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Repsol
(OTC:REPYY)
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Rating:66Neutral
Price Target:
$33.00
â–²(12.05% Upside)
Action:Reiterated
Date:07/24/26
Overall score reflects improving financial performance (rebounding revenue/margins and better ROE) tempered by weaker free-cash-flow conversion and some re-levering. Technicals are bullish but overbought (high RSI/Stoch), limiting the technical sub-score. Valuation is reasonable (P/E ~12) with a modest dividend yield, and the latest earnings call supports the outlook via stronger results, debt reduction, and enhanced buybacks/dividend despite working-capital and macro/geopolitical risks.
Positive Factors
Integrated value-chain diversification
Repsol earns cash across upstream, trading, refining, chemicals, retail and power, reducing reliance on one revenue source. Durable multi-pronged cash generation smooths cycle effects, supports capital allocation and dividends, and increases resilience to single-market shocks over months.
Negative Factors
Working-capital and cash-conversion weakness
A large working-capital build materially reduced near-term free cash flow; TTM free cash flow is only ~25% of net income. Persistent sensitivity to inventory and receivables can amplify cash volatility, constraining durable cash available for debt paydown or reinvestment.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value-chain diversification
Repsol earns cash across upstream, trading, refining, chemicals, retail and power, reducing reliance on one revenue source. Durable multi-pronged cash generation smooths cycle effects, supports capital allocation and dividends, and increases resilience to single-market shocks over months.
Read all positive factors
Repsol (REPYY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$32.51B
Dividend Yield3.59%
Average Volume (3M)105.28K
Price to Earnings (P/E)8.5
Beta (1Y)0.14
Revenue Growth18.41%
EPS Growth432.00%
CountryUS
Employees24,523
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)3.09
Shares Outstanding1,105,374,400
10 Day Avg. Volume95,817
30 Day Avg. Volume105,279
Financial Highlights & Ratios
PEG Ratio1.12
Price to Book (P/B)0.84
Price to Sales (P/S)0.35
P/FCF Ratio16.01
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$35.30Price Target Upside19.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.37
Revenue Forecast (FY)$79.77B
Repsol Business Overview & Revenue Model
Company Description
Repsol, S.A., a globally integrated energy enterprise established in 1927 and headquartered in Madrid, Spain, operates across numerous sectors worldwide. Its Exploration and Production division focuses on discovering, developing, and extracting cr...
How the Company Makes Money
Repsol makes money primarily by earning margins at multiple points across the energy value chain. In its upstream business, it generates revenue from selling produced crude oil, natural gas, and related hydrocarbons; profitability is driven by pro...
Repsol Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial quarter: materially higher adjusted net income, robust cash generation (excluding working capital), reduced net debt, increased shareholder returns (dividend up ~8% and enlarged buyback programs), solid upstream production growth (Pikka ramp-up) and industrial/refining outperformance. These positives are tempered by a EUR 1.3 billion working capital build that temporarily reduced cash generation, continued geopolitical-driven market volatility (Hormuz/Russia) that creates uncertainty around sustainability of elevated margins, some maintenance-related availability constraints and modest current reported profits from renewables. On balance the company appears to be delivering significant near-term value while prudently managing balance sheet and capital returns, but the outlook retains elevated macro and supply-side risk.Positive Updates
Strong Quarterly and Half-Year Profitability
Q2 adjusted net income of EUR 1.8 billion (more than EUR 1 billion YoY improvement). First half adjusted net income of EUR 7.2 billion, a 135% increase vs H1 2025.
Negative Updates
Working Capital Build-up Impacting Cash Generation
Cash generation was impacted by an EUR 1.3 billion working capital increase in Q2 (EUR 1.4 billion due to higher prices and EUR 1.3 billion due to volumes across inventory/build-up decisions), reducing reported near-term cash flow despite strong operating performance.
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Q2-2026 Updates
Positive
Negative
Strong Quarterly and Half-Year Profitability
Q2 adjusted net income of EUR 1.8 billion (more than EUR 1 billion YoY improvement). First half adjusted net income of EUR 7.2 billion, a 135% increase vs H1 2025.
