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Petrobras (PBR) USD

At a glance: strengths & risks
✓Revenue growing (+14%)✓Profit growing (+237%)✓Margins improving (42%→46%)

Sector: Oil

Geography: Brazil

COMM_PBR

Price chart

19 USDDay 0.58%

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
19 USD · 0.58%
Market cap
244.9 bn USD

Growth

Δ revenue y/y
12.5%
Δ EBITDA y/y
7.4%

Multiples

P/E (LTM)
12.0x
P/B (FY)
3.2x
P/E (ann.)
9.4x
EV/EBITDA (LTM)
7.1x
EV/EBITDA (ann.)
6.2x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
7.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-66.4%
↓ details

Liquidity

Daily turnover (listing)
234.2 mln USD

Shares: yahoo_fundamentals_timeseries/PBR

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
2026-03-31Q1 2026 (3M)PARTIAL24.7
y/y 12.5%
8.2
y/y 7.4%
4.3
y/y 27.6%
12.5
y/y 13.6%
6.5
y/y 3.9%
8.8-4.7248.3
y/y 21.6%
89.0
y/y 25.7%
31.6%64.6—
2025-12-31Q4 2025 (3M)PARTIAL23.8
y/y 95.7%
5.4
y/y 1327.7%
4.1
y/y 127.3%
9.5
y/y 589.9%
3.0
y/y 177.4%
10.2-6.6223.4
y/y 22.7%
76.3
y/y 28.2%
26.0%56.4—
2025-09-30Q3 2025 (3M)PARTIAL23.8
y/y 5.7%
8.1
y/y 0.6%
4.2
y/y 44.9%
12.3
y/y 12.2%
6.1
y/y 7.6%
10.0-4.9225.2
y/y 20.4%
79.0
y/y 15.2%
10.8%58.4—
2025-06-30Q2 2025 (3M)PARTIAL21.4
y/y -1.9%
5.5
y/y -8.6%
3.8
y/y 28.9%
9.2
y/y 3.7%
4.8
y/y —
7.6-4.2210.7
y/y 11.7%
72.1
y/y 7.5%
26.9%57.3—
2025-03-31Q1 2025 (3M)PARTIAL21.9
y/y -4.8%
7.7
y/y -11.0%
3.4
y/y 3.8%
11.0
y/y -6.9%
6.3
y/y 35.1%
8.8-4.1204.2
y/y -2.1%
70.7
y/y -11.7%
38.6%58.1—
2024-12-31Q4 2024 (3M)PARTIAL12.2
y/y -58.1%
-0.4
y/y -105.0%
1.8
y/y -53.2%
1.4
y/y -89.1%
-3.9
y/y -157.5%
4.7-3.2182.1
y/y -16.2%
59.5
y/y -24.7%
9.4%50.2—
2024-09-30Q3 2024 (3M)PARTIAL22.5
y/y -9.1%
8.1
y/y -14.4%
2.9
y/y -14.6%
10.9
y/y -14.5%
6.1
y/y 6.9%
10.9-4.3187.1
y/y -8.0%
68.6
y/y -10.7%
11.2%42.4—
2024-06-30Q2 2024 (3M)PARTIAL21.8
y/y -9.6%
6.0
y/y -32.7%
2.9
y/y -14.4%
8.9
y/y -27.6%
-5.1
y/y -107.3%
8.4-2.7188.7
y/y -10.0%
67.0
y/y -15.0%
-2.4%47.0—
2024-03-31Q1 2024 (3M)PARTIAL23.0
y/y -17.5%
8.6
y/y -28.7%
3.3
y/y 6.8%
11.9
y/y -21.6%
4.7
y/y -39.4%
9.1-2.7208.6
y/y 6.3%
80.1
y/y -1.0%
23.4%44.4—
2023-12-31Q4 2023 (3M)PARTIAL29.1
y/y —
8.7
y/y —
3.9
y/y —
12.6
y/y —
6.8
y/y —
12.5-3.8217.2
y/y —
79.0
y/y —
33.2%42.7—
2023-09-30Q3 2023 (3M)PARTIAL24.7
y/y —
9.4
y/y —
3.4
y/y —
12.8
y/y —
5.3
y/y —
11.2-3.1203.2
y/y —
76.8
y/y —
9.1%47.2—
2023-06-30Q2 2023 (3M)PARTIAL24.1
y/y —
8.9
y/y —
3.4
y/y —
12.3
y/y —
6.1
y/y —
10.1-3.0209.7
y/y —
78.8
y/y —
30.7%46.2—
2023-03-31Q1 2023 (3M)PARTIAL27.9
y/y —
12.1
y/y —
3.0
y/y —
15.1
y/y —
7.7
y/y —
10.8-2.5196.3
y/y —
80.9
y/y —
—40.9—

