, weekly, 5 years · return -55.3% (-14.9% a year) · not split-adjustedR$ 34.89 2026-09-25
high 2024-03-08: R$ 79.99low 2025-09-12: R$ 27.902026-09-25: R$ 34.89
2021low R$ 27.90 · high R$ 79.992026

Return by window

1 month3 months1 year2 years5 years10 years
Price+9.0%-10.1%+18.2%-13.1%-54.8%+534.4%
With dividends reinvested+9.0%-10.1%+18.2%-13.1%-48.8%+895.2%
Real, net of inflation (IPCA to 08/2026)+9.1%-9.9%+13.8%-20.4%-60.2%+517.9%
R$ 1,000 would be worthR$ 1,090R$ 899R$ 1,182R$ 869R$ 512R$ 9,952

Closing prices from the base up to 2026-09-25. The starting price is adjusted by the corporate actions checked against the price (the small mark says how many); a jump they do not explain leaves the window blank. Reinvestment buys more shares at the close of the ex-date, with no tax or cost; only the main ticker class. The real line divides the reinvested return by the IPCA accumulated in the window (Banco Central series 433, monthly, edge months pro rata by days); the latest month is only published around the 10th of the following month.

Corporate actions

last day with rightseventmultipliercheck
2025-06-13reverse split inferred0.02× sharesnot checked
2025-06-13stock split inferred50.00× sharesnot checked
2025-06-13reverse split inferred0.02× sharesnot checked
2025-06-13stock split inferred50.00× sharesnot checked

Why the price chart jumps: prices are not split-adjusted. Inferred means detected from the share count and the price, not announced in the exchange file.

Valuation

Today

R$ 1.3 bnmarket value
close of 2026-09-25 × sharesprice × shares outstanding
R$ 908 menterprise value
+ net debt 2025market value + net debt
R$ -3.61EPS 2025
profit per sharenet income for the year ÷ shares
R$ 16.12BVPS 2025
book value per shareshareholders' equity ÷ shares
1.92P/B 2T26
latest quarterly balancetoday's market value ÷ equity to controlling shareholders at quarter end
-12.7%ROE 12m
to 2T26net income of the last 12 months ÷ average equity over the same 12 months
-29.5%net margin 12m
to 2T26net income ÷ net revenue, both over the last 12 months
36.9 mshares outstanding !latest public count, treasury excluded

Snapshot: today's close over the latest public share count. Cards marked 12m use the last four quarterly filings; the others use the 2025 annual filing. The multiples below are point-in-time: priced on the day the filing became public. share count caveat

At the filing date (point-in-time)

-11.5P/E 2025
price of 2026-05-11 · sector 13.8 · 10 cos. · 1st of 11price ÷ earnings per share for the year
2.6P/B 2025
price of 2026-05-11 · sector 1.9 · 9 cos. · 8th of 10price ÷ book value per share
-6.8%FCF yield 2025
price of 2026-05-11 · sector 4.0% · 9 cos. · 9th of 10(operating cash flow + capex) ÷ market value
-15.0%ROE 2025
sector 11.5% · 28 cos. · 28th of 29net income to controlling ÷ average equity
-42.5%ROIC 2025
sector 14.0% · 33 cos. · 34th of 34EBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included — /metodologia/roic
P/E, P/B and EV/EBITDA use the price of 2026-05-11 (R$ 41.68), the first one after the 2025 filing became public on 2026-05-11 — point-in-time, not the 31 December price. 2 caveats

By theme, fiscal year 2025

Valuation

P/Receita todaymarket value ÷ net revenue for the year2.70×
EV/Receita todayenterprise value ÷ net revenue1.90×
Earning yield todaynet income ÷ market value (the inverse of P/E)-10.4%

Debt and liquidity

Dívida líquida/PLnet debt ÷ shareholders' equity-0.64×
Dívida bruta/PLshort- and long-term borrowings ÷ equity0.00×
PL/Ativosequity ÷ total assets0.34×
Passivos/Ativos(total assets − equity) ÷ total assets0.66×
Liquidez correntecurrent assets ÷ current liabilities3.07×

Efficiency

Margem brutagross profit ÷ net revenue46.9%
Margem EBITDAEBITDA ÷ net revenue-68.6%
Margem EBITEBIT ÷ net revenue-72.3%
Margem líquidanet income ÷ net revenue-28.0%

Profitability

ROEnet income to controlling ÷ average equity-15.0%
ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included-42.5%
ROAnet income ÷ total assets-6.9%
Giro do ativonet revenue ÷ total assets0.27×

Growth

Receita, 1 anorevenue this year ÷ previous year − 1-8.7%
Receita, CAGR 5 anoscompound annual growth of revenue over 5 years1.3%

Standardized accounts and published indicators of the fiscal year; items marked today divide today's market value or enterprise value by an account of that year.

