Latest Ratios: P/E Ratio 5.2x · EV/EBITDA 4.1x · ROE 29.7%. (1999–2025 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 | $104.8B | $76.4B | $82.9B | $103.3B | $69.5B | $71.6B | $73.2B | $104.0B | $84.9B | $67.1B | $65.9B |
| Enterprise Value | $168.4B | $140.0B | $139.9B | $153.2B | $115.3B | $119.9B | $137.1B | $183.7B | $155.3B | $153.9B | $163.1B |
| P/E Ratio → | 5.21 | 3.80 | 11.09 | 4.03 | 1.90 | 3.61 | 56.15 | 39.85 | 38.26 | — | — |
| P/S Ratio | 1.15 | 0.84 | 0.91 | 0.98 | 0.56 | 0.85 | 1.36 | 1.36 | 1.00 | 0.86 | 0.81 |
| P/B Ratio | 1.37 | 1.00 | 1.40 | 1.31 | 0.99 | 1.03 | 1.22 | 1.40 | 1.16 | 0.82 | 0.85 |
| P/FCF | 6.27 | 4.57 | 3.55 | 3.32 | 1.73 | 2.28 | 3.18 | 61.05 | 5.87 | 4.98 | 5.48 |
| P/OCF | 2.87 | 2.09 | 2.18 | 2.39 | 1.40 | 1.89 | 2.54 | 4.06 | 3.22 | 2.48 | 2.53 |
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 | — | 1.54 | 1.53 | 1.45 | 0.93 | 1.43 | 2.55 | 2.40 | 1.84 | 1.98 | 2.00 |
| EV / EBITDA | 4.07 | 3.38 | 3.67 | 2.72 | 1.73 | 2.81 | 4.35 | 5.14 | 4.48 | 6.73 | 5.50 |
| EV / EBIT | 6.48 | 5.07 | 9.34 | 3.64 | 2.03 | 3.61 | 24.72 | 9.83 | 9.56 | 20.98 | 70.30 |
| EV / FCF | — | 8.37 | 6.00 | 4.93 | 2.87 | 3.81 | 5.96 | 107.88 | 10.75 | 11.42 | 13.56 |
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 | 47.6% | 47.6% | 50.3% | 52.7% | 52.2% | 48.6% | 45.6% | 40.3% | 38.3% | 34.3% | 31.9% |
| Operating Margin | 28.6% | 28.6% | 28.1% | 45.0% | 42.8% | 36.9% | 37.3% | 27.3% | 26.9% | 12.5% | 19.3% |
| Net Profit Margin | 22.1% | 22.1% | 8.2% | 24.3% | 29.4% | 23.7% | 2.1% | 13.3% | 8.5% | -0.1% | -5.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 29.7% | 29.7% | 10.9% | 34.5% | 52.5% | 30.7% | 1.7% | 13.8% | 9.3% | -0.1% | -6.7% |
| ROA | 9.9% | 9.9% | 3.8% | 12.7% | 20.3% | 10.9% | 0.5% | 4.5% | 3.0% | -0.0% | -2.0% |
| ROIC | 15.2% | 15.2% | 15.7% | 29.1% | 34.2% | 19.2% | 10.8% | 10.5% | 11.0% | 4.2% | 6.9% |
| ROCE | 15.4% | 15.4% | 15.4% | 28.0% | 34.8% | 19.7% | 11.0% | 10.5% | 10.8% | 4.3% | 7.4% |
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 | 0.92 | 0.92 | 1.02 | 0.79 | 0.77 | 0.84 | 1.26 | 1.17 | 1.15 | 1.34 | 1.53 |
| Debt / EBITDA | 1.69 | 1.69 | 1.58 | 1.11 | 0.81 | 1.38 | 2.40 | 2.44 | 2.43 | 4.78 | 3.99 |
| Net Debt / Equity | — | 0.83 | 0.96 | 0.63 | 0.66 | 0.69 | 1.07 | 1.07 | 0.96 | 1.06 | 1.25 |
| Net Debt / EBITDA | 1.54 | 1.54 | 1.49 | 0.88 | 0.69 | 1.13 | 2.03 | 2.23 | 2.03 | 3.79 | 3.28 |
| Debt / FCF | — | 3.80 | 2.44 | 1.60 | 1.14 | 1.53 | 2.77 | 46.83 | 4.88 | 6.44 | 8.08 |
| Interest Coverage | 213.71 | 213.71 | 4.71 | 13.78 | 19.84 | 10.12 | 1.32 | 3.45 | 3.73 | 1.36 | 0.39 |
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 | 0.71 | 0.71 | 0.69 | 0.96 | 1.00 | 1.25 | 1.04 | 0.97 | 1.48 | 1.89 | 1.80 |
| Quick Ratio | 0.48 | 0.48 | 0.48 | 0.73 | 0.72 | 0.95 | 0.83 | 0.68 | 1.12 | 1.55 | 1.46 |
| Cash Ratio | 0.26 | 0.26 | 0.24 | 0.46 | 0.34 | 0.46 | 0.47 | 0.29 | 0.60 | 0.98 | 0.88 |
| Asset Turnover | — | 0.41 | 0.50 | 0.49 | 0.66 | 0.48 | 0.28 | 0.33 | 0.38 | 0.31 | 0.33 |
| Inventory Turnover | 5.77 | 5.77 | 6.77 | 6.50 | 6.78 | 5.95 | 5.14 | 5.58 | 5.81 | 6.03 | 6.54 |
| Days Sales Outstanding | — | 26.86 | 22.09 | 25.29 | 18.52 | 33.53 | 49.81 | 34.82 | 33.56 | 34.72 | 32.60 |
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 | 7.9% | 10.8% | 22.1% | 19.5% | 54.3% | 18.3% | 1.9% | 1.8% | 0.7% | — | — |
| Payout Ratio | 41.0% | 41.0% | 243.5% | 78.6% | 102.9% | 65.8% | 119.8% | 18.5% | 8.7% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 19.2% | 26.3% | 9.0% | 24.8% | 52.8% | 27.7% | 1.8% | 2.5% | 2.6% | — | — |
| FCF Yield | 16.0% | 21.9% | 28.2% | 30.1% | 57.8% | 43.9% | 31.4% | 1.6% | 17.0% | 20.1% | 18.2% |
| Buyback Yield | 0.0% | 0.0% | 0.5% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 7.9% | 10.8% | 22.6% | 20.2% | 54.3% | 18.3% | 1.9% | 1.8% | 0.7% | 0.0% | 0.0% |
| Shares Outstanding | — | $6.4B | $6.4B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B | $6.5B |
Political and regulatory intervention
