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YPF USD

At a glance: strengths & risks
✓Revenue growing (+41% y/y, Q3 2026)✓Turned profitable (Q3 2026)

Sector: Integrated oil & gas

Geography: Argentina (Vaca Muerta, Patagonia)

COMM_YPF

Price chart

37.9 USDDay 1.88%

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
37.9 USD · 1.88%
Market cap
14.9 bn USD

Growth

Δ revenue y/y
41.2%
Δ EBITDA y/y
53.0%

Multiples

P/E (LTM)
7.0x
P/B (FY)
1.4x
P/E (ann.)
3.1x
EV/EBITDA (LTM)
3.0x
EV/EBITDA (ann.)
2.7x

Cash return

Dividend yield
—
FCF yield (LTM)
25.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+147.8%
↓ details

Liquidity

Daily turnover (listing)
45.6 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
2026-09-30Q3 2026 (3M)OK6.6
y/y 41.2%
1.9
y/y 244.9%
0.2
y/y -74.9%
2.1
y/y 53.0%
1.2
y/y —
2.9-2.034.2
y/y 15.6%
13.7
y/y 20.5%
36.0%8.3Yahoo Finance
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%
2.4-1.132.4
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 —
1.9-1.130.4
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 —
1.7-1.429.4
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 —
1.2-1.129.6
y/y —
11.4
y/y —
-7.1%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) 2026-09-30

Short-term debt (incl. ST leases)1 578
Long-term debt (incl. LT leases)8 672
− Cash & equivalents1 987
Net debt8 263

Net debt / LTM EBITDA: 1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 00020 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-50005001 0001 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 5005 0007 50010 00012 5002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.50x of reported net profit; after capex, 0.48x. 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 2026-09-30): 4.14x of profit came back as operating cash flow.
net debt / EBITDA 2.0x · EBIT covers interest 2.6x · capex 1.9x of depreciation
● EBIT covers interest 2.6x.
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
Q3 2026-09532 000
+1.7%
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; https://www.sec.gov/Archives/edgar/data/904851/000155485526002088/MainDocument.htm; https://www.sec.gov/Archives/edgar/data/904851/000155485526002241/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; https://www.sec.gov/Archives/edgar/data/904851/000155485526002088/MainDocument.htm; https://www.sec.gov/Archives/edgar/data/904851/000155485526002241/MainDocument.htm

Key-commodity price — Brent

Current 96spot vs LTM +5%

Commodity-player potential

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

Upside: +147.8% ▲ +0.0 pp 1d

Main driver: Brent +16% vs LTM; revenue ×1.05 vs costs ×1.04; EBITDA 7 701→7 508; at 6.0× EV/EBITDA → +148%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+30%95.8482.3781.57+16%-1%
US Crack Spread (oil refining) (rev)+5%45.1043.3532.54+4%-25%

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

1 · Reported baseline (LTM)
LTM revenue22 618
LTM EBITDA7 701
LTM cash costs (revenue − EBITDA)14 917
2 · Revenue projection
Revenue multiplier — spot×1.051 (+5%)
= Spot revenue23 773
Revenue multiplier — 3y price×0.985 (-2%)
= 3-year-price revenue22 271
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs15 514
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs15 514
4 · EBITDA projection (revenue − costs)
= Spot EBITDA8 259
= 3-year-price EBITDA6 757
Conservative EBITDA = min(spot, avg)7 508
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct) — capped at 2x current6.0x
Target EV = EV/EBITDA × conservative EBITDA45 078
Net debt8 263
Target market cap = EV − net debt36 815
Current market cap14 855

Upside = target market cap ÷ current − 1 = +147.8%

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 914+14.1%4 6543 130+48.7%
2025 FY18 44818 516-0.4%5 0483 291+53.4%

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 2.6x · target 75th pct (3y) 15.2x · 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
OMVglobal26.94.0x
TotalEnergiesglobal204.04.6x
Shellglobal294.74.7x
Ecopetrolglobal31.75.1x
Eniglobal87.18.1x
Group median4.7x
Group average5.3x
This companyglobal14.93.0x

Group median 4.7x; this company 3.0x — a 36% discount.

Group average 5.3x; against the average this company is at a 43% discount.

At the adjusted group median the market cap would be +94% 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 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; 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 7.0x (price to trailing 12-month earnings).
What is YPF's EV/EBITDA?
YPF trades at 3.0x EV/EBITDA.
What is YPF's P/B ratio?
YPF trades at a P/B of 1.4x.
What is YPF's return on equity (ROE)?
YPF's ROE is 36.0%.
What is YPF's market capitalization?
YPF's market cap is 14.9 bn USD.

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