# Energisa (ENGI3.SA)

Canonical: https://gigainvestors.com/s/ENGI3.SA

Analysis as of: 2026-10-16T07:36:45.967Z. Financial observations: FY2004–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 13.50 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.13×

- FY2020: 0.12×

- FY2021: 0.17×

- FY2022: 0.19×

- FY2023: 0.19×

- FY2024: 0.18×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: 8.9%

- Typical minus recent gross margin: -3.5 pp

- Typical gross margin (annual median): 22.3%

- Recent gross margin (lower of latest and 3-year median): 25.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.2%

- ROIC including acquisitions, ten-year median: 0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.2%

- FY2017: 11.7%

- FY2018: 4.7%

- FY2019: 9.0%

- FY2020: 8.9%

- FY2021: 14.3%

- FY2022: 11.2%

- FY2023: 10.8%

- FY2024: 13.5%

- FY2025: 12.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -0.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL -200M

- Net income, five-year total: BRL 13B

- Return on incremental invested capital: 23.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 13.3%

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

- FY2021: 0.51×

- FY2022: -0.50×

- FY2023: -0.09×

- FY2024: 0.24×

- FY2025: -0.54×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.2% vs 12.4%

- Per-share earnings: 0.25 to 0.93 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.5%

- Ordinary dilution, 5-year annual growth: 5.8%

- Market cap gain: BRL 23B

- Cumulative retained earnings: BRL 4.1B

- Diluted shares, 10-year annual growth: 6.5%

- Diluted shares, 5-year annual growth: 5.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.7%

- Per-share value change: BRL 0.68

- Per-share value, starting three-year median: BRL 0.25

- Per-share value, ending three-year median: BRL 0.93

- Average buyback yield: 4.4%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: BRL 16B

- Cumulative net income, 10 years: BRL 16B

- ROIC, first three-year median: 9.2%

- ROIC, last three-year median: 12.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.09

- FY2017: BRL 0.32

- FY2018: BRL 0.63

- FY2019: BRL 0.25

- FY2020: BRL 0.81

- FY2021: BRL 1.38

- FY2022: BRL 1.05

- FY2023: BRL 0.93

- FY2024: BRL 1.66

- FY2025: BRL 0.92

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 2.9%

- Receivables to sales index (DSRI): 1.31×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -3.1%

- FY2018: 5.8%

- FY2019: -5.4%

- FY2020: -7.3%

- FY2021: 3.2%

- FY2022: -5.9%

- FY2023: -7.0%

- FY2024: -4.4%

- FY2025: 2.9%

## Holders

## Price story

Down 24% since Dec 2023 · sales +5.1%

Story as of 2026-10-16T10:00:08.035Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +5.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 13B 

- FY2017: BRL 14B 

- FY2018: BRL 16B 

- FY2019: BRL 21B 

- FY2020: BRL 20B 

- FY2021: BRL 26B 

- FY2022: BRL 26B 

- FY2023: BRL 29B 

- FY2024: BRL 34B 

- FY2025: BRL 35B 

### Gross margin · FY2025

gross margin 25.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.0% 

- FY2017: 14.5% 

- FY2018: 16.5% 

- FY2019: 21.0% 

- FY2020: 17.6% 

- FY2021: 21.5% 

- FY2022: 25.0% 

- FY2023: 27.3% 

- FY2024: 23.5% 

- FY2025: 25.8% 

## Owner memo

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

### How it makes money

Operates in utilities regulated electric; annual sales are BRL 35.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2025: revenue 35441353000; grossProfit 9131925000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENGI3.SA: Energisa S.A., through its subsidiaries, engages in the generation, transmission, and distribution of electricity in Brazil. The company generates electricity through hydraulic, solar, and wind projects. It also provides natural gas for businesses and vehicular natural gas, as well as value-added services. In addition, the company engages in aerial thermographic inspection and insurance brokerage activities. The company was founded in 1905 and is headquartered in Cataguases, Brazil. Energisa S.A. operates as a subsidiary of Gipar S.A.

