Latest Ratios: P/E Ratio -26.7x · EV/EBITDA 6.6x · ROE -8.5%. (1998–2025 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 | $20.9B | $14.2B | $16.7B | $6.7B | $3.6B | $1.5B | $1.8B | $4.5B | $5.3B | $9.0B | $6.5B |
| Enterprise Value | $30.7B | $14.84T | $8.84T | $5.56T | $1.22T | $8.6B | $9.5B | $16.8B | $11.9B | $17.8B | $15.5B |
| P/E Ratio → | -26.72 | — | 0.01 | — | 0.01 | 553.62 | — | — | 103.00 | 258.58 | — |
| P/S Ratio | 1.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.23 | 0.28 | 0.24 | 0.65 | 0.49 |
| P/B Ratio | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.19 | 0.24 | 0.35 | 0.29 | 1.08 | 0.86 |
| P/FCF | — | — | 34.94 | — | 0.02 | 0.96 | 1.70 | 3.47 | 2.90 | 13.39 | — |
| P/OCF | 4.41 | 0.00 | 2.84 | 0.00 | 0.00 | 0.40 | 0.77 | 0.89 | 0.85 | 2.30 | 2.09 |
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 | — | 0.56 | 0.49 | 1.01 | 0.48 | 0.69 | 1.20 | 1.05 | 0.55 | 1.30 | 1.17 |
| EV / EBITDA | 6.63 | 2.12 | 2.12 | — | 1.90 | 2.75 | 7.13 | 5.62 | 1.81 | 4.85 | 4.62 |
| EV / EBIT | 19.67 | 5.55 | 5.54 | 35.26 | 4.25 | 9.58 | — | 32.72 | 8.44 | 27.15 | 23.62 |
| EV / FCF | — | — | 18538.23 | — | 5.97 | 5.50 | 8.78 | 12.85 | 6.55 | 26.53 | — |
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 | 27.0% | 27.0% | 27.6% | 17.7% | 25.8% | 22.4% | 10.2% | 15.9% | 18.0% | 16.7% | 16.2% |
| Operating Margin | 8.9% | 8.9% | 10.4% | -26.8% | 11.8% | 4.4% | -8.4% | -3.1% | 10.0% | 5.2% | 3.7% |
| Net Profit Margin | -4.5% | -4.5% | 11.6% | -28.5% | 11.4% | 0.0% | -10.1% | -5.0% | 8.9% | 4.9% | -13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.5% | -8.5% | 22.2% | -37.3% | 30.8% | 0.0% | -7.7% | -5.2% | 14.6% | 8.5% | -2.8% |
| ROA | -3.3% | -3.3% | 8.6% | -13.8% | 12.5% | 0.0% | -2.7% | -1.9% | 5.0% | 2.5% | -0.9% |
| ROIC | 6.8% | 6.8% | 8.5% | -14.6% | 14.4% | 2.7% | -2.5% | -1.5% | 1.5% | 0.5% | 0.3% |
| ROCE | 8.9% | 8.9% | 10.4% | -16.2% | 15.8% | 3.0% | -2.8% | -1.4% | 7.0% | 3.3% | 0.3% |
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 | 1.01 | 1.01 | 0.82 | 0.98 | 0.73 | 0.96 | 1.06 | 1.07 | 0.50 | 23.04 | 1.30 |
| Debt / EBITDA | 2.31 | 2.31 | 2.39 | — | 2.11 | 2.46 | 6.22 | 4.62 | 1.36 | 52.06 | 2.89 |
| Net Debt / Equity | — | 0.93 | 0.72 | 0.85 | 0.65 | 0.88 | 0.98 | 0.95 | 0.37 | 1.06 | 1.21 |
| Net Debt / EBITDA | 2.11 | 2.11 | 2.12 | — | 1.90 | 2.27 | 5.75 | 4.11 | 1.01 | 2.40 | 2.69 |
| Debt / FCF | — | — | 18503.29 | — | 5.96 | 4.54 | 7.08 | 9.38 | 3.65 | 13.14 | — |
| Interest Coverage | 1.97 | 1.97 | 1.98 | 0.17 | 1.67 | 0.92 | -0.69 | 0.50 | 0.73 | 0.59 | 0.46 |
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 | 0.87 | 0.87 | 0.78 | 0.90 | 1.08 | 1.19 | 0.88 | 0.98 | 1.16 | 1.19 | 1.06 |
| Quick Ratio | 0.68 | 0.68 | 0.60 | 0.56 | 1.07 | 1.19 | 0.88 | 0.73 | 0.87 | 1.18 | 1.04 |
| Cash Ratio | 0.16 | 0.16 | 0.17 | 0.28 | 0.23 | 0.29 | 0.23 | 0.24 | 0.32 | 0.41 | 0.22 |
| Asset Turnover | — | 0.62 | 0.59 | 0.31 | 0.55 | 0.55 | 0.36 | 0.43 | 0.44 | 0.50 | 0.50 |
| Inventory Turnover | 9.22 | 9.22 | 8.13 | 3.74 | 1079.22 | 680.51 | 522.12 | 7.09 | 6.70 | 149.09 | 129.68 |
| Days Sales Outstanding | — | 53.34 | 43.85 | 58.93 | 53.90 | 48.31 | 69.23 | 75.95 | 73.65 | 72.74 | 76.98 |
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 | — | — | — | — | — | — | — | 0.0% | 0.0% | 0.0% | 0.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | 0.1% | 0.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 12464.1% | — | 8009.1% | 0.2% | — | — | 1.0% | 0.4% | — |
| FCF Yield | — | — | 2.9% | — | 5667.1% | 103.7% | 58.7% | 28.8% | 34.5% | 7.5% | — |
| Buyback Yield | 0.0% | 100.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 100.0% | 0.0% | 0.0% | 0.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $392M | $392M | $392M | $393M | $393M | $393M | $392M | $392M | $393M | $391M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying YPF stock.
