Utilities
RIOS3 — RIO ALTO ENERGIAS RENOVÁVEIS S.A. - EM RECUPERAÇÃO JUDICIAL
CNPJ 38.199.406/0001-18 · listed classes: RIOS3 · CVM code 25720
Verdict
Net margin -384.1%; ROIC -5.0%; negative EBITDA; 2025 data, no relevant restatement.
Confidence flag: Incomplete or flagged snapshot
Data for fiscal year 2025, received by the CVM on 2026-06-30; 2 of the 5 core figures published; last restatement recorded in 2022.
- core figure not published because of a caveat: pl, pvp
Does the company make money?
- Net margin of -384.1% in 2025; sector median 10.3% (45 companies); the company itself ranged from -1,691.8% to -107.5% between 2021 and 2025; 2% of the 329 companies in the base are below; negative margin. how we compute it
- Return on invested capital (ROIC) of -5.0% in 2025; sector median 14.0% (33 companies); 1% of the 166 companies in the base are below; negative return; note: tax rate assumed at 34% for ROIC. how we compute it
Is it sound or indebted?
- Net debt to EBITDA: does not apply — negative or zero EBITDA in the year. how we compute it
Is the share expensive or cheap relative to the sector and its own history?
- Price to earnings (P/E): not published for 2025 — the figure did not pass the checks cleanly (caveat: sem_preco_apos_publicacao). how we compute it
- Price to book (P/B): not published for 2025 — the figure did not pass the checks cleanly (caveat: sem_preco_apos_publicacao). how we compute it
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
Quote
1m -7.0% · 12m — · YTD -10.3% · since 2025-11 R$ 29.20–36.00
Return by window
| 1 month | 3 months | 1 year | 2 years | 5 years | 10 years | |
|---|---|---|---|---|---|---|
| Price | -7.0% | — | — | — | — | — |
| With dividends reinvested | -7.0% | — | — | — | — | — |
| Real, net of inflation (IPCA to 02/2026) | -7.7% | — | — | — | — | — |
| R$ 1,000 would be worth | R$ 930 | — | — | — | — | — |
Closing prices from the base up to 2026-02-24. 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.
Valuation
Today
close of 2026-02-24 × sharesprice × shares outstanding
+ net debt 2025market value + net debt
profit per sharenet income for the year ÷ shares
book value per shareshareholders' equity ÷ shares
to 2T26net income ÷ net revenue, both over the last 12 months
FCO R$ 112 mmarket value ÷ operating cash flow
FCF R$ 84 mmarket value ÷ (operating cash flow + capex)
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)
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
By theme, fiscal year 2025
Valuation
| P/Receita todaymarket value ÷ net revenue for the year | 14.89× |
| EV/Receita todayenterprise value ÷ net revenue | 24.21× |
| Earning yield todaynet income ÷ market value (the inverse of P/E) | 0.0% |
Debt and liquidity
| Dívida líquida/PLnet debt ÷ shareholders' equity | -1.00× |
| Dívida bruta/PLshort- and long-term borrowings ÷ equity | -1.01× |
| PL/Ativosequity ÷ total assets | -1.03× |
| Passivos/Ativos(total assets − equity) ÷ total assets | 2.03× |
| Liquidez correntecurrent assets ÷ current liabilities | 0.01× |
Efficiency
| Margem brutagross profit ÷ net revenue | 2.0% |
| Margem EBITDAEBITDA ÷ net revenue | -17.3% |
| Margem EBITEBIT ÷ net revenue | -37.4% |
| Margem líquidanet income ÷ net revenue | -384.1% |
Profitability
| ROICEBIT × (1 − effective tax rate) ÷ average invested capital (gross debt + total equity − cash − investments), goodwill included | -5.0% |
| ROAnet income ÷ total assets | -33.4% |
| Giro do ativonet revenue ÷ total assets | 0.11× |
Growth
| Receita, 1 anorevenue this year ÷ previous year − 1 | -28.6% |
| Receita, CAGR 5 anoscompound annual growth of revenue over 5 years | 277.3% |
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 1 of 9
- ✗More than 5 years listed 0.2 years
- ✗Profit in each of the last 5 fiscal years loss in 2021, 2022, 2023, 2024, 2025
- ✗Never a loss in the base's history loss in 2020, 2021, 2022, 2023, 2024, 2025
- ✗Latest-year ROE above 10% —
- ✓Revenue grew over 5 years (positive CAGR) 277.3%
- ✗Profit grew over 5 years (positive CAGR) —
- ✗Gross debt below equity debt = -101% of equity
- ✗Average yield of the last 5 years at least 5% —
- ✗Average daily traded value above R$ 10 million R$ 0.0 m/day
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.
