Ecopetrol S.A. (EC) vs Equinor ASA (EQNR)

Ecopetrol S.A. and Equinor ASA are both Oil & Gas Integrated companies. Equinor ASA is the larger, with a market value of $102.3B against $33.7B — 3.0× the size. Equinor ASA trades at the lower P/E: 11.5× against 13.2×. Equinor ASA grew revenue faster over the last twelve months: 5.78% against −83.7%. Ecopetrol S.A. has the higher net margin (8.76% vs 7.92%) and the lower return on invested capital (8.20% vs 46.6%). Both pay a dividend; Ecopetrol S.A. yields more (18.0% vs 9.74%). Across the 23 metrics below, Equinor ASA leads on 14 and Ecopetrol S.A. on 9.

Valuation

Metric EC EQNR Oil & Gas Integrated median
P/E 13.19 11.50 11.88
P/S 1.43 0.90 1.20
P/B 1.60 2.38 1.56
Price to free cash flow 7.76 8.37 9.74
EV/EBITDA 6.26 2.32 4.94
EV/Sales 2.24 0.90 1.57
Earnings yield 7.58% 8.70% 7.58%
Free cash flow yield 12.89% 11.95% 6.71%

Profitability

Metric EC EQNR Oil & Gas Integrated median
Gross margin 31.44% 51.16% 39.18%
Operating margin 22.29% 28.44% 14.90%
Net margin 8.76% 7.92% 8.76%
Free cash flow margin 18.44% 10.72% 9.61%
Return on equity 2.86% 21.28% 12.22%
Return on assets 1.09% 6.47% 6.47%
Return on invested capital 8.20% 46.59% 10.61%

Growth

Metric EC EQNR Oil & Gas Integrated median
Revenue growth (TTM) (83.68%) 5.78% 5.63%
EPS growth (last fiscal year) (24.10%) (37.62%) —
Revenue growth, 5-year CAGR (18.18%) 18.37% 12.04%
Net income growth, 5-year CAGR 0.34% 0.00% 0.00%

Health

Metric EC EQNR Oil & Gas Integrated median
Debt to equity 1.02 0.56 0.55
Current ratio 1.55 1.18 1.18
Net debt to EBITDA 2.26 0.18 0.80

Dividend

Metric EC EQNR Oil & Gas Integrated median
Dividend yield 18.03% 9.74% 5.01%
Payout ratio 0.39 0.12 0.29

Size

Metric EC EQNR Oil & Gas Integrated median
Market cap 33.65b 102.28b 51.12b

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