Indicators, year by year

Four indicators as charts and the full table below. A hollow point carries a caveat; a gap is a year without the figure — we never draw a line across a hole. In the table, the arrow opens the path from the figure down to the line in the regulator's file; a cell with ! carries a caveat; a dashed dash is a suppressed figure — hover to see why. Nothing is hidden.

Fact checklist 4 of 9

Nine objective checks with the threshold written in each line and the figure behind it. Descriptive, not a recommendation; the thresholds are ours and are declared.

ROE-15.0% 2025
2010: 1.7% — pl_final_sem_media2011: -5.2%2012: -17.7%2013: 8.8%2014: -3.8%2015: 8.3%2016: 7.4%2017: 15.4%2018: 12.0%2019: 10.0%2020: 23.2%2021: 20.6%2022: 7.3%2023: 13.6%2024: 4.8%2025: -15.0%
20102025
ROIC-42.5%! 2025
2010: -5.9% — aliq_travada_45;capital_final_sem_media2011: -11.7% — aliq_fallback_342012: -13.2% — aliq_fallback_342013: 0.5%2014: -7.6% — aliq_fallback_342015: -2.4%2016: -0.0%2017: 11.2%2018: 0.2% — aliq_travada_02019: 3.8%2020: 22.9%2021: 12.8%2022: -4.7%2023: 10.8%2024: -1.3% — aliq_travada_02025: -42.5% — aliq_fallback_34
20102025
Net margin-28.0% 2025
2010: 9.8%2011: -24.9%2012: -71.8%2013: 32.3%2014: -18.0%2015: 30.1%2016: 26.6%2017: 56.9%2018: 32.1%2019: 21.1%2020: 44.4%2021: 28.3%2022: 12.8%2023: 24.9%2024: 8.8%2025: -28.0%
20102025
Point-in-time P/E-11.5x! 2025
2020: 11.2x — acoes_escala_milhares2021: 10.8x — acoes_escala_milhares2022: 23.8x — acoes_escala_milhares2023: 18.7x — acoes_escala_milhares2024: 23.7x — acoes_escala_milhares2025: -11.5x — acoes_escala_milhares;pl_negativo
20102025

Full table

indicator2010201120122013201420152016201720182019202020212022202320242025sector
ROE ⟶1.7%!-5.2%-17.7%8.8%-3.8%8.3%7.4%15.4%12.0%10.0%23.2%20.6%7.3%13.6%4.8%-15.0%11.5%
ROIC ⟶-5.9%!-11.7%!-13.2%!0.5%-7.6%!-2.4%-0.0%11.2%0.2%!3.8%22.9%12.8%-4.7%10.8%-1.3%!-42.5%!14.0%
ROA ⟶1.2%!-3.6%-11.4%5.6%-2.4%5.5%4.9%10.1%7.9%6.5%12.4%9.0%3.8%7.4%2.6%-6.9%4.9%
Gross margin ⟶-34.6%-35.9%-10.1%2.2%-4.5%17.9%15.9%11.1%19.3%19.0%46.2%27.4%8.6%26.6%33.0%46.9%29.3%
EBIT margin ⟶-59.4%-79.8%-75.2%2.0%-58.0%-10.5%-0.2%52.7%0.4%7.9%32.0%10.6%-5.7%12.8%-1.6%-72.3%21.6%
Net margin ⟶9.8%-24.9%-71.8%32.3%-18.0%30.1%26.6%56.9%32.1%21.1%44.4%28.3%12.8%24.9%8.8%-28.0%10.3%
Revenue growth (1y) ⟶—14.9%6.3%10.5%-25.5%31.3%4.1%1.4%51.0%38.7%1.9%18.3%0.7%13.3%3.0%-8.7%8.8%
Revenue growth (5y CAGR) ⟶—————6.8%4.7%3.7%9.3%23.8%17.6%20.7%20.5%13.8%7.2%1.3%9.3%
Net debt/EBITDA———-0.54x——2.56x-0.44x-22.91x-8.36x-3.03x-5.03x—-5.05x-505.26x—2.84x
Current ratio ⟶1.24x1.21x2.86x2.86x2.43x2.62x2.35x2.84x3.05x4.82x1.71x4.06x8.34x6.01x5.04x3.07x1.32x

In reais, year by year

The three statements behind the ratios — income statement, balance sheet and cash flow — in the standardized lines, consolidated as filed (or parent-only when that is what the company files). EBITDA and net debt follow the published methodology; gross debt, cash and investments and free cash flow are sums the line names spell out.