Full table
| indicator | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | sector |
|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | 11.0% |
| ROIC ⟶ | -3.8%! | -9.4%! | -2.7%! | -0.3%! | -8.2%! | -5.0%! | 14.0% |
| ROA ⟶ | -2.3%! | -9.2% | -7.3% | -7.6% | -22.8% | -33.4% | 4.9% |
| Gross margin ⟶ | 100.0%! | 31.9% | 35.8% | 23.2% | -5.0% | 2.0% | 29.3% |
| EBIT margin ⟶ | -2,713.7%! | -1,589.2%! | -42.4% | -5.3% | -96.4% | -37.4% | 21.6% |
| Net margin ⟶ | -2,097.3%! | -1,691.8% | -125.2% | -107.5% | -229.7% | -384.1% | 10.3% |
| Revenue growth (1y) ⟶ | — | 1,295.6% | 2,641.7% | 82.3% | 53.6% | -28.6% | 8.8% |
| Revenue growth (5y CAGR) ⟶ | — | — | — | — | — | 277.3% | 8.9% |
| Net debt/EBITDA | — | — | — | 86.39x | — | — | 2.76x |
| Current ratio ⟶ | 3.62x! | 1.64x | 0.52x | 0.02x | 0.02x | 0.01x | 1.32x |
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.
| line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2T26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Net revenue (R$ m) | 0 | 3 | 70 | 128 | 196 | 140 | 0 | 45 | |
| Cost of goods and services (R$ m) | 0 | -2 | -45 | -98 | -206 | -137 | -33 | -104 | |
| Gross profit (R$ m) | 0 | 1 | 25 | 30 | -10 | 3 | -33 | -59 | |
| EBITDA (R$ m) | -5 | -41 | -19 | 22 | -137 | -24 | — | — | |
| Depreciation and amortization (R$ m) | 0 | 0 | 10 | 29 | 52 | 28 | — | — | |
| EBIT (operating result) (R$ m) | -5 | -41 | -30 | -7 | -189 | -52 | -22 | -80 | |
| Pre-tax profit (R$ m) | -4 | -40 | -74 | -122 | -450 | -332 | -91 | -409 | |
| Income taxes (R$ m) | -0 | -3 | -14 | -15 | 0 | 0 | 0 | -0 | |
| Net income (R$ m) | -4 | -43 | -88 | -137 | -450 | -537 | -91 | -615 | |
| Net income (controlling) (R$ m) | -4 | -43 | -88 | 0 | 0 | 0 | 0 | 0 | |
| Balance sheet | |||||||||
| Total assets (R$ bn) | 0.2 | 0.8 | 1.6 | 2.0 | 2.0 | 1.3 | 1.3 | 1.3 | |
| Current assets (R$ m) | 21 | 196 | 495 | 25 | 35 | 20 | 17 | 17 | |
| Current liabilities (R$ bn) | 0.0 | 0.1 | 1.0 | 1.0 | 1.9 | 1.4 | 1.5 | 1.5 | |
| Gross debt (short + long term) (R$ bn) | 0.1 | 0.7 | 1.5 | 1.9 | 2.1 | 1.3 | 1.4 | 1.4 | |
| Cash and investments (R$ m) | 21 | 193 | 405 | 7 | 6 | 4 | 1 | 1 | |
| Net debt (R$ bn) | 0.1 | 0.5 | 1.1 | 1.9 | 2.1 | 1.3 | — | — | |
| Shareholders' equity (R$ bn) | -0.0 | -0.0 | -0.1 | -0.3 | -0.7 | -1.3 | -1.5 | -1.5 | |
| Cash flow | |||||||||
| Operating cash flow (R$ m) | 23 | -74 | 80 | 15 | 131 | 112 | — | — | |
| Capital expenditures (R$ m) | -79 | -374 | -516 | -700 | -55 | -28 | — | — | |
| Free cash flow (FCO + capex) (R$ m) | -56 | -448 | -436 | -685 | 76 | 84 | — | — | |
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.
