PBR Energy

Petróleo Brasileiro S.A. - Petrobras

$21.08-0.38%

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

Basics

Sector: Energy
Industry: Oil & Gas Integrated
Country: Brazil
Market cap: 135.8B USD
Enterprise value: 407.0B USD
Full-time employees: 43,199

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: less short-term liquidity (current ratio 0.71 vs a peer median of 1.37)less liquidity (current ratio 0.71 vs peers 1.37)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #120 of 363 energy companies (top 34%)

See how it ranks against its peers

Worth knowing

Investment surge. Capital spending 22% of revenue, up from 7.7% in 2022.
Petróleo Brasileiro S.A. - Petrobras is spending 22% of revenue on facilities and equipment, up from 7.7% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Petróleo Brasileiro S.A. - Petrobras's fiscal-year revenue declined in each of the three years to 2025.
Valuation signals disagree. Cheaper than 86% of peers on operating cash profit (EBITDA), but only 41% on free cash flow.Cheaper than 86% of peers on operating cash profit, but only 41% on free cash flow.
Relative to its operating cash profit (EBITDA), Petróleo Brasileiro S.A. - Petrobras looks cheaper than 86% of peers; relative to its free cash flow, cheaper than only 41%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Petróleo Brasileiro S.A. - Petrobras looks cheaper than 86% of peers; relative to its free cash flow, cheaper than only 41%. The valuation score blends the two, so look at which measure fits this business best.
Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −28%, operating profit −54%.Since 2022: revenue −28%, operating profit −54%.
Since 2022, Petróleo Brasileiro S.A. - Petrobras's revenue changed −28% while operating profit fell 54%: costs rose faster than sales.

StockQuotient Score

60/ 100

Oct 5 59 → Nov 4 60 (+1)

Valuation

Is the price right?

76/100

Moderate

3/3 inputs reported · High confidence

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

Why

Stronger than most peers on:

▲ EBITDA yield

Compare with peers

Behind the score

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

Earnings yield6.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value30% base weight · Z-score 0.30Sector median: 0.0522 · MAD: 0.0351

EBITDA yield23.9%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · BRL→USD convertedReported value50% base weight · Z-score 2.28Sector median: 0.1209 · MAD: 0.0518

Free cash flow yield5.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.19Sector median: 0.0618 · MAD: 0.0491

Other data (not scored)

Book yield24.1%

SEC filings (IFRS mapped) · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5851 · MAD: 0.2677

Growth

Is it growing?

39/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.4%

Why

Weaker than most peers on:

▼ 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 growth30.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 0.86Sector median: 0.0107 · MAD: 0.3431

3-year revenue growth-10.5%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -1.14Sector median: -0.0135 · MAD: 0.0807

Revenue growth-2.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.27Sector median: 0.0050 · MAD: 0.1101

Profitability

Does it earn well?

87/100

Strong▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 86 → 87

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

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

Operating margin29.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.88Sector median: 0.1169 · MAD: 0.0936

Return on assets8.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.45Sector median: 0.0444 · MAD: 0.0302

Return on invested capital21.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 1.90Sector median: 0.0929 · MAD: 0.0648

Other data (not scored)

Gross margin47.6%

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

Return on equity26.0%

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

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 37 → 38

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Debt / equity
▼ Current ratio

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 ratio0.71×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -1.31Sector median: 1.3710 · MAD: 0.5060

Debt / equity0.35×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.37Sector 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 Petróleo Brasileiro S.A. - Petrobras

Is Petróleo Brasileiro S.A. - Petrobras getting weaker?: Its latest SEC filing (Apr 9, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.
How is Petróleo Brasileiro S.A. - Petrobras valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 76/100 against 404 energy peers. EBITDA yield 23.9% vs a peer median of 12.1% (stronger than 86% of peers).EBITDA yield 23.9% vs peers 12.1% (stronger than 86% of peers).
Is Petróleo Brasileiro S.A. - Petrobras growing?: More slowly than most of its peers. Growth scores 39/100 against 404 energy peers. Earnings per share growth 30.4% vs a peer median of 1.1% (stronger than 73% of peers).Earnings per share growth 30.4% vs peers 1.1% (stronger than 73% of peers). 3-year revenue growth -10.5% vs a peer median of -1.3% (weaker than 80% of peers).3-year revenue growth -10.5% vs peers -1.3% (weaker than 80% of peers).
How profitable is Petróleo Brasileiro S.A. - Petrobras?: More profitable than most of its peers. Profitability scores 87/100 against 404 energy peers. Return on assets 8.8% vs a peer median of 4.4% (stronger than 83% of peers).Return on assets 8.8% vs peers 4.4% (stronger than 83% of peers).
How risky is Petróleo Brasileiro S.A. - Petrobras?: Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.35× vs a peer median of 0.47× (stronger than 62% of peers).Debt / equity 0.35× vs peers 0.47× (stronger than 62% of peers). Current ratio 0.71× vs a peer median of 1.37× (weaker than 87% of peers).Current ratio 0.71× vs peers 1.37× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Apr 9, 2026 · compared with the quarter ended Jun 30, 2025

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	86.3B USD	89.2B USD	+3.4%
Net income (12 months)	13.8B USD	19.6B USD	+42.3%
Operating margin	27.6%	29.3%	+1.7 pts
Free cash flow (12 months)	18.6B USD	16.5B USD	−11.3%
Debt	25.8B USD	26.4B USD	+2.5%
Cash	7.0B USD	6.5B USD	−7.5%

