Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 5.1x · ROE 7.7%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $30.2B | $20.6B | $16.3B | $24.5B | $21.5B | $26.5B | $26.5B | $41.0B | $32.6B | $30.1B | $18.6B |
| Enterprise Value | $59.6B | $98.42T | $105.93T | $93.50T | $99.76T | $80.54T | $41.68T | $31.20T | $31.78T | $35.63T | $43.83T |
| P/E Ratio → | 12.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 0.01 |
| P/S Ratio | 0.91 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/B Ratio | 0.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/FCF | 6.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| P/OCF | 4.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.88 | 0.79 | 0.65 | 0.62 | 0.88 | 0.83 | 0.44 | 0.46 | 0.64 | 0.90 |
| EV / EBITDA | 5.08 | 2.51 | 1.97 | 1.68 | 1.38 | 2.02 | 2.52 | 1.05 | 1.05 | 1.46 | 2.65 |
| EV / EBIT | 8.04 | 3.96 | 2.61 | 2.03 | 1.62 | 2.63 | 5.19 | 1.39 | 1.34 | 2.11 | 3.94 |
| EV / FCF | — | 6.08 | 3.25 | 16.20 | 3.74 | 5.51 | 19.82 | 1.40 | 2.41 | 3.85 | 5.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.4% | 31.4% | 35.1% | 38.4% | 44.0% | 39.5% | 25.2% | 37.1% | 40.0% | 34.0% | 29.4% |
| Operating Margin | 22.3% | 22.3% | 28.8% | 29.2% | 37.7% | 32.3% | 14.3% | 29.4% | 32.7% | 28.9% | 18.4% |
| Net Profit Margin | 7.5% | 7.5% | 10.4% | 14.7% | 19.8% | 17.0% | 3.2% | 19.2% | 16.6% | 12.8% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.7% | 7.7% | 13.0% | 19.0% | 30.1% | 21.7% | 2.8% | 23.4% | 21.2% | 15.6% | 5.6% |
| ROA | 2.9% | 2.9% | 4.7% | 7.2% | 11.5% | 8.2% | 1.2% | 10.6% | 9.3% | 6.1% | 2.0% |
| ROIC | 8.8% | 8.8% | 14.0% | 15.1% | 23.2% | 16.7% | 5.8% | 17.5% | 19.3% | 14.2% | 7.5% |
| ROCE | 9.7% | 9.7% | 15.4% | 17.1% | 26.1% | 17.9% | 6.2% | 19.1% | 21.4% | 15.9% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.09 | 1.03 | 0.97 | 1.05 | 0.87 | 0.66 | 0.64 | 0.90 | 1.20 |
| Debt / EBITDA | 2.78 | 2.78 | 2.24 | 1.90 | 1.59 | 2.39 | 2.83 | 1.29 | 1.26 | 1.78 | 3.16 |
| Net Debt / Equity | — | 0.90 | 0.96 | 0.91 | 0.84 | 0.89 | 0.78 | 0.54 | 0.54 | 0.74 | 1.01 |
| Net Debt / EBITDA | 2.50 | 2.50 | 1.97 | 1.68 | 1.38 | 2.02 | 2.52 | 1.05 | 1.05 | 1.46 | 2.65 |
| Debt / FCF | — | 6.08 | 3.25 | 16.20 | 3.74 | 5.51 | 19.81 | 1.40 | 2.41 | 3.85 | 4.99 |
| Interest Coverage | 3.13 | 3.13 | 4.78 | 6.07 | 9.37 | 8.36 | 3.35 | 11.71 | 8.71 | 6.89 | 3.99 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.55 | 1.55 | 1.53 | 1.58 | 1.36 | 1.71 | 1.25 | 1.07 | 1.52 | 1.38 | 1.47 |
| Quick Ratio | 1.30 | 1.30 | 1.28 | 1.34 | 1.15 | 1.43 | 0.97 | 0.81 | 1.23 | 1.11 | 1.24 |
| Cash Ratio | 0.36 | 0.36 | 0.38 | 0.33 | 0.29 | 0.53 | 0.40 | 0.40 | 0.65 | 0.65 | 0.84 |
| Asset Turnover | — | 0.39 | 0.44 | 0.51 | 0.52 | 0.38 | 0.36 | 0.53 | 0.54 | 0.47 | 0.41 |
| Inventory Turnover | 8.89 | 8.89 | 8.62 | 8.64 | 7.53 | 6.62 | 7.43 | 7.95 | 8.07 | 8.02 | 8.92 |
| Days Sales Outstanding | — | 96.14 | 52.73 | 81.25 | 86.92 | 69.03 | 31.97 | 26.07 | 42.16 | 38.43 | 29.42 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Payout Ratio | 130.0% | 130.0% | 121.5% | 24.5% | 46.2% | 19.1% | 510.9% | 99.5% | 43.0% | 21.2% | 68.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.3% | 40672.7% | 85000.0% | 77786.5% | 155195.8% | 63000.7% | 6360.0% | 35406.8% | 36175.3% | 22010.3% | 8411.6% |
| FCF Yield | 16.0% | 78749.6% | 199877.3% | 23548.0% | 124010.6% | 55179.3% | 7920.8% | 54301.8% | 40343.7% | 30742.5% | 47155.6% |
| Buyback Yield | 0.0% | 81.5% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% |
| Total Shareholder Yield | 10.8% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B | $2.1B |
Sovereign fiscal policy dependency
Based on reported figures, Ecopetrol trades at a P/E of 12.47 and a P/FCF of 6.45, suggesting that the market is pricing in significant long-term regulatory and sovereign risks that may be suppressing the valuation relative to global integrated energy peers like Chevron or Exxon Mobil.
