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Equatorial Energia (EQTL) USD

At a glance: strengths & risks
✓Revenue growing (+18% y/y, Q2 2026)✗Profit falling (-44% y/y, Q2 2026)✗Margins compressing (30%→25%, Q2 2026)✗High leverage (3.9x EBITDA)

Sector: Utilities

BR_EQTL

Price chart

39.56 BRLDay 0.05%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
39.56 BRL · 0.05%
Market cap
9.7 bn USD

Growth

Δ revenue y/y
17.9%
Δ EBITDA y/y
-1.5%

Multiples

P/E (LTM)
27.7x
P/B (FY)
1.9x
P/E (ann.)
18.8x
EV/EBITDA (LTM)
9.6x
EV/EBITDA (ann.)
7.5x

Cash return

Dividend yield
4.0%
FCF yield (LTM)
-25.5%

Liquidity

Daily turnover
—

Shares: yahoo_fundamentals_timeseries/EQTL3.SA

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)PARTIAL2705.5
y/y 17.9%
495.1
y/y -6.9%
185.9
y/y 16.5%
681.1
y/y -1.5%
128.6
y/y -44.4%
-132.829.323422.9
y/y 11.9%
5654.7
y/y -1.8%
9.1%10663.3Link
2026-03-31Q1 2026 (3M)PARTIAL2541.1
y/y 22.0%
463.3
y/y 8.5%
168.3
y/y 24.1%
631.6
y/y 12.3%
120.9
y/y -3.8%
136.3-396.122280.4
y/y 8.2%
5620.2
y/y 2.8%
9.0%9157.5Link
2025-12-31Q4 2025 (3M)PARTIAL2502.5
y/y 79.5%
82.7
y/y -62.9%
145.0
y/y 76.0%
227.7
y/y -25.5%
-13.0
y/y -106.5%
230.1-762.020014.6
y/y 6.2%
5172.9
y/y 6.9%
8.1%8032.9Link
2025-09-30Q3 2025 (3M)PARTIAL2628.2
y/y 22.5%
444.4
y/y 0.8%
133.0
y/y 12.3%
577.4
y/y 3.2%
113.3
y/y -34.1%
188.4-15.323442.4
y/y 20.2%
6093.7
y/y 17.9%
2.5%8769.7Link
2025-06-30Q2 2025 (3M)PARTIAL2295.0
y/y 22.8%
531.8
y/y 53.9%
159.6
y/y 36.1%
691.4
y/y 49.4%
231.3
y/y 86.7%
158.3-343.620931.5
y/y 11.8%
5759.6
y/y 20.7%
16.5%8197.4Link
2025-03-31Q1 2025 (3M)PARTIAL2083.5
y/y 7.7%
426.9
y/y 9.9%
135.6
y/y 5.7%
562.5
y/y 8.9%
125.7
y/y 11.0%
148.9-357.420591.0
y/y 4.9%
5468.4
y/y 8.9%
9.8%7818.0Link
2024-12-31Q4 2024 (3M)PARTIAL1394.5
y/y -42.5%
223.1
y/y -42.3%
82.4
y/y -41.9%
305.5
y/y -42.2%
200.9
y/y -4.7%
167.6-479.718843.3
y/y -12.0%
4837.8
y/y -7.4%
12.2%6926.2Link
2024-09-30Q3 2024 (3M)PARTIAL2145.5
y/y 4.5%
441.0
y/y 1.1%
118.4
y/y -5.4%
559.4
y/y -0.4%
171.9
y/y -6.5%
352.2-17.219503.8
y/y -0.4%
5168.8
y/y 13.8%
4.6%7194.2Link
2024-06-30Q2 2024 (3M)PARTIAL1869.0
y/y -4.1%
345.5
y/y -9.4%
117.2
y/y -2.5%
462.7
y/y -7.8%
123.9
y/y -12.8%
92.5-188.018730.4
y/y -7.6%
4772.8
y/y 3.3%
10.1%6337.5Link
2024-03-31Q1 2024 (3M)PARTIAL1934.4
y/y -5.2%
388.4
y/y 3.3%
128.3
y/y 8.2%
516.7
y/y 4.5%
113.2
y/y 96.1%
75.8-284.219631.9
y/y 5.4%
5022.3
y/y 20.0%
8.8%6880.3Link
2023-12-31Q4 2023 (3M)PARTIAL2427.0
y/y —
386.8
y/y —
141.7
y/y —
528.5
y/y —
210.8
y/y —
138.8-1470.121418.6
y/y —
5225.0
y/y —
12.2%7070.6Link
2023-09-30Q3 2023 (3M)PARTIAL2053.4
y/y —
436.3
y/y —
125.1
y/y —
561.4
y/y —
183.8
y/y —
97.2-227.219574.6
y/y —
4543.1
y/y —
5.3%7111.9Link
2023-06-30Q2 2023 (3M)PARTIAL1948.1
y/y —
381.5
y/y —
120.2
y/y —
501.7
y/y —
142.0
y/y —
306.1-182.220261.6
y/y —
4622.4
y/y —
12.9%7109.6Link
2023-03-31Q1 2023 (3M)PARTIAL2041.4
y/y —
375.9
y/y —
118.6
y/y —
494.4
y/y —
57.7
y/y —
106.7-10.918622.1
y/y —
4185.9
y/y —
—6577.2Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-600-400-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 5005 0007 50010 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.13x of reported net profit; after capex, -1.65x.
year202320242025
cash flow / profit1.09x1.13x1.59x
accruals, % of assets-0.2%-0.4%-1.3%
Last twelve months (to 2025-Q3): 1.60x of profit came back as operating cash flow.
net debt / EBITDA 3.9x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +29% vs -13% the year before — a +42.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 -13% · 2025 +29%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Utilities. Each peer is shown as it trades and re-priced onto this company's market (Brazil) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Inter RAORussia2.30.1x0.1x
Rosseti Moscow RegionRussia1.11.4x2.5x
FGC UESRussia1.61.8x3.2x
LenenergoRussia2.12.0x3.5x
NEXTERA ENERGY INCUS168.917.8x5.4x
CPFL EnergiaBrazil10.05.7x5.7x
RushydroRussia2.33.5x6.2x
CemigBrazil6.06.3x6.3x
DEWA (Dubai Electricity & Water)UAE37.410.2x7.1x
Manila Electric (Meralco)Philippines8.711.0x10.5x
En+ GroupRussia2.86.4x11.4x
EnergisaBrazil25.218.4x18.4x
Group median6.0x6.0x
Group average7.0x6.7x
This companyBrazil9.79.6x9.6x

