Company Valuation: Aramco

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,155,811 7,058,889 7,982,949 6,786,661 5,763,398 6,115,419 - -
Change - -1.35% 13.09% -14.99% -15.08% 6.11% - -
Enterprise Value (EV) 1 7,340,080 6,944,771 7,889,780 6,876,123 5,831,909 6,253,648 6,260,177 6,262,685
Change - -5.39% 13.61% -12.85% -15.19% 7.23% 0.1% 0.04%
P/E 18.1x 11.8x 17.6x 17.2x 16.5x 13.1x 13.7x 13.7x
PBR 6.43x 4.87x 5.2x 4.65x 3.86x 3.68x 3.55x 3.42x
PEG - 0.2x -0.7x -1.3x -1.4x 0.4x -2.85x 57.33x
Capitalization / Revenue 4.76x 3.11x 4.3x 3.77x 3.45x 3.3x 3.33x 3.26x
EV / Revenue 4.89x 3.06x 4.25x 3.82x 3.49x 3.37x 3.41x 3.34x
EV / EBITDA 8.56x 5.62x 8.17x 7.83x 7.29x 6.5x 6.49x 6.41x
EV / EBIT 9.51x 6.07x 9.09x 8.88x 8.25x 7.22x 7.22x 7.13x
EV / FCF 18.2x 12.5x 20.8x 21.5x 18.2x 18.4x 16.8x 15.7x
FCF Yield 5.49% 8.02% 4.81% 4.65% 5.49% 5.42% 5.97% 6.37%
Dividend per Share 2 1.157 1.191 1.695 1.776 1.325 1.375 1.495 1.566
Rate of return 3.91% 4.08% 5.14% 6.33% 5.56% 5.44% 5.91% 6.19%
EPS 2 1.636 2.473 1.87 1.63 1.44 1.934 1.841 1.846
Distribution rate 70.7% 48.2% 90.6% 109% 92% 71.1% 81.2% 84.8%
Net sales 1 1,501,758 2,266,373 1,856,373 1,801,674 1,671,204 1,853,666 1,834,650 1,876,145
EBITDA 1 857,439 1,235,695 965,330 877,834 799,913 962,494 964,897 976,792
EBIT 1 771,918 1,144,077 868,290 774,630 706,822 866,187 867,247 878,401
Net income 1 395,203 597,215 452,753 393,891 348,042 451,849 456,852 450,457
Net Debt 1 184,269 -114,118 -93,169 89,462 68,511 138,229 144,758 147,266
Reference price 2 29.59 29.18 33.00 28.05 23.83 25.28 25.28 25.28
Nbr of stocks (in thousands) 241,858,445 241,893,399 241,907,556 241,948,700 241,854,700 241,907,400 - -
Announcement Date 3/21/22 3/13/23 3/10/24 3/4/25 3/10/26 - - -
1SAR in Million2SAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.04x3.37x6.48x5.45% 1,625B
12.44x1.81x5.96x3.49% 401B
8.15x0.62x4.01x6.4% 297B
7.89x0.92x4.05x3.29% 272B
7.53x1.01x4.17x4.72% 191B
6.09x1.68x2.69x7.49% 151B
4.02x1.6x3.01x8.29% 129B
7.5x0.81x1.97x3.78% 98.99B
8.57x0.83x4.11x4.75% 79.5B
Average 8.36x 1.41x 4.05x 5.3% 360.34B
Weighted average by Cap. 10.80x 2.29x 5.34x 5.21%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield