Eneva S.A. (ENEV3.SA) stock analysis

In our weekly check, Eneva S.A. is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 7.

About Eneva S.A.

Eneva S.A. is an Utilities company (Diversified Utilities) based in Brazil, listed on SAO as ENEV3.SA.

What our checks show for ENEV3.SA

Red flags

• The net margin fell by 17.9 points over 5 years, to 5%: the company keeps less of each sale as profit.
• The gross margin fell by 15.1 points, to 22.8%: costs are rising faster than prices.
• Analysts expect revenue to shrink about 4.7% a year.
• Free cash flow is negative (-10.8% of revenue): the business spends more cash than it brings in.
• The stock has fallen as much as 99% from a peak. Would you have held through that?
• The share count grew by 21.1% in 2 years: each shareholder owns a smaller slice.
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• Net debt is 4.1x a year of EBITDA (debt/equity 1.29). That limits room in a downturn and raises refinancing risk.
• Operating profit covers interest only 2.2 times: a weak year could make the payments hard.
• The net margin is only 5%: little room if costs rise.
• The stock is still below its previous peak.
• Return on capital (ROCE) is only 6.2%.

Strengths

• Operating cash flow is 5.1x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 61% a year over the next years.
• Analysts expect the net margin to improve by 9.7 points from today's 5%.
• Revenue grew 46.2% a year over the last 3 years.
• Earnings per share grew 22.5% a year over the last 3 years.
• Net profit grew 36.8% a year over the last 3 years.

Next earnings report: 2026-11-11

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ENGI.PA · SRE · EOAN.DE · RWE.DE · ENEL.MI · 2082.SR

Questions

What grade does Eneva S.A. (ENEV3.SA) have?

In our weekly check, Eneva S.A. is graded C (A to F). Of 24 checks on debt, profit, cash flow and trend: 12 pass, warnings: 5, red flags: 7. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of ENEV3.SA stock?

This week's biggest flags for Eneva S.A.: Margins falling, Gross margin falling, Weak revenue forecast. In total 12 of 24 checks show a warning or a red flag.

What does Eneva S.A. do?

Eneva S.A. is an Utilities company (Diversified Utilities) based in Brazil, listed on SAO as ENEV3.SA.

When does Eneva S.A. report earnings next?

The next earnings report is expected on 2026-11-11. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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