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Ecopetrol S.A.

EC Energy Oil & Gas Integrated

Ecopetrol S.A.’s revenue for fiscal 2025 (year ended December 2025) was $23.9 billion, down 83.7% from fiscal 2024. In the quarter to December 2025, revenue fell 95.2%, EPS grew 22.6%, free cash flow fell 89.8% and total debt fell 83.4%, each against the same quarter a year earlier.

16.94 0.00 0.00%
Market cap
$34.8B
P/E
13.4×
Fwd P/E
5.2×
Dividend yield
3.90%
F-score
6/9
Altman Z
1.21
Beneish M
−3.66
Dividend safety
34/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 34,830.00
Revenue 23,938.80
Net Income 2,888.80
Free Cash Flow 4,414.20
Net Debt 19,333.60
Current Ratio 1.55 (at or above 1.5: strong)
Debt/Equity 1.02
P/E ratio 13.44
Fwd P/E 5.17
P/S ratio 1.45
P/B ratio 1.63
Past 5Y EPS Growth 43.10% (at or above 15%: strong)
This Y EPS Growth 84.83% (at or above 15%: strong)
Next Y EPS Growth (17.14%) (below 0%: weak)
Next Y revenue growth 596,403.12% (at or above 10%: strong)
Next 5Y EPS Growth 13.89%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 1.0×; over the ten years it ranged from 0.2× in 2024 to 3.4× in 2018.
P/E against its own 10 years 79.50%
10-year low 10-year high
P/S against its own 10 years 79.06%
10-year low 10-year high
P/B against its own 10 years 74.11%
10-year low 10-year high
EV/Sales against its own 10 years 86.96%
10-year low 10-year high
EV/FCF against its own 10 years 75.01%
10-year low 10-year high

Dividends

Payout Ratio 0.52
Annual Dividend Rate 0.66
Annual Dividend Yield 3.90%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 149.33
0.66
2025 288.47
0.49
0.51
0.52
2024 1.57
0.82
0.75
2023 1.79
0.15
0.97
0.83
2022 1.46
1.46
0.80
2021 0.09
0.09
2020 0.89
0.89
2019 0.54
0.32
0.54
2018 0.64
0.64
2017 0.16
0.16
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2022 2023 2024 2025
Cash 18,220 17,036 16,397 2,506
Receivables 43,148 39,973 22,468 2,976
Inventory 13,068 12,243 11,031 1,722
Other 10,519 13,056 16,779 3,485
85,005 82,338 66,726 10,689
2022 2023 2024 2025
Payables 21,931 22,670 21,232 3,152
ST’ Debt 24,418 18,660 12,417 2,016
Other 4,688 3,834 6,904 932
62,461 52,277 43,599 6,903

Compound Annual Growth %

10y 5y 3y
Sales 1.35% (18.18%) (48.53%)
Cash Flow 4.82% (11.00%) (44.90%)
Earnings 0.00% 0.34% (60.78%)
Book Value 2.16% (21.04%) (44.56%)

Revenue $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 6,273 5,934 5,968 5,764 23,939
’24 9,391 9,788 6,921 120,563 146,664
’23 7,771 6,860 7,026 150,171 171,828
’22 9,742 13,166 8,688 143,977 175,572
’21 5,162 5,833 7,000 101,451 119,446
’20 4,522 2,533 3,697 54,539 65,290
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 1,224 2,009 1,776 1,659 6,668
’24 1,805 5,121 185 42,530 49,640
’23 414 628 838 21,881 23,761
’22 1,136 1,846 1,993 34,883 39,858
’21 880 994 1,584 25,839 29,297
’20 772 (674) 1,058 10,787 11,943
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 680 534 983 2,217 4,414
’24 528 3,747 63 21,704 26,042
’23 (574) 912 (1,681) (2,930) (4,274)
’22 144 479 3,240 12,340 16,203
’21 151 170 511 11,181 12,013
’20 (262) (1,391) 436 (1,261) (2,478)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 — — — — —
’25 0.36 0.21 0.31 0.38 1.26
’24 0.50 0.42 0.43 0.31 1.66
’23 0.58 0.45 0.61 0.74 14.82
’22 0.82 1.30 1.06 0.69 18.83
’21 0.42 0.49 0.48 0.63 11.15
’20 0.02 0.00 0.11 0.08 —
Fiscal quarters ending in the months shown.
value withheld pending a data check

Target Price Range

Analyst price targets

Recommendation Rating

3.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 5.16 8.44 14.69 15.21 6.28 11.37 8.59 8.59 7.21 7.80

