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Spanish integrated oil and gas company with global upstream production, refining, and a growing low-carbon energy business.
Spanish integrated oil and gas company with global upstream production, refining, and a growing low-carbon energy business.
Upstream earnings follow oil and gas prices, while refining earns the gap between crude cost and fuel prices, so the two partly offset each other. A steadier third leg is fuel and power sold to households and drivers, mainly in Spain and Portugal, through its own service stations.
In one line: A smaller, Spanish Marathon Oil / Valero hybrid.
Moat: none (scale). Integrated but mid-sized versus supermajors; refining and upstream are largely commodity businesses.
Headquarters: Madrid, Spain · Founded: 1987 · Employees: 24,523
Size Repsol (REP.MC) is a Spain Energy company (Integrated Oil) with a market value of $36.2B, the 9th largest of 97 Spain companies the cockpit tracks. Shares closed at €29.90 on 6 Nov 2026.
Performance Over six months the shares gained 33.9%, against +3.7% for the median peer and +8.2% for the Spain market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 23.9% over the last twelve months (peer median +15.6%); the operating margin is 12.6% (peer median 25.5%).
Valuation It trades at 4.7× forward earnings against a peer median of 8.0× (cheapest of 21).
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 11.9 points above its cost of capital (5.3% WACC).
Credit Repsol has 10 bonds outstanding ($7.63B), rated BBB+ by the agencies and trading like AA- at a weighted spread of 76 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €67.7B | €54.9B | €57.1B | €58.9B | €75.2B |
| Revenue growth | — | -4% | -3% | -22% | — |
| Gross profit | €14.6B | €7.37B | €7.75B | €9.47B | €13.5B |
| EBITDA | €11.0B | €5.19B | €5.79B | €6.82B | €9.19B |
| Net income | €5.73B | €1.83B | €1.70B | €3.11B | €4.19B |
| Free cash flow | €3.95B | €1.21B | -€542M | €1.89B | €3.93B |
| Capital expenditure | €3.60B | €3.75B | €5.11B | €4.29B | €3.54B |
| Total debt | €16.2B | €16.5B | €14.7B | €14.0B | €16.0B |
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 |
|---|---|---|---|---|---|---|
| Repsol REP.MC | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% |
| Eni ENI.MI | $82.2B | +6% | +4% | 9% | 8.4× | 0.8% |
| TotalEnergies TTE.PA | $200B | +2% | +11% | 17% | 7.0× | -15.6% |
| Bp PLC BP..L | $116B | +2% | +23% | 13% | 5.4× | -16.3% |
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 | REP.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -5.4% | 6th highest of 21 |
| 6-month return | +33.9% | +3.7% | highest of 21 |
| Distance from 52-week high | -5.5% | -18.1% | highest of 21 |
| Revenue growth (TTM) | +23.9% | +15.6% | 4th highest of 21 |
| Operating margin | 12.6% | 25.5% | 3rd lowest of 21 |
| Forward P/E | 4.7× | 8.0× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -20.1% | -7.6% | least demanding of 20 |
| Growth delivered (Del g) | +10.5% | +18.1% | 3rd lowest of 20 |
| Hurdle (Req g minus delivered) | -30.6 pp | -27.9 pp | 9th least demanding of 20 |
| ROIC minus cost of capital | +11.9 pp | +6.5 pp | 9th highest of 21 |
| EV / EBITDA | 3.8× | 4.3× | 6th cheapest of 21 |
| Net debt / EBITDA | 0.6× | 0.8× | 9th least indebted of 21 |
| Bond spread | 76 bp | 104 bp | 2nd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| 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% |
| Devon Energy DVN | United States | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% | +31.5% |
| Cenovus Energy CVE.TO | Canada | $50.2B | 0% | +12% | 21% | 6.7× | -14.4% | +29.7% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Occidental Petroleum OXY | United States | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% | +4.7% |
| Imperial Oil IMO.TO | Canada | $59.5B | +3% | +19% | 14% | 10.5× | -0.2% | +17.1% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| EOG Resources EOG | United States | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% | +17.9% |
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| Suncor Energy SU.TO | Canada | $81.0B | +12% | +27% | 24% | 8.6× | -11.7% | +14.7% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Canadian Natural Resources CNQ.TO | Canada | $101B | +12% | +18% | 27% | 10.3× | 2.8% | +18.1% |
Repsol has 10 bonds outstanding with $7.63B face value. The agencies rate it BBB+; its bonds trade like AA-. Weighted yield 3.85%, a spread of 76 bp over government bonds.