Eneva is Brazil's largest private integrated gas-to-power company: it produces onshore natural gas from the Parnaiba (Maranhao) and Amazonas (Azulao) basins and burns most of it in its own thermoelectric fleet under long-term PPAs, a reservoir-to-wire model where upstream is a captive input rather than a standalone commodity business. FY2025 saw revenue jump ~62% to ~US$3.3bn and EBITDA to ~US$1.1bn as new capacity, higher thermal dispatch and gas commercialization ramped.
The equity story is power generation and gas monetization, not upstream reserves: earnings are dominated by contracted thermoelectric availability plus growing gas trading, with coal (Itaqui, Pecem II) and solar (Futura) rounding out the fleet. Balance sheet is highly levered (~US$3.9bn net debt), so free cash flow swings with capex cycles and the company retains rather than distributes cash; upstream 1P reserves and ~33 mboe/d of gas output are a minority of intrinsic value.
Its EV/EBITDA of 11.1x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -1.1% is lower than the 6.5% median, and at $53.16/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Eneva S.A. scores 23/100, strongest on growth (69/100). Sub-scores: value 11, quality 29, growth 69, risk 85 (higher = riskier).
Eneva S.A. holds approximately 0.25 billion boe of proved (1P) reserves with FY2025 production of about 46 thousand boe/d (2% liquids), a reserve life of roughly 14.9 years. Break-even: n/a (integrated gas-to-power) — upstream gas feeds owned thermoelectric plants; value mostly power + reservoir-to-wire
For Eneva S.A., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Brazil | 100% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Parnaiba Complex (gas + thermal) | Brazil | Upstream+Power | Core integrated hub in Maranhao: onshore gas fields feeding Parnaiba I-VI thermoelectric plants |
| Parnaiba Basin E&P | Brazil | Upstream | Onshore natural gas production; largest source of captive gas for the fleet |
| Azulao-Jaguatirica (Amazonas) | Brazil | Upstream+Power | Reservoir-to-wire: Azulao gas field liquefied and trucked to Jaguatirica II plant in Roraima |
| Itaqui / Pecem II | Brazil | Power | Coal-fired thermoelectric capacity under long-term PPAs |
| Futura solar | Brazil | Power | Solar generation complex diversifying the fleet toward renewables |
| Gas commercialization / trading | Brazil | Trading | Merchant sale of gas into the free market beyond own-plant consumption |
| GNA / Porto do Acu (stake) | Brazil | Power/Gas | Interest in LNG-to-power gas complex at Porto do Acu |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 25 | 28 | 34 | 36 | 46 |
| Proved reserves (bnboe) | 0.35 | 0.32 | 0.34 | 0.31 | 0.25 |
| Revenue ($bn) | 0.9 | 1.1 | 1.8 | 2.0 | 3.4 |
| EBITDA ($bn) | 0.4 | 0.3 | 0.7 | 0.7 | 1.2 |
| Net income ($bn) | 0.2 | 0.1 | 0.0 | 0.0 | 0.2 |
| Free cash flow ($bn) | 0.0 | -0.2 | 0.0 | 0.3 | -0.1 |
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✓ FY2025 figures verified against primary sources:
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