# Eneva (ENEV3.SA)

Canonical: https://gigainvestors.com/s/ENEV3.SA

Analysis as of: 2026-10-16T07:35:35.919Z. Financial observations: FY2015–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 31.42 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.27×

- FY2018: 0.30×

- FY2019: 0.27×

- FY2020: 0.33×

- FY2021: 0.28×

- FY2022: 0.16×

- FY2023: 0.26×

- FY2024: 0.25×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 13.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.0%

- ROIC, second-lowest year: 4.5%

- Typical minus recent gross margin: 13.6 pp

- Typical gross margin (annual median): 37.3%

- Recent gross margin (lower of latest and 3-year median): 23.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.9%

- ROIC including acquisitions, ten-year median: 0.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.5%

- FY2017: 5.4%

- FY2018: 9.2%

- FY2019: 7.9%

- FY2020: 8.1%

- FY2021: 7.9%

- FY2022: 2.3%

- FY2023: 8.4%

- FY2024: 6.1%

- FY2025: 5.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -30M

- Net income, five-year total: BRL 3.0B

- Return on incremental invested capital: 21.7%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 12.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: -0.95×

- FY2023: -1.37×

- FY2024: -20.35×

- FY2025: 0.29×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.4% vs 6.1%

- Per-share earnings: 0.06 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.6%

- Ordinary dilution, 5-year annual growth: 8.7%

- Market cap gain: BRL 36B

- Cumulative retained earnings: BRL 3.4B

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: 8.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.6%

- Per-share value change: BRL 0.08

- Per-share value, starting three-year median: BRL 0.06

- Per-share value, ending three-year median: BRL 0.14

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 8.0B

- Cumulative net income, 10 years: BRL 5.5B

- ROIC, first three-year median: 5.4%

- ROIC, last three-year median: 6.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL -0.11

- FY2017: BRL 0.09

- FY2018: BRL 0.70

- FY2019: BRL 0.47

- FY2020: BRL 0.80

- FY2021: BRL 0.92

- FY2022: BRL 0.24

- FY2023: BRL 0.14

- FY2024: BRL 0.02

- FY2025: BRL 0.60

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.36×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -8.4%

- FY2018: -5.2%

- FY2019: -5.5%

- FY2020: -1.5%

- FY2021: -0.3%

- FY2022: -2.1%

- FY2023: -5.9%

- FY2024: -7.8%

- FY2025: -4.4%

## Holders

## Price story

Up 190% since Oct 2023 · sales +61.7%

Story as of 2026-10-16T10:00:05.634Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +61.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 2.2B 

- FY2017: BRL 2.7B 

- FY2018: BRL 3.1B 

- FY2019: BRL 3.1B 

- FY2020: BRL 3.2B 

- FY2021: BRL 5.1B 

- FY2022: BRL 6.1B 

- FY2023: BRL 10B 

- FY2024: BRL 11B 

- FY2025: BRL 18B 

### Gross margin · FY2025

gross margin 23.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 33.9% 

- FY2017: 40.8% 

- FY2018: 40.1% 

- FY2019: 39.5% 

- FY2020: 46.2% 

- FY2021: 37.9% 

- FY2022: 30.6% 

- FY2023: 36.8% 

- FY2024: 34.7% 

- FY2025: 23.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are BRL 18.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2025: revenue 18416056000; grossProfit 4370893000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.7% to 36.8% during 2023–25; it earns 7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2023: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2024: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2025: grossProfit / revenue = 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); 10-year return on capital observations [[2016,0.04527052753794261],[2017,0.05403706465566081],[2018,0.09248440868779677],[2019,0.0788458203421848],[2020,0.08141179118344612],[2021,0.07907122383619611],[2022,0.022528242070422477],[2023,0.08421877277927375],[2024,0.061199397381686456],[2025,0.05939276001731318]]; median 0.07002260886193563. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 21.7% on new investment; paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2016: growth capex 0; upkeep 156756000; owner earnings 91529000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2017: growth capex 0; upkeep 308889000; owner earnings 205364000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2018: growth capex 10691000; upkeep 444879000; owner earnings 887873000. Growth capex / owner earnings = 0.012041136513893316.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2019: growth capex 23665997.073592186; upkeep 806251002.9264078; owner earnings 264246997.0735922. Growth capex / owner earnings = 0.0895601362955177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2021: growth capex 526988000; upkeep 608837000; owner earnings 1140790200. Growth capex / owner earnings = 0.4619499711691072.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2025: growth capex 2865537000; upkeep 2793602000; owner earnings 340055200. Growth capex / owner earnings = 8.426681903408623.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); Incremental return on capital 0.21729355415886795, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,42630000],[2024,233679000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); FY2025: cash repurchases 223621000 BRL.

