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YPF USD

At a glance: strengths & risks
✓Revenue growing (+42% y/y, Q2 2026)✓Profit growing (+2302% y/y, Q2 2026)✓Margins improving (9%→41%, Q2 2026)✗Loss-making last FY

Sector: Integrated oil & gas

COMM_YPF

Price chart

50.13 USDDay -0.36%

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
50.13 USD · -0.36%
Market cap
19.6 bn USD

Growth

Δ revenue y/y
41.7%
Δ EBITDA y/y
126.6%

Multiples

P/E (LTM)
26.4x
P/B (FY)
1.8x
P/E (ann.)
4.1x
EV/EBITDA (LTM)
4.1x
EV/EBITDA (ann.)
2.6x

Cash return

Dividend yield
—
FCF yield (LTM)
1.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+61.8%
↓ details

Liquidity

Daily turnover (listing)
53.1 mln USD

Shares: yahoo_fundamentals_timeseries/YPF

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)OK6.6
y/y 41.7%
1.8
y/y 351.9%
0.9
y/y 11.4%
2.7
y/y 126.6%
1.2
y/y 2302.0%
2.4-2.032.4
y/y 11.6%
12.5
y/y 7.1%
40.2%8.8Yahoo Finance
2026-03-31Q1 2026 (3M)OK4.9
y/y —
0.9
y/y —
0.7
y/y —
1.6
y/y —
0.4
y/y —
1.9-0.730.4
y/y —
11.4
y/y —
14.6%8.8Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL4.5
y/y —
0.4
y/y —
0.8
y/y —
1.2
y/y —
-0.7
y/y —
1.7-1.229.4
y/y 0.2%
10.8
y/y -7.2%
-7.2%10.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK4.6
y/y —
0.6
y/y —
0.8
y/y —
1.4
y/y —
-0.2
y/y —
1.2-1.729.6
y/y —
11.4
y/y —
-2.4%9.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK4.6
y/y —
0.4
y/y —
0.8
y/y —
1.2
y/y —
0.1
y/y —
1.1-1.329.0
y/y —
11.7
y/y —
1.7%9.1Yahoo Finance
2024-12-31FY 2024 (12M)PARTIAL19.3
y/y 11.4%
1.5
y/y —
2.8
y/y -15.7%
4.2
y/y 109.3%
2.4
y/y —
5.9-5.429.4
y/y 17.4%
11.7
y/y 30.2%
23.2%8.6Yahoo Finance
2023-12-31FY 2023 (12M)PARTIAL17.3
y/y —
-1.2
y/y —
3.3
y/y —
2.0
y/y —
-1.3
y/y —
5.9-5.725.0
y/y —
8.9
y/y —
—7.7Yahoo Finance

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

Short-term debt (incl. ST leases)1 607
Long-term debt (incl. LT leases)8 521
− Cash & equivalents1 318
Net debt8 810

Net debt / LTM EBITDA: 1.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 00020 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-50005001 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 5005 0007 50010 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 2.50x of reported net profit. Loss years (2023, 2025) are left out of the ratio.
year20212022202320242025
cash flow / profit—2.55x—2.45x—
accruals, % of assets-18.0%-13.4%-28.7%-11.8%-19.6%
Last twelve months (to 2025-Q3): 9.66x of profit came back as operating cash flow.
net debt / EBITDA 2.0x
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 2026-06544 400
−0.2%
H1 2026-06534 800
−2.6%
Q1 2026-03525 000
Q4 2025-12488 000
−6.3%
FY 2025-12527 000
−1.7%
Q3 2025-09523 100
Q2 2025-06545 700
H1 2025-06548 900
Q4 2024-12520 600
FY 2024-12536 100

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/904851/000119312526078200/d118508d6k.htm; https://www.sec.gov/Archives/edgar/data/904851/000155485526001760/MainDocument.htm

Production & Reserves

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

Annual production
192.35 mln boe
2025

Production, mln boe

195.682024192.352025

Production

YearProduction, mln boeper day, mln boe
2025192.35
−1.7%		0.53
2024195.680.54

Company reports: https://www.sec.gov/Archives/edgar/data/904851/000119312526078200/d118508d6k.htm; https://www.sec.gov/Archives/edgar/data/904851/000155485526001760/MainDocument.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: +61.8% ▲ +1.5 pp 1d

Main driver: Brent +30% vs LTM; revenue ×1.15 vs costs ×1.04; EBITDA 7 002→8 160; at 4.9× EV/EBITDA → +62%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+30%99.6976.5180.81+30%+6%
US Crack Spread (oil refining) (rev)+5%65.1630.5930.87+113%+1%

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

1 · Reported baseline (LTM)
LTM revenue20 704
LTM EBITDA7 002
LTM cash costs (revenue − EBITDA)13 702
2 · Revenue projection
Revenue multiplier — spot×1.147 (+15%)
= Spot revenue23 756
Revenue multiplier — 3y price×1.017 (+2%)
= 3-year-price revenue21 063
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs14 250
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs14 250
4 · EBITDA projection (revenue − costs)
= Spot EBITDA9 506
= 3-year-price EBITDA6 813
Conservative EBITDA = min(spot, avg)8 160
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)4.9x
Target EV = EV/EBITDA × conservative EBITDA39 982
Net debt8 810
Target market cap = EV − net debt31 788
Current market cap19 649

Upside = target market cap ÷ current − 1 = +61.8%

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 FY17 31117 670-2.0%4 0583 308+22.7%
2024 FY19 29316 959+13.8%4 6543 175+46.6%
2025 FY18 44818 435+0.1%5 0483 210+57.2%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -4% vs +11% the year before — a -15.8 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 -8% · 2024 +11% · 2025 -4%
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 6.9x · target 75th pct (3y) 6.2x · LTM avg 4.9x

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
Shellglobal282.75.1x
Ecopetrolglobal33.95.3x
TotalEnergiesglobal192.25.5x
Eniglobal82.117.5x
Group median5.3x
Group average7.5x
This companyglobal19.64.1x

Group median 5.3x; this company 4.1x — a 23% discount.

Group average 7.5x; against the average this company is at a 45% discount. The average sits 41% above the median: Eni (17.5x) skews the group.

At the adjusted group median the market cap would be +46% 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

No dividend rows found for this issuer (checked: Yahoo Finance (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 YPF — from primary filings.

Frequently asked questions

What is YPF's P/E ratio?
YPF trades at a P/E of 26.4x (price to trailing 12-month earnings).
What is YPF's EV/EBITDA?
YPF trades at 4.1x EV/EBITDA.
What is YPF's P/B ratio?
YPF trades at a P/B of 1.8x.
What is YPF's return on equity (ROE)?
YPF's ROE is 40.2%.
What is YPF's market capitalization?
YPF's market cap is 19.6 bn USD.

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