Petrobras
Company Overview
Sector : Energy
Industry : Oil & Gas
Headquarter : Rio De Janeiro, Brazil
Description : Petróleo Brasileiro S.A. - Petrobras explores, produces, and sells oil and gas in Brazil and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and Production segment explores, develops, and produces crude oil, natural gas liquids, and natural gas primarily for supplies to the domestic refineries. The Refining, Transportation and Marketing segment engages in the refining, logistics, transport, acquisition, and export of crude oil; trading of oil products; and production of fertilizers, as well as holding interests in petrochemical companies. The Gas and Low Carbon Energies segment is involved in the logistic and trading of natural gas and electricity; transportation and trading of liquefied natural gas; generation of electricity through thermoelectric power plants; renewable energy business; low carbon business; and natural gas processing business, as well as production of biodiesel and its co-products. The company also engages in prospecting, drilling, refining, processing, trading, and transporting crude oil from producing onshore and offshore oil fields, and shale or other rocks, as well as oil products, natural gas, and other liquid hydrocarbons. In addition, it engages in the research, development, production, transportation, distribution, and trading of energy. The company was incorporated in 1953 and is headquartered in Rio de Janeiro, Brazil.
S&P Credit Rating
BB
CEO
Magda Chambriard
No. of Employees
43,199
Website
petrobras.com.br
Petrobras | Key Metrics
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 81,410 | 88,830 | 95,580 | 76,590 | 53,680 | 83,970 | 124,470 | 102,410 | 91,420 | 89,200 |
| Revenue Growth % | (16.35%) | 9.12% | 7.61% | (19.87%) | (29.91%) | 56.41% | 48.24% | (17.73%) | (10.73%) | (2.43%) |
| Gross Profit | 25,990 | 28,680 | 34,070 | 30,860 | 24,490 | 40,800 | 64,990 | 53,970 | 45,970 | 42,460 |
| Gross Margin % | 31.92% | 32.29% | 35.64% | 40.29% | 45.62% | 48.59% | 52.21% | 52.70% | 50.29% | 47.60% |
| Operating Income | 14,440 | 13,020 | 23,220 | 17,180 | 16,510 | 33,330 | 55,630 | 39,490 | 25,690 | 27,760 |
| Operating Margin % | 17.73% | 14.66% | 24.29% | 22.43% | 30.76% | 39.69% | 44.69% | 38.56% | 28.10% | 31.12% |
| EBIT | 1,820 | 6,810 | 15,740 | 18,680 | 5,470 | 33,200 | 56,160 | 39,020 | 14,980 | 30,490 |
| EBIT Margin % | 2.23% | 7.66% | 16.47% | 24.39% | 10.18% | 39.54% | 45.12% | 38.10% | 16.39% | 34.18% |
| EBITDA | 15,780 | 20,110 | 27,770 | 33,520 | 17,860 | 46,220 | 70,860 | 52,300 | 27,460 | 45,640 |
| EBITDA Margin % | 19.39% | 22.64% | 29.05% | 43.76% | 33.27% | 55.04% | 56.93% | 51.07% | 30.04% | 51.16% |
| Net Income | (4,840) | (90) | 7,170 | 10,150 | 1,140 | 19,880 | 36,620 | 24,880 | 7,530 | 19,630 |
| Net Margin % | (5.34%) | 0.19% | 7.76% | 10.19% | 1.77% | 23.80% | 29.53% | 24.41% | 8.32% | 22.11% |
| Diluted EPS (USD) | (0.74) | (0.02) | 1.10 | 1.56 | 0.18 | 3.04 | 5.62 | 3.82 | 1.16 | 3.04 |
| Dividend Per Share (USD) | — | — | 0.11 | 0.27 | 0.09 | 2.04 | 6.45 | 2.98 | 2.35 | 1.69 |
| Balance Sheet | ||||||||||
| Total Assets | 246,980 | 251,370 | 222,070 | 229,740 | 190,010 | 174,350 | 187,190 | 217,070 | 181,650 | 222,340 |
| Total Liabilities | 169,430 | 169,860 | 148,890 | 155,530 | 130,130 | 104,540 | 117,360 | 138,090 | 122,300 | 146,450 |
| Total Equity | 77,550 | 81,500 | 73,180 | 74,220 | 59,880 | 69,810 | 69,840 | 78,980 | 59,350 | 75,890 |
