Petróleo Brasileiro S.A. - Petrobras

PETR3.SA

Oil & Gas Integrated · Energy

Price

R$45.81

+1.17 (+2.62%)

Market Cap

R$590.43B

Exchange

B3 S.A.

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: 13.04B (2021) → 12.89B (2025)

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.

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

+0.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-5.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$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

38.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$137.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Petróleo Brasileiro S.A. - Petrobras is growing revenue at 0% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

6.6%

Weak — 6.6% 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

+0.4%

Nearly flat sales (0.4% YoY)

EPS YoY

+123.2%

Earnings growing fast (123.2% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

174%

Turns 174% of profit into real cash

FCF Margin

15.9%

Converts sales into free cash efficiently (15.9%)

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

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Stability

Debt / Equity

0.32

Conservative — low debt load (0.32)

Interest Cover

9.27x

Comfortably covers interest (9.3x)

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

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

7.05%

Healthy income — 7.05% yield

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

Dividend Growth

-31.7%

Dividend cut (-31.7% YoY) — warning sign

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