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EQUATORIAL S.A.

EQTL3 — EQUATORIAL S.A.

CNPJ 03.220.438/0001-73 · listed classes: EQTL3 · CVM code 20010

Holding com participação em sociedades no setor de energia elétrica e saneamento.As filed by the company in its registration form (FCA), reference 2026-01-01 · CVM sector: Energia Elétrica

Novo Mercadolisting segment
1999founded
São Luís · MAheadquarters
Privadocontrol
Itaú Corretora de Valores S.A.share registrar
Ernst & Young Auditores Independentes S/S Ltda.auditor
equatorialenergia.com.brinvestor site
R$ 329.0 mavg. daily traded value (63 sessions)

Verdict

Net margin 4.8%; ROIC 9.3%; debt 3.9x EBITDA; P/E 32.3 against 13.5 for the sector; 2025 data, with a relevant recent restatement.

Confidence flag: Incomplete or flagged snapshot

Data for fiscal year 2025, received by the CVM on 2026-04-08; 5 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 EQTL3: 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 EQTL3.

Quote

R$ 39.79close of 2026-09-25 · B3 (COTAHIST), updated nightly — the price the API, the MCP and the dump serve

1m +8.0% · 12m +8.6% · YTD +3.4% · 52-week R$ 34.23–45.35

15-minute delayed quote, shown by TradingView — display only: it never enters our API, MCP or dump
Close, weekly, 5 years · return +55.2% (+9.2% a year) · not split-adjustedR$ 39.79 2026-09-25
high 2026-04-17: R$ 45.19low 2022-01-07: R$ 21.352026-09-25: R$ 39.79
2021low R$ 21.35 · high R$ 45.192026

Return by window

1 month3 months1 year2 years5 years10 years
Price+8.0%+1.9%+8.6%+22.7%+54.8%+280.4% 1×
With dividends reinvested+8.0%+1.9%+13.2%+30.8%+74.1%+366.7%
Real, net of inflation (IPCA to 08/2026)+8.1%+2.1%+9.1%+19.8%+35.2%+189.8%
R$ 1,000 would be worthR$ 1,080R$ 1,019R$ 1,132R$ 1,308R$ 1,741R$ 4,667

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
2019-11-27stock split5.00× shareschecked against the price move
2008-04-04reverse split inferred0.33× 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$ 50.1 bnmarket value
close of 2026-09-25 × sharesprice × shares outstanding
R$ 94.1 bnenterprise value
+ net debt 2025market value + net debt
R$ 1.33EPS 2025
profit per sharenet income for the year ÷ shares
R$ 20.45BVPS 2025
book value per shareshareholders' equity ÷ shares
4.0%DY 12m
R$ 1.58/sharedividends of the last 12 months ÷ price
178%payout 2025
dividends ÷ EPSshare of the year's profit paid out
52.3P/E 12m
to 2T26today's market value ÷ net income of the last 12 months (built by identity from the quarterly filings)
1.92P/B 2T26
latest quarterly balancetoday's market value ÷ equity to controlling shareholders at quarter end
3.5%ROE 12m
to 2T26net income of the last 12 months ÷ average equity over the same 12 months
1.8%net margin 12m
to 2T26net income ÷ net revenue, both over the last 12 months
12.6P/FCO 2025
FCO R$ 4.0 bnmarket value ÷ operating cash flow
1.26 bnshares outstandinglatest 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.

At the filing date (point-in-time)

32.3P/E 2025
price of 2026-04-08 · sector 13.5 · 9 cos. · 10th of 10price ÷ earnings per share for the year
2.1P/B 2025
price of 2026-04-08 · sector 1.9 · 8 cos. · 6th of 9price ÷ book value per share
8.7EV/EBITDA 2025
price of 2026-04-08 · sector 7.4 · 8 cos. · 8th of 9enterprise value on the filing date ÷ EBITDA for the year (other sites use trailing 12 months and today's price)
-7.6%FCF yield 2025
price of 2026-04-08 · sector 4.2% · 8 cos. · 9th of 9(operating cash flow + capex) ÷ market value
6.5%ROE 2025
sector 11.5% · 28 cos. · 17th of 29net income to controlling ÷ average equity
9.3%ROIC 2025
sector 14.0% · 32 cos. · 30th of 33EBIT × (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 2026-04-08 (R$ 43.15), the first one after the 2025 filing became public on 2026-04-08 — point-in-time, not the 31 December price.