| Cash & Equivalents | 21,210 | 22,520 | 13,900 | 7,370 | 11,710 | 10,470 | 8,000 | 12,730 | 3,270 | 6,470 |
| Working Capital | 19,870 | 22,180 | 12,010 | (1,000) | 1,160 | 5,970 | (130) | (1,420) | (9,620) | (10,600) |
| Book Value Per Share (USD) | 11.77 | 12.24 | 10.97 | 11.24 | 9.10 | 10.64 | 10.65 | 12.15 | 9.17 | 11.73 |
| Total Debt / Equity | 1.53 | 1.34 | 1.15 | 1.17 | 1.26 | 0.84 | 0.77 | 0.79 | 1.02 | 0.92 |
| Cash Flow | ||||||||||
| Operating Cash Flow | 26,110 | 27,110 | 26,350 | 25,600 | 28,890 | 37,790 | 49,720 | 43,210 | 37,980 | 36,050 |
| Cash from Investing | (11,300) | (11,030) | (4,760) | (1,680) | (4,510) | 2,160 | (430) | (7,960) | (13,370) | (15,640) |
| Cash from Financing | (19,110) | (14,640) | (29,590) | (32,070) | (19,260) | (40,790) | (51,450) | (30,700) | (33,090) | (17,410) |
| Capital Expenditure | 14,090 | 13,640 | 12,020 | 23,900 | 5,870 | 6,330 | 9,580 | 12,110 | 14,640 | 19,520 |
| Free Cash Flow | 6,700 | 8,640 | 10,970 | 3,300 | 17,430 | 29,800 | 44,830 | 32,890 | 25,100 | 19,150 |
| Change in Cash | (4,300) | 1,440 | (8,000) | (8,150) | 5,120 | (840) | (2,170) | 4,560 | (8,470) | 3,000 |
| Period ending Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue % | ||||||||||
| Year Over Year | (16.35%) | 9.12% | 7.61% | (19.87%) | (29.91%) | 56.41% | 48.24% | (17.73%) | (10.73%) | (2.43%) |
| 3-Year Average | (16.82%) | (14.81%) | (0.60%) | (2.01%) | (15.45%) | (4.23%) | 17.57% | 24.02% | 2.87% | (10.51%) |
| 5-Year Average | (11.02%) | (9.22%) | (7.54%) | (11.82%) | (11.22%) | 0.62% | 6.98% | 1.39% | 3.60% | 10.69% |
| 10-Year Average | 1.19% | 0.12% | (2.11%) | (1.80%) | (7.73%) | (5.38%) | (1.45%) | (3.18%) | (4.42%) | (0.87%) |
| Operating Income % | ||||||||||
| Year Over Year | (1.85%) | (9.78%) | 78.26% | (25.99%) | (3.89%) | 101.84% | 66.92% | (29.01%) | (34.94%) | 8.05% |
| 3-Year Average | (4.49%) | (2.24%) | 16.43% | 5.98% | 8.23% | 12.81% | 47.94% | 33.73% | (8.31%) | (20.68%) |
| 5-Year Average | (14.32%) | (7.44%) | 6.98% | 4.27% | 2.34% | 18.22% | 33.70% | 11.21% | 8.38% | 10.95% |
| 10-Year Average | (3.35%) | (4.98%) | (1.06%) | (2.53%) | (3.89%) | 0.64% | 11.24% | 9.07% | 6.31% | 6.56% |
| Net Income % | ||||||||||
| Year Over Year | — | — | — | 41.52% | (88.76%) | 1,641.89% | 84.27% | (32.05%) | (69.75%) | 160.81% |
| 3-Year Average | — | — | — | — | — | 40.45% | 53.37% | 179.39% | (27.65%) | (18.76%) |
| 5-Year Average | — | — | (8.35%) | — | — | — | — | 28.25% | (5.80%) | 76.66% |
| 10-Year Average | — | — | (9.22%) | (4.15%) | (24.59%) | (0.12%) | 12.75% | 8.41% | — | — |
| EPS % | ||||||||||
| Year Over Year | — | — | — | 41.82% | (88.46%) | 1,588.89% | 84.87% | (32.03%) | (69.63%) | 162.07% |
| 3-Year Average | — | — | — | — | — | 40.33% | 53.30% | 176.86% | (27.47%) | (18.52%) |
| 5-Year Average | — | — | (8.34%) | — | — | — | — | 28.27% | (5.75%) | 76.00% |
| 10-Year Average | — | — | (12.74%) | (7.87%) | (26.44%) | (0.13%) | 12.70% | 8.43% | — | — |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||||
| Return on Assets % | (2.03%) | (0.04%) | 3.03% | 4.49% | 0.54% | 10.91% | 20.26% | 12.31% | 3.78% | 9.72% |
| Return on Equity % | (6.81%) | (0.12%) | 9.48% | 14.01% | 1.72% | 30.87% | 52.73% | 33.61% | 10.93% | 29.16% |
| Return on Invested Capital % | (0.20%) | 1.60% | 5.45% | 9.16% | 3.32% | 17.80% | 30.57% | 20.75% | 7.79% | 16.88% |
| Working Capital Efficiency | ||||||||||
