EC Energy

Ecopetrol S.A.

$16.54+2.29%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Energy
Industry: Oil & Gas Integrated
Country: Colombia
Market cap: 34.0B USD
Enterprise value: 104.4B USD

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: more debt relative to equity (1.34× vs a peer median of 0.47×)higher risk: more debt vs equity (1.34× vs peers 0.47×)
About average: profitability and valuation

Ranks #286 of 363 energy companies (bottom 22%)

See how it ranks against its peers

Worth knowing

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Ecopetrol's fiscal-year revenue declined in each of the three years to 2025.
Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −25%, operating profit −56%.Since 2022: revenue −25%, operating profit −56%.
Since 2022, Ecopetrol's revenue changed −25% while operating profit fell 56%: costs rose faster than sales.
Cash flow well above reported profit. Free cash flow is 2.2× reported profit.
Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

37/ 100

Oct 5 36 → Nov 4 37 (+1)

Valuation

Is the price right?

58/100

Moderate

2/3 inputs reported · Partial data

Since last year: No major changeValuation also moves with the share price every day.

Why

Helped by:

▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · COP→USD at the current rateReported value30% base weight · Z-score -0.10Sector median: 0.0522 · MAD: 0.0351

EBITDA yieldUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.1209 · MAD: 0.0518

Free cash flow yield10.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · COP→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score 0.97Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield37.7%

SEC filings (IFRS mapped) · latest balance sheet · COP→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

14/100

Weak

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

12-month revenue fell 10.2%

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-62.1%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.84Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-9.1%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -0.97Sector median: -0.0135 · MAD: 0.0807

Revenue growth-10.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.97Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

56/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▼ Weaker

Operating margin fell 6.6 points to 22.3%

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin22.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.13Sector median: 0.1169 · MAD: 0.0936

Return on assets3.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.24Sector median: 0.0444 · MAD: 0.0302

Return on invested capital11.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.37Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin31.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935

Return on equity12.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

2/3 inputs reported · Partial data

Since last year: No major change

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

BetaUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.5680 · MAD: 0.2415

Current ratio1.55×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.35Sector median: 1.3710 · MAD: 0.5060

Debt / equity1.34×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -2.76Sector median: 0.4659 · MAD: 0.3175

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ecopetrol

Is Ecopetrol getting weaker?: Its latest SEC filing (Apr 30, 2026) got weaker in some ways: operating margin fell 6.6 points to 22.3%; 12-month revenue fell 10.2%. Its overall score is unchanged at 37/100 since Oct 28, 2026.
How is Ecopetrol valued vs its peers?: Priced about in line with its peers. Valuation scores 58/100 against 404 energy peers. Free cash flow yield 10.9% vs a peer median of 6.2% (stronger than 77% of peers).Free cash flow yield 10.9% vs peers 6.2% (stronger than 77% of peers).
Is Ecopetrol growing?: More slowly than most of its peers. Growth scores 14/100 against 404 energy peers. Earnings per share growth -62.1% vs a peer median of 1.1% (weaker than 87% of peers).Earnings per share growth -62.1% vs peers 1.1% (weaker than 87% of peers).
How profitable is Ecopetrol?: About as profitable as its peers. Profitability scores 56/100 against 404 energy peers. Operating margin 22.3% vs a peer median of 11.7% (stronger than 70% of peers).Operating margin 22.3% vs peers 11.7% (stronger than 70% of peers).
How risky is Ecopetrol?: Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 1.34× vs a peer median of 0.47× (weaker than 81% of peers).Debt / equity 1.34× vs peers 0.47× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 30, 2026 · compared with the year ended Dec 31, 2024