By theme, fiscal year 2025

Valuation

P/Receita todaymarket value ÷ net revenue for the year0.96×
EV/Receita todayenterprise value ÷ net revenue1.81×
P/EBITDA todaymarket value ÷ EBITDA4.44×
P/EBIT todaymarket value ÷ EBIT6.16×
EV/EBIT todayenterprise value ÷ EBIT11.56×
Earning yield todaynet income ÷ market value (the inverse of P/E)3.3%

Debt and liquidity

Dívida líquida/PLnet debt ÷ shareholders' equity1.55×
Dívida bruta/PLshort- and long-term borrowings ÷ equity1.92×
Dívida líquida/EBITDAnet debt ÷ EBITDA for the year3.90×
PL/Ativosequity ÷ total assets0.26×
Passivos/Ativos(total assets − equity) ÷ total assets0.74×
Liquidez correntecurrent assets ÷ current liabilities1.49×

Efficiency

Margem brutagross profit ÷ net revenue26.1%
Margem EBITDAEBITDA ÷ net revenue21.7%
Margem EBITEBIT ÷ net revenue15.6%
Margem líquidanet income ÷ net revenue4.8%

Profitability

ROEnet income to controlling ÷ average equity6.5%
ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included9.3%
ROAnet income ÷ total assets2.2%
Giro do ativonet revenue ÷ total assets0.48×
Payoutdividends for the year ÷ earnings per share178.0%

Growth

Receita, 1 anorevenue this year ÷ previous year − 119.0%
Receita, CAGR 5 anoscompound annual growth of revenue over 5 years23.8%
Lucro, CAGR 5 anoscompound annual growth of net income over 5 years (positive at both ends only)-10.8%
EBITDA, CAGR 5 anoscompound annual growth of EBITDA over 5 years (positive at both ends only)15.0%

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 5 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.

ROE6.5% 2025
2010: 14.9% — pl_final_sem_media2011: 12.7%2012: 7.4%2013: 2.8%2014: 24.6%2015: 25.6%2016: 19.0%2017: 22.6%2018: 17.7%2019: 35.2%2020: 32.0%2021: 31.8%2022: 9.4%2023: 11.0%2024: 11.9%2025: 6.5%
20102025
ROIC9.3% 2025
2010: 16.5% — capital_final_sem_media2011: 13.3%2012: 8.9%2013: 6.8% — aliq_travada_02014: 17.9% — aliq_travada_02015: 12.0%2016: 15.9%2017: 18.0%2018: 17.0%2019: 18.6%2020: 17.5%2021: 19.2% — aliq_travada_02022: 9.2%2023: 13.0%2024: 12.6%2025: 9.3%
20102025
Net margin4.8% 2025
2010: 15.9%2011: 12.4%2012: 7.2%2013: 1.7%2014: 11.5%2015: 13.2%2016: 11.0%2017: 13.3%2018: 10.3%2019: 14.4%2020: 19.3%2021: 17.7%2022: 7.1%2023: 7.0%2024: 8.3%2025: 4.8%
20102025
Point-in-time P/E32.3x 2025
2013: 54.6x — acoes_do_fre_sem_tesouraria;acoes_defasadas2014: 8.5x — acoes_do_fre_sem_tesouraria;acoes_defasadas2015: 15.0x — acoes_do_fre_sem_tesouraria;acoes_defasadas;preco_2_anos_apos_o_exercicio2016: 17.0x — acoes_do_fre_sem_tesouraria;acoes_defasadas2017: 14.3x — acoes_do_fre_sem_tesouraria;acoes_defasadas2018: 17.0x — acoes_do_fre_sem_tesouraria;acoes_defasadas2019: 8.1x — acoes_do_fre_sem_tesouraria;acoes_ajustadas_por_evento;acoes_defasadas2020: 7.1x2021: 7.2x2022: 21.3x2023: 18.4x2024: 14.3x2025: 32.3x
20102025

