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Petróleo Brasileiro S.A. - Petrobras

PBR
87
Oil & Gas Integrated · Energy
Price
$26.00
+0.70 (+2.77%)
Market Cap
$167.55B
Exchange
United States
Winston Score
87
Winston is happy
An exceptional business — strong profitability, growth, and balance sheet.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
28/30
Growth
Exceptional
19/20
Cash Flow
Exceptional
9/10
Stability
Exceptional
9/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

87 of 100 counted points = Winston Score 87.

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Share count falling — buybacks

−1.2% over 4y

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

Diluted shares outstanding: 6.52B (2021) → 6.44B (2025)

§Winston Score History

The full picture

Petrobras is Brazil's national oil and gas company. It finds oil and natural gas deep under the ocean floor, pulls it out, refines it into fuels like gasoline and diesel, and sells those fuels to businesses and consumers across Brazil. The company is one of the largest oil producers in the world and is a pioneer in deepwater drilling technology, operating some of the most productive offshore oil fields ever discovered — known as the "pre-salt" fields off Brazil's coast.

The Brazilian government owns a majority stake in Petrobras, which gives it both political backing and political risk. The company earns money by selling crude oil, refined fuels, and natural gas, mostly within Brazil but also through exports. With gross margins near 47%, its low-cost pre-salt fields give it a real cost advantage over many global peers. The biggest risk is government interference — past administrations have forced the company to sell fuel below market prices, which badly damaged profits, and that policy risk has not fully gone away.

Growth Profile

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

Revenue Growth

+59.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+125.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$862M/ year

↑ Rising (+9% vs prior year)

1.0% of revenue

In line with sector average (1%)

R&D investment increasing — building for the future

Insider Activity

37.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$11.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Petróleo Brasileiro S.A. - Petrobras grew revenue 60% 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
58.0%
Premium pricing power — 58.0% gross margin
Profit after running costs
Operating Margin
41.9%
Excellent — 41.9% operating margin
Return on the money invested
ROCE
30.6%
Exceptional — 30.6% 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
+20.8%
Fast-growing sales (+20.8% YoY)
Profit growth
EPS YoY
+89.0%
Earnings growing fast (+89.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
154%
Turns 154% of profit into real cash
Spare cash per sale
FCF Margin
17.9%
Converts sales into free cash efficiently (17.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.28
Conservative — low debt load (0.28)
Covers its interest
Interest Cover
11.41x
Comfortably covers interest (11.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
6.5x
Attractive valuation — P/E 6.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
8.38%
Healthy income — 8.38% yield

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

Dividend record
Dividend Growth
+13.1%
Dividend growing fast (13.1% YoY)
Payout Ratio
28%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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