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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
As of Mar. 2026, CIA de Gas deo Paulo - COMGAS has a Sloan Ratio of 0.46%, indicating the company is in the safe zone and there is no funny business with accruals.
CIA de Gas deo Paulo - COMGAS (BSP:CGAS3) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Mar. 2026, CIA de Gas deo Paulo - COMGAS has a Sloan Ratio of 0.46%, indicating the company is in the safe zone and there is no funny business with accruals.
CIA de Gas deo Paulo - COMGAS Sloan Ratio % Related Terms
CIA de Gas deo Paulo - COMGAS Sloan Ratio % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BSP:CGAS3 vs ATO, NI, UGI: Sloan Ratio % Comparison
For the Utilities - Regulated Gas subindustry, CIA de Gas deo Paulo - COMGAS's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CIA de Gas deo Paulo - COMGAS Sloan Ratio % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, CIA de Gas deo Paulo - COMGAS's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where CIA de Gas deo Paulo - COMGAS's Sloan Ratio % falls into.
CIA de Gas deo Paulo - COMGAS Sloan Ratio % Calculation
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
CIA de Gas deo Paulo - COMGAS's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was 389.54 (Jun. 2025 ) + 403.118 (Sep. 2025 ) + 467.5 (Dec. 2025 ) + 279.271 (Mar. 2026 ) = R$1,539 Mil.
CIA de Gas deo Paulo - COMGAS's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was 955.444 (Jun. 2025 ) + 1123.814 (Sep. 2025 ) + 978.009 (Dec. 2025 ) + 526.53 (Mar. 2026 ) = R$3,584 Mil.
CIA de Gas deo Paulo - COMGAS's Cash Flow from Investing for the trailing twelve months (TTM) ended in Mar. 2026 was -398.955 (Jun. 2025 ) + -589.55 (Sep. 2025 ) + -705.898 (Dec. 2025 ) + -425.613 (Mar. 2026 ) = R$-2,120 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CIA de Gas deo Paulo - COMGAS (BSP:CGAS3) has a Sloan Ratio % of 0.46% as of Mar. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on CIA de Gas deo Paulo - COMGAS and its competitors.
Is CIA de Gas deo Paulo - COMGAS's Sloan Ratio % too high?
CIA de Gas deo Paulo - COMGAS's current Sloan Ratio % is 0.46%. Overall, CIA de Gas deo Paulo - COMGAS has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CIA de Gas deo Paulo - COMGAS's Sloan Ratio % compare to ATO and NI?
CIA de Gas deo Paulo - COMGAS's Sloan Ratio % of 0.46% can be compared against companies in the Utilities - Regulated industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for an Utilities - Regulated company?
A good Sloan Ratio % depends on the Utilities - Regulated industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on CIA de Gas deo Paulo - COMGAS and its competitors. CIA de Gas deo Paulo - COMGAS's current Sloan Ratio % is 0.46%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CIA de Gas deo Paulo - COMGAS stock overvalued right now?
Based on GuruFocus' analysis, CIA de Gas deo Paulo - COMGAS (BSP:CGAS3) is currently considered Significantly Overvalued. The stock's GF Value™ is R$81.84, compared to a current price of R$124.54 — trading 52.2% above its estimated fair value. The current Sloan Ratio % is 0.46%. CIA de Gas deo Paulo - COMGAS's overall GF Score™ is 57/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For CIA de Gas deo Paulo - COMGAS (BSP:CGAS3), the current Sloan Ratio % is 0.46% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CIA de Gas deo Paulo - COMGAS (BSP:CGAS3) Overvalued in 2026?
Based on GuruFocus' analysis, CIA de Gas deo Paulo - COMGAS stock appears to be overvalued.
The current stock price of R$124.54 is trading 52.2% above its estimated GF Value™ of R$81.84.
GuruFocus considers CIA de Gas deo Paulo - COMGAS to be Significantly Overvalued.
Key valuation signals for BSP:CGAS3:
Sloan Ratio %: 0.46%
GF Value™: R$81.84 vs. price of R$124.54 (52.2% above fair value)
No single metric tells the full story. See the BSP:CGAS3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CIA de Gas de Sao Paulo - COMGAS distributes piped natural gas in part of the State of Sao Paulo for consumers in the industrial, residential, commercial, automotive, thermal generation and cogeneration sectors.
57GF Score
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Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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