### Are managers owners

Insiders own 22.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENEV3.SA SharesStats.PercentInsiders = 22.5 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:35.919Z); Closing price 31.42 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 9.612701588951357; price multiple 3.2685920507626607. FY2025 cash earnings/share 0.17749995772010962. Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2016-10: BRL 3.64 per share

- 2016-11: BRL 3.38 per share

- 2016-12: BRL 2.98 per share

- 2017-01: BRL 2.93 per share

- 2017-02: BRL 3.39 per share

- 2017-03: BRL 3.63 per share

- 2017-04: BRL 3.65 per share

- 2017-05: BRL 3.40 per share

- 2017-06: BRL 3.40 per share

- 2017-07: BRL 3.49 per share

- 2017-08: BRL 4.00 per share

- 2017-09: BRL 3.89 per share

- 2017-10: BRL 3.34 per share

- 2017-11: BRL 3.49 per share

- 2017-12: BRL 3.48 per share

- 2018-01: BRL 3.46 per share

- 2018-02: BRL 3.38 per share

- 2018-03: BRL 3.30 per share

- 2018-04: BRL 3.33 per share

- 2018-05: BRL 3.25 per share

- 2018-06: BRL 2.98 per share

- 2018-07: BRL 3.13 per share

- 2018-08: BRL 3.23 per share

- 2018-09: BRL 3.31 per share

- 2018-10: BRL 3.45 per share

- 2018-11: BRL 3.56 per share

- 2018-12: BRL 4.02 per share

- 2019-01: BRL 4.63 per share

- 2019-02: BRL 4.67 per share

- 2019-03: BRL 4.63 per share

- 2019-04: BRL 4.97 per share

- 2019-05: BRL 5.69 per share

- 2019-06: BRL 6.03 per share

- 2019-07: BRL 6.47 per share

- 2019-08: BRL 6.71 per share

- 2019-09: BRL 7.67 per share

- 2019-10: BRL 8.22 per share

- 2019-11: BRL 9.53 per share

- 2019-12: BRL 10.92 per share

- 2020-01: BRL 10.93 per share

- 2020-02: BRL 10.69 per share

- 2020-03: BRL 8.69 per share

- 2020-04: BRL 9.00 per share

- 2020-05: BRL 9.55 per share

- 2020-06: BRL 11.25 per share

- 2020-07: BRL 12.59 per share

- 2020-08: BRL 12.38 per share

- 2020-09: BRL 12.03 per share

- 2020-10: BRL 13.15 per share

- 2020-11: BRL 14.56 per share

- 2020-12: BRL 15.53 per share

- 2021-01: BRL 15.65 per share

- 2021-02: BRL 17.00 per share

- 2021-03: BRL 16.70 per share

- 2021-04: BRL 14.67 per share

- 2021-05: BRL 18.46 per share

- 2021-06: BRL 16.98 per share

- 2021-07: BRL 16.46 per share

- 2021-08: BRL 15.67 per share

- 2021-09: BRL 16.47 per share

- 2021-10: BRL 14.40 per share

- 2021-11: BRL 13.95 per share

- 2021-12: BRL 14.15 per share

- 2022-01: BRL 13.21 per share

- 2022-02: BRL 13.47 per share

- 2022-03: BRL 14.78 per share

- 2022-04: BRL 13.72 per share

- 2022-05: BRL 15.58 per share

- 2022-06: BRL 14.77 per share

- 2022-07: BRL 15.21 per share

- 2022-08: BRL 15.50 per share

- 2022-09: BRL 14.15 per share

- 2022-10: BRL 14.18 per share

- 2022-11: BRL 12.34 per share

- 2022-12: BRL 11.93 per share

- 2023-01: BRL 12.00 per share

- 2023-02: BRL 11.43 per share

- 2023-03: BRL 10.47 per share

- 2023-04: BRL 11.35 per share

- 2023-05: BRL 11.45 per share

- 2023-06: BRL 12.27 per share

- 2023-07: BRL 13.37 per share

- 2023-08: BRL 11.92 per share

- 2023-09: BRL 12.06 per share

- 2023-10: BRL 10.82 per share

- 2023-11: BRL 12.69 per share

- 2023-12: BRL 13.61 per share

- 2024-01: BRL 12.76 per share

- 2024-02: BRL 12.83 per share

- 2024-03: BRL 12.75 per share

- 2024-04: BRL 12.38 per share

- 2024-05: BRL 12.43 per share

- 2024-06: BRL 12.70 per share

- 2024-07: BRL 12.63 per share

- 2024-08: BRL 13.13 per share

- 2024-09: BRL 13.97 per share

- 2024-10: BRL 13.08 per share

- 2024-11: BRL 11.55 per share

- 2024-12: BRL 10.53 per share

- 2025-01: BRL 11.80 per share

- 2025-02: BRL 11.78 per share

- 2025-03: BRL 11.83 per share

- 2025-04: BRL 13.51 per share

- 2025-05: BRL 13.97 per share

- 2025-06: BRL 13.65 per share

- 2025-07: BRL 13.45 per share

- 2025-08: BRL 15.11 per share

- 2025-09: BRL 16.55 per share

- 2025-10: BRL 18.31 per share

- 2025-11: BRL 19.87 per share

- 2025-12: BRL 20.18 per share

- 2026-01: BRL 21.12 per share

- 2026-02: BRL 21.40 per share

- 2026-03: BRL 24.54 per share

- 2026-04: BRL 27.08 per share

- 2026-05: BRL 25.63 per share

- 2026-06: BRL 26.72 per share

- 2026-07: BRL 26.31 per share

- 2026-08: BRL 26.21 per share

- 2026-09: BRL 27.87 per share

- 2026-10: BRL 31.35 per share

## Annual estimated value (BRL per share)

- FY2019: low BRL 2.47 per share, central BRL 2.55 per share, high BRL 2.64 per share

- FY2020: low BRL 2.61 per share, central BRL 2.69 per share, high BRL 2.78 per share

- FY2021: low BRL 3.27 per share, central BRL 3.40 per share, high BRL 3.56 per share

- FY2022: low BRL 3.16 per share, central BRL 3.29 per share, high BRL 3.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations