ValueScreener

ValueScreener company report

Petróleo Brasileiro S.A. - Petrobras (PBR)

NYSE / Energy / Oil & Gas Integrated

Share price

25.30 USD Market dataClose of Oct 15, 2026

Market capitalisation

163.00B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2024, filed Apr 3, 2025
Ratios computed
Oct 15, 2026
Filed years
9, FY2016 to FY2024
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

15.8% Computed

From the FY2024 filing

Read quality

Valuation

Price to earnings

21.66x Computed

FY2024 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

14.3% Computed

FY2024 accounts, priced at the latest close

Read cash generation

Revenue and net income, by fiscal year

FY2015 Revenue: 97.31B USDFY2015 Net income: -8.45B USDFY2016 Revenue: 81.41B USDFY2016 Net income: -4.84B USDFY2017 Revenue: 77.88B USDFY2017 Net income: -91.0M USDFY2018 Revenue: 84.64B USDFY2018 Net income: 7.17B USDFY2019 Revenue: 76.59B USDFY2019 Net income: 10.15B USDFY2020 Revenue: 53.68B USDFY2020 Net income: 1.14B USDFY2021 Revenue: 83.97B USDFY2021 Net income: 19.88B USDFY2022 Revenue: 124.47B USDFY2022 Net income: 36.62B USDFY2023 Revenue: 102.41B USDFY2023 Net income: 24.88B USDFY2024 Revenue: 91.42B USDFY2024 Net income: 7.53B USD
Revenue Net income10 fiscal years; a year whose statement names no SEC filing is market data, and the table in Filings says which.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 21.66x at the close of 2026-10-15 on FY2024 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Energy sector (163 companies), 21.66x sits at the 61st percentile; the middle half of that group runs from 12.02x to 29.24x.

Is it good

Return on invested capital was 15.8% in FY2024, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Energy sector (108 companies), 15.8% sits at the 85th percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 4.51x in FY2024, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether Petróleo Brasileiro S.A. - Petrobras's return on invested capital stayed above the median of the Energy sector, year by year. (FY2021 to FY2024, 4 fiscal years of Petróleo Brasileiro S.A. - Petrobras with a comparable figure)
The direction
Which way Petróleo Brasileiro S.A. - Petrobras's return on equity has moved, and how steadily. (FY2015 to FY2024, 10 filed years of Petróleo Brasileiro S.A. - Petrobras)
What could explain it
What in Petróleo Brasileiro S.A. - Petrobras's filed statements could explain the movements. (6 readings drawn from the statement lines Petróleo Brasileiro S.A. - Petrobras filed)
What to check next
What to check next on Petróleo Brasileiro S.A. - Petrobras, and where in its filings. (4 questions for Petróleo Brasileiro S.A. - Petrobras)
In one paragraph
One paragraph on Petróleo Brasileiro S.A. - Petrobras's returns, cash, balance sheet and price. (13 of sixteen figures read for Petróleo Brasileiro S.A. - Petrobras)

These are PBR’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research PBRPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2024 annual report: 20-F, filed Apr 3, 2025, accession 0001292814-25-001352.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Petróleo Brasileiro S.A. - Petrobras: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax15.8% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Return on equity12.7% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Return on capital employed, pre-tax17.9% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Return on assets4.1% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Gross margin50.3% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Operating margin29.4% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Net margin8.2% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
PBR 8.2%
BP 0.0%IMO 6.9%EC 10.4%CVE 7.9%YPF -4.5%
-4.5%10.4%
Net margin: PBR against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Petróleo Brasileiro S.A. - Petrobras: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.02 ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Current ratio0.69 ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Quick ratio0.48 ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Interest coverage4.51x ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Net debt57.04B ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Total assets 181.65BTotal liabilities 122.30BShareholders' equity 59.11BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Petróleo Brasileiro S.A. - Petrobras owned and owed at the end of fiscal 2024, from the balance sheet it filed (20-F, filed Apr 3, 2025, 0001292814-25-001352).

Petróleo Brasileiro S.A. - Petrobras: balance sheet position
Total assets181.65B FiledFY2024 20-F, filed Apr 3, 2025
Total liabilities122.30B FiledFY2024 20-F, filed Apr 3, 2025
Shareholders' equity59.11B FiledFY2024 20-F, filed Apr 3, 2025
Cash3.27B FiledFY2024 20-F, filed Apr 3, 2025
Total debt60.31B FiledFY2024 20-F, filed Apr 3, 2025
Net debt57.04B
Current ratio0.69
Debt to equity1.02

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Petróleo Brasileiro S.A. - Petrobras: what the market charges, each with its source
FigureValue, source and document
Price to earnings21.66x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.76x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Price to sales1.78x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Enterprise value to EBIT8.19x ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Diluted earnings per share
Why n/a

The FY2024 filing carries no diluted earnings per share we could read.

