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Petrobras (PBR) USD

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.

At a glance: strengths & risks
✓Revenue growing (+56% y/y, Q2 2026)✓Profit growing (+115% y/y, Q2 2026)✓Margins improving (43%→55%, Q2 2026)✗Pricier than own history (EV/EBITDA 4.3 vs avg 3.3)

Sector: Oil

Geography: Brazil

COMM_PBR

Price chart

25.62 USDDay -0.16%

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
25.62 USD · -0.16%
Market cap
165.1 bn USD

Growth

Δ revenue y/y
56.2%
Δ EBITDA y/y
100.4%

Multiples

P/E (LTM)
6.4x
3y avg: 7.2x
P/B (FY)
2.2x
P/E (ann.)
4.0x
EV/EBITDA (LTM)
4.3x
3y avg: 3.3x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
3.1%
FCF yield (LTM)
10.1%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-35.4%
↓ details

Liquidity

Daily turnover (listing)
336.2 mln USD

Shares: verified/20-F 2025: 7 442 231 382 ON + 5 446 501 379 PN = 12 888 732 761 shares; 1 ADR = 2 shares -> ADR-equivalents (PBR quoted per ADR)

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)PARTIAL33.4
y/y 56.2%
14.2
y/y 160.7%
4.2
y/y 12.7%
18.5
y/y 100.4%
10.3
y/y 115.3%
12.2-4.5251.9
y/y 19.5%
94.9
y/y 31.7%
45.0%61.6Evidence
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%64.6Evidence
2025-12-31Q4 2025 (3M)PARTIAL23.3
y/y 18.5%
5.2
y/y 144.0%
4.0
y/y 42.4%
9.2
y/y 86.1%
2.9
y/y 204.1%
10.0-6.5223.4
y/y 22.7%
76.3
y/y 28.2%
26.0%56.4Evidence
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%58.4Evidence
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%57.3Evidence
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%58.1Evidence
2024-12-31Q4 2024 (3M)PARTIAL19.6
y/y -29.3%
2.1
y/y -74.0%
2.8
y/y -23.8%
5.0
y/y -58.3%
-2.7
y/y -142.6%
7.7-4.2182.1
y/y -16.2%
59.5
y/y -24.7%
9.4%50.2Evidence
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%42.4Evidence
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%47.0Evidence
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%44.4Evidence
2023-12-31Q4 2023 (3M)PARTIAL27.7
y/y —
8.2
y/y —
3.7
y/y —
11.9
y/y —
6.4
y/y —
11.9-3.7217.2
y/y —
79.0
y/y —
33.2%42.7Evidence
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%47.2Evidence
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%46.2Evidence
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 —
—40.9Evidence

Net debt structure (leases included, IFRS 16) 2025-12-31

Short-term debt (incl. ST leases)9 284
Long-term debt (incl. LT leases)56 319
− Cash & equivalents9 241
Net debt56 362

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Cash flow after capex (OCF − capex) ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

020 00040 00060 00080 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.81x of reported net profit; after capex, 1.24x.
year20212022202320242025
cash flow / profit1.89x1.35x1.72x5.51x1.81x
accruals, % of assets-10.2%-6.9%-8.6%-14.8%-7.3%
Last twelve months (to 2026-06-30): 1.58x of profit came back as operating cash flow.
net debt / EBITDA 1.3x · capex 2.5x of depreciation
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 →

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 0862025

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, mln boe
2026293.48 * (3M)
+16.4%		3.21
20251 086
+10.6%		2.98
2024982.07
−3.0%		2.69
20231 012
+3.6%		2.77
2022977.252.68

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — US Diesel Index (EIA)

Current 6spot vs LTM +35%

Commodity-player potential

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

Upside: -35.4% ▲ +0.4 pp 1d

Main driver: US Diesel Index (EIA) +47% vs LTM; revenue ×1.31 vs costs ×1.13; EBITDA 52 516→64 807; at 3.2× EV/EBITDA → -35%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
US Diesel Index (EIA) (rev)+32%6.284.264.23+47%-1%
WTI Crude Oil (rev)+26%101.2171.9676.70+41%+7%
US Gasoline Index (EIA) (rev)+14%3.043.173.35-4%+6%
Henry Hub Gas (rev)+12%2.743.383.12-19%-8%
Electricity Spot (rev)+4%265.4077.9264.17+241%-18%
Baltic Dirty Tanker (cost)-2%9 875.621 758.711 492.09+462%-15%
Bitumen (rev)+0%4 751.003 626.083 796.51+31%+5%