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

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	48.6%	52.2%	52.7%	50.3%	47.6%	▼ 2.7 pts
Operating margin	44.8%	45.9%	37.1%	29.4%	29.3%	▼ 0.1 pts
Net margin	23.7%	29.4%	24.3%	8.2%	22.0%	▲ 14 pts
Return on assets (ROA)	11.4%	19.6%	11.5%	4.1%	8.8%	▲ 4.7 pts
Return on equity (ROE)	28.6%	52.7%	31.7%	12.7%	26.0%	▲ 13 pts
Free cash flow margin	37.5%	32.2%	30.4%	25.5%	18.5%	▼ 7.0 pts
Current ratio	1.25×	1.00×	0.96×	0.69×	0.71×	▲ 1.7%
Quick ratio	0.95×	0.72×	0.73×	0.48×	0.48×	▼ 0.6%
Debt to equity	0.51×	0.43×	0.37×	0.39×	0.35×	▼ 11%
Interest coverage	7.30×	16.32×	9.70×	4.51×	6.05×	▲ 34%

PBR 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

Strength: more profitable than most peersmore profitable than peers

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

Drawback: less short-term liquidity (current ratio 0.71 vs a peer median of 1.37)less liquidity (current ratio 0.71 vs peers 1.37)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #120 of 363 energy companies (top 34%)

See how it ranks against its peers

Worth knowing

Investment surge. Capital spending 22% of revenue, up from 7.7% in 2022.

Petróleo Brasileiro S.A. - Petrobras is spending 22% of revenue on facilities and equipment, up from 7.7% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

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

Petróleo Brasileiro S.A. - Petrobras's fiscal-year revenue declined in each of the three years to 2025.

Valuation signals disagree. Cheaper than 86% of peers on operating cash profit (EBITDA), but only 41% on free cash flow.Cheaper than 86% of peers on operating cash profit, but only 41% on free cash flow.

Relative to its operating cash profit (EBITDA), Petróleo Brasileiro S.A. - Petrobras looks cheaper than 86% of peers; relative to its free cash flow, cheaper than only 41%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Petróleo Brasileiro S.A. - Petrobras looks cheaper than 86% of peers; relative to its free cash flow, cheaper than only 41%. The valuation score blends the two, so look at which measure fits this business best.

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −28%, operating profit −54%.Since 2022: revenue −28%, operating profit −54%.

Since 2022, Petróleo Brasileiro S.A. - Petrobras's revenue changed −28% while operating profit fell 54%: costs rose faster than sales.

Questions investors ask about Petróleo Brasileiro S.A. - Petrobras

Is Petróleo Brasileiro S.A. - Petrobras getting weaker?

Its latest SEC filing (Apr 9, 2026) showed no major changes. Its overall score is unchanged at 60/100 since Oct 28, 2026.

How is Petróleo Brasileiro S.A. - Petrobras valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 76/100 against 404 energy peers. EBITDA yield 23.9% vs a peer median of 12.1% (stronger than 86% of peers).EBITDA yield 23.9% vs peers 12.1% (stronger than 86% of peers).

Is Petróleo Brasileiro S.A. - Petrobras growing?

More slowly than most of its peers. Growth scores 39/100 against 404 energy peers. Earnings per share growth 30.4% vs a peer median of 1.1% (stronger than 73% of peers).Earnings per share growth 30.4% vs peers 1.1% (stronger than 73% of peers). 3-year revenue growth -10.5% vs a peer median of -1.3% (weaker than 80% of peers).3-year revenue growth -10.5% vs peers -1.3% (weaker than 80% of peers).

How profitable is Petróleo Brasileiro S.A. - Petrobras?

More profitable than most of its peers. Profitability scores 87/100 against 404 energy peers. Return on assets 8.8% vs a peer median of 4.4% (stronger than 83% of peers).Return on assets 8.8% vs peers 4.4% (stronger than 83% of peers).

How risky is Petróleo Brasileiro S.A. - Petrobras?

Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings. Debt / equity 0.35× vs a peer median of 0.47× (stronger than 62% of peers).Debt / equity 0.35× vs peers 0.47× (stronger than 62% of peers). Current ratio 0.71× vs a peer median of 1.37× (weaker than 87% of peers).Current ratio 0.71× vs peers 1.37× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

86.3B USD

89.2B USD

+3.4%

Net income (12 months)

13.8B USD

19.6B USD

+42.3%

Operating margin

27.6%

29.3%

+1.7 pts

Free cash flow (12 months)

18.6B USD

16.5B USD

−11.3%

Debt

25.8B USD

26.4B USD

+2.5%

Cash

7.0B USD

6.5B USD

−7.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

48.6%

52.2%

52.7%

50.3%

47.6%

▼ 2.7 pts

Operating margin

44.8%

45.9%

37.1%

29.4%

29.3%

▼ 0.1 pts

Net margin

23.7%

29.4%

24.3%

8.2%

22.0%

▲ 14 pts

Return on assets (ROA)

11.4%

19.6%

11.5%

4.1%

8.8%

▲ 4.7 pts

Return on equity (ROE)

28.6%

52.7%

31.7%

12.7%

26.0%

▲ 13 pts

Free cash flow margin

37.5%

32.2%

30.4%

25.5%

18.5%

▼ 7.0 pts

Current ratio

1.25×

1.00×

0.96×

0.69×

0.71×

▲ 1.7%

Quick ratio

0.95×

0.72×

0.73×

0.48×

▼ 0.6%

Debt to equity

0.51×

0.43×

0.37×

0.39×

0.35×

▼ 11%

Interest coverage

7.30×

16.32×

9.70×

4.51×

6.05×

▲ 34%