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Petrobras - Petroleo Brasileiro SA

PBR on NYSE. Crude petroleum & natural gas. Market value $139.5bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2024.

We can't read total debt from the filing, so debt is left out.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

The latest annual report is over 15 months old, so we don't rank it.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Energy stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2024
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2024
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2024
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$23.80 a share, 108% above its 1-year low

Over the past year the price has ranged from $11.43 to $24.76.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

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20202021202220232024
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
7.44bn7.44bn7.44bn7.44bn7.44bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesRoughly flat

Dates

Next results (estimated)
n/a
Last annual report (10-K)
9 April 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

6 long-term investors we follow own it, down from 7 last quarter. 556 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • Banco Nacional de Desenvolvimento Economico e Social - BNDES
    Passive investor
    at least 15.9%−0.9 pts
    (filed with 1 related holder)
    Since 16 July 2026
    What they said

    This Amendment is being filed to report a decrease in the Preferred Shares beneficially owned by the Reporting Persons, as a result of a combination of open market sales made by the Reporting Persons. As a result of the foregoing, the Preferred Shares owned by the Reporting…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    7.1%+1.6 pts
    Since 31 March 2026
  • GQG Partners LLC
    Passive investor
    5.0%+1.1 pts
    Since 19 May 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $9,490 of shares on the open market. 1 sold $173.

  • Laureano Angelica Garcia Cobas
    Chief Commercial Officer
    Bought
    Date
    2 April 2026
    Shares
    1,000
    Price
    $9.49
    Value
    $9,490
  • Laureano Angelica Garcia Cobas
    Chief Commercial Officer
    Sold
    Date
    1 April 2026
    Shares
    19
    Price
    $9.09
    Value
    $173

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Petrobras - Petroleo Brasileiro SA doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.