EQNR vs PBR: Equinor ASA ADR and Petroleo Brasileiro Petrobras SA ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Petroleo Brasileiro Petrobras SA ADR is the larger company, worth $169.9B, about 1.6 times Equinor ASA ADR.
- Equinor ASA ADR grew revenue faster over the last year (+2.6% vs -10.7%).
- Petroleo Brasileiro Petrobras SA ADR keeps more of each dollar of revenue as operating profit (29.4% vs 23.8%).
- On earnings, Equinor ASA ADR is the cheaper stock (22.2x vs 43.6x).
- Equinor ASA ADR's price assumes faster free cash flow growth: about 4% a year, against -9% for Petroleo Brasileiro Petrobras SA ADR (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQNR | PBR |
|---|---|---|
| Market cap | $109.1B | $169.9B |
| Share price | $43.01 | $25.30 |
| Revenue (last fiscal year) | $106.5B | $91.4B |
| Free cash flow (last fiscal year) | $6.0B | $23.3B |
| Revenue growth, last year | +2.6% | -10.7% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +14.2% |
| Operating margin | 23.8% | 29.4% |
| Net margin | 4.7% | 8.2% |
| Return on equity | 12.5% | 10.3% |
| P/E (trailing) | 22.2x | 43.6x |
| Price / free cash flow | 18.2x | 10.2x |
| EV / EBITDA | 3.34x | 3.84x |
| FCF growth the price implies | 3.8% | -8.5% |
| Dividend yield | 3.5% | 11.2% |
| Debt / equity | 2.26x | 1.94x |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 4 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equinor ASA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $90.9B | $20.8B | 37.0% |
| 2022 | $150.8B | $26.4B | 52.3% |
| 2023 | $107.2B | $18.7B | 33.4% |
| 2024 | $103.8B | $7.3B | 29.8% |
| 2025 | $106.5B | $6.0B | 23.8% |
Petroleo Brasileiro Petrobras SA ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $53.7B | $23.0B | 18.7% |
| 2021 | $84.0B | $31.5B | 44.8% |
| 2022 | $124.5B | $40.1B | 45.9% |
| 2023 | $102.4B | $31.1B | 37.1% |
| 2024 | $91.4B | $23.3B | 29.4% |
Where the revenue comes from
Equinor ASA ADR · by segments, 2025
MMP$104.8B70%
E&P Norway$34.4B23%
E&P International$5.1B3%
E&P USA$4.3B3%
REN$192M0%
Other$132M0%
Petroleo Brasileiro Petrobras SA ADR · by segments, 2025
Exploration And Production$59.5B39%
Subtotal Oil Products$52.8B35%
Foreign Market$26.3B17%
Country Asia$4.3B3%
Country Europe$3.7B2%
Country Americas$3.6B2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQNR in InvestinglyQuestions
Which is bigger, Equinor ASA ADR or Petroleo Brasileiro Petrobras SA ADR?
Petroleo Brasileiro Petrobras SA ADR (PBR), at $169.9B against $109.1B.
Is EQNR or PBR cheaper?
By trailing P/E, Equinor ASA ADR (22.2x) is cheaper than Petroleo Brasileiro Petrobras SA ADR (43.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQNR or PBR?
Equinor ASA ADR: revenue grew +2.6% over the last year, against -10.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.