| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 95 | 4.9x | 17.8x | Top tier | |
Growth | 63 | 19.5% | 7.1% | Around median | |
Quality | 79 | 16.6% | 4.5% | Top tier | |
Safety | 72 | 1.2x | 2.6x | Top tier | |
Capital Return | 28 | — | 2.12% | Bottom tier | |
Momentum | 94 | 49.8% | 2.9% | Top tier | |
Sentiment | 72 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Petróleo Brasileiro S.A. - Petrobras operates across the integrated energy value chain, exploring and producing oil and gas, then transporting and refining crude oil and selling fuels and higher-value products such as diesel, gasoline, and jet fuel. Revenue and cash flow generation primarily depend on production volumes, Brent prices, exchange rates, refinery utilization rates, and product mix; the company also exports oil when production growth exceeds domestic refining needs.
In fiscal year 2025 quarter 2, the latest quarter for which EDGAR financial statements are available in the provided data, revenue reached $21.0 billion and gross profit was $10.0 billion, equivalent to a gross margin of approximately 47.6%, while net income was $4.8 billion and earnings per share were $0.37, equivalent to a net margin of approximately 22.9%. Compared with fiscal year 2024 quarter 2, revenue declined from $23.5 billion, but the net result shifted from a loss of $325 million to a profit of $4.8 billion.
The fiscal year 2026 quarter 2 earnings call showed further operational and financial improvement: oil production reached 2.7 million barrels per day, exceeding the quarterly target of 2.5 million barrels per day, and total oil and gas production surpassed 3 million barrels of oil equivalent per day. The company recorded adjusted earnings before interest, taxes, depreciation, and amortization of $20 billion, record gross profit of $19.5 billion, and operating cash flow of $12.3 billion; 82% of the quarter's $5.3 billion in investments was concentrated in exploration and production projects.
The analysts' average price target is $21.67, within a range of $19 to $24, and the consensus rating is “Buy”; the average is only approximately 2.6% below the 52-week range high of $22.24. The 52-week range extends from $11.43 to $22.24, while news on August 6, 2026 cited a price-to-earnings multiple of 6.6 times and an enterprise value to earnings before interest, taxes, depreciation, and amortization multiple of 3.7 times, a valuation that reflects the appeal of strong earnings but remains exposed to oil volatility, higher spending, and regulatory risks.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
The primary driver was oil production reaching 2.7 million barrels per day, up 15% year over year and 200 thousand barrels per day above the quarterly target. Total oil and gas production also surpassed 3 million barrels of oil equivalent per day, while oil exports rose 12%. Brent above $104 per barrel contributed to the results, but management also attributed the record figures to platform efficiency and the accelerated production ramp-up at P-78 and P-79. This resulted in gross profit of $19.5 billion and operating cash flow of $12.3 billion.
Management estimated on August 7, 2026 that P-78, P-79, and Alexandre de Gusmao collectively had approximately 270 thousand barrels per day of ramp-up capacity during the second half of fiscal year 2026. Alexandre de Gusmao was producing 100 thousand barrels per day and P-78 was producing 120 thousand, versus nameplate capacity of 180 thousand for each platform. P-79 began operations in May 2026 with capacity of 180 thousand barrels per day. The company is targeting the start of production from P-80 and P-82 in fiscal year 2027 quarter 2, followed by P-83 in the second half of fiscal year 2027.
Automated analysis for informational purposes only — not investment advice.
The refinery utilization factor reached 101% in fiscal year 2026 quarter 2 and approximately 102% in April and May 2026. At the same time, the company maintained a high share of diesel, gasoline, and jet fuel rather than increasing volumes through lower-value products. Refined-product output rose 6% from the previous quarter and imports declined 40%, particularly diesel imports. In July 2026, diesel production reached a record 3.904 million cubic meters.
The company invested $5.3 billion in fiscal year 2026 quarter 2 and directed 82% of it to exploration and production, bringing first-half investment to $10.4 billion. Management expects annual spending to finish at the upper end of the $16.9 billion range with a 5% margin. Gross debt reached $70.8 billion and net debt reached $60.4 billion after repaying $2.9 billion in loans and financing during the quarter. Management prioritizes projects with returns and debt reduction, and therefore described the likelihood of extraordinary distributions as low despite the doubling of December 2026 distributions compared with the previous year, according to an August 10, 2026 news report.
On August 21, 2026, Petrobras announced an oil discovery in the Morpho-1 well in block FZA-M-59, approximately 180 kilometers off the coast of the state of Amapá. On the same date, it submitted a letter of interest to explore four offshore fields in Ghana's Keta Basin, but negotiations were in their early stages, with no spending or timeline disclosed. During the August 7, 2026 call, the company also announced a new gas discovery in Colombia and said that three discoveries there exceeded Colombia's needs. These moves represent opportunities to replace reserves, but they remain subject to appraisal results, permits, and economic viability.
The first risk is volatility in Brent and exchange rates, as both directly affect revenue and costs despite improved operational efficiency. Operating expenses also reached $11.7 billion in the first half of fiscal year 2026 versus an annual plan of $20.2 billion and could exceed the plan if shipping and currency costs remain elevated. The company also faces a natural production decline of approximately 4% annually and scheduled shutdowns equivalent to 290 thousand barrels per day during fiscal year 2026. These are compounded by environmental permitting risks in the Amazon River mouth region and uncertainty surrounding Petrobras's options regarding Braskem.