Got weaker

Operating margin fell 6.6 points to 22.3%
12-month revenue fell 10.2%

	Previous year	Latest year	Change
Revenue (12 months)	133.33T COP	119.69T COP	−10.2%
Net income (12 months)	13.84T COP	10.49T COP	−24.2%
Operating margin	28.8%	22.3%	−6.6 pts
Free cash flow (12 months)	35.61T COP	23.57T COP	−33.8%
Debt	119.97T COP	109.20T COP	−9.0%
Cash	14.05T COP	10.69T COP	−23.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in COP, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	39.5%	44.0%	38.4%	35.1%	31.4%	▼ 3.7 pts
Operating margin	32.3%	37.7%	29.2%	28.8%	22.3%	▼ 6.6 pts
Net margin	17.0%	19.8%	14.7%	10.4%	8.8%	▼ 1.6 pts
Return on assets (ROA)	6.5%	10.4%	7.5%	4.6%	3.7%	▼ 0.9 pts
Return on equity (ROE)	22.8%	36.7%	27.8%	17.3%	12.9%	▼ 4.4 pts
Free cash flow margin	17.9%	17.2%	7.3%	26.7%	19.7%	▼ 7.0 pts
Current ratio	1.71×	1.36×	1.58×	1.53×	1.55×	▲ 1.2%
Quick ratio	1.43×	1.15×	1.34×	1.28×	1.30×	▲ 1.7%
Debt to equity	1.39×	1.34×	1.40×	1.50×	1.34×	▼ 11%
Interest coverage	6.70×	7.50×	4.02×	3.73×	2.47×	▼ 34%

EC price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: more debt relative to equity (1.34× vs a peer median of 0.47×)higher risk: more debt vs equity (1.34× vs peers 0.47×)

About average: profitability and valuation

Ranks #286 of 363 energy companies (bottom 22%)

See how it ranks against its peers

Worth knowing

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

Ecopetrol's fiscal-year revenue declined in each of the three years to 2025.

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −25%, operating profit −56%.Since 2022: revenue −25%, operating profit −56%.

Since 2022, Ecopetrol's revenue changed −25% while operating profit fell 56%: costs rose faster than sales.

Cash flow well above reported profit. Free cash flow is 2.2× reported profit.

Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Ecopetrol

Is Ecopetrol getting weaker?

Its latest SEC filing (Apr 30, 2026) got weaker in some ways: operating margin fell 6.6 points to 22.3%; 12-month revenue fell 10.2%. Its overall score is unchanged at 37/100 since Oct 28, 2026.

How is Ecopetrol valued vs its peers?

Priced about in line with its peers. Valuation scores 58/100 against 404 energy peers. Free cash flow yield 10.9% vs a peer median of 6.2% (stronger than 77% of peers).Free cash flow yield 10.9% vs peers 6.2% (stronger than 77% of peers).

Is Ecopetrol growing?

More slowly than most of its peers. Growth scores 14/100 against 404 energy peers. Earnings per share growth -62.1% vs a peer median of 1.1% (weaker than 87% of peers).Earnings per share growth -62.1% vs peers 1.1% (weaker than 87% of peers).

How profitable is Ecopetrol?

About as profitable as its peers. Profitability scores 56/100 against 404 energy peers. Operating margin 22.3% vs a peer median of 11.7% (stronger than 70% of peers).Operating margin 22.3% vs peers 11.7% (stronger than 70% of peers).

How risky is Ecopetrol?

Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 1.34× vs a peer median of 0.47× (weaker than 81% of peers).Debt / equity 1.34× vs peers 0.47× (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

133.33T COP

119.69T COP

−10.2%

Net income (12 months)

13.84T COP

10.49T COP

−24.2%

Operating margin

28.8%

22.3%

−6.6 pts

Free cash flow (12 months)

35.61T COP

23.57T COP

−33.8%

Debt

119.97T COP

109.20T COP

−9.0%

Cash

14.05T COP

10.69T COP

−23.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

39.5%

44.0%

38.4%

35.1%

31.4%

▼ 3.7 pts

Operating margin

32.3%

37.7%

29.2%

28.8%

22.3%

▼ 6.6 pts

Net margin

17.0%

19.8%

14.7%

10.4%

8.8%

▼ 1.6 pts

Return on assets (ROA)

6.5%

10.4%

7.5%

4.6%

3.7%

▼ 0.9 pts

Return on equity (ROE)

22.8%

36.7%

27.8%

17.3%

12.9%

▼ 4.4 pts

Free cash flow margin

17.9%

17.2%

7.3%

26.7%

19.7%

▼ 7.0 pts

Current ratio

1.71×

1.36×

1.58×

1.53×

1.55×

▲ 1.2%

Quick ratio

1.43×

1.15×

1.34×

1.28×

1.30×

▲ 1.7%

Debt to equity

1.39×

1.34×

1.40×

1.50×

1.34×

▼ 11%

Interest coverage

6.70×

7.50×

4.02×

3.73×

2.47×

▼ 34%