PetroChina - Public Comps and Valuation Multiples

PetroChina Overview

About PetroChina

PetroChina, the national champion that inherited the majority of Chinese onshore oil and gas assets, has developed into an international supermajor. In 2023, it produced more than 1.7 billion barrels of oil equivalent of oil and gas, and processed 1.4 billion barrels of crude oil. It also has more than 22,000 service stations. The fluctuations in the prices of crude oil, refined products, chemical products, and natural gas have a significant impact on PetroChina’s revenue. State-owned China National Petroleum Corp is PetroChina’s controlling shareholder with a stake of more than 82%.

Founded

1999

HQ

Employees

375.8K+

Website

petrochina.com.cn

Sectors

Energy Exploration & Generation
Fossil Fuels

Financials

LTM Revenue $423B

LTM EBITDA $65.0B

EV

$204B

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PetroChina Financials

PetroChina has a last 12-month revenue of $423B and a last 12-month EBITDA of $65.0B.

In the most recent fiscal year, PetroChina achieved revenue of $413B and an EBITDA of $66.4B.

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

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PetroChina P&L

	FY 2022	FY 2023	FY 2024	LTM	NTM
Revenue	$445B	$413B	$424B	$423B	XXX
Gross Profit	$74.5B	$97.6B	$97.3B	XXX	XXX
Gross Margin	17%	24%	23%	XXX	XXX
EBITDA	$61.4B	$66.4B	$64.8B	$65.0B	XXX
EBITDA Margin	14%	16%	15%	15%	XXX
Net Profit	$12.7B	$20.5B	$22.1B	XXX	XXX
Net Margin	3%	5%	5%	XXX	XXX
Net Debt	$22.5B	$4.9B	n/a	XXX	XXX

Financial data powered by Morningstar, Inc.

PetroChina Stock Performance

As of February 21, 2025, PetroChina's stock price is CNY 8 (or $1).

PetroChina has current market cap of CNY 1.41T (or $194B), and EV of CNY 1.49T (or $204B).

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PetroChina Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$204B	$194B	XXX	XXX	XXX	XXX	$0.13

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PetroChina Valuation Multiples

As of February 21, 2025, PetroChina has market cap of $194B and EV of $204B.

PetroChina's trades at 0.5x LTM EV/Revenue multiple, and 3.1x LTM EBITDA.

Analysts estimate PetroChina's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PetroChina Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$204B	XXX	XXX	XXX
EV/Revenue	0.5x	XXX	XXX	XXX
EV/EBITDA	3.2x	XXX	XXX	XXX
P/E	8.6x	XXX	XXX	XXX
P/E/Growth	1.8x	XXX	XXX	XXX
EV/FCF	9.1x	XXX	XXX	XXX

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

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PetroChina Valuation Multiples

PetroChina's NTM/LTM revenue growth is -1%

PetroChina's revenue per employee for the last fiscal year averaged $1.1M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, PetroChina's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate PetroChina's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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PetroChina Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	2%	XXX	XXX	XXX	XXX
EBITDA Margin	15%	XXX	XXX	XXX	XXX
EBITDA Growth	-2%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	14%	XXX	XXX	XXX	XXX
Revenue per Employee	$1.1M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	1%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	0%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	1%	XXX	XXX	XXX	XXX
Opex to Revenue	14%	XXX	XXX	XXX	XXX

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