ECNYSECrude Petroleum & Natural GasFiscal year ends December 31
ECOPETROL S.A.
Financials through fiscal 2024, year ended Dec 31, 2024
$17.77−0.13 (-0.73%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2024
Gross margin
35.1%−2.0 pts over 5 years
Operating margin
28.8%−0.6 pts over 5 years
Net margin
10.4%−8.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -6.9% | +13.2% | +13.3% | – | |
| Gross profit | -14.8% | +8.9% | +12.1% | – | |
| Operating income | -7.9% | +9.0% | +12.8% | – | |
| Net income | -34.3% | -4.0% | +0.1% | – | |
| EPS, diluted | -34.3% | -4.0% | +0.1% | – | |
| Free cash flow | +240.7% | +29.4% | +8.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | 25.1% | 17.8% | |
| Return on assets | – | 10.6% | 4.8% | |
| Current ratio | – | 1.07 | 1.53 | |
| Debt to equity | – | 0.70 | 1.50 | |
| Net debt to EBITDA | – | 1.05× | 1.97× | |
| Interest coverage | 0.8× | 6.3× | 3.7× | |
| Inventory turnover | – | 8.4× | 8.5× | |
| Capex to revenue | 16.3% | 5.6% | 7.1% |
Where the cash went
Fiscal 2020 to 2024, five years combined
Ecopetrol generated 132.89T COP from operations and spent 84.79T COP on capital expenditure, dividends and share buybacks. 46% of that went back into the business.
Generated
132.89T COP
Used
84.79T COP
Capital expenditure38.79T COP46%Dividends46.00T COP54%Share buybacks0 COP0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.4%
×Asset turnover0.46×
×Equity multiplier3.72×
=Return on equity, FY202417.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 10.4% | 0.46× | 3.72× | 17.8% |
| FY2023 | 14.7% | 0.49× | 3.60× | 26.0% |
| FY2022 | 19.8% | 0.59× | 3.53× | 40.9% |
| FY2021 | 17.0% | 0.48× | 3.21× | 26.4% |
| FY2020 | 3.2% | 0.37× | 2.60× | 3.0% |
| FY2019 | 19.2% | 0.55× | 2.36× | 25.1% |
| FY2018 | 16.6% | 0.57× | 2.39× | 22.4% |
| FY2017 | 12.8% | 0.47× | 2.68× | 16.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
4of 8 tests passed in fiscal 2024. Some tests lack the figures they need.
- ProfitableNet income above zero13.84T COP
- Cash generatingOperating cash flow above zero45.13T COP
- Return on assets improvedROA up on the prior year7.0% → 4.9%
- Earnings backed by cashOperating cash flow above net income45.13T COP vs 13.84T COP
- Less leverageLong-term debt to assets fell32.2% → 36.4%
- Better liquidityCurrent ratio rose1.58 → 1.53
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year38.42% → 35.14%
- More efficientAsset turnover rose0.47 → 0.48