The low P/FCF multiple appears to reflect investor skepticism regarding the sustainability of cash flows given the company's reliance on government-linked receivables. While the 10.5% dividend yield is attractive, it may be viewed by the market as a forced payout rather than a sign of operational excess, warranting caution regarding future capital allocation.
As reported in financial statements, Ecopetrol’s ROIC has trended downward to 3.1% in 2026Q1, indicating that the company is struggling to generate adequate returns on its capital-intensive investments, particularly as it attempts to integrate utility-scale assets like ISA into its legacy hydrocarbon-focused business model.
The decline in ROIC suggests that the company's capital deployment is failing to outpace the rising costs of maintaining mature production fields. Investors should monitor whether this trend is a temporary byproduct of recent acquisitions or a structural decay in the company's ability to compound value for shareholders.
According to recent SEC filings, Ecopetrol’s cash conversion cycle has fluctuated significantly, reaching 42 days in 2026Q1, which highlights the company's vulnerability to payment delays from state-related entities and the inherent inefficiencies in managing a complex, integrated supply chain across both energy and infrastructure segments.
The volatility in DSO and DPO suggests that the company is increasingly reliant on managing its supplier relationships to offset the liquidity drain caused by the FEPC receivable. This reliance on working capital management may indicate that operational efficiency is being sacrificed to maintain short-term liquidity buffers.
Based on reported figures, Ecopetrol’s interest coverage ratio has declined to 3.13 in 2026Q1, signaling that the company's ability to service its debt is becoming less comfortable as operating margins compress and the cost of capital remains elevated in the current macroeconomic environment.
While the debt-to-equity ratio appears stable near 1.0, the underlying interest coverage trend suggests that the company's financial flexibility is narrowing. Further deterioration in this metric could limit the company's capacity to fund necessary energy transition projects without incurring additional, potentially expensive, debt.
The 10.5% dividend yield is the most commonly misapplied metric for Ecopetrol, as it obscures the underlying volatility of free cash flow and the potential for sovereign-mandated capital allocation that may prioritize government fiscal needs over the long-term health of the company's balance sheet.
Investors should instead focus on the FCF-to-Dividend ratio to assess whether payouts are supported by organic cash generation or if they are effectively being funded by debt or the deferral of critical maintenance capital. Relying on the headline yield ignores the significant risk that dividends may be cut if the government's fiscal position deteriorates further.
Includes 30+ ratios · 20 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EC stock.
Ecopetrol S.A.'s current P/E ratio is 12.1x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Ecopetrol S.A.'s current EV/EBITDA is 5.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 1.6x.
Ecopetrol S.A.'s return on equity (ROE) is 7.7%. The historical average is 16.9%.
Based on historical data, Ecopetrol S.A. is trading at a P/E of 12.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ecopetrol S.A.'s current dividend yield is 10.80% with a payout ratio of 130.0%.
Ecopetrol S.A. has 31.4% gross margin and 22.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ecopetrol S.A.'s Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.