line20102011201220132014201520162017201820192020202120222023202420252T26TTM
Income statement
Net revenue (R$ m)143164175193151198207210316439447529533603621477126415
Cost of goods and services (R$ m)-192-223-192-189-158-163-174-186-255-356-241-384-487-443-416-253-87-230
Gross profit (R$ m)-49-59-184-736332361832071454616020522439185
EBITDA (R$ m)-56-102-10724-86-19411574114962-24841-327——
Depreciation and amortization (R$ m)2929242022555666671018——
EBIT (operating result) (R$ m)-85-131-1314-88-21-011113514356-3077-10-34533-354
Pre-tax profit (R$ m)32-20-11364-176677156841242711907815953-22360-219
Income taxes (R$ m)-18-21-13-1-10-6-23-3718-31-73-40-10-9290-997
Net income (R$ m)14-41-12562-276055119102931981506815055-13351-123
Net income (controlling) (R$ m)14-41-12562-276055119102931981506815055-13351-123
Balance sheet
Total assets (R$ bn)1.11.11.11.21.11.11.11.21.31.51.71.62.02.12.11.81.91.9
Current assets (R$ m)107169215266198184222274418601742524890915673495568568
Current liabilities (R$ m)86140759381709496137125434129107152133161159159
Gross debt (short + long term) (R$ m)0030681039792868073660000000
Cash and investments (R$ m)21825781215080136232413519311437426328380455455
Net debt (R$ m)-21-82-27-13824711-50-153-340-452-311-437-426-328-380——
Shareholders' equity (R$ bn)0.80.80.60.80.70.80.70.80.91.00.70.71.11.11.20.60.70.7
Cash flow
Operating cash flow (R$ m)-2338-116-73-68-31-41466149115100599182-89——
Capital expenditures (R$ m)-12-40-90-54-87-3-1-8-2-9-13-7-6-5-4-15——
Free cash flow (FCO + capex) (R$ m)-34-2-206-126-155-34-42-46414110292528678-104——

The two right-hand columns come from the quarterly filing (ITR): the latest quarter alone and the last 12 months (TTM) built by the same identity as the TTM P/E. EBITDA and net debt have no quarterly series here.

The current year, quarter by quarter

As the company filed it in its interim report. The fourth quarter does not exist on its own in that filing — the closed year comes in the annual one, and we do not derive a Q4, so that a figure we computed never sits beside the figures the company reported. Filed on is the date the report became public, and the price is taken from it.

quarterrevenue (R$ m)profit (R$ m)net marginP/E TTMP/Bfiled on
2024T1!153.022.514.7%12.61.752024-05-10
2024T2!150.731.520.9%10.41.352024-08-09
2024T3!159.537.723.6%13.61.262024-11-04
2025T1!148.434.423.2%18.20.982025-05-14
2025T2!159.631.719.8%16.10.852025-08-14
2025T3!154.3287.5186.4%21.00.902025-11-13
2026T1!120.625.821.4%-9.82.252026-05-29
2026T2!125.951.040.5%-10.81.982026-08-07

Full series, every quarter: GET /empresas/EMAE4/trimestres

Dividends

No ex-date or payment scheduled in the base (exchange announcements through 2026-09-21 · filings to the regulator through 2026-09-18).

The latest dividend by EMAE4 was a JCP of R$ 0.8394 per share (record date 2024-09-23). In the last 12 months: 0 payments adding up to R$ 0.0000 per share. Average yield of the last 5 full years: 5.3%.

typerecord dateex-datepaymentper share
JCP2024-09-232024-09-24—R$ 0.8394
dividend2024-04-082024-04-09—R$ 0.7931
JCP2023-12-082023-12-11—R$ 1.3010
JCP2023-06-052023-06-06—R$ 0.5144
JCP2023-04-142023-04-17—R$ 1.1561
dividend2023-04-142023-04-17—R$ 0.3159
JCP2022-05-162022-05-17—R$ 0.5609
dividend2022-04-292022-05-02—R$ 0.3204
JCP2021-11-182021-11-19—R$ 0.5448
JCP2021-05-102021-05-11—R$ 0.4710
dividend2021-04-232021-04-26—R$ 0.8434
dividend2021-01-052021-01-06—R$ 6.2227
JCP2020-12-142020-12-15—R$ 1.0563
dividend2020-04-232020-04-24—R$ 0.3884
JCP2019-12-262019-12-27—R$ 0.3966
dividend2019-04-222019-04-23—R$ 0.2552
JCP2018-12-102018-12-11—R$ 0.5748
dividend2018-04-242018-04-25—R$ 0.9345
dividend2017-04-262017-04-27—R$ 0.4471
dividend2016-04-262016-04-28—R$ 0.1019
dividend2014-04-252014-04-29—R$ 0.1598
dividend2011-04-292011-05-02—R$ 0.0877
dividend2010-05-032010-05-04—R$ 0.0318
JCP2008-05-142010-01-04—R$ 0.3651

Ex-date is the first trading session after the record date, from our own price history. Payment date comes from the exchange file; CVM marks a date taken from the filing to the regulator. Only the main ticker class.

