Petróleo Brasileiro S.A. - Petrobras

PBR-A

Oil & Gas Integrated · Energy

Price

$17.00

+0.22 (+1.31%)

Market Cap

$109.52B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

Petrobras is Brazil's national oil and gas company. It finds, drills, and produces crude oil and natural gas, then refines that oil into fuels like gasoline, diesel, and jet fuel. It also sells natural gas and petrochemicals to businesses and consumers across Brazil, making it one of the largest energy companies in Latin America.

Petrobras earns money by selling oil, refined fuels, and natural gas — both inside Brazil and on global export markets. The Brazilian government owns a majority stake, which gives the company political influence but also exposes it to government interference in pricing and dividends. Petrobras operates massive deepwater oil fields off Brazil's coast, called the pre-salt layer, which produce oil at relatively low cost and give the company a strong production advantage. The main risk is that government policy changes — such as forced fuel price controls — can quickly squeeze profits, as has happened before.

Winston Score History

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

+11.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+4.3% YoY

YoY Growth Rate

Slow EPS 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

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$26.3B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Petróleo Brasileiro S.A. - Petrobras is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Gross Margin

45.0%

Healthy — 45.0% gross margin

Operating Margin

31.3%

Excellent — 31.3% operating margin

ROCE

6.0%

Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+3.3%

Slow sales growth (3.3% YoY)

EPS YoY

+128.7%

Earnings growing fast (128.7% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

176%

Turns 176% of profit into real cash

FCF Margin

16.2%

Converts sales into free cash efficiently (16.2%)

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

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Stability

Debt / Equity

0.44

Conservative — low debt load (0.44)

Interest Cover

251.68x

Comfortably covers interest (251.7x)

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

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Valuation

P/E Ratio (TTM)

5.5x

Attractive valuation — P/E 5.5

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

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

6.86%

Healthy income — 6.86% yield

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

Dividend Growth

-27.2%

Dividend cut (-27.2% YoY) — warning sign

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