Latest Ratios: P/E Ratio 6.9x · EV/EBITDA 4.6x · ROE 29.1%. (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 | $136.2B | $76.4B | $82.9B | $103.3B | $69.5B | $71.6B | $73.2B | $104.0B | $84.9B | $67.1B | $65.9B |
| Enterprise Value | $199.8B | $140.0B | $139.9B | $153.2B | $115.3B | $119.9B | $137.1B | $183.7B | $155.3B | $153.9B | $163.1B |
| P/E Ratio → | 6.91 | 3.87 | 11.09 | 4.03 | 1.90 | 3.61 | 56.15 | 39.85 | 38.26 | — | — |
| P/S Ratio | 1.55 | 0.87 | 0.91 | 0.98 | 0.56 | 0.85 | 1.36 | 1.36 | 1.00 | 0.86 | 0.81 |
| P/B Ratio | 1.79 | 1.00 | 1.40 | 1.31 | 0.99 | 1.03 | 1.22 | 1.40 | 1.16 | 0.82 | 0.85 |
| P/FCF | 8.15 | 4.57 | 3.55 | 3.32 | 1.73 | 2.28 | 3.18 | 61.05 | 5.87 | 4.98 | 5.48 |
| P/OCF | 3.73 | 2.09 | 2.18 | 2.39 | 1.40 | 1.89 | 2.54 | 4.06 | 3.22 | 2.48 | 2.53 |
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 | — | 1.59 | 1.53 | 1.45 | 0.93 | 1.43 | 2.55 | 2.40 | 1.84 | 1.98 | 2.00 |
| EV / EBITDA | 4.64 | 3.25 | 3.67 | 2.72 | 1.73 | 2.81 | 4.35 | 5.14 | 4.48 | 6.73 | 5.50 |
| EV / EBIT | 7.23 | 4.55 | 9.34 | 3.64 | 2.03 | 3.61 | 24.72 | 9.83 | 9.56 | 20.98 | 70.30 |
| EV / FCF | — | 8.37 | 6.00 | 4.93 | 2.87 | 3.81 | 5.96 | 107.88 | 10.75 | 11.42 | 13.56 |
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 | 43.1% | 43.1% | 50.3% | 52.7% | 52.2% | 48.6% | 45.6% | 40.3% | 38.3% | 34.3% | 31.9% |
| Operating Margin | 31.4% | 31.4% | 28.1% | 45.0% | 42.8% | 36.9% | 37.3% | 27.3% | 26.9% | 12.5% | 19.3% |
| Net Profit Margin | 22.4% | 22.4% | 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 | 29.1% | 29.1% | 10.9% | 34.5% | 52.5% | 30.7% | 1.7% | 13.8% | 9.3% | -0.1% | -6.7% |
| ROA | 9.7% | 9.7% | 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% | 4.2% | 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 | 1.53 |
| Debt / EBITDA | 1.63 | 1.63 | 1.58 | 1.11 | 0.81 | 1.38 | 2.40 | 2.44 | 2.43 | 4.78 | 3.99 |
| 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 | 1.48 | 1.48 | 1.49 | 0.88 | 0.69 | 1.13 | 2.03 | 2.23 | 2.03 | 3.79 | 3.28 |
| Debt / FCF | — | 3.80 | 2.44 | 1.60 | 1.14 | 1.53 | 2.77 | 46.83 | 4.88 | 6.44 | 8.08 |
| Interest Coverage | 10.29 | 10.29 | 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 | — | 0.39 | 0.50 | 0.49 | 0.66 | 0.48 | 0.28 | 0.33 | 0.38 | 0.31 | 0.33 |
| Inventory Turnover | 6.08 | 6.08 | 6.77 | 6.50 | 6.78 | 5.95 | 5.14 | 5.58 | 5.81 | 6.03 | 6.54 |
| Days Sales Outstanding | — | 27.68 | 22.09 | 25.29 | 18.52 | 33.53 | 49.81 | 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 | 6.1% | 10.8% | 22.1% | 19.5% | 54.3% | 18.3% | 1.9% | 1.8% | 0.7% | — | — |
| Payout Ratio | 41.9% | 41.9% | 243.5% | 78.6% | 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 | 14.5% | 25.8% | 9.0% | 24.8% | 52.8% | 27.7% | 1.8% | 2.5% | 2.6% | — | — |
| FCF Yield | 12.3% | 21.9% | 28.2% | 30.1% | 57.8% | 43.9% | 31.4% | 1.6% | 17.0% | 20.1% | 18.2% |
| 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 | 6.1% | 10.8% | 22.6% | 20.2% | 54.3% | 18.3% | 1.9% | 1.8% | 0.7% | 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 stock.
Petróleo Brasileiro S.A. - Petrobras's current P/E ratio is 6.9x. The historical average is 18.2x. This places it at the 27th percentile of its historical range.
Petróleo Brasileiro S.A. - Petrobras's current EV/EBITDA is 4.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.0x.
Petróleo Brasileiro S.A. - Petrobras's return on equity (ROE) is 29.1%. 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 6.9x. This is at the 27th 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 6.06% with a payout ratio of 41.9%.