Read all positive updates
Company Guidance
Repsol’s guidance emphasizes disciplined capital allocation and shareholder returns: the March EUR350m buyback was completed, the second program was increased to EUR500m and a third buyback will be launched in October to deliver the 30–40% of CFFO distribution target; projected full‑year net CapEx is ~EUR2.7bn; operating cash flow ex‑working‑capital was EUR3.3bn in Q2 and EUR5.7bn in H1 (CFFO including working capital Q2 EUR1.9bn; H1 adjusted net income EUR7.2bn), with H1 CFFO ex‑WC ahead of plan; net debt at quarter‑end was EUR3.7bn (down EUR1.1bn vs March) with gearing 11.3% (3.1% excl. leases); production guidance remains 560–570kbd on average for 2026 (management expects to be at the high end — July production ~580–585kbd and year‑end run‑rate around 600kbd) with Pikka on track to reach an 80kbd gross plateau in Q3; refining is expected to remain healthy into year‑end/2027 (Q2 refining indicator ~USD14/bbl with ~USD10/bbl premium — ~USD2.2/bbl from biofuels — while July averaged ~USD34/bbl with ~USD9 premium); petrochemical margin Q2 EUR569/t; biofuels EBITDA >EUR100m in Q2; liquids trading generated >EUR500m CFFO in H1; renewables output was 2.5TWh (+59% YoY) and an EUR849m Spanish portfolio deal will deconsolidate ~EUR550m of financing, reduce net debt by ~EUR700m and deliver EUR150m cash at close (expected Q4), all supporting growth in cash flow, continued distributions and a strong balance sheet.Repsol Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
68
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.71B | 52.70B | 57.12B | 58.95B | 69.29B | 49.74B |
| Gross Profit | 13.34B | 7.07B | 10.91B | 12.52B | 16.11B | 10.10B |
| EBITDA | 8.28B | 5.73B | 5.61B | 7.25B | 9.93B | 6.74B |
| Net Income | 3.49B | 1.82B | 1.76B | 3.17B | 4.25B | 2.50B |
Balance Sheet | ||||||
| Total Assets | 62.64B | 59.40B | 63.19B | 61.63B | 59.96B | 56.25B |
| Cash, Cash Equivalents and Short-Term Investments | 7.50B | 7.98B | 6.43B | 8.43B | 9.01B | 7.84B |
| Total Debt | 12.79B | 13.24B | 12.19B | 10.56B | 13.36B | 14.49B |
| Total Liabilities | 33.78B | 31.80B | 34.09B | 32.56B | 33.99B | 33.46B |
| Stockholders Equity | 26.29B | 22.08B | 26.49B | 26.20B | 25.29B | 22.41B |
Cash Flow | ||||||
| Free Cash Flow | 1.82B | 1.16B | 240.00M | 2.22B | 4.30B | 2.77B |
| Operating Cash Flow | 5.55B | 4.76B | 4.96B | 6.51B | 7.83B | 4.68B |
| Investing Cash Flow | -4.92B | -4.76B | -2.69B | -5.85B | -4.10B | -2.93B |
| Financing Cash Flow | -1.10B | -1.23B | -1.64B | -3.05B | -2.83B | -529.00M |
Repsol Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $246.37B | 9.75 | 14.66% | 3.35% | 7.39% | 103.04% | |
74 Outperform | $111.24B | 6.15 | 27.02% | 6.18% | 20.82% | 86.33% | |
71 Outperform | $79.56B | 13.59 | 10.93% | 4.66% | 4.18% | 139.58% | |
66 Neutral | $32.51B | 8.52 | 14.10% | 2.14% | 18.41% | 432.00% | |
66 Neutral | $96.61B | 11.02 | 21.61% | 3.72% | 6.81% | 21.88% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
REPYY
Repsol
30.24
15.16
100.48%
E
Eni SPA
55.12
21.01
61.59%
PBR
Petroleo Brasileiro SA- Petrobras
17.76
6.33
55.41%
SHEL
Shell
90.07
20.01
28.57%
EQNR
Equinor ASA
40.99
17.38
73.60%
TTE
TotalEnergies SE
87.70
29.29
50.14%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.