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Petroleo Brasileiro S.A.- Petrobras

PBR Energy Oil & Gas Integrated

Petroleo Brasileiro S.A.- Petrobras' revenue for fiscal 2025 (year ended December 2025) was $89.2 billion, down 2.43% from fiscal 2024.

Revenue
+59.8%
EPS
+118.9%
Free cash flow
+149.4%
Total debt
+7.52%

Quarter to June 2026, against a year earlier

22.05 0.15 +0.68%
Market cap
$81.5B
P/E
5.6×
Fwd P/E
—
Dividend yield
3.28%
F-score
6/9
Altman Z
1.50
Beneish M
−2.60
Dividend safety
61/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.01
Sold, $m 0.00
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — 1 — — — — — — —
Sell — — — — 1 — — — — 1 — —
Insider Ownership 42.28%

Capital & Financial Ratios $m

Size
Market Cap 81,490.00
Revenue ttm 104,227.00
Net income ttm 25,624.00
Free cash flow ttm 20,733.00
Net debt Q 50,170.00
Valuation
P/E 5.57
Forward P/E —
Price / sales 1.36
Forward P/S Powerpack
Price / FCF 6.86
Price / book 1.53
Financial health
Current ratio Q 0.85 (below 1: weak)
Debt / equity Q 0.65
Interest coverage Q —
Growth
Revenue growth Q +59.75% (above 0%: growing)
Operating income growth Q +166.46% (above 0%: growing)
EPS, this year +59.05% (at or above 15%: strong)
EPS, next year A −16.83% (below 0%: weak)
Revenue, next year A —
EPS, past 5 yrs +76.00% (at or above 15%: strong)
EPS, next 5 yrs A +6.64%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.6×; over the ten years it ranged from 0.9× in 2023 to 3.1× in 2019.
P/E against its own 10 years 47.37%
10-year low 10-year high
P/S against its own 10 years 93.87%
10-year low 10-year high
P/B against its own 10 years 96.33%
10-year low 10-year high
EV/Sales against its own 10 years 66.87%
10-year low 10-year high
EV/FCF against its own 10 years 70.47%
10-year low 10-year high

Dividends

Yield
3.28%
Annual rate
0.72
Payout ratio
18.3%
Growth, 2018–26
+32.4%/yr
  1. 0.08 ’18
  2. 0.24 ’19 +217%
  3. 0.18 ’20 −25%
  4. 2.04 ’21 +1013%
  5. 1.36 ’22 −34%
  6. 0.96 ’23 −29%
  7. 1.26 ’24 +32%
  8. 0.72 ’26 −43%
paid

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 15,546 7,534 9,197 10,386
Receivables 7,313 5,532 6,653 8,374
Inventory 7,681 6,710 8,210 9,718
Other 1,905 1,699 920 875
32,445 21,836 25,448 29,937
2023 2024 2025 Q'26
Payables 4,813 6,082 7,442 6,617
ST’ Debt 4,322 2,566 2,186 1,435
Other 8,520 6,929 9,189 8,742
33,860 31,460 36,051 35,037

Compound Annual Growth %

10y 5y 3y
Sales (0.87%) 10.69% (10.51%)
Cash Flow 3.33% 4.53% (10.16%)
Earnings 0.00% 76.66% (18.76%)
Book Value 1.40% 4.85% 2.81%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 1.52 Actual 1.72

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.79 0.82 Beat by 0.03
Dec 2025 0.57 0.72 Beat by 0.15
Mar 2026 1.02 0.70 Miss by 0.32
Jun 2026 1.52 1.72 Beat by 0.20
Sep 2026 1.23 — Reports 10 November 2026