n/a FiledFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352

We publish no fair value or price target of our own. Value PBR on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Petróleo Brasileiro S.A. - Petrobras today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Petróleo Brasileiro S.A. - Petrobras: valuation
Share price25.30 USD
Market capitalisation163.00B USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per share, FY2015n/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Petróleo Brasileiro S.A. - Petrobras

  1. BP p.l.c. (BP)Market cap 127.00B USD
  2. Imperial Oil Limited (IMO)Market cap 62.67B USD
  3. Ecopetrol S.A. (EC)Market cap 36.39B USD
  4. Cenovus Energy Inc. (CVE)Market cap 58.96B USD
  5. YPF Sociedad Anónima (YPF)Market cap 20.04B USD

Same industry (Oil & Gas Integrated) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Petróleo Brasileiro S.A. - Petrobras: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield14.3% ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Free cash flow23.34B USD ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Free cash flow margin25.5% ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
FY2015 Free cash flow: 4.26B USDFY2015 Net income: -8.45B USDFY2016 Free cash flow: 12.03B USDFY2016 Net income: -4.84B USDFY2017 Free cash flow: 13.47B USDFY2017 Net income: -91.0M USDFY2018 Free cash flow: 14.33B USDFY2018 Net income: 7.17B USDFY2019 Free cash flow: 17.04B USDFY2019 Net income: 10.15B USDFY2020 Free cash flow: 23.02B USDFY2020 Net income: 1.14B USDFY2021 Free cash flow: 31.47B USDFY2021 Net income: 19.88B USDFY2022 Free cash flow: 40.14B USDFY2022 Net income: 36.62B USDFY2023 Free cash flow: 31.10B USDFY2023 Net income: 24.88B USDFY2024 Free cash flow: 23.34B USDFY2024 Net income: 7.53B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Petróleo Brasileiro S.A. - Petrobras: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
21.66xFY2024Oct 15, 2026
2.76xFY2024Oct 15, 2026
8.19xFY2024Oct 15, 2026
14.3%FY2024Oct 15, 2026
15.8%FY2024Apr 3, 2025
n/aFY2024Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
1.02FY2024Apr 3, 2025
0.69FY2024Apr 3, 2025
1.78xFY2024Oct 15, 2026
n/aFY2024Oct 15, 2026
n/a The filed income statement reports no earnings per share.
n/aFY2024Oct 15, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.90FY2024Apr 3, 2025
4/9FY2024Apr 3, 2025

The figures are computed from the accounts for fiscal 2024, the newest full year on file. 9 filed fiscal years on record, FY2016 to FY2024, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 fiscal years, FY2015 to FY2024. 9 read from the annual reports Petróleo Brasileiro S.A. - Petrobras filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.

Petróleo Brasileiro S.A. - Petrobras: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202491.42B26.88B7.53Bn/a23.34B29.4%12.7%20-F, Apr 3, 20250001292814-25-001352
FY2023102.41B38.03B24.88Bn/a31.10B37.1%31.7%20-F, Apr 12, 20240001292814-24-001340
FY2022124.47B57.11B36.62Bn/a40.14B45.9%52.7%20-F, Mar 29, 20230001292814-23-001253
FY202183.97B37.58B19.88Bn/a31.47B44.8%28.6%20-F, Mar 30, 20220001292814-22-001285
FY202053.68B10.06B1.14Bn/a23.02B18.8%1.9%20-F, Mar 25, 20210001292814-21-001152
FY201976.59B20.61B10.15Bn/a17.04B26.9%13.8%20-F, Mar 23, 20200001193125-20-080953
FY201884.64B16.79B7.17Bn/a14.33B19.8%10.0%20-F, Apr 1, 20190001193125-19-093231
FY201777.88B10.55B-91.0Mn/a13.47B13.6%-0.1%20-F, Apr 18, 20180001193125-18-120259
FY201681.41B4.31B-4.84Bn/a12.03B5.3%-6.3%20-F, Apr 18, 20180001193125-18-120259
FY201597.31B14.70B-8.45B-0.324.26B15.1%-12.9%Market data, supplied Oct 15, 2026accession n/a
  • Revenue, compound annual growth FY2015 to FY2024: -0.7%
  • Earnings: Earnings was not positive in both 2015 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow, compound annual growth FY2015 to FY2024: 20.8%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Petróleo Brasileiro S.A. - Petrobras: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.90 ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Piotroski F-score4/9 ComputedFY2024 20-F, filed Apr 3, 2025, 0001292814-25-001352
Named tests met3 of 30 Computed
Beta-0.19 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 3 met, 23 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Earnings yield and ROIC (Joel Greenblatt); ROIC at or above WACC; Cash-flow yield and ROIC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
EV/EBITDA and coverage; Dividends and buybacks; P/E times P/B (Benjamin Graham); Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them Positive Earnings Streak, Altman Z-Score, PEG Ratio. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 9 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

Monitor my portfolioHow this is computed

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map

Apps

  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.

With your permission, Google Analytics, Microsoft Clarity and HubSpot set cookies to measure how this site and the product are used, including recordings of sessions. Nothing is set unless you allow it. Privacy policy