C 
Companhia de Eletricidade do Estado da Bahia COELBA CEEB3.SA · BRL
Utilities · B3 · 🇧🇷 Brazil
44.78
+1.77%
Close of 9 Nov 2026, in BRL
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At a glance
Figures in BRL, from our data supplier.
Revenue
BRL 18.38bn
FY2016FY2025
Net income
BRL 1.95bn
FY2016FY2025
Free cash flow
−BRL 2.16bn
FY2016FY2025
Shareholders' equity
BRL 7.85bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 18.38bn | BRL 16.53bn | BRL 15.16bn | BRL 12.14bn | BRL 12.97bn | BRL 11.29bn | BRL 10.22bn | BRL 9.24bn | BRL 8.14bn | BRL 7.07bn |
| Research and development | — | — | — | — | — | — | — | BRL 41.1m | BRL 13.2m | BRL 11.8m |
| Operating income | BRL 4.33bn | BRL 3.98bn | BRL 3.77bn | BRL 3.20bn | BRL 2.82bn | BRL 1.87bn | BRL 1.64bn | BRL 1.13bn | BRL 688.8m | BRL 739.2m |
| Net income | BRL 1.95bn | BRL 1.81bn | BRL 1.84bn | BRL 1.57bn | BRL 1.67bn | BRL 1.22bn | BRL 1.01bn | BRL 638.6m | BRL 177.0m | BRL 259.7m |
| Diluted earnings per share | 7.46 | 6.90 | 7.02 | 5.98 | 6.37 | 4.65 | 3.85 | 2.44 | 0.87 | 1.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | BRL 35.86bn | BRL 31.28bn | BRL 27.88bn | BRL 25.63bn | BRL 24.40bn | BRL 20.92bn | BRL 18.95bn | BRL 14.53bn | BRL 12.55bn | BRL 10.53bn |
| Cash and short-term investments | BRL 2.64bn | BRL 1.55bn | BRL 974.0m | BRL 1.03bn | BRL 1.32bn | BRL 478.0m | BRL 1.07bn | BRL 884.0m | BRL 963.3m | BRL 519.5m |
| Total liabilities | BRL 28.01bn | BRL 23.86bn | BRL 21.45bn | BRL 19.72bn | BRL 18.22bn | BRL 14.81bn | BRL 13.73bn | BRL 9.33bn | BRL 9.39bn | BRL 7.57bn |
| Debt | BRL 20.37bn | BRL 16.36bn | BRL 14.30bn | BRL 13.19bn | BRL 11.44bn | BRL 7.83bn | BRL 7.73bn | BRL 6.29bn | BRL 5.35bn | BRL 4.99bn |
| Shareholders' equity | BRL 7.85bn | BRL 7.42bn | BRL 6.44bn | BRL 5.91bn | BRL 6.18bn | BRL 6.11bn | BRL 5.22bn | BRL 5.21bn | BRL 3.17bn | BRL 2.96bn |
| Shares outstanding | 262m | 262m | 262m | 262m | 262m | 262m | 262m | 262m | 204m | 188m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | BRL 1.77bn | BRL 2.86bn | BRL 2.19bn | BRL 2.67bn | BRL 752.0m | BRL 1.68bn | BRL 1.45bn | BRL 389.5m | BRL 314.1m | BRL 214.5m |
| Capital spending | −BRL 3.93bn | −BRL 2.95bn | −BRL 2.55bn | −BRL 2.72bn | −BRL 2.45bn | −BRL 1.96bn | −BRL 2.14bn | −BRL 1.76bn | −BRL 1.79bn | −BRL 1.19bn |
| Free cash flow | −BRL 2.16bn | −BRL 89.0m | −BRL 358.0m | −BRL 51.0m | −BRL 1.70bn | −BRL 283.0m | −BRL 686.7m | −BRL 1.37bn | −BRL 1.48bn | −BRL 971.8m |
| Dividends paid | −BRL 1.53bn | −BRL 711.0m | −BRL 1.17bn | −BRL 1.67bn | −BRL 1.71bn | −BRL 112.0m | −BRL 1.07bn | −BRL 321.1m | −BRL 7.9m | −BRL 123.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | BRL 4.86bn | BRL 4.20bn | BRL 4.89bn | BRL 4.70bn | BRL 3.95bn | BRL 3.70bn | BRL 2.94bn | BRL 3.85bn |
| Operating income | BRL 1.03bn | BRL 1.10bn | BRL 1.16bn | BRL 913.0m | BRL 1.02bn | BRL 1.06bn | BRL 1.23bn | BRL 765.0m |