Full table

indicator2010201120122013201420152016201720182019202020212022202320242025sector
ROE ⟶14.9%!12.7%7.4%2.8%24.6%25.6%19.0%22.6%17.7%35.2%32.0%31.8%9.4%11.0%11.9%6.5%11.5%
ROIC ⟶16.5%!13.3%8.9%6.8%!17.9%!12.0%15.9%18.0%17.0%18.6%17.5%19.2%!9.2%13.0%12.6%9.3%14.0%
ROA ⟶8.7%!7.4%3.4%0.8%7.7%8.0%6.5%7.6%5.4%8.6%8.4%8.1%2.5%3.0%3.4%2.2%4.9%
Gross margin ⟶38.5%35.5%28.9%22.1%25.1%24.9%27.0%28.9%25.9%30.5%33.5%28.4%31.6%29.6%28.8%26.1%29.3%
EBIT margin ⟶22.7%18.0%14.3%6.1%13.6%11.2%14.8%15.5%18.5%22.9%26.7%20.6%19.4%18.7%19.0%15.6%21.6%
Net margin ⟶15.9%12.4%7.2%1.7%11.5%13.2%11.0%13.3%10.3%14.4%19.3%17.7%7.1%7.0%8.3%4.8%10.3%
Revenue growth (1y) ⟶—10.1%50.8%63.5%43.7%6.6%9.6%14.1%24.0%67.0%-4.8%35.5%11.9%51.1%10.7%19.0%8.5%
Revenue growth (5y CAGR) ⟶—————32.2%32.1%25.8%19.0%22.5%19.8%25.0%24.5%29.5%19.3%23.8%8.9%
Net debt/EBITDA ⟶1.54x2.19x2.67x2.98x1.98x1.28x1.16x1.56x2.68x2.22x1.81x2.53x4.76x3.39x3.76x3.90x2.76x
Current ratio ⟶1.65x1.34x1.27x1.82x1.39x1.65x1.74x1.84x1.46x1.86x1.68x1.67x0.98x1.54x1.46x1.49x1.32x

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$ bn)1.82.03.04.76.87.38.09.111.318.817.924.227.141.045.452.113.754.1
Cost of goods and services (R$ bn)-1.1-1.3-2.1-3.7-5.1-5.4-5.8-6.4-8.3-13.1-11.9-17.3-18.6-28.8-32.3-38.5-10.1-40.2
Gross profit (R$ bn)0.70.70.91.01.71.82.12.62.95.76.06.98.612.113.113.63.613.8
EBITDA (R$ bn)0.50.50.50.51.21.11.51.82.54.95.65.97.010.111.411.3——
Depreciation and amortization (R$ bn)0.10.10.10.30.30.30.30.40.50.60.81.01.72.42.83.1——
EBIT (operating result) (R$ bn)0.40.40.40.30.90.81.21.42.14.34.85.05.37.68.68.12.57.6
Pre-tax profit (R$ bn)0.30.30.30.10.71.11.11.21.33.74.44.22.73.03.92.50.81.6
Income taxes (R$ m)-58-58-114969-161-177-36-134-964-911133-771-159-128-422-192-338
Net income (R$ bn)0.30.20.20.10.81.00.91.21.22.73.44.31.92.93.82.50.71.8
Net income (controlling) (R$ bn)0.20.20.10.10.60.80.71.00.92.43.03.71.42.12.81.70.51.0
Balance sheet
Total assets (R$ bn)3.33.49.49.111.312.614.217.525.537.544.161.790.6103.6116.4109.6118.9118.9
Current assets (R$ bn)1.11.13.43.14.45.25.97.59.411.414.621.721.728.028.526.626.326.3
Current liabilities (R$ bn)0.70.82.71.73.23.13.44.16.46.28.713.022.118.119.617.816.716.7
Gross debt (short + long term) (R$ bn)1.31.53.23.24.43.94.87.011.516.817.825.441.246.555.854.563.463.4
Cash and investments (R$ bn)0.60.41.71.62.02.53.14.24.75.87.610.47.912.213.010.59.29.2
Net debt (R$ bn)0.81.01.51.62.41.51.82.86.811.010.215.033.334.242.844.0——
Shareholders' equity (R$ bn)1.31.32.52.83.44.24.95.76.69.812.314.618.625.329.928.328.728.7
Cash flow
Operating cash flow (R$ bn)0.30.3-0.2-0.0-0.41.20.91.11.8-0.73.51.33.53.14.34.0——
Capital expenditures (R$ bn)-0.3-0.3-0.3-0.2-0.4-0.8-1.2-1.1-0.2-0.4-0.0-1.0-0.2-9.1-6.0-8.1——
Free cash flow (FCO + capex) (R$ bn)0.00.0-0.5-0.3-0.70.4-0.3-0.11.6-1.13.50.33.2-6.0-1.7-4.1——