Based on current market data, PBR trades at a forward P/E of 3.87, which represents a significant discount to global supermajors, suggesting that investors are pricing in a substantial political risk premium rather than purely reflecting the company's underlying geological and operational earnings potential.
The valuation multiples appear to imply that the market expects future dividend volatility or capital allocation shifts toward non-core projects. While the PEG ratio of 0.07 suggests extreme undervaluation relative to growth, this metric may be misleading if the earnings base is subject to future regulatory or policy-driven compression.
As reported in financial statements, the company's ROIC has fluctuated between 0.8% and 5.5% over the last ten quarters, indicating that while the Pre-salt assets are inherently high-return, the overall compounding of capital is frequently interrupted by non-operating charges and shifting investment priorities.
The inconsistency in ROIC suggests that the firm struggles to maintain a stable return profile despite its low-cost extraction advantage. Investors should monitor whether future capital allocation remains focused on high-margin offshore projects or pivots toward lower-return industrial segments that could structurally dilute long-term capital efficiency.
According to recent quarterly filings, the cash conversion cycle has remained relatively contained, averaging approximately 38 days, which suggests that the company maintains effective control over its receivables and payables despite the inherent complexities of managing a massive, state-integrated energy supply chain.
The stability in the cash conversion cycle indicates that the company is not currently facing significant liquidity pressure from its customer base or suppliers. However, the low asset turnover ratio of 0.10 highlights the capital-intensive nature of the business, where massive infrastructure investments are required to generate each unit of revenue.
Based on reported figures, the company's debt-to-EBITDA ratio has fluctuated between 4.92 and 14.12 over the past ten quarters, indicating that while the balance sheet appears healthy, the firm's ability to service debt is highly sensitive to commodity price cycles and foreign exchange volatility.
The interest coverage ratio, which has seen wide swings, suggests that the company's debt service capacity is robust during periods of high oil prices but may become strained during cyclical downturns. The reliance on USD-denominated debt warrants further investigation, as currency fluctuations can rapidly alter the perceived leverage profile.
The P/E ratio is frequently misapplied to this business model, as it fails to account for the massive non-cash foreign exchange gains and losses that distort net income, often leading to a misleading perception of the company's true operational earning power.
Analysts should prioritize EV/EBITDA or free cash flow metrics to better understand the company's underlying performance, as these are less susceptible to the accounting noise inherent in the firm's financial reporting. Relying on P/E ratios in this context may obscure the actual cash-generating capacity of the Pre-salt assets.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying PBR stock.
Petróleo Brasileiro S.A. - Petrobras's current P/E ratio is 5.2x. The historical average is 18.2x. This places it at the 23th percentile of its historical range.
Petróleo Brasileiro S.A. - Petrobras's current EV/EBITDA is 4.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.0x.
Petróleo Brasileiro S.A. - Petrobras's return on equity (ROE) is 29.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 19.0%.
Based on historical data, Petróleo Brasileiro S.A. - Petrobras is trading at a P/E of 5.2x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Petróleo Brasileiro S.A. - Petrobras's current dividend yield is 7.87% with a payout ratio of 41.0%.
Petróleo Brasileiro S.A. - Petrobras has 47.6% gross margin and 28.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Petróleo Brasileiro S.A. - Petrobras's Debt/EBITDA ratio is 1.7x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.