EPS $

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 0.03 1.24 0.92 0.86 3.04
’20 (1.48) (0.04) (0.04) 0.88 0.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 23,535 33,607 — — —
’25 21,073 21,037 23,477 23,608 89,195
’24 23,768 23,467 23,366 20,815 91,416
’23 26,771 22,979 25,552 27,107 102,409
’22 27,189 34,703 32,411 30,171 124,474
’21 15,698 20,982 23,255 24,031 83,966
’20 17,143 9,322 13,148 14,445 53,683
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8,399 12,250 — — —
’25 8,498 7,531 9,856 10,162 36,047
’24 9,386 9,087 11,307 8,204 37,984
’23 10,347 9,642 11,554 11,669 43,212
’22 10,308 14,496 12,065 12,848 49,717
’21 7,244 10,823 10,528 9,196 37,791
’20 7,777 4,862 21,818 6,791 28,890
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 4,136 7,441 — — —
’25 4,999 2,984 4,969 4,187 17,139
’24 6,548 6,153 6,864 4,638 24,203
’23 9,779 8,336 4,908 11,681 34,704
’22 9,685 14,424 10,655 10,218 44,982
’21 5,795 9,137 11,929 9,388 36,249
’20 6,189 3,513 18,370 6,791 25,013
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 81,405 88,827 84,638 76,589 53,683 83,966 124,474 102,409 91,416 89,195 104,227 +1.0% — — — —
Gross margin, % 31.92 32.29 38.34 40.29 45.62 48.59 52.21 52.70 50.29 47.60 50.75 +15.7 pt
EBT (3,665) 1,997 10,827 12,003 (226) 28,225 53,525 35,396 11,142 26,795 34,671 n/m
EBT margin, % (4.50) 2.25 12.79 15.67 (0.42) 33.61 43.00 34.56 12.19 30.04 33.26 +34.5 pt
Net income (4,349) 169 7,414 10,363 948 19,986 36,755 24,995 7,605 19,720 25,624 n/m
Per share, $
Per share, $ Revenue 12.48 13.62 12.98 11.74 8.23 12.87 19.09 15.73 14.17 13.84 16.17 +1.2%
Earnings (0.74) (0.01) 1.10 1.56 0.18 3.04 5.62 3.82 1.16 3.04 3.96 n/m
Cash flow 4.00 4.16 4.04 3.93 4.43 5.79 7.62 6.64 5.89 5.59 6.31 +3.8%
Capex (1.82) (2.09) (0.94) (1.31) (0.59) (0.24) (0.73) (1.31) (2.14) (2.93) (3.09) +5.4%
Free cash flow 2.18 2.07 3.10 2.61 3.84 5.56 6.90 5.33 3.75 2.66 3.22 +2.2%
Book value 11.89 12.50 11.22 11.38 9.18 10.70 10.71 12.13 9.20 11.78 14.44 (0.1%)
Shares, m 6,522 6,522 6,522 6,522 6,522 6,522 6,522 6,511 6,449 6,444 6,444 (0.1%)
Valuation, ×
Valuation, × P/E 0.00 0.00 11.83 8.30 0.00 3.60 1.70 4.19 11.09 3.90 5.57 4.5
P/S 0.87 0.79 1.00 1.36 1.35 0.85 0.50 1.02 0.91 0.86 1.36 0.9
P/B 0.91 0.86 1.16 1.40 1.23 1.03 0.89 1.32 1.40 1.01 1.53 1.1
EV/Sales 2.05 1.75 1.82 2.31 2.53 1.42 0.84 1.41 1.39 1.42 1.85 1.7
EV/FCF 11.73 11.50 7.62 10.39 4.31 3.29 2.33 4.15 5.25 7.41 9.28 6.8
Cash, $m
Cash, $m Operating cash flow 26,114 27,112 26,353 25,600 28,890 37,791 49,717 43,212 37,984 36,047 40,667 +3.6%
Capex (11,880) (13,639) (6,114) (8,556) (3,877) (1,542) (4,735) (8,508) (13,781) (18,908) (19,934) +5.3%
Free cash flow 14,234 13,473 20,239 17,044 25,013 36,249 44,982 34,704 24,203 17,139 20,733 +2.1%
Balance, $m
Balance, $m Working capital 19,866 22,183 12,011 (1,004) 1,163 5,973 (130) (1,415) (9,624) (10,603) (5,100) n/m
Net debt 96,363 84,867 69,355 73,124 57,470 47,643 42,905 39,854 44,235 50,559 50,170 (6.9%)
Shareholders’ equity 77,550 81,502 73,175 74,215 59,876 69,812 69,836 78,975 59,350 75,891 93,083 (0.2%)
Returns, %
Returns, % ROA (2.03) (0.04) 3.03 4.49 0.54 10.91 20.26 12.31 3.78 9.72 11.05 +11.8 pt
ROIC 1.55 7.01 7.36 8.74 5.36 20.00 31.66 20.00 16.22 12.91 15.53 +11.4 pt
ROE (6.74) (0.11) 9.27 13.77 1.70 30.65 52.45 33.44 10.88 29.04 30.66 +35.8 pt
People
People Employees 68,829 62,703 63,361 57,983 49,050 45,532 45,149 46,730 49,185 50,687 — (3.3%)
Revenue/emp, $m 1.18 1.42 1.34 1.32 1.09 1.84 2.76 2.19 1.86 1.76 — +4.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Petroleo Brasileiro S.A.- Petrobras 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
SHEL Shell PLC Unsponsored ADR $305.9B 11.9× — +45.02% (above 0%: growing) +218.03% (above 0%: growing) +173.92% (above 0%: growing) 27.23% 17.51% Compare
TTE TotalEnergies SE Sponsored ADR $209.1B 11.8× 8.0× +27.80% (above 0%: growing) +106.78% (above 0%: growing) +464.21% (above 0%: growing) 32.91% 13.37% Compare
BP BP p.l.c. $129.7B 24.0× 7.7× +47.06% (above 0%: growing) +140.32% (above 0%: growing) +144.15% (above 0%: growing) 27.64% 12.75% Compare
EQNR Equinor ASA $113.8B 13.3× 8.3× +39.90% (above 0%: growing) +298.00% (above 0%: growing) +1,548.80% (above 0%: growing) 54.71% 36.94% Compare
E Eni SpA $87.7B 14.9× 8.8× +21.42% (above 0%: growing) +616.67% (above 0%: growing) +43.60% (above 0%: growing) 21.45% 5.19% Compare
PBR Petroleo Brasileiro S.A.- Petrobras $81.5B 5.6× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41%
CVE Cenovus Energy Inc $58.4B 12.6× 7.9× +41.33% (above 0%: growing) +226.47% (above 0%: growing) +18,996.54% (above 0%: growing) 42.35% 23.60% Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras $52.9B 4.9× — +59.75% (above 0%: growing) +118.92% (above 0%: growing) +149.36% (above 0%: growing) 58.00% 42.41% Compare
EC Ecopetrol S.A. $35.5B 13.6× 5.7× +103.23% (above 0%: growing) +22.58% (above 0%: growing) +62.31% (above 0%: growing) 40.10% 31.80% Compare
Median of peers $100.7B 12.9× 8.0× +43.17% +179.18% +161.64% 36.51% 20.56%

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stockrow.com/PBR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com