CNOOC - Public Comps and Valuation Multiples

CNOOC Overview

About CNOOC

CNOOC is China’s main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2024 reached 726.8 million barrels of oil equivalent (78.0% oil), and year-end proven reserves were 7.27 billion barrels of oil equivalent. Assets outside China make up around 32.2% of production.

Founded

1999

HQ

Employees

20.0K+

Website

cnoocltd.com

Sectors

Energy Exploration & Generation
Fossil Fuels

Financials

LTM Revenue $63.0B

LTM EBITDA $39.4B

EV

$95.6B

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CNOOC Financials

As of August 2025, CNOOC reported last 12-month revenue of $63.0B and EBITDA of $39.4B.

In the same period, CNOOC generated $32.7B in LTM gross profit and $20.4B in net income.

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CNOOC P&L

In the most recent fiscal year, CNOOC reported revenue of $54.7B and EBITDA of $34.9B.

CNOOC expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$63.0B	XXX	$54.7B	XXX	XXX	XXX
Gross Profit	$32.7B	XXX	$36.9B	XXX	XXX	XXX
Gross Margin	52%	XXX	67%	XXX	XXX	XXX
EBITDA	$39.4B	XXX	$34.9B	XXX	XXX	XXX
EBITDA Margin	63%	XXX	64%	XXX	XXX	XXX
EBIT	$27.4B	XXX	$24.7B	XXX	XXX	XXX
EBIT Margin	43%	XXX	45%	XXX	XXX	XXX
Net Profit	$20.4B	XXX	$17.7B	XXX	XXX	XXX
Net Margin	32%	XXX	32%	XXX	XXX	XXX
Net Debt	XXX	XXX	$5.5M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for CNOOC including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $63.0B. EBITDA for the last twelve months was $39.4B. In the most recent fiscal year, CNOOC achieved $54.7B in revenue and $34.9B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$63.0B	Analyst estimates available to subscribers	$54.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$32.7B	Analyst estimates available to subscribers	$36.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	52.0% gross margin	Analyst estimates available to subscribers	67.5% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$39.4B	Analyst estimates available to subscribers	$34.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	62.5% EBITDA margin	Analyst estimates available to subscribers	63.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$27.4B	Analyst estimates available to subscribers	$24.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	43.5% EBIT margin	Analyst estimates available to subscribers	45.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$20.4B	Analyst estimates available to subscribers	$17.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	32.4% net profit margin	Analyst estimates available to subscribers	32.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$5.5M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for CNOOC

This financial data table provides comprehensive performance metrics for CNOOC, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

CNOOC generated $63.0B in revenue over the last twelve months.
The company achieved $39.4B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $32.7B.
Net income over the last twelve months reached $20.4B.

Fiscal Year Performance

In the most recent fiscal year, CNOOC reported $54.7B in total revenue.
Fiscal year EBITDA was $34.9B.
The company maintained a gross profit margin of 67.5% in the most recent fiscal year.
EBITDA margin for the fiscal year was 63.8%.
Net profit margin reached 32.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for CNOOC. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

CNOOC Stock Performance

CNOOC has current market cap of HKD 947B (or $121B), and EV of HKD 745B (or $95.6B).

Market Cap Evolution

CNOOC Stock Data

As of September 17, 2025, CNOOC's stock price is HKD 20 (or $3).

See CNOOC trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$95.6B	$121B	XXX	XXX	XXX	XXX	$0.39

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CNOOC Valuation Multiples

CNOOC's trades at 1.7x EV/Revenue multiple, and 2.7x EV/EBITDA.

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CNOOC Financial Valuation Multiples

As of September 17, 2025, CNOOC has market cap of $121B and EV of $95.6B.

Equity research analysts estimate CNOOC's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

CNOOC has a P/E ratio of 6.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$121B	XXX	$121B	XXX	XXX	XXX
EV (current)	$95.6B	XXX	$95.6B	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.7x	XXX	XXX	XXX
EV/EBITDA	2.7x	XXX	2.7x	XXX	XXX	XXX
EV/EBIT	3.8x	XXX	3.9x	XXX	XXX	XXX
EV/Gross Profit	3.2x	XXX	n/a	XXX	XXX	XXX
P/E	6.5x	XXX	6.9x	XXX	XXX	XXX
EV/FCF	7.2x	XXX	7.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CNOOC Margins & Growth Rates

CNOOC's last 12 month revenue growth is 0%

CNOOC's revenue per employee in the last FY averaged $2.7M, while opex per employee averaged $0.6M for the same period.

CNOOC's rule of 40 is 59% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

CNOOC's rule of X is 63% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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CNOOC Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	63%	XXX	64%	XXX	XXX	XXX
EBITDA Growth	-1%	XXX	6%	XXX	XXX	XXX
Rule of 40	59%	XXX	64%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	63%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	22%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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