Latest Ratios: P/E Ratio 7.7x · EV/EBITDA 5.0x · ROE 29.2%. (1999–2025 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 | $151.6B | $72.6B | $76.4B | $99.5B | $60.6B | $65.9B | $72.1B | $97.3B | $75.6B | $64.1B | $57.5B |
| Enterprise Value | $215.0B | $136.0B | $133.4B | $149.4B | $106.4B | $114.2B | $136.0B | $177.1B | $145.9B | $150.6B | $154.4B |
| P/E Ratio → | 7.69 | 3.68 | 11.28 | 4.00 | 1.65 | 3.31 | 65.06 | 12.43 | 10.54 | — | — |
| P/S Ratio | 1.70 | 0.81 | 0.84 | 0.94 | 0.49 | 0.79 | 1.34 | 1.27 | 0.89 | 0.82 | 0.71 |
| P/B Ratio | 2.00 | 0.96 | 1.29 | 1.26 | 0.87 | 0.94 | 1.20 | 1.31 | 1.03 | 0.79 | 0.74 |
| P/FCF | 9.07 | 4.34 | 3.27 | 3.20 | 1.51 | 2.10 | 3.13 | 57.14 | 5.23 | 4.76 | 4.78 |
| P/OCF | 4.15 | 1.99 | 2.01 | 2.30 | 1.22 | 1.74 | 2.50 | 3.80 | 2.87 | 2.36 | 2.20 |
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 | — | 1.52 | 1.46 | 1.42 | 0.85 | 1.36 | 2.53 | 2.31 | 1.72 | 1.93 | 1.90 |
| EV / EBITDA | 4.99 | 3.16 | 3.49 | 2.65 | 1.60 | 2.68 | 4.32 | 4.95 | 4.21 | 6.59 | 5.21 |
| EV / EBIT | 7.78 | 4.92 | 8.90 | 3.55 | 1.88 | 3.44 | 24.53 | 9.47 | 8.98 | 20.54 | 66.54 |
| EV / FCF | — | 8.13 | 5.72 | 4.80 | 2.65 | 3.63 | 5.91 | 103.97 | 10.10 | 11.18 | 12.83 |
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 | 43.7% | 43.7% | 50.3% | 52.7% | 52.2% | 48.6% | 45.6% | 40.3% | 38.3% | 34.3% | 31.9% |
| Operating Margin | 31.0% | 31.0% | 28.1% | 45.0% | 42.8% | 36.9% | 37.3% | 27.3% | 26.9% | 12.5% | 19.3% |
| Net Profit Margin | 22.1% | 22.1% | 8.2% | 24.3% | 29.4% | 23.7% | 2.1% | 13.3% | 8.5% | -0.1% | -5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.2% | 29.2% | 10.9% | 34.5% | 52.5% | 30.6% | 1.7% | 13.8% | 9.3% | -0.1% | -6.7% |
| ROA | 9.8% | 9.8% | 3.8% | 12.7% | 20.3% | 10.9% | 0.5% | 4.5% | 3.0% | -0.0% | -2.0% |
| ROIC | 16.2% | 16.2% | 15.7% | 29.1% | 34.2% | 19.2% | 10.8% | 10.5% | 11.0% | 4.3% | 6.9% |
| ROCE | 16.4% | 16.4% | 15.4% | 28.0% | 34.8% | 19.7% | 11.0% | 10.5% | 10.8% | 4.3% | 7.4% |
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 | 0.92 | 0.92 | 1.02 | 0.79 | 0.77 | 0.84 | 1.26 | 1.17 | 1.15 | 1.34 | 1.52 |
| Debt / EBITDA | 1.62 | 1.62 | 1.58 | 1.11 | 0.81 | 1.38 | 2.40 | 2.44 | 2.43 | 4.77 | 3.98 |
| Net Debt / Equity | — | 0.83 | 0.96 | 0.63 | 0.66 | 0.69 | 1.07 | 1.07 | 0.96 | 1.06 | 1.25 |
| Net Debt / EBITDA | 1.47 | 1.47 | 1.49 | 0.88 | 0.69 | 1.13 | 2.03 | 2.23 | 2.03 | 3.78 | 3.27 |
| Debt / FCF | — | 3.79 | 2.44 | 1.60 | 1.14 | 1.53 | 2.77 | 46.83 | 4.86 | 6.42 | 8.06 |
| Interest Coverage | 213.92 | 213.92 | 4.71 | 13.78 | 19.84 | 10.12 | 1.32 | 3.45 | 3.73 | 1.36 | 0.39 |
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 | 0.71 | 0.71 | 0.69 | 0.96 | 1.00 | 1.25 | 1.04 | 0.97 | 1.48 | 1.89 | 1.80 |
| Quick Ratio | 0.48 | 0.48 | 0.48 | 0.73 | 0.72 | 0.95 | 0.83 | 0.68 | 1.12 | 1.55 | 1.46 |
| Cash Ratio | 0.26 | 0.26 | 0.24 | 0.46 | 0.34 | 0.46 | 0.47 | 0.29 | 0.60 | 0.98 | 0.88 |
| Asset Turnover | — | 0.40 | 0.50 | 0.49 | 0.66 | 0.48 | 0.28 | 0.33 | 0.38 | 0.31 | 0.33 |
| Inventory Turnover | 6.10 | 6.10 | 6.77 | 6.50 | 6.78 | 5.95 | 5.14 | 5.58 | 5.81 | 6.03 | 6.54 |
| Days Sales Outstanding | — | 27.22 | 22.09 | 25.29 | 18.52 | 33.53 | 32.19 | 34.82 | 33.56 | 34.72 | 32.60 |
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 | 5.4% | 11.4% | 24.0% | 19.8% | 62.2% | 19.8% | 1.9% | 1.9% | 0.8% | — | — |
| Payout Ratio | 41.9% | 41.9% | 243.5% | 76.6% | 102.9% | 65.8% | 119.8% | 18.5% | 8.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.0% | 27.2% | 8.9% | 25.0% | 60.5% | 30.2% | 1.5% | 8.0% | 9.5% | — | — |
| FCF Yield | 11.0% | 23.0% | 30.6% | 31.3% | 66.2% | 47.7% | 31.9% | 1.8% | 19.1% | 21.0% | 20.9% |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 11.4% | 24.5% | 20.5% | 62.2% | 19.8% | 1.9% | 1.9% | 0.8% | 0.0% | 0.0% |
| Shares Outstanding | — | $6.4B | $6.4B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B |
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying PBR-A stock.
