Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 5.4x · ROE 7.7%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.3B | $20.6B | $16.3B | $24.5B | $21.5B | $26.5B | $26.5B | $41.0B | $32.6B | $30.1B | $18.6B |
| Enterprise Value | $64.2B | $98.42T | $105.93T | $93.50T | $99.76T | $80.54T | $41.68T | $31.20T | $31.78T | $35.63T | $43.83T |
| P/E Ratio → | 13.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 |
| P/S Ratio | 1.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 1.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 6.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/OCF | 4.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.79 | 0.65 | 0.62 | 0.88 | 0.83 | 0.44 | 0.46 | 0.64 | 0.90 |
| EV / EBITDA | 5.38 | 2.51 | 1.97 | 1.68 | 1.38 | 2.02 | 2.52 | 1.05 | 1.05 | 1.46 | 2.65 |
| EV / EBIT | 8.51 | 3.86 | 2.61 | 2.03 | 1.62 | 2.63 | 5.19 | 1.39 | 1.34 | 2.11 | 3.94 |
| EV / FCF | — | 6.08 | 3.25 | 16.20 | 3.74 | 5.51 | 19.82 | 1.40 | 2.41 | 3.85 | 5.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.4% | 31.4% | 35.1% | 38.4% | 44.0% | 39.5% | 25.2% | 37.1% | 40.0% | 34.0% | 29.4% |
| Operating Margin | 22.3% | 22.3% | 28.8% | 29.2% | 37.7% | 32.3% | 14.3% | 29.4% | 32.7% | 28.9% | 18.4% |
| Net Profit Margin | 7.5% | 7.5% | 10.4% | 14.7% | 19.8% | 17.0% | 3.2% | 19.2% | 16.6% | 12.8% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.7% | 7.7% | 13.0% | 19.0% | 30.1% | 21.7% | 2.8% | 23.4% | 21.2% | 15.6% | 5.6% |
| ROA | 2.9% | 2.9% | 4.7% | 7.2% | 11.5% | 8.2% | 1.2% | 10.6% | 9.3% | 6.1% | 2.0% |
| ROIC | 8.8% | 8.8% | 14.0% | 15.1% | 23.2% | 16.7% | 5.8% | 17.5% | 19.3% | 14.2% | 7.5% |
| ROCE | 9.7% | 9.7% | 15.4% | 17.1% | 26.1% | 17.9% | 6.2% | 19.1% | 21.4% | 15.9% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.09 | 1.03 | 0.97 | 1.05 | 0.87 | 0.66 | 0.64 | 0.90 | 1.20 |
| Debt / EBITDA | 2.78 | 2.78 | 2.24 | 1.90 | 1.59 | 2.39 | 2.83 | 1.29 | 1.26 | 1.78 | 3.16 |
| Net Debt / Equity | — | 0.90 | 0.96 | 0.91 | 0.84 | 0.89 | 0.78 | 0.54 | 0.54 | 0.74 | 1.01 |
| Net Debt / EBITDA | 2.50 | 2.50 | 1.97 | 1.68 | 1.38 | 2.02 | 2.52 | 1.05 | 1.05 | 1.46 | 2.65 |
| Debt / FCF | — | 6.08 | 3.25 | 16.20 | 3.74 | 5.51 | 19.81 | 1.40 | 2.41 | 3.85 | 4.99 |
| Interest Coverage | 3.21 | 3.21 | 4.78 | 6.07 | 9.37 | 8.36 | 3.35 | 11.71 | 8.71 | 6.89 | 3.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.55 | 1.55 | 1.53 | 1.58 | 1.36 | 1.71 | 1.25 | 1.07 | 1.52 | 1.38 | 1.47 |
| Quick Ratio | 1.30 | 1.30 | 1.28 | 1.34 | 1.15 | 1.43 | 0.97 | 0.81 | 1.23 | 1.11 | 1.24 |
| Cash Ratio | 0.36 | 0.36 | 0.38 | 0.33 | 0.29 | 0.53 | 0.40 | 0.40 | 0.65 | 0.65 | 0.84 |
| Asset Turnover | — | 0.39 | 0.44 | 0.51 | 0.52 | 0.38 | 0.36 | 0.53 | 0.54 | 0.47 | 0.41 |
| Inventory Turnover | 8.89 | 8.89 | 8.62 | 8.64 | 7.53 | 6.62 | 7.43 | 7.95 | 8.07 | 8.02 | 8.92 |
| Days Sales Outstanding | — | 96.14 | 52.73 | 81.25 | 86.92 | 69.03 | 31.97 | 26.07 | 42.16 | 38.43 | 29.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 130.0% | 130.0% | 121.5% | 24.5% | 46.2% | 19.1% | 510.9% | 99.5% | 43.0% | 21.2% | 68.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.4% | 40672.7% | 85000.0% | 77786.5% | 155195.8% | 63000.7% | 6360.0% | 35406.8% | 36175.3% | 22010.3% | 8411.6% |
| FCF Yield | 14.3% | 78749.6% | 199877.3% | 23548.0% | 124010.6% | 55179.3% | 7920.8% | 54301.8% | 40343.7% | 30742.5% | 47155.6% |
| Buyback Yield | 0.0% | 81.5% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% |
| Total Shareholder Yield | 9.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B |
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying EC stock.
