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Brazil's state-controlled oil major (voting shares); dominant in deepwater pre-salt production, refining and gas.
Brazil's state-controlled oil major (voting shares); dominant in deepwater pre-salt production, refining and gas.
Sells crude oil to refiners at home and abroad and fuels from its own refineries, with output from its deepwater pre-salt fields carrying the business. These are the voting shares, of which the federal government holds a majority, which is why fuel-pricing and investment decisions are influenced by politics. It has sold distribution and some refineries to cut debt.
Moat: narrow (scale, installed base, regulatory licence). Operatorship of Brazil's giant pre-salt fields and state ties give scale few rivals can match.
Headquarters: Rio de Janeiro, Brazil · Founded: 1953 · Employees: 50,687
Size Petroleo Brasileiro SA Sponsored ADR (PBR) is a United States Energy company (Integrated Oil) with a market value of $118B, the 110th largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.53 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against +5.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +16.1%); the operating margin is 34.8% (peer median 21.7%).
Valuation It trades at 3.7× forward earnings against a peer median of 8.0× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -20% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -31 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.4 points above its cost of capital (6.2% WACC).
Backlog Backlog (remaining performance obligations) was $87.7B at 31 Dec 2024, down 26% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 1.4% of the free float (15 Oct 2026).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $104B | $89.1B | $91.0B | $103B | $124B |
| Revenue growth | — | -2% | -11% | -17% | — |
| Gross profit | $49.5B | $39.0B | $43.0B | $51.5B | $62.4B |
| EBITDA | $52.2B | $42.0B | $39.9B | $52.7B | $65.6B |
| Net income | $25.5B | $19.7B | $6.79B | $24.9B | $36.5B |
| Free cash flow | $18.3B | $14.7B | $21.3B | $29.2B | $38.3B |
| Capital expenditure | $20.6B | $19.5B | $14.8B | $12.1B | $9.61B |
| Total debt | $70.8B | $70.1B | $60.5B | $62.4B | $53.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Petroleo Brasileiro SA Sponsored ADR PBR | $118B | -9% | +21% | 35% | 3.7× | -19.8% |
| Ecopetrol SA Sponsored ADR EC | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
| Shell Plc Sponsored ADR SHEL | $290B | +18% | +18% | 16% | 8.2× | -16.6% |
| Equinor ASA Sponsored ADR EQNR | $104B | +14% | +13% | 33% | 7.5× | n/a |
| YPF SA Sponsored ADR YPF | $17.8B | -9% | -14% | 22% | 4.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PBR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.9% | -1.2% | lowest of 19 |
| 6-month return | -8.8% | +5.4% | 4th lowest of 19 |
| Distance from 52-week high | -29.8% | -13.0% | lowest of 19 |
| Revenue growth (TTM) | +20.8% | +16.1% | 5th highest of 19 |
| Operating margin | 34.8% | 21.7% | 4th highest of 19 |
| Forward P/E | 3.7× | 8.0× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -19.8% | -11.3% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +11.0% | +15.4% | 6th lowest of 19 |
| Hurdle (Req g minus delivered) | -30.8 pp | -27.0 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +12.4 pp | +8.8 pp | 7th highest of 19 |
| EV / EBITDA | 3.4× | 5.3× | 5th cheapest of 19 |
| Net debt / EBITDA | 1.2× | 0.5× | 4th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Petroleo Brasileiro SA Sponsored ADR PBR | United States | $118B | -9% | +21% | 35% | 3.7× | -19.8% | +11.0% |
| Bp PLC BP..L | United Kingdom | $116B | +2% | +23% | 13% | 5.4× | -16.3% | +11.7% |
| Equinor EQNR.OL | Norway | $102B | +12% | +2% | 33% | 7.2× | -15.4% | +20.7% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
| CNOOC 600938.SS | China | $141B | -22% | +7% | 46% | 9.0× | -21.8% | +20.6% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| TotalEnergies TTE.PA | France | $200B | +2% | +11% | 17% | 7.0× | -15.6% | +9.0% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Shell SHEL.L | United Kingdom | $284B | +18% | +15% | 16% | 7.7× | -10.9% | +8.1% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| PetroChina 601857.SS | China | $336B | +4% | -3% | 9% | 12.1× | -5.1% | +8.6% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| Chevron CVX | United States | $415B | +18% | +22% | 15% | 11.4× | -3.0% | +14.3% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
Petroleo Brasileiro SA Sponsored ADR reported $87.7B of remaining performance obligations at 31 Dec 2024, down 26% from a year earlier. That is 1.0 years of trailing revenue already under contract.