PBR

The fatal problem is the data, not the company. The header says the latest filing is a 6-K dated 2026-06-18, yet every fundamental figure provided is tagged FY2010. So a current $16.75 price and $125B market cap are being set against financials from sixteen years earlier. The optically attractive 0.8x P/S and the ~6.4x P/E it implies ($125B market cap ÷ $19.5B FY2010 net income) are therefore not usable signals of what you are paying today — they mix a 2026 quote with 2010 sales and earnings. You cannot responsibly underwrite a position on that mismatch.

Even taken at face value, the FY2010 numbers describe a leveraged, heavy-investment national oil champion rather than a clean buy. Revenue grew a strong +30.2% to $151B and net income rose +15.8% to $19.5B, but net margin compressed to 12.9% from roughly 14.5% the prior year ($16.8B/$116B in FY2009), and ROE was only 10.7% — soft for an oil major. Critically, capital expenditures of $45.1B dwarfed operating cash flow of $28.5B, implying about -$16.6B of free cash flow funded by rising debt (long-term debt +23.3% to $60.5B, plus $8.96B current). The balance sheet ballooned — assets +54.1%, equity +93.0% — consistent with the 2010 pre-salt build-out, yet shares outstanding are reported flat (+0.0%), an internal inconsistency that further undermines trust in the dataset.