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Galp Energia, SGPS, S.A.

GALP.LS
62
Oil & Gas Integrated · Energy
Price
€20.91
-0.09 (-0.43%)
Market Cap
€15.64B
Exchange
Euronext Lisbon
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 4, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Exceptional

Share count falling — buybacks

11.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 829.3M (2021) → 737.8M (2025)

Winston Score History

The full picture

Galp Energia, SGPS, S.A. functions as a comprehensive energy corporation, conducting its operations both within Portugal and across international markets. Its business is structured into four distinct divisions: Upstream, Industrial & Energy Management, Commercial, and Renewables and New Business. The Upstream division is responsible for exploring, developing, and extracting hydrocarbon resources, primarily concentrated in Brazil, Mozambique, and Angola. The Industrial & Energy Management division oversees the ownership and operation of Portuguese refineries, alongside the management of energy pertaining to petroleum products, natural gas, and electricity. This segment also provides essential infrastructure for storing and transporting oil and gas, and distributes electricity to national grids in Portugal and Spain. The Commercial division focuses on the retail and wholesale distribution of oil, gas, and electricity to both business-to-business (B2B) and business-to-consumer (B2C) clients. The Renewables and New Business division is actively involved in establishing solar and wind power generation projects across Portugal and Spain. Furthermore, it produces sustainable fuels such as biodiesel, biofuel, and green hydrogen. This segment also operates an extensive network of 1,480 service stations and maintains 1,186 electric vehicle charging points. Beyond its core energy activities, the company also participates in the reinsurance sector. Established in 1999, the company was initially named Galp – Petróleos e Gás de Portugal, SGPS, S.A., before officially changing to Galp Energia, SGPS, S.A. in September 2000. Its corporate headquarters are located in Lisbon, Portugal.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+126.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Position

Cash flow positive

€3.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Galp Energia, SGPS, S.A. grew revenue 35% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
19.6%
Thin — 19.6% gross margin
Profit after running costs
Operating Margin
17.8%
Healthy — 17.8% operating margin
Return on the money invested
ROCE
42.6%
Exceptional — 42.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+5.7%
Slow sales growth (+5.7% YoY)
Profit growth
EPS YoY
+7.2%
Modest earnings growth (+7.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
232%
Turns 232% of profit into real cash
Spare cash per sale
FCF Margin
7.0%
Modest free cash flow (7.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.76
Moderate — manageable debt (0.76)
Covers its interest
Interest Cover
17.24x
Comfortably covers interest (17.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.9x
Attractive valuation — P/E 14.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.9
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
6.70%
Healthy income — 6.70% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+23.1%
Dividend growing fast (23.1% YoY)

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