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%-50%0%50%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

Net debt / cash ($ mln)

020 00040 00060 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Production & Reserves

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

Oil and Gas Integrated

Proved reserves
12 112 mln boe
2025
Reserve life (R/P)
11.2 yrs
reserves ÷ annual output
Annual production
1 086 mln boe
2025

Production, mln boe

977.2520221 0122023982.0720241 0862025293.482026

Proved reserves

YearReserves, mln boe
202512 112
202411 386
202310 921
202210 470
20219 878
20208 816
20199 590
20189 606

Production

YearProduction, mln boeper day
2026293.48 * (3M)
+16.4%		3 213 963
20251 086
+10.6%		2 975 077
2024982.07
−3.0%		2 690 608
20231 012
+3.6%		2 773 630
2022977.252 677 395

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — US Diesel Index (EIA)

Current 5spot vs LTM +22%

Commodity-player potential

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

Upside: -66.4% ▲ +0.8 pp 1d

Main driver: US Diesel Index (EIA) +22% vs LTM; revenue ×1.12 vs costs ×1.06; EBITDA 43 501→46 878; at 3.5× EV/EBITDA → -66%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Diesel Index (EIA) (rev)+32%5.134.224.10+22%-3%
WTI Crude Oil (rev)+26%91.8472.3176.26+27%+5%
US Gasoline Index (EIA) (rev)+14%3.123.173.41-1%+8%
Henry Hub Gas (rev)+12%2.913.373.11-14%-8%
Electricity Spot (rev)+4%57.8058.5652.39-1%-11%
Baltic Dirty Tanker (cost)-2%2 834.001 388.961 250.75+104%-10%
Bitumen (rev)+0%4 339.003 619.003 731.19+20%+3%

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

1 · Reported baseline (LTM)
LTM revenue93 596
LTM EBITDA43 501
LTM cash costs (revenue − EBITDA)50 095
2 · Revenue projection
Revenue multiplier — spot×1.121 (+12%)
= Spot revenue104 896
Revenue multiplier — 3y price×1.003 (+0%)
= 3-year-price revenue93 919
3 · Costs projection
Cost multiplier — spot×1.060 (+6%)
= Spot cash costs53 101
Cost multiplier — 3y price×1.037 (+4%)
= 3-year-price cash costs51 959
4 · EBITDA projection (revenue − costs)
= Spot EBITDA51 795
= 3-year-price EBITDA41 961
Conservative EBITDA = min(spot, avg)46 878
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.5x
Target EV = EV/EBITDA × conservative EBITDA166 416
Net debt64 592
Target market cap = EV − net debt101 824
Current market cap244 886

Upside = target market cap ÷ current − 1 = -66.4%

Life of mine: 15 yrs — before haircut -58.4%

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
2023 Q224 10224 022+0.3%12 29110 029+22.5%
2023 Q324 73825 967-4.7%12 78211 855+7.8%
2023 Q429 07125 676+13.2%12 61612 205+3.4%
2024 Q123 00624 737-7.0%11 85811 152+6.3%
2024 Q221 78924 957-12.7%8 89411 786-24.5%
2024 Q322 48823 185-3.0%10 9349 786+11.7%
2024 Q412 16723 211-47.6%1 3749 923-86.2%
2025 Q121 91220 793+5.4%11 0358 951+23.3%
2025 Q221 36719 565+9.2%9 2237 733+19.3%
2025 Q323 76619 414+22.4%12 2687 771+57.9%
2025 Q423 81319 774+20.4%9 4788 094+17.1%
2026 Q124 65123 730+3.9%12 53311 005+13.9%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +14% vs -25% the year before — a +39.3 pp move. 3-year CAGR -10%.
revenue growth by year: 2023 -15% · 2024 -25% · 2025 +14%
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 4.0x · target 75th pct (3y) 3.5x · LTM avg 4.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-030.143 USDEx-dividend: 0.143 USD per sharePaidYahoo Finance (ex-div)
2026-04-240.124 USDEx-dividend: 0.124 USD per sharePaidYahoo Finance (ex-div)
2025-08-250.247 USDEx-dividend: 0.247 USD per sharePaidYahoo Finance (ex-div)
2025-06-040.323 USDEx-dividend: 0.323 USD per sharePaidYahoo Finance (ex-div)
2025-04-220.261 USDEx-dividend: 0.261 USD per sharePaidYahoo Finance (ex-div)
2024-12-270.463 USDEx-dividend: 0.463 USD per sharePaidYahoo Finance (ex-div)
2024-12-130.534 USDEx-dividend: 0.534 USD per sharePaidYahoo Finance (ex-div)
2024-08-230.386 USDEx-dividend: 0.386 USD per sharePaidYahoo Finance (ex-div)
2024-06-130.381 USDEx-dividend: 0.381 USD per sharePaidYahoo Finance (ex-div)
2024-05-030.674 USDEx-dividend: 0.674 USD per sharePaidYahoo Finance (ex-div)
2024-04-260.436 USDEx-dividend: 0.436 USD per sharePaidYahoo Finance (ex-div)
2023-11-220.548 USDEx-dividend: 0.548 USD per sharePaidYahoo Finance (ex-div)
2023-08-220.471 USDEx-dividend: 0.471 USD per sharePaidYahoo Finance (ex-div)
2023-06-130.763 USDEx-dividend: 0.763 USD per sharePaidYahoo Finance (ex-div)
2023-04-281.157 USDEx-dividend: 1.157 USD per sharePaidYahoo Finance (ex-div)
2022-11-221.296 USDEx-dividend: 1.296 USD per sharePaidYahoo Finance (ex-div)
2022-08-122.59 USDEx-dividend: 2.59 USD per sharePaidYahoo Finance (ex-div)
2022-05-241.468 USDEx-dividend: 1.468 USD per sharePaidYahoo Finance (ex-div)
2022-04-141.219 USDEx-dividend: 1.219 USD per sharePaidYahoo Finance (ex-div)
2021-12-021.173 USDEx-dividend: 1.173 USD per sharePaidYahoo Finance (ex-div)
2021-08-170.621 USDEx-dividend: 0.621 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 Petrobras (PBR) — from primary filings.

Petrobras explores, produces, refines, transports, and sells oil, natural gas, and related products, primarily in Brazil and internationally. It also operates in low-carbon energy, including natural gas processing, electricity generation, and biodiesel production.

Frequently asked questions

What is Petrobras (PBR)'s P/E ratio?
Petrobras (PBR) trades at a P/E of 12.0x (price to trailing 12-month earnings).
What is Petrobras (PBR)'s EV/EBITDA?
Petrobras (PBR) trades at 7.1x EV/EBITDA.
What is Petrobras (PBR)'s P/B ratio?
Petrobras (PBR) trades at a P/B of 3.2x.
What is Petrobras (PBR)'s dividend yield?
Petrobras (PBR)'s trailing 12-month dividend yield is 2.7%.
What is Petrobras (PBR)'s return on equity (ROE)?
Petrobras (PBR)'s ROE is 31.6%.
What is Petrobras (PBR)'s market capitalization?
Petrobras (PBR)'s market cap is 244.9 bn USD.