Petroleo Brasileiro SA Petrobras PBR.A

EnergyOil & GasBrazil

Last close 18.74 USD on Nov 2, 2026, +73.3% year to date

Quant rating

Quant rating B Rank 24 of 113 in Energy

Growth C 67 of 113
Valuation A 3 of 113
Quality B 19 of 113
Revisions D 81 of 113
Momentum B 34 of 113

Wall Street consensus Buy (1.88)Average target 24.95 USD +33.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 136.4B
Enterprise value: 194.1B
52-week range: 10.89 – 23.79
3-year range: 10.37 – 23.79
Dividend yield: 5.17%
Beta (5 years): 0.49
Shares outstanding: 12,889M
Next earnings: Nov 10, 2026

About the company

Petroleo Brasileiro S.a. Petrobras is a Brazil-based government agency. The Company specializes in the oil, natural gas and energy industry. Petrobras has three operational segments: Refining, Transportation, and Marketing (R&M), which encompasses the activities of refining, logistics, transportation, acquisition and export of crude oil, as well as the purchase and sale of petroleum-derived products, in Brazil and abroad; Exploration and Production (E&P), which encompasses the activities of exploration, production development and production of oil, natural gas liquids (NGL) and natural gas, as well as Gas and Low Carbon Energy (G&EBC), which encompasses logistics activities, natural gas and electricity trading, transportation and marketing of liquefied natural gas (LNG), power generation through thermal power plants, as well as the results of natural gas processing operations.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	90,843	79,450	105,520	121,312	81,265	–
Revenue growth	14.3%	−24.7%	−13.0%	49.3%	55.1%	11.6%
EPS (basic, normalized)	2.80	2.96	4.18	5.29	2.38	–
EPS growth	−5.4%	−29.1%	−21.0%	122.2%	–	–
Gross margin	42.1%	45.2%	48.1%	48.6%	44.0%	45.6%
Net margin	22.1%	7.5%	24.3%	29.4%	23.6%	21.4%
ROE	28.2%	9.8%	33.5%	50.2%	30.7%	30.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	10,417
Current ratio	0.85x
Long-term debt (mil)	59,299
Net debt (mil)	60,778
Total equity (mil)	93,189
Net debt / equity	0.65x
Net debt / EBITDA	1.43x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	90,843	+14.3%	2.1x	42,423	+12.2%	4.6x	2.80	−5.4%	6.7x
2026	115,929	+27.6%	1.7x	65,795	+55.1%	2.9x	3.47	+23.9%	5.4x
2027	116,099	+0.1%	1.7x	63,029	−4.2%	3.1x	3.46	−0.2%	5.4x
2028	106,019	−8.7%	1.8x	57,507	−8.8%	3.4x	3.21	−7.3%	5.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	115,929	+3.2%	+13.4%	+8.5%	3.47	0.0%	−4.3%	−4.9%
2027	116,099	+3.5%	+13.6%	+11.2%	3.46	−2.1%	+3.7%	+5.7%
2028	106,019	−0.3%	+3.9%	+3.0%	3.21	0.0%	−9.8%	+7.5%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	23,779	23,446	23,365	20,765	21,046	21,033	23,477	23,590	23,535	33,607
Sales mean (mil)	25,000	23,930	22,836	22,143	21,875	20,130	23,754	22,546	26,868	29,680
Surprise	−4.9%	−2.0%	+2.3%	−6.2%	−3.8%	+4.5%	−1.2%	+4.6%	−12.4%	+13.2%
EPS reported	0.75	0.46	0.92	0.47	0.62	0.64	0.82	0.73	0.70	1.72
EPS mean	0.75	0.33	0.77	0.74	0.82	0.54	0.76	0.67	0.71	1.37
Surprise	+0.1%	+39.6%	+19.4%	−36.2%	−24.0%	+19.3%	+8.5%	+9.7%	−0.5%	+25.3%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PBR.A Petroleo Brasileiro SA Petrobras	136.4B	1.43x	22.1%	1.54x	5.4x	5.4x	2.9x	3.1x
XOM Exxonmobil Holdings Corp	732.9B	0.43x	8.9%	2.76x	13.5x	14.2x	7.5x	7.7x
CVX Chevron Corporation	444.4B	0.85x	6.7%	2.37x	12.7x	14.2x	6.5x	7.0x
SHEL Shell plc	299.4B	0.73x	6.7%	1.62x	8.2x	10.1x	4.1x	4.5x
BP BP PLC	126.2B	1.17x	0.4%	2.02x	6.0x	8.4x	3.1x	3.7x
EQNR Equinor ASA	111.4B	0.15x	4.8%	2.40x	7.6x	9.5x	2.0x	2.3x
Mean		0.79x	8.3%	2.12x	8.9x	10.3x	4.4x	4.7x
Median		0.79x	6.7%	2.19x	7.9x	9.8x	3.6x	4.1x

Technical analysis

1M−4.4%
3M+12.9%
1Y+81.4%
3Y+73.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Petroleo Brasileiro SA Petrobras, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	90,843	79,450	105,520	121,312	81,265	52,384
Cost of revenue	52,583	43,525	54,758	62,357	45,511	32,861
Gross profit	38,260	35,925	50,762	58,955	35,754	19,524
Selling, general & administrative expenses	3,484	4,407	3,323	2,416	2,681	954
Research & development	2,113	1,502	1,754	1,646	1,214	1,153
Depreciation/amortization	952	712	753	871	674	649
Interest expense (income), operating	22.8	526	288	−5.7	−1,437	1,010
Unusual expense (income)	2,091	3,651	1,544	1,127	−6,472	3,151
Other operating expenses	3,007	4,707	3,840	−2,766	812	1,342
Operating income	26,589	20,420	39,261	55,667	38,282	11,265
Net interest income (expense)	1,019	−11,329	−2,713	−5,291	−10,890	−10,746
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−112	−231	29.9	1,648	−180	−512
Net income before taxes	27,497	8,859	36,578	52,024	27,211	7.1
Provision for taxes	7,302	2,868	10,782	16,268	7,955	−1,195
Minority interest	−86.9	−65.2	−115	−128	−107	166
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	20,108	5,925	25,681	35,628	19,149	1,369
Extraordinary items	–	–	–	–	–	0
Net income	20,108	5,925	25,681	35,628	19,149	1,369
EBIT, normalized	28,601	24,497	41,037	56,755	29,517	15,426
EBITDA, normalized	47,452	37,637	56,855	71,096	42,124	27,597
Basic EPS, normalized	2.80	2.96	4.18	5.29	2.38	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Petroleo Brasileiro SA Petrobras, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9,240	7,551	15,511	10,631	11,138	12,377
Receivables	6,684	5,545	7,297	6,236	7,728	7,329
Total inventory	8,248	6,726	7,663	8,665	7,268	5,680
Prepaid expenses	470	–	–	–	–	–
Other current assets	925	2,065	1,902	5,315	4,070	2,017
Total current assets	25,566	21,887	32,373	30,846	30,204	27,403
Property, plant & equipment	168,819	136,605	153,083	128,487	125,560	124,272
Goodwill	21.9	20.1	25.3	23.3	22.1	24.1
Intangibles	2,513	2,240	3,010	2,924	3,008	14,932
Long-term investments	555	1,244	3,758	3,089	1,557	3,319
Note receivable	1,222	1,259	1,843	2,408	1,903	2,633
Other long-term assets	24,671	18,816	22,492	16,995	12,413	17,535
Total assets	223,368	182,071	216,584	184,773	174,668	190,119
Liabilities
Accounts payable	7,476	6,096	4,802	5,393	5,493	6,863
Payable/accrued	–	–	–	–	–	–
Accrued expenses	10,615	7,312	9,109	5,195	6,156	6,141
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	12,279	11,134	11,496	9,014	9,089	9,890
Other current liabilities	5,848	6,992	8,377	11,372	3,482	3,347
Total current liabilities	36,218	31,534	33,785	30,974	24,220	26,241
Long-term debt	57,837	49,319	50,964	44,089	49,762	65,692
Minority interest	329	244	391	339	404	528
Other liabilities	53,070	41,729	53,037	40,776	30,747	38,277
Total liabilities	147,454	122,825	138,177	116,178	105,133	130,737
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	37,508	33,253	42,339	38,863	36,880	39,554
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	29,466	15,011	32,694	24,908	30,042	25,023
Treasury stock	–	–	–	–	–	–
Other equity	8,941	10,981	3,375	4,824	2,613	−5,195
Total equity	75,915	59,245	78,407	68,595	69,535	59,382
Total liabilities & shareholders' equity	223,368	182,071	216,584	184,773	174,668	190,119

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Petroleo Brasileiro SA Petrobras, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	20,194	5,991	25,796	35,756	19,256	1,203
Depreciation, depletion & amortization	15,408	10,851	13,644	12,902	11,319	11,226
Deferred taxes	7,302	2,868	10,782	16,268	3,886	−1,721
Non-cash items	3,467	22,443	8,525	2,256	4,704	15,252
Changes in working capital	−9,794	−9,126	−14,293	−18,864	−2,699	2,557
Cash from operations	36,577	33,027	44,454	48,318	36,466	28,516
Investing activities
Capital expenditures	−19,849	−12,926	−12,431	−9,394	−6,128	−5,771
Other investing cash flows	4,126	1,213	4,291	8,566	8,116	1,255
Cash from investing	−15,723	−11,713	−8,140	−828	1,988	−4,516
Financing activities
Financing cash flow items	−1,913	−1,808	−2,095	−1,840	−2,305	−3,222
Cash dividends paid	−8,254	−16,236	−20,182	−36,739	−12,953	−1,195
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7,566	−11,088	−9,345	−11,394	−24,290	−15,178
Cash from financing	−17,733	−29,132	−31,622	−49,973	−39,548	−19,595
Foreign exchange effects	−318	1,124	−593	−688	655	1,603
Net change in cash	2,803	−6,695	4,099	−3,170	−439	6,007
Free cash flow	16,728	20,101	32,023	38,924	30,338	22,745

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.