Petróleo Brasileiro S.A. - Petrobras

PETR3.SA

Oil & Gas Integrated · Energy

Price

R$49.34

-0.07 (-0.14%)

Market Cap

R$635.93B

Exchange

B3 S.A.

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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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: 13.04B (2021) → 12.89B (2025)

Winston Score History

The full picture

Petrobras is Brazil's national oil company. It finds oil and gas deep under the ocean, pumps it out, refines it into fuels like gasoline and diesel, and sells those fuels to businesses and consumers across Brazil. The company is majority-owned by the Brazilian government and is one of the largest oil producers in the world, known for pioneering deepwater drilling technology in the pre-salt oil fields off Brazil's coast.

Petrobras earns money by selling crude oil, refined fuels, and natural gas. It operates mainly in Brazil but exports oil globally, and its massive scale and low-cost pre-salt reserves give it a strong cost advantage over many competitors. The biggest risk the company faces is political interference — because the government controls it, decisions about dividends, fuel pricing, and investment can be influenced by politics rather than pure business logic, which has caused problems for investors in the past.

Growth Profile

For growth stock investors

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

Revenue Growth

+45.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+108.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

R$4.8B/ year

↑ Rising (+12% 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

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

R$57.1B 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 46% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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

31.1%

Exceptional — 31.1% 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

+12.1%

Fast-growing sales (+12.1% YoY)

Profit growth

EPS YoY

+76.6%

Earnings growing fast (+76.6% YoY)

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

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

17.6%

Converts sales into free cash efficiently (17.6%)

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

11.28x

Comfortably covers interest (11.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

4.7x

Attractive valuation — P/E 4.7

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

Cheaper or dearer next year

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.26%

Healthy income — 6.26% yield

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

Dividend record

Dividend Growth

+4.6%

Dividend growing modestly (4.6% YoY)

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