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

1 · Reported baseline (LTM)
LTM revenue105 060
LTM EBITDA52 516
LTM cash costs (revenue − EBITDA)52 544
2 · Revenue projection
Revenue multiplier — spot×1.311 (+31%)
= Spot revenue137 730
Revenue multiplier — 3y price×1.007 (+1%)
= 3-year-price revenue105 782
3 · Costs projection
Cost multiplier — spot×1.132 (+13%)
= Spot cash costs59 454
Cost multiplier — 3y price×1.036 (+4%)
= 3-year-price cash costs54 445
4 · EBITDA projection (revenue − costs)
= Spot EBITDA78 276
= 3-year-price EBITDA51 337
Conservative EBITDA = min(spot, avg)64 807
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)3.2x
Target EV = EV/EBITDA × conservative EBITDA206 734
Net debt61 592
Target market cap = EV − net debt145 142
Current market cap167 096

Upside = target market cap ÷ current − 1 = -35.4%

Life of mine: 12 yrs — before haircut -13.1%

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 Q324 73826 121-5.3%12 78212 008+6.4%
2023 Q427 74525 730+7.8%11 90512 259-2.9%
2024 Q123 00624 495-6.1%11 85811 067+7.1%
2024 Q221 78924 542-11.2%8 89411 529-22.9%
2024 Q322 48823 068-2.5%10 9349 826+11.3%
2024 Q419 62922 731-13.6%4 9629 600-48.3%
2025 Q121 91222 944-4.5%11 03510 112+9.1%
2025 Q221 36721 419-0.2%9 2238 592+7.3%
2025 Q323 76621 346+11.3%12 2688 708+40.9%
2025 Q423 25921 623+7.6%9 2328 944+3.2%
2026 Q124 65124 133+2.1%12 53311 489+9.1%
2026 Q233 38528 492+17.2%18 48315 578+18.6%

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 3.6x · target 75th pct (3y) 3.2x · LTM avg 3.8x

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

Peer comparison

Group: energy (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Equinorglobal120.73.2x
TotalEnergiesglobal204.55.8x
Shellglobal314.76.0x
Valero Energyglobal131.76.8x
Suncor Energyglobal94.47.0x
ConocoPhillipsglobal182.37.4x
Eniglobal90.08.3x
Chevronglobal420.68.7x
Marathon Petroleumglobal140.59.5x
Exxon Mobilglobal744.810.5x
Imperial Oilglobal63.811.3x
Phillips 66global114.217.6x
Group median7.9x
Group average8.5x
This companyglobal165.14.3x

Group median 7.9x; this company 4.3x — a 45% discount.

Group average 8.5x; against the average this company is at a 49% discount.

At the adjusted group median the market cap would be +110% 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 20.5x, Russia 3.6x, South Africa 5.0x, Kazakhstan 4.6x, India 18.7x, Indonesia 5.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-250.53 USDEx-dividend: 0.53 USD per sharePaidYahoo Finance (ex-div)
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)

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.

Frequently asked questions

What is Petrobras (PBR)'s P/E ratio?
Petrobras (PBR) trades at a P/E of 6.4x (price to trailing 12-month earnings).
What is Petrobras (PBR)'s EV/EBITDA?
Petrobras (PBR) trades at 4.3x EV/EBITDA.
What is Petrobras (PBR)'s P/B ratio?
Petrobras (PBR) trades at a P/B of 2.2x.
What is Petrobras (PBR)'s dividend yield?
Petrobras (PBR)'s trailing 12-month dividend yield is 3.1%.
What is Petrobras (PBR)'s return on equity (ROE)?
Petrobras (PBR)'s ROE is 45.0%.
What is Petrobras (PBR)'s market capitalization?
Petrobras (PBR)'s market cap is 165.1 bn USD.

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