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
2024T19,898.2579.45.9%16.51.692024-05-15
2024T210,487.2695.16.6%18.71.822024-08-14
2024T312,363.3990.58.0%16.51.432024-11-13
2025T111,709.1706.36.0%15.11.742025-05-14
2025T212,795.31,289.610.1%12.21.602025-08-13
2025T314,145.1609.84.3%14.71.742025-11-12
2026T112,749.9606.84.8%31.91.922026-05-13
2026T213,738.9653.04.8%46.51.712026-08-12

Full series, every quarter: GET /empresas/EQTL3/trimestres

Dividends

Next: 2026-12-30 payment · JCP R$ 0.1333

The latest dividend by EQTL3 was a JCP of R$ 0.1333 per share (record date 2025-12-29, payment 2026-12-30). Trailing 12-month yield: 4.0%. In the last 12 months: 3 payments adding up to R$ 1.5833 per share. Average yield of the last 5 full years: 2.9%.

typerecord dateex-datepaymentper share
dividend2013-04-302013-05-02—R$ 0.0850

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: Jan1FebMarApr5MayJunJulAugSepOctNov2Dec1

Per year

yearper sharepaymentsyield
2025R$ 2.372666.2%
2024R$ 0.450011.6%
2023R$ 0.350011.0%
2022R$ 0.640012.4%
2021R$ 0.720013.2%
2020R$ 0.320011.4%
2019R$ 0.950014.2%
2018R$ 1.211021.6%
2017R$ 0.608010.9%
2016R$ 0.930021.7%

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

Shareholders and free float

98.93%free float
1,246,008,097 sharesshares outstanding held by the market, as filed in the FRE
82,373shareholders
80,033 individuals · 904 companies · 1,436 institutionalcount at the last shareholders meeting, from the FRE
100% ONtag along (minimum)
Novo Mercadominimum guaranteed by the listing segment or by law; the bylaws may grant more
shareholdertype% ON% PN% total
OPPORTUNITY ASSET ADMINISTRADORA DE RECURSOS DE TERCEIROS LTDA.PJ10.04%0.00%10.04%
BLACKROCK, INC.PJ9.98%0.00%9.98%
Squadra Investimentos agreementPJ4.58%0.00%4.58%
Canada Pension Plan Investment BoardPJ4.57%0.00%4.57%
Others (market)———70.59%
Treasury shares———0.24%

Direct holdings from the reference form (FRE) filed on 2026-09-17, version 10. 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
2026-09-16Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos RelevantesReajuste Tarifário - Equatorial Paráopen
2026-09-14Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoCorporate Presentation sep/26open
2026-09-10Reunião da Administração · Conselho de Administração(i) o aumento do capital social da Companhia dentro do limite do capital autorizado, em decorrência do exercício de opções de compra no âmbito do Quinto Plano de Opção de Compra deopen
2026-09-10Aviso aos Acionistas · Outros avisosAumento de Capital - Programa de ILPopen
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Consolidada—open
2026-09-10Valores Mobiliários negociados e detidos (art. 11 da Instr. CVM nº 358) · Posição Individual - Cia, Controladas e Coligadas—open
2026-08-27Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos RelevantesApresentação Institucional 2T26open
2026-08-26Comunicado ao Mercado · Outros Comunicados Não Considerados Fatos RelevantesReajuste Tarifário Anual - Equatorial Maranhãoopen
2026-08-21Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoApresentação Site Visit CEEE-Dopen
2026-08-21Comunicado ao Mercado · Apresentações a analistas/agentes do mercadoApresentação Site Visit CEEE-Dopen

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 5/9 (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
2024DRE 3.0145,366.743,760.8
2024DRE 3.0313,057.011,537.8
2024DRE 3.058,636.57,159.0
2023DFC_MI 6.013,139.24,349.5
2024DRE 3.073,895.72,743.3
2019DMPL 5.06no value in the file1,144.1
2019DMPL 5.04613.1-530.3
2016DMPL 5.05.01873.1no value in the file

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.

EQTL3 × AXIA3 · EQTL3 × CPLE3 · EQTL3 × SBSP3 · EQTL3 × CPFE3 · EQTL3 × EGIE3 · EQTL3 × NEOE3

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/EQTL3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).

Price coverage: 4,151 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 11:34 UTC. If this does not match /saude, you are reading a cached copy.