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Ecopetrol USD

At a glance: strengths & risks
✓Revenue growing (+57% y/y, Q2 2026)✓Profit growing (+288% y/y, Q2 2026)

Sector: Integrated oil & gas

COMM_EC

Price chart

16.48 USDDay -0.24%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
16.48 USD · -0.24%
Market cap
33.9 bn USD

Growth

Δ revenue y/y
56.8%
Δ EBITDA y/y
47.4%

Multiples

P/E (LTM)
8.6x
P/B (FY)
1.6x
P/E (ann.)
4.9x
EV/EBITDA (LTM)
5.3x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
4.0%
FCF yield (LTM)
-4.9%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-59.6%
↓ details

Liquidity

Daily turnover (listing)
17.5 mln USD

Shares: yahoo_fundamentals_timeseries/EC

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK11.4
y/y 56.8%
3.6
y/y 159.7%
0.0
y/y -96.3%
3.7
y/y 47.4%
1.7
y/y 287.6%
——82.5
y/y 13.0%
24.7
y/y 25.6%
—26.0Yahoo Finance
2026-03-31Q1 2026 (3M)PARTIAL7.8
y/y —
2.3
y/y —
—
y/y —
2.1
y/y —
0.8
y/y —
———
y/y —
—
y/y —
—≈ 25.6Yahoo Finance
2025-12-31Q4 2025 (3M)OK7.7
y/y —
1.7
y/y —
1.0
y/y —
2.6
y/y —
0.8
y/y —
2.2-0.975.5
y/y 2.7%
21.8
y/y 10.6%
12.4%25.6Yahoo Finance
2025-09-30Q3 2025 (3M)OK7.5
y/y —
1.8
y/y —
1.0
y/y —
2.9
y/y —
0.6
y/y —
2.2-0.874.5
y/y —
20.6
y/y —
4.2%26.5Yahoo Finance
2025-06-30Q2 2025 (3M)OK7.2
y/y —
1.4
y/y —
1.1
y/y —
2.5
y/y —
0.4
y/y —
2.5-1.573.0
y/y —
19.6
y/y —
9.0%27.3Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL32.9
y/y -0.7%
9.5
y/y -1.8%
3.7
y/y 17.3%
13.2
y/y 2.9%
4.6
y/y -22.3%
11.1—73.5
y/y 13.5%
19.7
y/y 12.4%
24.5%—Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL33.1
y/y —
9.7
y/y —
3.2
y/y —
12.8
y/y —
5.9
y/y —
4.6—64.8
y/y —
17.5
y/y —
——Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 222
Long-term debt (incl. LT leases)27 052
− Cash & equivalents2 248
Net debt26 026

Net debt / LTM EBITDA: 2.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%0%20%40%60%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

05001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.28x of reported net profit.
year20212022202320242025
cash flow / profit1.28x1.03x0.78x2.44x3.18x
accruals, % of assets-2.0%-0.3%2.0%-8.9%-7.6%
Last twelve months (to 2026-06-30): 1.13x of profit came back as operating cash flow.
net debt / EBITDA 2.3x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d
Q2 2026-06705 800
−6.6%
H1 2026-06715 500
−4.7%
Q4 2025-12729 200
−0.1%
FY 2025-12745 300
−0.1%
Q2 2025-06755 500
H1 2025-06750 500
Q4 2024-12730 100
FY 2024-12745 800

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://www.sec.gov/Archives/edgar/data/1444406/000129281425004086/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426000434/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426000670/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426004040/ex99-1.htm

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
1 944 mln boe (1P)
2025
Reserve life (R/P)
7.1 yrs
reserves ÷ annual output
Annual production
272.03 mln boe
2025

Production, mln boe

272.222024272.032025

Proved reserves

YearReserves, mln boe (1P)
20251 944
20241 893

Production

YearProduction, mln boeper day, mln boe
2025272.03
−0.1%		0.75
2024272.220.75

Company reports: https://www.sec.gov/Archives/edgar/data/1444406/000129281425004086/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426000434/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426000670/ex99-1.htm; https://www.sec.gov/Archives/edgar/data/1444406/000129281426004040/ex99-1.htm

