Petrobras has secured eight offshore production sharing contracts in Côte d’Ivoire. Eight new offshore contracts expand Petrobras exploration portfolio and long-term production potential outside Brazil.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | 1 | — | — | — | — | — |
| Sell | — | — | — | — | — | — | 1 | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2026 | 0.72 |
—
—
—
|
| 2024 | 1.26 |
—
—
—
—
—
—
|
| 2023 | 0.96 |
—
—
—
—
|
| 2022 | 1.36 |
—
—
—
—
|
| 2021 | 2.04 |
—
—
—
|
| 2020 | 0.18 |
—
—
|
| 2019 | 0.24 |
—
—
—
|
| 2018 | 0.08 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 15,546.00 | 7,534.00 | 9,197.00 | 10,386.00 |
| Receivables | 7,313.00 | 5,532.00 | 6,653.00 | 8,374.00 |
| Inventory | 7,681.00 | 6,710.00 | 8,210.00 | 9,718.00 |
| Other | 1,905.00 | 1,699.00 | 920.00 | 875.00 |
| 32,445.00 | 21,836.00 | 25,448.00 | 29,937.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 4,813.00 | 6,082.00 | 7,442.00 | 6,617.00 |
| ST’ Debt | 4,322.00 | 2,566.00 | 2,186.00 | 1,435.00 |
| Other | 8,520.00 | 6,929.00 | 9,189.00 | 8,742.00 |
| 33,860.00 | 31,460.00 | 36,051.00 | 35,037.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 23,535.00 | 33,607.00 | — | — |
—
|
| ’25 | 21,073.00 | 21,037.00 | 23,477.00 | 23,608.00 |
89,195.00
|
| ’24 | 23,768.00 | 23,467.00 | 23,366.00 | 20,815.00 |
91,416.00
|
| ’23 | 26,771.00 | 22,979.00 | 25,552.00 | 27,107.00 |
102,409.00
|
| ’22 | 27,189.00 | 34,703.00 | 32,411.00 | 30,171.00 |
124,474.00
|
| ’21 | 15,698.00 | 20,982.00 | 23,255.00 | 24,031.00 |
83,966.00
|
| ’20 | 17,143.00 | 9,321.98 | 13,148.00 | 14,445.47 |
53,683.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 8,399.00 | 12,250.00 | — | — |
—
|
| ’25 | 8,498.00 | 7,531.00 | 9,856.00 | 10,162.00 |
36,047.00
|
| ’24 | 9,386.00 | 9,087.00 | 11,307.00 | 8,204.00 |
37,984.00
|
| ’23 | 10,347.00 | 9,642.00 | 11,554.00 | 11,669.00 |
43,212.00
|
| ’22 | 10,308.00 | 14,496.00 | 12,065.00 | 12,848.00 |
49,717.00
|
| ’21 | 7,244.00 | 10,823.00 | 10,528.00 | 9,196.00 |
37,791.00
|
| ’20 | 7,777.00 | 4,861.54 | 21,818.00 | 6,790.94 |
28,890.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4,136.00 | 7,441.00 | — | — |
—
|
| ’25 | 4,999.00 | 2,984.00 | 4,969.00 | 4,187.00 |
17,139.00
|
| ’24 | 6,548.00 | 6,153.00 | 6,864.00 | 4,638.00 |
24,203.00
|
| ’23 | 9,779.00 | 8,336.00 | 4,908.00 | 11,681.00 |
34,704.00
|
| ’22 | 9,685.00 | 14,424.00 | 10,655.00 | 10,218.00 |
44,982.00
|
| ’21 | 5,795.00 | 9,137.00 | 11,929.00 | 9,388.00 |
36,249.00
|
| ’20 | 6,189.00 | 3,512.54 | 18,370.00 | 6,790.94 |
25,013.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.96 | 1.62 | — | — |
—
|
| ’25 | 0.92 | 0.74 | 0.94 | 0.44 |
3.04
|
| ’24 | 0.74 | (0.06) | 0.92 | (0.44) |
1.16
|
| ’23 | 1.12 | 0.90 | 0.84 | 0.96 |
3.82
|
| ’22 | 1.32 | 1.68 | 1.34 | 1.26 |
5.62
|
| ’21 | 0.02 | 1.24 | 0.92 | 0.86 |
3.04
|
| ’20 | (1.48) | (0.04) | (0.04) | 0.88 |
0.18
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 8.88 | 9.27 | 12.55 | 11.03 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | 16.32 | 16.55 | 17.91 | 14.98 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 45,149 | 46,730 | 49,185 | 50,687 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.76 | 2.19 | 1.86 | 1.76 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 124,474.00 | 102,409.00 | 91,416.00 | 89,195.00 | — | — | — |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.21% | 52.70% | 50.29% | 47.60% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53,525.00 | 35,396.00 | 11,142.00 | 26,795.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 43.00% | 34.56% | 12.19% | 30.04% | — | — | — |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 36,755.00 | 24,995.00 | 7,605.00 | 19,720.00 | — | — | — |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 13,218.00 | 13,280.00 | 12,479.00 | 15,147.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 19.09 | 15.73 | 14.17 | 13.84 | — | — | — |
