EC
Ecopetrol S.A.
EC's fundamentals are mixed: it turned 11% of its revenue into free cash flow, but revenue fell 5%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
EC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Stable |
EC's profitability is currently healthy, and its revenue, cash flow and balance sheet are stable.
EC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.1x | $11.26 | -26% |
| Current | 8.3x | $15.32 | — |
| Fair | 10x | $19.16 | +25% |
| Expensive | 14x | $26.12 | +70% |
Historical ranges are pointers, not guarantees.
EC's PE is 8.3x, but its earnings don't support one, so it isn't a reliable read right now.
EC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect EC's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
EC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.84 | 0% |
| Q1 2026 | $1.28 | -38% |
| Q4 2025 | $1.32 | -40% |
| Q4 2021 | $2.46 | +884% |
| Q3 2021 | $1.66 | +78% |
| Q2 2021 | $1.23 | -1.6% |
| Q1 2021 | $0.68 | -61% |
| Q4 2020 | $0.25 | -88% |
EC's earnings per share have fallen from their peak: $1.84 over the past year, against $2.46 in late 2021.
EC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.3B | +25% |
| Q1 2026 | $8.6B | -9.4% |
| Q4 2025 | $8.6B | -18% |
| Q3 2025 | $9B | -14% |
| Q2 2025 | $9B | -9.1% |
| Q1 2025 | $9.5B | +0.2% |
| Q4 2024 | $10.5B | 0% |
| Q3 2024 | $10.5B | -1.5% |
EC's revenue is recovering but still below its 2022 peak: $11.3B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 32% | +13 points |
| Q1 2026 | 30% | +3.2 points |
| Q4 2025 | 18% | -9.8 points |
| Q3 2025 | 25% | -2.3 points |
| Q2 2025 | 19% | -10 points |
| Q1 2025 | 27% | -4.6 points |
| Q4 2024 | 28% | +12 points |
| Q3 2024 | 27% | -6.8 points |
EC's operating margin was 32% last quarter, up 13 points from the same quarter a year ago.
EC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $1.1B | -44% |
| Q1 2026 | $1B | +31% |
| Q4 2025 | $1B | -26% |
| Q3 2025 | $1.2B | -57% |
| Q2 2025 | $1.9B | -57% |
| Q1 2025 | $776.6M | -13% |
| Q4 2024 | $1.4B | -37% |
| Q3 2024 | $2.7B | +1612% |
EC still generates free cash flow, though less than at its 2024 peak: $4.3B over the past year.
EC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +66K shares |
| 1 year | 0% | -73.8K shares |
| 3 years | 0% | -73.7K shares |
| 5 years | 0% | -73.7K shares |
| Available history | 0% | -73.7K shares |
EC has 2.1B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $5.1M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $3M |
| Q3 2024 | $1.7M |
EC has spent almost nothing on buybacks in the past year.
EC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.0x | Moderate |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 2.4x | Moderate |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 2.1x | Moderate |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 1.9x | Healthy |
| Q3 2024 | 2.1x | Moderate |
EC's net debt is about 2.0 years of its operating earnings (EBITDA), about the same as a year ago.
EC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.6 | Neutral |
| Stochastic | 26.3 | Neutral |
EC's weekly RSI is 46 (neutral) and its Stochastic is 26 (neutral).
EC PE vs Energy Sector
| Metric | EC | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 13x | 37% below |
| PE % | 39 | 61 | 22 pts below |
EC is trading at 8.3x earnings, a 37% discount to the Energy sector's median of 13x, though its earnings don't support one.
EC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.7 | 8.4% below |
| 20 week MA | $16.7 | 8.2% below |
| 50 week MA | $14.5 | 5.9% above |
| 100 week MA | $11.8 | 30% above |
| 200 week MA | $11.3 | 35% above |
EC has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 35% above its 200-week average.
EC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.2 | $13.0 | -36% |
| 2021 | $13.0 | $13.1 | +1.2% |
| 2022 | $13.1 | $10.0 | -24% |
| 2023 | $10.0 | $11.9 | +19% |
| 2024 | $11.9 | $7.55 | -37% |
| 2025 | $7.55 | $9.69 | +28% |
| 2026 YTD | $9.69 | $15.3 | +58% |
EC is up 58% so far in 2026, after finishing lower in three of the previous six years.