Key-commodity price — Brent

Current 100spot vs LTM +30%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -59.6% ▲ +1.2 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.12 vs costs ×1.04; EBITDA 11 503→13 054; at 3.9× EV/EBITDA → -60%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+40%99.6976.5180.81+30%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue34 245
LTM EBITDA11 503
LTM cash costs (revenue − EBITDA)22 742
2 · Revenue projection
Revenue multiplier — spot×1.121 (+12%)
= Spot revenue38 396
Revenue multiplier — 3y price×1.023 (+2%)
= 3-year-price revenue35 016
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs23 652
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs23 652
4 · EBITDA projection (revenue − costs)
= Spot EBITDA14 744
= 3-year-price EBITDA11 365
Conservative EBITDA = min(spot, avg)13 054
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.9x
Target EV = EV/EBITDA × conservative EBITDA50 782
Net debt26 026
Target market cap = EV − net debt24 756
Current market cap33 880

Upside = target market cap ÷ current − 1 = -59.6%

Life of mine: 7 yrs — before haircut -26.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2021 FY24 53316 999+44.3%10 6427 493+42.0%
2022 FY37 51828 430+32.0%17 00913 983+21.6%
2023 FY33 10535 007-5.4%12 84813 677-6.1%
2024 FY32 85732 710+0.5%13 22411 640+13.6%
2025 FY29 95630 944-3.2%11 29410 525+7.3%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -9% vs -1% the year before — a -8.1 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 -12% · 2024 -1% · 2025 -9%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.9x · target 75th pct (3y) 3.9x · LTM avg 4.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Integrated oil & gas. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
OMVglobal26.24.1x
YPFglobal19.64.1x
Shellglobal282.75.1x
TotalEnergiesglobal192.25.5x
Eniglobal82.117.5x
Group median5.1x
Group average7.3x
This companyglobal33.95.3x

Group median 5.1x; this company 5.3x — a 4% premium.

Group average 7.3x; against the average this company is at a 27% discount. The average sits 42% above the median: Eni (17.5x) skews the group.

At the adjusted group median the market cap would be -7% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.4x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-290.661 USDEx-dividend: 0.661 USD per sharePaidYahoo Finance (ex-div)
2025-04-280.506 USDEx-dividend: 0.506 USD per sharePaidYahoo Finance (ex-div)
2025-04-030.486 USDEx-dividend: 0.486 USD per sharePaidYahoo Finance (ex-div)
2024-06-250.8 USDEx-dividend: 0.8 USD per sharePaidYahoo Finance (ex-div)
2024-04-040.8 USDEx-dividend: 0.8 USD per sharePaidYahoo Finance (ex-div)
2023-12-190.828 USDEx-dividend: 0.828 USD per sharePaidYahoo Finance (ex-div)
2023-09-260.828 USDEx-dividend: 0.828 USD per sharePaidYahoo Finance (ex-div)
2023-04-250.828 USDEx-dividend: 0.828 USD per sharePaidYahoo Finance (ex-div)
2022-06-280.861 USDEx-dividend: 0.861 USD per sharePaidYahoo Finance (ex-div)
2022-04-191.491 USDEx-dividend: 1.491 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ecopetrol — from primary filings.

Frequently asked questions

What is Ecopetrol's P/E ratio?
Ecopetrol trades at a P/E of 8.6x (price to trailing 12-month earnings).
What is Ecopetrol's EV/EBITDA?
Ecopetrol trades at 5.3x EV/EBITDA.
What is Ecopetrol's P/B ratio?
Ecopetrol trades at a P/B of 1.6x.
What is Ecopetrol's dividend yield?
Ecopetrol's trailing 12-month dividend yield is 4.0%.
What is Ecopetrol's return on equity (ROE)?
Ecopetrol's ROE is 29.5%.
What is Ecopetrol's market capitalization?
Ecopetrol's market cap is 33.9 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map