### Why customers stay

Margins ranged from 23.5% to 27.3% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2023: grossProfit / revenue = 27.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2024: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2025: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); 10-year return on capital observations [[2016,0.09198399693120612],[2017,0.11682595559581646],[2018,0.04715901135729246],[2019,0.09015893442662738],[2020,0.08864879255500262],[2021,0.14306652028937672],[2022,0.11154866223030899],[2023,0.10799362596029478],[2024,0.13539430630074556],[2025,0.12365827826314635]]; median 0.10977114409530189. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2017: growth capex 71036047.13334203; upkeep 1232455952.866658; owner earnings 133831047.13334203. Growth capex / owner earnings = 0.530788995938779.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2018: growth capex 24402185.235830545; upkeep 1501935814.7641695; owner earnings 596208185.2358305. Growth capex / owner earnings = 0.04092896716300237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2020: growth capex 0; upkeep 2132968000; owner earnings 552163800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2021: growth capex 108995186.36976051; upkeep 2510248813.6302395; owner earnings 1313727786.3697605. Growth capex / owner earnings = 0.08296634013576602.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2024: growth capex 328794312.4167175; upkeep 5349482687.583282; owner earnings 914585042.9213672. Growth capex / owner earnings = 0.3595010818966412.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); Dividend observations: [[2016,123689000],[2017,203387000],[2018,288238000],[2019,450850000],[2020,303038000],[2021,893564000],[2022,1581828000],[2023,1256640000],[2024,1596264000],[2025,2723741000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); FY2025: cash repurchases 1313650000 BRL.

### Are managers owners

Insiders own 67.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENGI3.SA SharesStats.PercentInsiders = 67.098 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:45.967Z); Closing price 13.5 BRL; reporting-to-trading FX 1; FY2025 annual sales per share 14.748297903745147; price multiple 0.9153598664813953. FY2025 cash earnings/share -0.5003486023313332. Closing-price date 2026-10-15.

