| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 97 | 2.4x | 17.8x | Top tier | |
Growth | 66 | 136.8% | 7.1% | Top tier | |
Quality | 80 | 31.5% | 4.5% | Top tier | |
Safety | 76 | 0.6x | 2.6x | Top tier | |
Capital Return | 27 | — | 2.12% | Bottom tier | |
Momentum | 92 | 45.0% | 2.9% | Top tier | |
Sentiment | 83 | 5 | 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 through oil and gas exploration and production, followed by crude oil refining, the marketing of fuels and petroleum products, and the export of surpluses. Cash generation comes from production and sales volumes, oil prices—particularly Brent—refinery efficiency, and the mix of higher-value products such as diesel, gasoline, and jet fuel. In Q2 FY2026, oil production reached 2.7 million barrels per day, total oil and gas production exceeded 3 million barrels of oil equivalent per day, and oil exports increased 12%.
The August 7, 2026 call showed that Q2 FY2026 delivered record gross profit of $19.5 billion, while adjusted earnings before interest, taxes, depreciation, and amortization, excluding nonrecurring items, reached $20 billion, up 70% from Q1 FY2026 and nearly double the level of a year earlier. Operating cash flow was $12.3 billion, up approximately 50% from the previous quarter, while management described recurring net income as the highest quarterly figure in Petrobras's history in dollar terms without disclosing its value in the text. Capital investment totaled $5.3 billion, 82% of which was allocated to exploration and production projects, illustrating the weight of upstream operations in the investment mix.
According to the latest EDGAR filings, Q2 FY2025 recorded revenue of $21.0 billion and gross profit of $10.0 billion, equivalent to a gross margin of approximately 47.6%, net income of $4.8 billion, and earnings per share of $0.37. Revenue declined from $23.5 billion in Q2 FY2024, but the net result reversed from a loss of $325 million and negative earnings per share of $0.03. In Q2 FY2026, the refinery utilization factor reached 101%, petroleum product output increased 6% from the previous quarter, and imports declined 40%, particularly diesel imports.
Analyst consensus rates PBR-A shares as a Buy, while the reference market capitalization is $103.5 billion. The 52-week range is between $10.76 and $20.05, meaning the upper end is approximately 86% above the lower end, a wide range consistent with the valuation's sensitivity to Brent prices, operational execution, and capital allocation policy. Q2 FY2026 results support an operational rerating, but earnings volatility in FY2023 and FY2024 and expense and regulatory risks prevent the Buy consensus from being considered risk-free evidence.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Oil production reached 2.7 million barrels per day, up 15% year over year and 200 thousand barrels per day above the quarterly target. A 12% increase in exports and a 101% refinery utilization factor helped convert the additional volumes into sales and cash flow. Adjusted earnings before interest, taxes, depreciation, and amortization reached $20 billion, while operating cash flow reached $12.3 billion and gross profit hit a record $19.5 billion.
On August 7, 2026, management estimated that approximately 270 thousand barrels per day of ramp-up capacity was available during the second half of FY2026. This capacity comes from ramping up P-78, P-79, and Alexandre de Gusmao, each of which has nameplate capacity of 180 thousand barrels per day. However, production guidance includes scheduled downtime equivalent to approximately 290 thousand barrels per day and technical and weather risks, so the company maintained its guidance margin at plus or minus 4%.
The refinery utilization factor reached 101% in Q2 FY2026, including approximately 102% in April and May 2026. Petroleum product output increased 6% from the previous quarter, while imports declined 40%, with the mix of higher-value diesel, gasoline, and jet fuel maintained. In July 2026, the company recorded all-time-high diesel production of 3.904 million cubic meters, while the REVAP, REPLAN, and REGAP expansions target the addition of approximately 10 thousand cubic meters per day of throughput.
Automated analysis for informational purposes only — not investment advice.
Petrobras ended Q2 FY2026 with total debt of $70.8 billion and net debt of $60.4 billion. During the quarter, it repaid $2.9 billion of loans and financing, including $1.4 billion for banking transactions and $700 million for repurchases and redemptions of international bonds. Management explained on August 7, 2026 that advancing investments with returns and reducing debt take precedence over extraordinary distributions, while applying the ordinary distribution formula of 14% to additional cash, according to its presentation.
A significant portion of results depends on the Brent price, which exceeded $104 per barrel in Q2 FY2026, and on platforms and refineries continuing to operate at high rates. Operating expenses also reached $11.7 billion in the first half of FY2026 versus an annual plan of $20.2 billion, and may exceed the plan if freight costs and the exchange rate remain elevated. Other risks include permits for additional wells in BMFCA-49, potential regulatory changes in the gas market, and the unresolved status of Petrobras's options regarding Braskem as of the August 7, 2026 call.
Capital investment reached $5.3 billion in Q2 FY2026 and $10.4 billion during the first half of FY2026. 82% of the investment went to exploration and production, alongside a 40% increase in drilling, a 45% increase in well completions, and a 43% increase in tie-in activities from the previous quarter. The company expects to end FY2026 near the upper end of its $16.9 billion spending estimate, with a margin of plus or minus 5%, while prioritizing projects with high returns and rapid cash flow.