Analyst estimates 2026–2028

Powerpack
High 10.29 14.70 27.96 23.24 20.96 15.91 19.81 13.14 12.90 11.05
People
People Employees 10,920 11,682 12,228 15,157 13,977 18,378 18,903 19,657 19,581 19,581
Revenue/emp, $m 5.77 7.18 8.98 6.60 4.67 6.50 9.29 8.74 7.49 1.22
Income, $m
Income, $m Revenue 63,031 83,931 109,766 100,084 65,290 119,446 175,572 171,828 146,664 23,939
Gross margin, % 29.36 34.04 39.97 37.09 25.20 39.51 43.95 38.42 35.14 31.44
EBT 10,128 20,654 32,982 27,613 6,209 34,354 59,580 44,279 33,778 3,772
EBT margin, % 16.07 24.61 30.05 27.59 9.51 28.76 33.93 25.77 23.03 15.76
Net income 4,222 11,954 19,769 21,007 3,559 22,920 38,719 30,460 20,349 2,889
Depreciation 9,889 12,422 12,328 12,016 12,122 13,208 13,342 16,575 16,717 3,221
Per share, $
Per share, $ Revenue 30.66 40.83 53.39 48.68 31.76 58.10 85.40 83.58 71.34 11.64
Earnings 0.25 5.81 9.62 10.22 — 11.15 18.83 14.82 1.66 1.26
Cash flow 9.00 12.38 17.49 18.87 5.81 14.25 19.39 11.56 24.15 3.24
Capex (3.62) (4.16) (6.51) (9.41) (7.01) (8.41) (11.51) (13.64) (11.48) (1.10)
Free cash flow 5.38 8.23 10.97 9.46 (1.21) 5.84 7.88 (2.08) 12.67 2.15
Book value 27.55 35.18 44.45 39.66 33.83 57.28 60.95 58.52 56.67 10.38
Shares, m 2,056 2,056 2,056 2,056 2,056 2,056 2,056 2,056 2,056 2,056
Valuation, ×
Valuation, × P/E 0.00 27.00 9.45 9.69 61.48 6.38 2.56 5.03 4.77 7.95
P/S 1.12 2.17 1.54 0.41 0.41 0.22 0.12 0.14 0.11 0.86
P/B 1.42 2.35 2.42 0.50 0.38 0.23 0.16 0.20 0.14 0.96
EV/Sales 1.88 2.87 1.89 0.82 1.19 1.08 0.73 0.78 0.90 1.67
EV/FCF 211.43 12.09 7.31 4.24 (31.40) 10.74 7.95 (24.78) 5.06 9.05
Cash, $m
Cash, $m Operating cash flow 18,503 25,460 35,951 38,796 11,943 29,297 39,858 23,761 49,640 6,668
Capex (7,446) (8,547) (13,388) (19,354) (14,421) (17,283) (23,655) (28,034) (23,598) (2,254)
Free cash flow 11,057 16,913 22,562 19,442 (2,478) 12,013 16,203 (4,274) 26,042 4,414
Balance, $m
Balance, $m Working capital 10,064 9,566 14,730 2,271 5,918 27,881 22,544 30,061 23,127 3,786
Total debt 67,889 65,322 60,900 53,535 60,751 123,579 126,648 126,979 131,962 21,840
Net debt 49,978 48,951 42,288 41,355 51,291 102,549 108,429 109,942 115,565 19,334
Shareholders’ equity 56,629 72,324 91,372 81,524 69,549 117,759 125,293 120,303 116,505 21,348
Returns, %
Returns, % ROA 3.09 6.46 9.68 9.95 1.13 8.23 10.73 7.55 4.58 1.09
ROIC 6.79 12.50 16.80 14.97 4.83 10.95 17.72 13.60 11.39 8.20
ROE 8.62 16.70 22.25 22.26 2.73 21.72 28.61 20.58 12.86 3.04
Negative figures in brackets.
value withheld pending a data check

All 10 years →

Fiscal years to Dec 2025 · latest quarter Dec 2025

Charts ten years each

Ecopetrol S.A. vs peers in Oil & Gas Integrated (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BP BP p.l.c. $119.4B 22.0× 8.0× +47.06% (above 0%: growing) +140.32% (above 0%: growing) +144.15% (above 0%: growing) 27.64% 12.75% Compare
EQNR Equinor ASA $102.6B 11.7× 7.6× +39.90% (above 0%: growing) +298.00% (above 0%: growing) +1,548.80% (above 0%: growing) 54.71% 36.94% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $91.9B 6.4× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
E Eni SpA $81.1B 14.1× 9.3× +21.42% (above 0%: growing) +616.67% (above 0%: growing) +43.60% (above 0%: growing) 21.45% 5.19% Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras $60.3B 5.7× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
CVE Cenovus Energy Inc $58.1B 12.0× 8.7× +41.33% (above 0%: growing) +226.47% (above 0%: growing) +18,996.54% (above 0%: growing) 42.35% 23.60% Compare
EC Ecopetrol S.A. $34.8B 13.4× 5.2× −95.22% (below 0%: shrinking) +22.58% (above 0%: growing) −89.78% (below 0%: shrinking) 29.49% 18.48%
YPF YPF Sociedad Anonima $19.6B 26.3× — +41.65% (above 0%: growing) +2,546.55% (above 0%: growing) +922.15% (above 0%: growing) 45.10% 27.58% Compare
NFG National Fuel Gas Company $7.4B 10.8× 10.5× +1.07% (above 0%: growing) −12.05% (below 0%: shrinking) −43.17% (below 0%: shrinking) 94.44% 38.87% Compare
Median of peers $70.7B 11.9× 8.7× +41.49% +183.40% +149.36% 49.91% 32.26%

All 19 Oil & Gas Integrated stocks →

Ecopetrol S.A. (EC) key facts

  • Concern: Ecopetrol S.A.’s revenue for fiscal 2025 (year ended December 2025) was $23.9 billion, down 83.7% from fiscal 2024.
  • Ecopetrol S.A. (EC) is an Oil & Gas Integrated company in the Energy sector, traded in the US as an ADR.
  • As of October 9, 2026, EC traded at $16.94, a market capitalization of $34.8 billion.
  • Ecopetrol S.A. pays an annual dividend of $0.66 per share, a yield of 3.90%, with a payout ratio of 52.5%.
  • Return on equity was 3.04% and debt-to-equity 1.02.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.21 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Ecopetrol S.A. (EC) Latest News

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stockrow.com/EC · Data as of Dec 31, 2025 · For information only; not investment advice. · © 2026 stockrow.com