Petróleo Brasileiro S.A. - Petrobras has 43.1% gross margin and 31.4% 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
Liquidity constraints and political intervention
Deep Value with Political Discount
Petrobras trades at a P/E of 5.84 and EV/EBITDA of 4.15, a steep discount to supermajors like XOM (23.9x P/E) and CVX (30.2x P/E), reflecting a political risk premium.
The forward P/E of 4.22 and PEG of 0.08 suggest the market is pricing in minimal growth, likely due to governance and policy concerns. Compared to NOC peers like Ecopetrol (P/E 13.3x), Petrobras appears undervalued, but the discount may be justified by higher leverage and liquidity stress. Investors should monitor whether the discount narrows as cash flows remain robust.
Pre-Salt Margins Outshine Peers
Gross margin expanded to 58.0% in 2026Q2, up from 47.6% a year earlier, while net margin hit 31.0%, far exceeding XOM's 8.9% and CVX's 6.7%, per reported figures.
The margin expansion is driven by low lifting costs in the Pre-salt and cost discipline, with COGS falling to 42% of revenue. However, net income is volatile due to non-cash FX and impairment charges, as seen in 2024Q4's -13.4% net margin. Adjusted for these items, underlying profitability appears even stronger, but investors should watch for potential fuel pricing policy shifts that could compress refining margins.
ROIC Recovery but Volatile
ROIC swung from 0.8% in 2024Q4 to 6.8% in 2026Q2, with ROE at 11.7%, reflecting operational recovery but still below the 29.1% peak seen earlier, based on quarterly data.
The recovery in ROIC is driven by margin expansion and asset efficiency, but the capital-intensive nature of deepwater projects means returns are sensitive to oil prices and project execution. Compared to peers like TTE (ROIC 9.9%) and SHEL (8.8%), Petrobras's ROIC is competitive, yet the high volatility suggests that returns are not yet compounding consistently. Investors should monitor whether the FPSO deployment schedule sustains production growth and returns.
Working Capital Drag Persists
Cash conversion cycle improved to 36 days in 2026Q2 from 50 days in 2024Q1, but working capital changes have been consistently negative, averaging -$1.6B per quarter, per cash flow data.
The improvement in CCC is driven by faster receivables collection (DSO down to 20 days) and extended payables (DPO up to 45 days), but inventory days remain high at 61. The negative working capital impact suggests that operational cash flow is being absorbed by inventory builds or other current assets, which may indicate supply chain challenges or deliberate stockpiling. Asset turnover is low at 0.14, reflecting the heavy asset base, but this is typical for integrated oil companies.
Leverage Eases but Remains High
Debt-to-equity improved to 0.76 in 2026Q2 from 0.92 a year earlier, but total debt of $70.8B and D/EBITDA of 3.86 still exceed supermajor peers like XOM (0.16 D/E), per balance sheet data.
Interest coverage of 15.9x is comfortable, but the absolute debt level and the fact that D/EBITDA spiked to 14.1x in 2024Q4 highlight vulnerability to oil price shocks. The reported D/E may understate true leverage due to off-balance-sheet obligations, as noted in prior analysis. Investors should monitor refinancing needs and the impact of BRL/USD fluctuations on debt service.
Liquidity Stress Despite Strong Cash Flow
Current ratio of 0.85 and quick ratio of 0.58 in 2026Q2 indicate tight liquidity, with cash of $6.5B against $70.8B debt, per balance sheet data.
The liquidity position is strained, and the Altman Z-Score of 1.27 places the company in the distress zone, though this is partly due to the capital-intensive model. Operating cash flow remains robust, but the negative working capital trend and high capex requirements could pressure liquidity if oil prices fall. Investors should watch for any signs of difficulty in meeting short-term obligations or refinancing maturing debt.
Discount to Supermajors, Premium to NOCs
Petrobras's EV/EBITDA of 4.15 is below XOM's 11.62 and CVX's 11.81, but above Ecopetrol's 5.34, reflecting a middle ground between supermajors and Latin American NOCs.
The valuation discount to supermajors is likely due to political and governance risks, while the premium to Ecopetrol may reflect Petrobras's superior margins and scale. However, Petrobras's ROE of 11.7% is in line with Ecopetrol's 11.7% but below TTE's 14.5%. The gap in leverage (D/E 0.76 vs. XOM 0.16) is structural, given the state-owned model and higher capital intensity. Investors should assess whether the discount narrows as cash flows remain strong.
Misapplied Metric: Current Ratio
The current ratio of 0.85 is often misread as a liquidity crisis, but for an oil major with stable cash flows and access to capital markets, it may not signal distress, per reported figures.
The current ratio is a static measure that ignores the company's ability to generate cash from operations, which has been consistently positive. Petrobras's negative working capital is common in the industry, as companies often finance operations with payables and have low inventory turnover. A more appropriate metric is the cash conversion cycle and free cash flow yield, which better reflect the company's ability to meet obligations. Investors should focus on the sustainability of operating cash flow and the refinancing risk of long-term debt rather than the current ratio alone.