| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 94 | 5.5x | 17.4x | Top tier | |
Growth | 58 | 19.5% | 7.1% | Around median | |
Quality | 79 | 16.6% | 4.5% | Top tier | |
Safety | 72 | 1.2x | 2.6x | Top tier | |
Capital Return | 42 | 4.85% | 0.18% | Around median | |
Momentum | 96 | 64.9% | 1.3% | Top tier | |
Sentiment | 73 | 4 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
0% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.28% as of 2026-10-02. Estimates computed from company data and analyst targets, 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.
Petrobras is an integrated energy company combining oil and gas exploration and production, refining, logistics, and the marketing of fuels and petroleum products, as well as crude oil exports. Revenue and cash generation depend primarily on production and sales volumes, oil prices, and refinery efficiency; in fiscal Q2 2026 ended 2026-06-30, oil production reached 2.7 million barrels per day, while oil-equivalent production exceeded 3 million barrels per day. The operating mix is weighted toward exploration and production, with refining contributing to maximizing the value of each barrel through diesel, gasoline, and jet fuel. Refinery utilization reached 101%, petroleum product output increased 6% from the previous quarter, imports declined 40%, and oil exports rose 12%.
Fiscal Q2 2026 ended 2026-06-30 recorded revenue of $33.6 billion, net income of $10.4 billion, and diluted earnings per share of 1.62, compared with revenue of $21.0 billion, net income of $4.8 billion, and diluted earnings per share of 0.37 in fiscal Q2 2025. Gross margin expanded to 58.0% from 47.6%, operating margin increased to 41.9% from 25.4%, and operating cash flow reached $11.9 billion. This surge came with annual revenue growth of 59.8%, a 15% increase in oil production over twelve months, accelerated ramp-up of the P-78 and P-79 platforms, and higher output from existing platforms above their design capacity.
Q2 FY2026
Last 12 months to 2026-06-30
When: 2026-11-05
Revenue compared with the $33.6 billion threshold
Operating margin compared with the 41.9% threshold
Operating cash flow compared with the $11.9 billion threshold
The no-growth value is $35 at a discount rate of 8.8%, measuring the value of current after-tax operating profit if it remains constant forever. The industry-multiple value is $26, within a range of $15 to $29, pricing Petrobras like 14 peer companies using a median sales multiple of 1.6. The median analyst price target is $23, within a range of $20 to $24 from 4 analysts, representing a low-confidence indicative estimate that incorporates their growth expectations; the broader consensus average is $22.33 with a Buy recommendation. Analyst targets converge with the middle portion of the industry-multiple range, while the no-growth value is higher than both because it measures the sustainability of current operating profit rather than relative pricing or analyst expectations. Analyst targets are inherently inclined toward optimism, while the cash flow model is inherently inclined toward conservatism, and the calculated methods do not include a separate numerical value for this model.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
Revenue reached $33.6 billion and net income reached $10.4 billion in fiscal Q2 2026 ended 2026-06-30, with revenue growing 59.8% year over year. Oil production increased to 2.7 million barrels per day, up 15% over twelve months and exceeding the quarterly target of 2.5 million barrels per day. Higher production from P-78 and P-79, refinery utilization at 101%, and a 12% increase in oil exports helped expand gross margin to 58.0% and operating margin to 41.9%.
Management said on the 2026-08-07 call that platforms under ramp-up provide 270 thousand barrels per day of additional capacity during the second half of fiscal 2026. P-78 in Búzios produced around 120 thousand barrels per day, and Alexandre de Gusmão in Mero produced around 100 thousand barrels per day, compared with a nameplate capacity of 180 thousand barrels per day for each. P-79 began operations in May 2026 with a capacity of 180 thousand barrels per day, but planned outages and natural production decline remain countervailing factors to this increase.
Automated analysis for informational purposes only — not investment advice.
Total debt reached $70.8 billion, while cash and investments reached $6.5 billion in fiscal Q2 2026 ended 2026-06-30. In contrast, the company generated operating cash flow of $40.2 billion and free cash flow of $19.3 billion over the last 12 months through 2026-06-30. Operating cash flow equals 157% of net income of $25.6 billion, but the debt-to-cash gap remains an important constraint on capital allocation flexibility.
Petrobras refinery utilization reached 101% in fiscal Q2 2026 ended 2026-06-30, while maintaining a mix focused on diesel, gasoline, and jet fuel. Petroleum product output increased 6% from the previous quarter, and imports declined 40%, particularly diesel imports. In July 2026, diesel production reached 3.904 million cubic meters, while management targets keeping refinery utilization above the 95% to 98% range while accounting for maintenance and safety.
P-80 and P-82 are scheduled to begin production in fiscal Q2 2027, with the company working to bring P-80 forward to fiscal Q1 2027. P-83 is scheduled to begin operations in the second half of fiscal 2027, and each of P-80, P-82, and P-83 has a nameplate capacity of around 225 thousand barrels per day. Execution depends on pre-installation, connection, and mooring work, and sea conditions may affect the timing of bringing the projects forward.
Petrobras stated on 2026-08-07 that it holds a 15.6% share of the Brazilian gas market, with 31 active companies and more than 100 free-market consumers. Management believes that any regulatory or tax change may require reassessing returns on oil and gas, refining, and petrochemical projects. Regarding Braskem, the new shareholders' agreement gave Petrobras political influence more closely aligned with its economic interest, but the company said it is still evaluating its options and has not announced a capital injection commitment.