Revenue/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 5.62 | 3.82 | 1.16 | 3.04 | — | — | — |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.62 | 6.64 | 5.89 | 5.59 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.73) | (1.31) | (2.14) | (2.93) | — | — | — |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.90 | 5.33 | 3.75 | 2.66 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.71 | 12.13 | 9.20 | 11.78 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6,522.10 | 6,511.15 | 6,449.38 | 6,444.37 | — | — | — |
Shares
|
| ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | 1.70 | 4.19 | 11.09 | 3.90 | — | — | — |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.50 | 1.02 | 0.91 | 0.86 | — | — | — |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.89 | 1.32 | 1.40 | 1.01 | — | — | — |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.84 | 1.41 | 1.39 | 1.42 | — | — | — |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.33 | 4.15 | 5.25 | 7.41 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 49,717.00 | 43,212.00 | 37,984.00 | 36,047.00 | — | — | — |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4,735.00) | (8,508.00) | (13,781.00) | (18,908.00) | — | — | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 44,982.00 | 34,704.00 | 24,203.00 | 17,139.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (130.00) | (1,415.00) | (9,624.00) | (10,603.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 53,673.56 | 55,400.00 | 51,769.00 | 59,756.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 42,904.56 | 39,854.00 | 44,235.00 | 50,559.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 69,836.00 | 78,975.00 | 59,350.00 | 75,891.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 20.26% | 12.31% | 3.78% | 9.72% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ | 31.66% | 20.00% | 16.22% | 12.91% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 52.45% | 33.44% | 10.88% | 29.04% | — | — | — |
ROE
|
Petrobras (PBR) has demonstrated remarkable resilience amid Brazil’s political turbulence, corruption scandals, and volatile oil markets, emerging with a fortified balance sheet—slashing debt by 56% to $51.8 billion—and robust pre-salt production growth. Revenues rebounded from $81.4 billion in 2016 to a 2022 peak of $124.5 billion, supported by soaring productivity (revenue per employee up 133% at its height) and gross margins expanding to 50%. Profitability exploded, with net income hitting $37 billion in 2022 (ROE at 52%) and free cash flow generating billions for dividends and buybacks, even as 2024 figures remain strong above pre-COVID levels.
Trading at compressed multiples (PS at 0.91x, EV/FCF at 5.3x), PBR appears undervalued relative to peers, with stock rallying 560% from 2016 lows yet hugging analyst consensus targets. While insider activity is quiet and political risks under Lula linger, catalysts like 3.4 million bpd production by 2027, carbon capture initiatives, and Brazil’s vast reserves promise 25-40% upside if oil stabilizes and execution holds.
This cash-rich giant offers asymmetric potential for patient investors, balancing emerging market dynamism with proven deleveraging—though FX volatility and governance warrant caution.
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