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PBRPetróleo Brasileiro S.A. - Petrobras
$20.76$133.8B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
PBR logo

Petróleo Brasileiro S.A. - Petrobras

PBR
NYSE · Integrated Oil & Gas
$20.76
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$133.79B
P/E6.8x
52W High$22.24
Volume20.92M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Pre-Salt Margin Surge Masks Persistent Liquidity Strain

Petrobras is executing a high-margin Pre-salt strategy, with gross margins expanding to 58.0% in 2026Q2 and net income reaching $10.4B, driven by low lifting costs and operating leverage. However, the balance sheet remains strained with a current ratio of 0.85...

GrowthMixed
ProfitabilityStrong
ValuationAttractive
TechnicalsStrong
Explore valuation models
MARKET ACTION

PBR price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

6/12 Beats

EPS beat 6 of last 12 quarters

02

Valuation risk

-69% Peers

P/E is 69% below peer median

03

Market leadership

RS 84 · Leader

High momentum (Outperforming 84% of market)

04

Strong Uptrend

Strong Trend

Price > 20DMA > 50DMA > 200DMA

Next CatalystConfirmed earnings · Nov 10
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue rebounded sharply to $33.6B in 2026Q2 (up 59.8% YoY) with gross margin at 58.0% and net margin at 31.0%, though prior quarters showed volatility including a -13.4% net margin in 2024Q4.

Analyst Consensus+6.0% target
Buy(22 analysts)
11 Buy8 Hold3 Sell

The Bull Case

Upside Catalysts

Attractive valuation metrics

PBR's trailing and forward P/E ratios are low, indicating potential undervaluation relative to earnings.

Bullish analyst coverage

Multiple investment research platforms have published bullish theses on Petrobras, highlighting its investment potential.

Strong earnings potential

The forward P/E ratio suggests expectations of robust future earnings growth for Petrobras.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
PBR+83.12%
S&P 500 (^GSPC)+13.20%
1-Year Return
PBR+74.50%
S&P 500 (^GSPC)+15.98%
3-Year Return
PBR+74.53%
S&P 500 (^GSPC)+79.38%
5-Year Return
PBR+263.07%
S&P 500 (^GSPC)+71.81%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
6.8x
Forward P/EExpansion
4.6x
EV/EBITDA100th %ile
4.6x
FCF YieldCash Flow
12.5%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
6.8x
3.9x
80th· High
EV/EBITDA
4.6x
2.8x
100th· High
Price/FCF
8.0x
3.3x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$56.00+169.7%
Base (Fair)$95.36+358.5%
Bull$140.93+578.9%
$56.00 Bear$95.36 Base$140.93 Bull
Current Market Price: $20.76
Trades at a 78.2% discount to Base DCF ($95.36)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$88.1B-3.6% YoY
Net income
$19.71B+161.9% YoY
Free cash flow
$16.72B-28.4% YoY
Operating margin
31.4%+3.3 pts YoY
ROIC (TTM)16.2%
Avg ROIC 5Y-
ROE (TTM)29.1%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate6/12 (50%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 6, 2026
$1.62+6.6%
vs $1.52
$33.6B+6.8%
vs $31.5B
Q2 2026
May 11, 2026
$0.96-5.9%
vs $1.02
$23.5B-11.3%
vs $26.5B
Q2 2026
Mar 5, 2026
$0.72+26.3%
vs $0.57
$23.6B+2.2%
vs $23.1B
Q4 2025
Nov 6, 2025
$0.82+3.8%
vs $0.79
$23.5B-0.4%
vs $23.6B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Reuters·1d ago
Brazil's Petrobras to drill new Foz do Amazonas wells in January

Brazil's ​state-run oil firm ‌Petrobras will have a drillship ​in Foz ​do Amazonas in January ⁠to start ​work on three ​new wells, Renata Baruzzi, director of ​engineering, technology ​and innovation, said on ‌Tuesday.

Zacks Investment Research·2d ago
Petrobras Expands Africa Footprint With 8 New Offshore Blocks

PBR expands in Ivory Coast with eight offshore blocks, boosting African exploration footprint as it seeks to replenish reserves.

Zacks Investment Research·2d ago
Why Petrobras (PBR) is a Top Growth Stock for the Long-Term

Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.

Reuters·4d ago
Brazil's Petrobras board approves joining diesel subsidy program

Brazilian state-run oil firm Petrobras said on Saturday that its board ​approved the company's participation in a new ‌government subsidy program for diesel oil producers, worth 1.00 real ($0.19) per liter for 30 days.

Filtered for Petróleo Brasileiro S.A. - PetrobrasMore Headlines
04

Compare before deciding

Benchmark PBR against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Petróleo Brasileiro S.A. - Petrobras (PBR)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
PBR logoPBRPetróleo Brasileiro S.A. - PetrobrasCurrent
$20.76$133.79B6.78-3.62%22.37%29.08%6.17%
XOM logoXOMExxon Mobil Corporation
$158.69$657.76B23.69-4.52%9.07%12.34%—
CVX logoCVXChevron Corporation
$202.43$403.16B30.53-4.64%9.87%10.66%—
SHEL logoSHELShell plc
$93.93$261.89B15.66-6.13%8.76%14.64%—
BP logoBPBP p.l.c.
$43.10$112.54B2112.750.08%2.51%7.19%—
TTE logoTTETotalEnergies SE
$89.85$200.1B15.55-6.78%9.07%14.5%—

Compare PBR vs Peers

Petróleo Brasileiro S.A. - Petrobras (PBR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs XOM

Most directly comparable listed peer for PBR.

Scale Benchmark

vs CVX

Larger-name benchmark to compare PBR against a more recognizable public peer.

Peer Set

Compare Top 5

vs XOM, CVX, SHEL, BP

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PBR Frequently Asked Questions

Petróleo Brasileiro S.A. - Petrobras (PBR) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Petróleo Brasileiro S.A. - Petrobras's revenue?

Petróleo Brasileiro S.A. - Petrobras (PBR) reported $104.22B in revenue for fiscal year 2025. This represents a 537% increase from $16.36B in 1999.

How fast is Petróleo Brasileiro S.A. - Petrobras growing?

Petróleo Brasileiro S.A. - Petrobras (PBR) saw revenue decline by 3.6% over the past year.

Is PBR profitable?

Yes, Petróleo Brasileiro S.A. - Petrobras (PBR) is profitable, generating $25.55B in net income for fiscal year 2025 (22.4% net margin).

Dividend & Returns
Does PBR pay dividends?

Yes, Petróleo Brasileiro S.A. - Petrobras (PBR) pays a dividend with a yield of 6.17%. This makes it attractive for income-focused investors.

What is PBR's return on equity?

Petróleo Brasileiro S.A. - Petrobras (PBR) has a return on equity (ROE) of 29.1%. This is excellent, indicating efficient use of shareholder capital.

What is Petróleo Brasileiro S.A. - Petrobras's free cash flow?

Petróleo Brasileiro S.A. - Petrobras (PBR) generated $18.68B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in PBR back in 1999?

Total return calculator · dividends reinvested · 27+ years of data

See returns →