Group median 6.0x as traded, 6.0x adjusted; this company 9.6x — a 61% premium.

Group average 7.0x as traded, 6.7x adjusted; against the average this company is at a 44% premium.

At the adjusted group median the market cap would be -69% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.2x, Russia 3.9x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2025-12-300.1333 BRLEx-dividend: 0.1333 BRL per sharePaidYahoo Finance (ex-div)
2025-11-061.45 BRLEx-dividend: 1.45 BRL per sharePaidYahoo Finance (ex-div)
2025-05-020.7002 BRLEx-dividend: 0.7002 BRL per sharePaidYahoo Finance (ex-div)
2025-01-140.0891 BRLEx-dividend: 0.0891 BRL per sharePaidYahoo Finance (ex-div)
2024-05-020.4472 BRLEx-dividend: 0.4472 BRL per sharePaidYahoo Finance (ex-div)
2023-05-020.3476 BRLEx-dividend: 0.3476 BRL per sharePaidYahoo Finance (ex-div)
2022-05-020.6349 BRLEx-dividend: 0.6349 BRL per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.rad.cvm.gov.br/ENET/frmConsultaExternaCVM.aspx?codigoCVM=20010

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Equatorial Energia (EQTL) — from primary filings.

Frequently asked questions

What is Equatorial Energia (EQTL)'s P/E ratio?
Equatorial Energia (EQTL) trades at a P/E of 27.7x (price to trailing 12-month earnings).
What is Equatorial Energia (EQTL)'s EV/EBITDA?
Equatorial Energia (EQTL) trades at 9.6x EV/EBITDA.
What is Equatorial Energia (EQTL)'s P/B ratio?
Equatorial Energia (EQTL) trades at a P/B of 1.9x.
What is Equatorial Energia (EQTL)'s dividend yield?
Equatorial Energia (EQTL)'s trailing 12-month dividend yield is 4.0%.
What is Equatorial Energia (EQTL)'s return on equity (ROE)?
Equatorial Energia (EQTL)'s ROE is 9.1%.
What is Equatorial Energia (EQTL)'s market capitalization?
Equatorial Energia (EQTL)'s market cap is 9.7 bn USD.

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