| Days Sales Outstanding | 23.70 | 20.01 | 20.46 | 22.66 | 28.87 | 24.12 | 16.68 | 19.86 | 19.37 | 16.76 |
| Days Inventory | 52.41 | 51.47 | 51.85 | 68.54 | 86.68 | 54.68 | 49.19 | 62.02 | 57.79 | 58.26 |
| Payables Period | 39.99 | 34.98 | 35.88 | 47.60 | 77.89 | 52.18 | 33.58 | 38.72 | 43.75 | 52.81 |
| Cash Conversion Cycle | 36.13 | 36.50 | 36.43 | 43.60 | 37.66 | 26.62 | 32.29 | 43.16 | 33.41 | 22.21 |
| Asset Turnover | ||||||||||
| Receivables Turnover | 15.40 | 18.24 | 17.84 | 16.11 | 12.64 | 15.13 | 21.88 | 18.38 | 18.85 | 21.77 |
| Inventory Turnover | 6.96 | 7.09 | 7.04 | 5.33 | 4.21 | 6.68 | 7.42 | 5.89 | 6.32 | 6.26 |
| Fixed Assets Turnover | 0.48 | 0.50 | 0.57 | 0.48 | 0.38 | 0.67 | 0.97 | 0.72 | 0.63 | 0.59 |
| Asset Turnover | 0.34 | 0.36 | 0.40 | 0.34 | 0.26 | 0.46 | 0.69 | 0.51 | 0.46 | 0.44 |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Liquidity | ||||||||||
| Current Ratio | 1.80 | 1.89 | 1.48 | 0.97 | 1.04 | 1.25 | 1.00 | 0.96 | 0.69 | 0.71 |
| Quick Ratio | 1.18 | 1.28 | 0.91 | 0.54 | 0.75 | 0.78 | 0.54 | 0.68 | 0.42 | 0.44 |
| Leverage & Solvency | ||||||||||
| Interest Coverage | 0.39 | 1.37 | 3.88 | 2.80 | 0.96 | 6.67 | 17.17 | 10.78 | 3.90 | 7.54 |
| Financial Leverage | 3.22 | 3.15 | 3.10 | 3.13 | 3.20 | 2.51 | 2.69 | 2.76 | 3.07 | 2.94 |
| Debt / Equity | 1.41 | 1.28 | 1.13 | 1.05 | 1.11 | 0.72 | 0.64 | 0.65 | 0.83 | 0.76 |
| Per Share | ||||||||||
| Book Value Per Share (USD) | 11.77 | 12.24 | 10.97 | 11.24 | 9.10 | 10.64 | 10.65 | 12.15 | 9.17 | 11.73 |
| Cash Value Per Share (USD) | — | — | — | — | — | — | — | — | — | — |
| Capital Expenditure | ||||||||||
| Capex as % of Sales | 17.30% | 15.35% | 12.58% | 31.20% | 10.94% | 7.53% | 7.70% | 11.83% | 16.02% | 21.89% |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow Growth | ||||||||||
| Operating CF Growth % YoY | 0.78% | 3.82% | (2.80%) | (2.86%) | 12.85% | 30.81% | 31.56% | (13.08%) | (12.10%) | (5.10%) |
| Free Cash Flow Growth % YoY | 182.37% | 12.00% | 6.38% | (88.12%) | 1,251.50% | 36.71% | 27.55% | (22.52%) | (24.95%) | (29.19%) |
| Cash Flow Margins & Quality | ||||||||||
| Free Cash Flow / Sales % | 14.78% | 15.17% | 14.99% | 2.22% | 42.87% | 37.47% | 32.24% | 30.37% | 25.53% | 18.53% |
| Free Cash Flow / Net Income | (2.49) | (148.05) | 2.00 | 0.17 | 20.17 | 1.58 | 1.10 | 1.25 | 3.10 | 0.84 |
| Free Cash Flow Per Share (USD) | 1.61 | 2.29 | 1.84 | 2.60 | 0.96 | 4.54 | 5.88 | 4.96 | 4.28 | 2.60 |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Price Multiples | ||||||||||
| Price / Sales | 0.80 | 0.77 | 0.90 | 1.28 | 1.23 | 0.97 | 0.59 | 0.99 | 0.85 | 0.88 |
| Price / Earnings | — | 28.58 | 17.12 | 16.60 | — | 2.79 | 2.04 | 3.88 | 5.02 | 5.49 |
| Price / Forward Earnings | — | — | — | 7.76 | 7.53 | 4.44 | 3.55 | 4.70 | 4.03 | 4.15 |
| Price / Cash Flow | 3.17 | 3.06 | 3.45 | 4.62 | 2.78 | 2.06 | 1.71 | 1.93 | 1.92 | 1.99 |
| Price / Book | 0.82 | 0.81 | 1.17 | 1.41 | 1.67 | 1.06 | 1.01 | 1.35 | 1.15 | 0.96 |
| PEG Ratio | — | — | 0.15 | 3.92 | — | 0.03 | 0.03 | 0.09 | 0.22 | 0.24 |
| Earnings & Enterprise Value | ||||||||||
| Earnings Yield % | (22.75%) | 3.50% | 5.84% | 6.02% | (11.40%) | 35.88% | 49.01% | 25.80% | 19.91% | 18.23% |
| Enterprise Value (USD Bil) | 164.78 | 154.16 | 155.92 | 176.38 | 138.34 | 117.33 | 113.42 | 150.59 | 124.23 | 133.06 |
| EV / EBIT | — | 13.53 | 13.99 | 10.04 | — | 2.93 | 2.12 | 3.68 | 4.64 | 5.47 |
| EV / EBITDA | 107.42 | 6.19 | 6.63 | 5.58 | 20.49 | 2.30 | 1.67 | 2.79 | 3.11 | 3.47 |