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

- 2016-10: BRL 4.73 per share

- 2016-11: BRL 3.89 per share

- 2016-12: BRL 3.69 per share

- 2017-01: BRL 4.14 per share

- 2017-02: BRL 4.73 per share

- 2017-03: BRL 4.91 per share

- 2017-04: BRL 5.67 per share

- 2017-05: BRL 5.77 per share

- 2017-06: BRL 6.05 per share

- 2017-07: BRL 6.68 per share

- 2017-08: BRL 6.59 per share

- 2017-09: BRL 7.03 per share

- 2017-10: BRL 6.20 per share

- 2017-11: BRL 7.85 per share

- 2017-12: BRL 9.27 per share

- 2018-01: BRL 10.40 per share

- 2018-02: BRL 9.26 per share

- 2018-03: BRL 8.37 per share

- 2018-04: BRL 9.00 per share

- 2018-05: BRL 8.23 per share

- 2018-06: BRL 8.43 per share

- 2018-07: BRL 8.13 per share

- 2018-08: BRL 9.51 per share

- 2018-09: BRL 10.31 per share

- 2018-10: BRL 9.93 per share

- 2018-11: BRL 8.66 per share

- 2018-12: BRL 7.79 per share

- 2019-01: BRL 13.79 per share

- 2019-02: BRL 13.84 per share

- 2019-03: BRL 14.94 per share

- 2019-04: BRL 12.84 per share

- 2019-05: BRL 13.55 per share

- 2019-06: BRL 13.47 per share

- 2019-07: BRL 13.27 per share

- 2019-08: BRL 13.27 per share

- 2019-09: BRL 10.68 per share

- 2019-10: BRL 10.90 per share

- 2019-11: BRL 11.36 per share

- 2019-12: BRL 13.10 per share

- 2020-01: BRL 12.32 per share

- 2020-02: BRL 11.92 per share

- 2020-03: BRL 11.18 per share

- 2020-04: BRL 11.35 per share

- 2020-05: BRL 11.37 per share

- 2020-06: BRL 11.84 per share

- 2020-07: BRL 13.40 per share

- 2020-08: BRL 12.18 per share

- 2020-09: BRL 11.96 per share

- 2020-10: BRL 12.46 per share

- 2020-11: BRL 13.08 per share

- 2020-12: BRL 16.36 per share

- 2021-01: BRL 16.67 per share

- 2021-02: BRL 15.53 per share

- 2021-03: BRL 15.30 per share

- 2021-04: BRL 15.28 per share

- 2021-05: BRL 16.62 per share

- 2021-06: BRL 16.72 per share

- 2021-07: BRL 14.23 per share

- 2021-08: BRL 15.50 per share

- 2021-09: BRL 14.91 per share

- 2021-10: BRL 13.18 per share

- 2021-11: BRL 15.77 per share

- 2021-12: BRL 13.15 per share

- 2022-01: BRL 13.95 per share

- 2022-02: BRL 13.55 per share

- 2022-03: BRL 15.59 per share

- 2022-04: BRL 15.23 per share

- 2022-05: BRL 13.94 per share

- 2022-06: BRL 12.69 per share

- 2022-07: BRL 14.22 per share

- 2022-08: BRL 13.05 per share

- 2022-09: BRL 12.21 per share

- 2022-10: BRL 14.46 per share

- 2022-11: BRL 13.02 per share

- 2022-12: BRL 13.51 per share

- 2023-01: BRL 12.92 per share

- 2023-02: BRL 11.83 per share

- 2023-03: BRL 12.17 per share

- 2023-04: BRL 12.26 per share

- 2023-05: BRL 12.71 per share

- 2023-06: BRL 14.01 per share

- 2023-07: BRL 14.52 per share

- 2023-08: BRL 14.44 per share

- 2023-09: BRL 14.46 per share

- 2023-10: BRL 15.34 per share

- 2023-11: BRL 17.27 per share

- 2023-12: BRL 17.85 per share

- 2024-01: BRL 16.30 per share

- 2024-02: BRL 16.41 per share

- 2024-03: BRL 15.34 per share

- 2024-04: BRL 14.40 per share

- 2024-05: BRL 14.02 per share

- 2024-06: BRL 14.52 per share

- 2024-07: BRL 13.42 per share

- 2024-08: BRL 14.67 per share

- 2024-09: BRL 13.60 per share

- 2024-10: BRL 12.76 per share

- 2024-11: BRL 11.99 per share

- 2024-12: BRL 11.03 per share

- 2025-01: BRL 11.96 per share

- 2025-02: BRL 10.94 per share

- 2025-03: BRL 11.73 per share

- 2025-04: BRL 12.24 per share

- 2025-05: BRL 12.64 per share

- 2025-06: BRL 12.25 per share

- 2025-07: BRL 10.90 per share

- 2025-08: BRL 13.70 per share

- 2025-09: BRL 13.47 per share

- 2025-10: BRL 14.93 per share

- 2025-11: BRL 13.45 per share

- 2025-12: BRL 12.35 per share

- 2026-01: BRL 13.10 per share

- 2026-02: BRL 12.67 per share

- 2026-03: BRL 12.76 per share

- 2026-04: BRL 13.50 per share

- 2026-05: BRL 11.90 per share

- 2026-06: BRL 12.01 per share

- 2026-07: BRL 11.88 per share

- 2026-08: BRL 11.74 per share

- 2026-09: BRL 12.49 per share

- 2026-10: BRL 13.50 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 2.70 per share, central BRL 3.11 per share, high BRL 3.25 per share

- FY2017: low BRL 1.85 per share, central BRL 1.89 per share, high BRL 1.92 per share

- FY2018: low BRL 3.75 per share, central BRL 4.22 per share, high BRL 4.39 per share

- FY2019: low BRL 2.06 per share, central BRL 2.30 per share, high BRL 2.39 per share

- FY2020: low BRL 4.07 per share, central BRL 4.31 per share, high BRL 4.39 per share

- FY2021: low BRL 5.63 per share, central BRL 6.45 per share, high BRL 6.75 per share

- FY2022: low BRL 4.75 per share, central BRL 5.49 per share, high BRL 5.76 per share

- FY2024: low BRL 5.65 per share, central BRL 6.29 per share, high BRL 6.56 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.