Ecopetrol S.A.'s current P/E ratio is 13.5x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Ecopetrol S.A.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.6x.
Ecopetrol S.A.'s return on equity (ROE) is 7.7%. The historical average is 16.9%.
Based on historical data, Ecopetrol S.A. is trading at a P/E of 13.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ecopetrol S.A.'s current dividend yield is 9.67% with a payout ratio of 130.0%.
Ecopetrol S.A. has 31.4% gross margin and 22.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ecopetrol S.A.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Revenue decline and FEPC exposure
Margin Recovery Masks Cyclical Volatility
Gross margin expanded to 40.1% in 2026Q2 from 28.7% a year earlier, per reported quarterly data, yet net margin remains thin at 15.1%, suggesting earnings quality is still under pressure.
The sharp sequential improvement in gross and operating margins (to 31.8% in 2026Q2) appears to reflect cost discipline and operating leverage, but the prior quarter's trough (gross 29.5%, operating 18.4%) underscores the cyclicality. Net margin at 15.1% is below the 2024Q1 level of 12.8% despite the revenue rebound, implying non-operating drags such as taxes or impairments may be limiting bottom-line growth. Investors should monitor whether margin expansion is sustainable or merely a price-driven spike.
Return on Capital Remains Subdued
ROIC improved to 4.4% in 2026Q2 from 1.9% in 2025Q4, but remains well below the 2024Q1 level of 3.8%, indicating that capital efficiency is still recovering from a cyclical trough.
The improvement in ROIC is driven by margin recovery rather than asset turnover, which has been stable at 0.10-0.13. ROE at 5.3% is also modest, reflecting the high equity base from the ISA acquisition and the government's majority stake. The company's returns are far below peers like Petrobras (ROIC 16.2%) and Exxon (8.6%), suggesting that Ecopetrol's capital allocation may be constrained by social objectives or integration costs. A sustained recovery in oil prices would be needed to lift returns toward historical norms.
Working Capital Efficiency Shows Mixed Signals
Cash conversion cycle improved to 34 days in 2026Q2 from 85 days in 2024Q1, driven by faster receivables collection and extended payables, but DSO remains elevated at 78 days, per reported figures.
The sharp reduction in CCC from 85 to 34 days suggests improved working capital management, likely aided by lower DIO (42 days) and higher DPO (86 days). However, DSO at 78 days is still high, possibly reflecting FEPC receivables from the government, which may not be collectible in a timely manner. The volatility in CCC (ranging from 34 to 85 days) indicates that working capital swings are a key source of cash flow variability, warranting close monitoring.
Leverage Elevated but Coverage Improving
Debt-to-EBITDA fell to 6.70x in 2026Q2 from 12.57x in 2025Q4, while interest coverage rose to 5.73x, indicating that debt service is becoming more comfortable, though leverage remains high versus global peers.
The improvement in D/EBITDA is largely due to EBITDA recovery, not debt reduction, as total debt declined only modestly. Interest coverage at 5.73x is above the 2.74x trough in 2025Q4, but still below the 2024Q1 level of 4.95x. Compared to Chevron (D/E 0.24) and Exxon (0.16), Ecopetrol's D/E of 0.96 is significantly higher, reflecting its capital-intensive model and state ownership. The company's leverage is more in line with Petrobras (0.92) and BP (1.14), but the high dividend yield (10%) may strain cash flow if earnings weaken further.
Liquidity Buffer Adequate but Thinning
Current ratio improved to 1.51 in 2026Q2 from 1.26 in 2026Q1, but cash fell to $8.5T from $14.1T in 2024Q4, indicating a thinner cushion, per balance sheet data.
The current ratio remains above 1.0, suggesting the company can cover short-term obligations, but the decline in cash reserves and the reliance on FEPC receivables (which may be slow to convert) could pressure liquidity under stress. The quick ratio of 1.24 indicates that inventory is not a major liquidity concern, but the high dividend payout (exceeding FCF in 2026Q2) may force the company to rely on debt or cut capex if cash generation remains weak. Investors should monitor the collectibility of government receivables.
Misapplied Metric: P/E on Cyclical Earnings
The P/E of 13.08 may mislead investors because Ecopetrol's earnings are highly cyclical and influenced by non-cash items like impairments and FEPC adjustments, making EV/EBITDA a more reliable valuation metric.
The market often uses P/E for integrated oils, but for Ecopetrol, net income is distorted by tax effects, impairments, and the FEPC receivable, which can cause P/E to swing widely. EV/EBITDA of 5.29 is more appropriate as it normalizes for capital structure and non-cash charges, and it is in line with peers like Petrobras (4.32) and BP (4.89). Investors should also consider the 'utility floor' from Cenit and ISA, which may justify a higher multiple than a pure commodity play. Using P/E alone could overstate risk during troughs and understate it during peaks.