Record dates in the last 5 years, by month: JanFebMarApr4May1Jun1JulAugSep1OctNov1Dec1

Per year

yearper sharepaymentsyield
2024R$ 1.632523.9%
2023R$ 3.287345.6%
2022R$ 0.881321.3%
2021R$ 8.0819410.6%
2020R$ 1.444721.9%
2019R$ 0.651821.8%
2018R$ 1.509428.3%
2017R$ 0.447114.9%
2016R$ 0.101911.2%
2014R$ 0.159814.3%

Yield per year = the year's dividends over the close of its last session; the current year is partial.

Shareholders and free float

14.22%free float
5,252,690 sharesshares outstanding held by the market, as filed in the FRE
1,602shareholders
1,514 individuals · 81 companies · 7 institutionalcount at the last shareholders meeting, from the FRE
CIA SANEAMENTO BASICO DO ESTADO DE SAO PAULO - SABESPcontrolling shareholder
as declared in the FREshareholders the company marks as controlling
80% ONtag along (minimum)
Básicominimum guaranteed by the listing segment or by law; the bylaws may grant more
shareholdertype% ON% PN% total
CIA SANEAMENTO BASICO DO ESTADO DE SAO PAULO - SABESP ctrlPJ98.97%66.93%79.69%
JULIA TALIA XAVIER ÁLVARES OTEROPF0.00%10.03%6.04%
Others (market)———14.22%
Treasury shares———0.06%

Direct holdings from the reference form (FRE) filed on 2026-07-13, version 5. The chain of control (who owns the holding) is not reproduced here. Names of individuals appear as in the public filing.

Filings and notices

filedcategorysubjectdocument
2026-09-16Fato RelevanteIncorporação de Ações (Sabesp/Emae)||Mapa Final de Votação Detalhado - AGE 16 09 2026open
2026-09-16Assembleia · AGEMapa Final de Votação Detalhado - AGE 16-09-2026open
2026-09-16Assembleia · AGEIncorporação de Ações (Sabesp/Emae)open
2026-09-16Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos RelevantesSubstituição do Escriturador de Açõesopen
2026-09-14Assembleia · AGEMapa Sintético Consolidado - AGE 16/09/2026open
2026-09-09Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-09-08Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-08-17Reunião da Administração · Conselho FiscalConvocação de Assembleia Geral Extraordinária - AGEopen
2026-08-17Reunião da Administração · Conselho de Administração(i) Convocação de Assembleia Geral Extraordinária - AGE (ii) Contratação da empresa de Auditoria Interna PP&ampC Auditores Independentes e (iii) Constituição de filial da Edgard deopen
2026-08-16Assembleia · AGE—open

The last filings this company sent to the CVM outside its financial statements, newest first, from the regulator's own IPE index. The subject line is the company's own free text. We do not summarise or classify these documents — read the original.

Piotroski F-Score 3/9 (2025) — what each criterion means.

Restated filings for this company

The regulator overwrites the old version; we keep both. Figures in R$ millions: first filing on the left, restatement on the right.

fiscal yearaccountfirst filingrestated
2024BPP 2.031,184.7763.9
2024DMPL 5.071,184.7763.9
2024DMPL 5.031,088.5693.2
2024BPA 12,087.31,804.4
2024BPP 22,087.31,804.4
2024DFC_MI 6.0181.8-41.4
2024DRE 3.01621.4522.4
2024DRE 3.03205.2133.5

Every restatement of this company, year by year

This company appears in

Compare

Side by side, with each figure's caveat and how often each company restated its filings.

EMAE4 × AXIA3 · EMAE4 × CPLE3 · EMAE4 × SBSP3 · EMAE4 × EQTL3 · EMAE4 × CPFE3 · EMAE4 × EGIE3

compare with the sector: EQTL3 × CPLE3 × ENEV3

Other companies in Utilities

46 more with a page, same CVM sector — a classification of the regulator's, not ours.

Take this into your code

Everything on this page is also JSON: GET /empresas/EMAE4/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).

Price coverage: 3,482 sessions, 2010-01-04 → 2026-09-25 · methodology · how we verify

Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.

Numbers on this page are live. Data version 2026-09-27-reapresentacao-agreg · page generated 2026-09-27 08:22 UTC. If this does not match /saude, you are reading a cached copy.