Petróleo Brasileiro S.A. - Petrobras's current P/E ratio is 7.7x. The historical average is 9.8x. This places it at the 52th percentile of its historical range.
Petróleo Brasileiro S.A. - Petrobras's current EV/EBITDA is 5.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.5x.
Petróleo Brasileiro S.A. - Petrobras's return on equity (ROE) is 29.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.0%.
Based on historical data, Petróleo Brasileiro S.A. - Petrobras is trading at a P/E of 7.7x. This is at the 52th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Petróleo Brasileiro S.A. - Petrobras's current dividend yield is 5.44% with a payout ratio of 41.9%.
Petróleo Brasileiro S.A. - Petrobras has 43.7% gross margin and 31.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Petróleo Brasileiro S.A. - Petrobras's Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Political interference in capital allocation
Deep Value Discount to Global Peers
Petrobras trades at a profound discount to global integrated oil peers, with a P/E of 5.48 and EV/EBITDA of 3.98, suggesting the market is pricing in significant sovereign risk and potential capital misallocation despite its superior profitability metrics.
The valuation multiples are strikingly low compared to peers like Exxon Mobil (P/E 23.39) and Shell (EV/EBITDA 6.59), indicating a severe discount for perceived political and governance risks. This discount appears to overshadow the company's structural advantages, such as its industry-leading gross margin of 58.0% in 2026Q2. The forward P/E of 3.82 implies the market expects either a collapse in earnings or is applying an extreme risk premium, creating a potential disconnect between the company's operational cash generation and its market pricing.
Structural Margin Advantage from Pre-Salt
Petrobras's gross margin of 58.0% in 2026Q2 is a structural outlier versus global peers, reflecting the exceptionally low lifting costs of its pre-salt deepwater production which provides a durable cost advantage.
The gross margin significantly exceeds that of integrated peers like Exxon Mobil (21.7%) and Shell (15.9%), confirming the cost advantage from the pre-salt province. This structural edge translates into a powerful operating margin of 41.9%, demonstrating strong conversion of revenue into profit. However, the net margin of 31.0% remains highly volatile, as evidenced by the swing from -13.4% in 2024Q4, indicating that non-operational factors like foreign exchange and impairments can temporarily obscure the underlying earning power.
Volatile but Strong Return Generation
Petrobras's ROE of 29.2% and ROIC of 6.8% in 2026Q2 indicate strong return generation, but the historical volatility, including a -4.2% ROE in 2024Q4, suggests returns are highly sensitive to commodity cycles and non-recurring items.
The recent ROE of 29.2% is robust and compares favorably to peers like Exxon Mobil (12.3%), but the trend is erratic, swinging from negative to high single digits over the past ten quarters. This volatility implies that returns are driven more by external price cycles and accounting adjustments than by consistent operational efficiency gains. The ROIC of 6.8% is respectable but trails some global peers, suggesting that while the company generates strong profits, its capital base is large and the returns on invested capital are not yet at best-in-class levels.
Elevated Leverage Offset by Cash Flow
Petrobras's D/E ratio of 0.76 in 2026Q2 is significantly higher than integrated peers like Exxon Mobil (0.16), but the robust interest coverage of 15.89x suggests debt service remains comfortable given current cash flow generation.
The leverage profile is a clear differentiator from the conservative balance sheets of major Western oil companies. However, the high interest coverage ratio indicates that the company's strong operating cash flow easily services its debt burden. The key risk is not immediate solvency but the potential for political pressure to increase debt for non-core projects or to fund dividends during downturns, which could strain this comfortable coverage position.
The Misapplied P/E Multiple
The P/E ratio is the most commonly misapplied metric for Petrobras, as it obscures the true cash-generating power of the business by incorporating volatile non-cash items and is distorted by the company's unique sovereign risk profile.
Using the P/E of 5.48 to compare Petrobras to global peers is misleading because it fails to account for the company's massive depreciation charges on offshore assets and the significant impact of foreign exchange gains/losses on net income. A more appropriate metric is EV/EBITDA or P/FCF, which better reflect the underlying cash flow from operations. Furthermore, the P/E is heavily depressed by the market's sovereign risk discount, making it a poor indicator of operational performance relative to the company's own history or its true cost of capital.