| Net income | BRL 341.0m | BRL 406.0m | BRL 498.0m | BRL 247.0m | BRL 721.0m | BRL 488.0m | BRL 629.0m | BRL 294.0m |
| Diluted earnings per share | 1.30 | 1.55 | 1.90 | 0.94 | 2.75 | 1.86 | 2.40 | 1.12 |
| Cash from operations | −BRL 5.0m | BRL 123.0m | BRL 234.0m | BRL 419.0m | BRL 421.0m | BRL 696.0m | BRL 682.0m | BRL 596.0m |
| Capital spending | — | — | −BRL 3.93bn | −BRL 2.79bn | −BRL 1.78bn | −BRL 783.0m | −BRL 2.95bn | −BRL 1.95bn |
| Free cash flow | — | — | −BRL 3.69bn | −BRL 2.37bn | −BRL 1.35bn | −BRL 87.0m | −BRL 2.27bn | −BRL 1.36bn |
| Total assets | BRL 37.97bn | BRL 37.74bn | BRL 35.86bn | BRL 33.38bn | BRL 31.98bn | BRL 31.25bn | BRL 31.28bn | BRL 28.93bn |
| Cash and short-term investments | BRL 1.77bn | BRL 3.21bn | BRL 2.64bn | BRL 1.12bn | BRL 452.0m | BRL 796.0m | BRL 1.55bn | BRL 767.0m |
| Debt | BRL 21.32bn | BRL 21.65bn | BRL 20.37bn | BRL 16.99bn | BRL 15.58bn | BRL 15.52bn | BRL 16.36bn | BRL 14.34bn |
| Shareholders' equity | BRL 8.31bn | BRL 8.11bn | BRL 7.85bn | BRL 8.57bn | BRL 8.46bn | BRL 7.86bn | BRL 7.42bn | BRL 6.96bn |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 23.5% | 24.1% | 22.9% | 25.8% | 21.6% | 17.4% | — | — | — | — | — | — |
| Net margin | 10.6% | 10.9% | 12.1% | 12.9% | 12.9% | 10.8% | — | — | — | — | — | — |
| Return on equity | 24.9% | 24.4% | 28.6% | 26.5% | 27.0% | 20.0% | — | — | — | — | — | — |
| Return on assets | 5.4% | 5.8% | 6.6% | 6.1% | 6.8% | 5.8% | — | — | — | — | — | — |
| Free cash flow yield | 45.9% | 46.8% | 38.1% | 43.5% | 25.8% | 29.3% | — | — | — | — | — | — |
| Revenue growth | 11.2% | 9.0% | 24.9% | -6.4% | 14.9% | 10.4% | — | — | — | — | — | — |
| Earnings growth | 8.1% | -1.7% | 17.4% | -6.1% | 36.9% | 20.8% | — | — | — | — | — | — |
| Current ratio | 1.19x | 0.95x | 0.87x | 0.94x | 1.13x | 1.19x | — | — | — | — | — | — |
| Debt to equity | 2.59x | 2.20x | 2.25x | 2.24x | 1.86x | 1.28x | — | — | — | — | — | — |
| Equity ratio | 21.9% | 23.7% | 23.1% | 23.1% | 25.3% | 29.2% | — | — | — | — | — | — |
| Interest coverage | 2.13x | 2.55x | 2.40x | 2.52x | 3.79x | 3.89x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.4% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 14.8% | 10.2% | 10.5% |
| Operating income | 10.6% | 18.2% | 17.7% |
| Net income | 7.6% | 9.9% | 17.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 23.8% | 24.6% | 23.1% | 19.6% |
| Net margin | 10.8% | 11.5% | 11.6% | 9.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 5.7 | 5.6 | 5.8 | 6.6 | 5.3 | 9.3 | 10.1 | 10.7 | 26.9 | 16.1 |
| Price to sales | 0.6 | 0.6 | 0.7 | 0.9 | 0.7 | 1.0 | 1.0 | 0.7 | 0.6 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 28 years. Last went ex-dividend on 24 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.493 | 6.02 | 2.785 | 4.553 | 6.322 | 3.06 | 0.972 | 3.937 |
- 100-to-1 reverse split · 10 Dec 2007
- 1000-to-1 reverse split · 25 Jul 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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