YPF Sociedad Anónima's current P/E ratio is -26.7x. The historical average is 16.1x.
YPF Sociedad Anónima's current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 4.9x.
YPF Sociedad Anónima's return on equity (ROE) is -8.5%. The historical average is 5.1%.
Based on historical data, YPF Sociedad Anónima is trading at a P/E of -26.7x. Compare with industry peers and growth rates for a complete picture.
YPF Sociedad Anónima has 27.0% gross margin and 8.9% operating margin.
YPF Sociedad Anónima's Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Macroeconomic Distortion of Financials
Deep Discount Reflects Sovereign Risk
YPF trades at a significant discount to regional peers like Petrobras and Ecopetrol, with its EV/EBITDA of 6.74 suggesting the market prices in severe sovereign and currency risk rather than operational cash flow potential.
The forward P/E of 0.01 and negative trailing P/E indicate current earnings are not sustainable or are heavily distorted, making traditional valuation multiples less reliable. Compared to peers, YPF's discount appears structural, tied to Argentina's regulatory framework and macroeconomic instability rather than a pure operational discount. Investors should view the valuation as a distressed asset play where the catalyst is policy reform, not typical operational improvement.
Gross Margin Strength Erased by Non-Operating Drags
A sharp expansion in gross margin to 45.1% in Q2 2026 contrasts with a collapse to a net margin of 18.3%, indicating powerful non-operating headwinds like FX translation or interest expense are consuming operational gains.
The operating margin of 27.7% in Q2 2026 represents a clear operational high point, yet the net margin's failure to keep pace suggests profitability is a moving target, vulnerable to factors outside core refining and extraction. The persistent volatility in net margin, from -14.4% in Q4 2025 to positive territory, implies that reported earnings may not reflect the company's true underlying earning power. This pattern suggests YPF's income statement is heavily influenced by financial and accounting distortions common in hyperinflationary economies.
Erratic Returns Signal Capital Inefficiency
YPF's ROIC swung from 1.6% in Q4 2025 to 6.1% in Q2 2026, a volatility that points to capital allocation challenges and inconsistent returns on the company's massive asset base.
The dramatic swings in ROIC and ROE indicate the company is not on a stable compounding trajectory, but rather experiencing episodic returns that may be tied to commodity price cycles or one-off accounting adjustments. With ROA peaking at just 3.7% in the most recent quarter despite high gross margins, a significant portion of the asset base appears to be generating minimal earnings. This pattern suggests the capital-intensive model is not translating into efficient, sustainable value creation for equity holders.
Debt Burden Apparent Despite Accounting Noise
The D/E ratio of 0.85 and D/EBITDA of 4.27 in Q2 2026 indicate moderate nominal leverage, but this is likely understated given the distortion of equity under IAS 29 hyperinflation accounting.
The massive fluctuations in reported D/EBITDA, from over 9,000 in Q2 2025 to 4.27, are a red flag, showing that leverage metrics are highly sensitive to the accounting distortions in the period. The interest coverage ratio of 9,011 in Q2 2026 appears anomalously high and should be viewed with extreme skepticism, as it likely reflects a temporary inflation-driven EBITDA surge rather than a sustainable improvement in debt serviceability. The underlying trend suggests debt service remains a significant consumer of cash flow, especially given the company's USD-denominated liabilities.
Thin Liquidity Buffer Against Macro Shocks
A current ratio of 0.93 and quick ratio of 0.72 in Q2 2026 suggest a tight liquidity position, which could become vulnerable under a scenario of restricted access to credit or severe currency devaluation.
The current ratio has consistently hovered near or below 1.0, indicating that current liabilities are not fully covered by current assets. While the company generated positive FCF in some quarters, the volatility in free cash flow margin (from -83.1% to 15.5%) implies this liquidity is not reliable or predictable. The reliance on constant operational cash generation to meet near-term obligations appears high, leaving little margin for error if operational or regulatory conditions deteriorate.
The Misleading Promise of EV/EBITDA
EV/EBITDA is the ratio most commonly misapplied to YPF, as it can obscure the true cash cost of debt service and the impact of hyperinflation on reported earnings.
In a hyperinflationary environment like Argentina's, EBITDA is a poor proxy for operating cash flow because it adds back depreciation that is often vastly understated in real terms. Furthermore, the enterprise value is calculated with a local-currency equity component that is itself distorted by inflation, making the ratio's denominator and numerator both unreliable. A more appropriate metric for assessing core cash generation would be a measure of free cash flow to the firm (FCFF) adjusted for the real cost of maintenance capital expenditure, which would likely paint a less optimistic picture of valuation.