Petrobras - Petroleo Brasileiro SA key statistics and ratios

In fiscal 2025, Petrobras - Petroleo Brasileiro SA had return on equity of 29.2%, an operating margin of 29.3%, debt equal to 35.0% of equity and a current ratio of 0.71. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Petrobras - Petroleo Brasileiro SA: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	30.7%	31.9%	34.3%	38.3%	40.3%	45.6%	48.6%	52.2%	52.7%	50.3%	47.6%
Operating margin	−1.2%	5.3%	13.5%	19.8%	26.9%	18.7%	44.8%	45.9%	37.1%	29.4%	29.3%
Net margin	−8.7%	−5.9%	−0.1%	8.5%	13.3%	2.1%	23.7%	29.4%	24.3%	8.2%	22.0%
Free-cash-flow margin	4.5%	14.8%	17.3%	16.9%	33.4%	53.8%	45.0%	39.9%	42.2%	41.6%	40.4%
Return on equity	−12.8%	−6.8%	−0.1%	9.5%	14.0%	1.7%	30.9%	52.7%	33.6%	10.9%	29.2%
Return on assets	—	−2.0%	−0.0%	3.0%	4.5%	0.5%	10.9%	20.3%	12.3%	3.8%	9.7%
Asset turnover	—	0.33	0.31	0.36	0.34	0.26	0.46	0.69	0.51	0.46	0.44
Current ratio	—	1.80	1.89	1.48	0.97	1.04	1.25	1.00	0.96	0.69	0.71
Debt to equity	0.0%	153.9%	136.6%	117.7%	86.3%	90.8%	51.4%	43.1%	36.7%	39.2%	35.0%
Interest cover (operating income ÷ interest)	—	—	—	—	13.6x	7.6x	30.5x	—	—	—	—
Effective tax rate	—	—	—	39.3%	35.0%	—	29.2%	31.3%	29.4%	31.7%	26.4%
R&D as % of revenue	0.6%	0.6%	0.7%	0.8%	−0.8%	0.7%	0.7%	0.6%	0.7%	0.9%	1.0%
Capital spending as % of revenue	22.3%	17.3%	17.5%	14.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	199.8%	252.2%	>999%	190.1%	135.8%	173.7%	504.6%	183.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · December 31, 2025

What it owns · $222.3bn

Short-term assets $25.4bnLonger-term assets $196.9bn

What it owes, and who funded it · $222.0bn

Short-term liabilities $36.1bnLonger-term liabilities $110.4bnShareholders' equity $75.6bn

Short-term assets cover short-term liabilities $25.4bn of assets due within a year against $36.1bn of liabilities due within a year.
Short-term assets cover long-term liabilities $25.4bn short-term assets against $110.4bn of longer-dated liabilities.
More cash than debt $6.5bn of cash against $25.9bn of debt.
Debt below 40% of shareholders' equity Debt is 34% of equity.
Debt burden no higher than five years ago Debt to equity moved from 84% to 34% over five years.
A year's operating cash flow covers at least 20% of debt $36.0bn of operating cash flow against $25.9bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Petrobras - Petroleo Brasileiro SA's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Petrobras - Petroleo Brasileiro SA's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Petrobras - Petroleo Brasileiro SA.