| quarter | revenue (R$ m) | profit (R$ m) | net margin | P/E TTM | P/B | filed on |
|---|---|---|---|---|---|---|
| 2024T1! | 34.7 | -44.9 | -129.3% | — | — | 2024-06-28 |
| 2024T2! | 28.1 | -84.1 | -299.4% | — | — | 2024-11-28 |
| 2024T3! | 67.5 | -55.7 | -82.5% | — | — | 2024-12-26 |
| 2025T1! | 54.4 | -70.7 | -129.9% | — | — | 2025-07-25 |
| 2025T2! | 46.5 | -46.3 | -99.7% | — | — | 2025-08-15 |
| 2025T3! | 56.8 | -77.1 | -135.9% | — | — | 2025-11-12 |
| 2026T1! | 6.0 | -104.1 | -1,740.0% | — | — | 2026-07-20 |
| 2026T2! | 0.0 | -90.7 | — | — | — | 2026-08-05 |
Full series, every quarter: GET /empresas/RIOS3/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).
No dividends recorded. Note this can mean two different things — the company pays none, or we could not confirm. sem_mapa_na_b3
Filings and notices
| filed | category | subject | document |
|---|---|---|---|
| 2026-09-15 | Fato Relevante | Cancelamento de Registro de Companhia Aberta | open |
| 2026-09-09 | Assembleia · AGO/E | Tomada de Contas-Votação do Relatório da Administração e das Demonstrações Financeiras | open |
| 2026-08-25 | Reunião da Administração · Conselho de Administração | RCA - Substituição Auditor Independente | open |
| 2026-08-04 | Comunicado ao Mercado · Mudança de Auditor (art. 28, Instr. CVM nº308/99) | — | open |
| 2026-08-04 | Reunião da Administração · Conselho de Administração | RCA - Substituição Auditor Independente | open |
| 2026-06-30 | Comunicado ao Mercado · Esclarecimentos sobre questionamentos da CVM/B3 | Notícia Divulgada na Mídia, a qual deverá incluir a transcrição deste ofício | open |
| 2026-06-26 | Assembleia · AGE | Ajuste de capital social | open |
| 2026-05-14 | Informações de Companhias em Recuperação Judicial ou Extrajudicial · Outros documentos | Decisão-Deferimento/ Processamento da Recuperação Extrajudicial | open |
| 2026-05-13 | Informações de Companhias em Recuperação Judicial ou Extrajudicial · Pedido de homologação de Plano de Recuperação Extrajudicial | Juntada a Pedido Homologação Plano Recuperação Extrajudicial | open |
| 2026-05-13 | Informações de Companhias em Recuperação Judicial ou Extrajudicial · Plano de Recuperação | Plano de Recuperação Extrajudicial | 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 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 year | account | first filing | restated |
|---|---|---|---|
| 2022 | DRE 3.02 | -44.9 | no value in the file |
| 2022 | DRE 3.03 | 25.1 | 70.0 |
| 2022 | DRE 3.05 | -29.7 | 15.3 |
| 2022 | DRE 3.07 | -73.7 | -28.7 |
| 2022 | DRE 3.09 | -87.7 | -42.8 |
| 2022 | DRE 3.11 | -87.7 | -42.8 |
| 2020 | DMPL 5.04 | 20.2 | 2.2 |
| 2020 | DMPL 5.07 | -0.9 | -17.3 |
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.
RIOS3 × AXIA3 · RIOS3 × CPLE3 · RIOS3 × SBSP3 · RIOS3 × EQTL3 · RIOS3 × CPFE3 · RIOS3 × 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
GET /empresas/RIOS3/indicadores. WEGE3 is open for testing without a key; for the rest, create a free key (200 calls/day, no card).Price coverage: 19 sessions, 2025-11-28 → 2026-02-24 · 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 2026-09-28 05:38 UTC. If this does not match /saude, you are reading a cached copy.