# Repsol (REP.MC)

Canonical: https://gigainvestors.com/s/REP.MC

Analysis as of: 2026-10-16T07:34:10.187Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 29.64 per share; close as of 2026-10-15.

Estimated value: low EUR 14.05 per share, central EUR 15.10 per share, high EUR 16.51 per share. Buy at or below the central value EUR 15.10 per share. Valuation as of 2026-10-16T07:34:10.187Z; scenarios are not confidence intervals.

Expected annual return: 5.6% at the stated quote. About 5.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 2

- Operating margin variation: 1.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.05×

- FY2019: -0.07×

- FY2020: -0.08×

- FY2021: 0.08×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.03×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: -7.0%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 16.5%

- Recent gross margin (lower of latest and 3-year median): 13.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.3%

- FY2017: 5.4%

- FY2018: 4.4%

- FY2019: -7.5%

- FY2020: -7.0%

- FY2021: 8.9%

- FY2022: 13.2%

- FY2023: 11.8%

- FY2024: 4.5%

- FY2025: 6.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.7B

- Net income, five-year total: EUR 14B

- Return on incremental invested capital: 124.8%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.9 pp

- Working capital / revenue, final three-year average: 9.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.80×

- FY2022: 0.86×

- FY2023: 0.23×

- FY2024: -0.43×

- FY2025: 0.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.4% vs 6.2%

- Per-share earnings: 1.20 to 1.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: -5.7%

- Market cap gain: EUR -1.4B

- Cumulative retained earnings: EUR 17B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: -5.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.3%

- Per-share value change: EUR 0.48

- Per-share value, starting three-year median: EUR 1.20

- Per-share value, ending three-year median: EUR 1.68

- Buybacks concentrated in cheaper years (correlation): 0.09

- Average buyback yield: 7.6%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.0B

- Cumulative net income, 10 years: EUR 13B

- ROIC, first three-year median: 4.4%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.20

- FY2017: EUR 1.39

- FY2018: EUR 1.50

- FY2019: EUR -2.56

- FY2020: EUR -2.17

- FY2021: EUR 1.65

- FY2022: EUR 3.03

- FY2023: EUR 2.55

- FY2024: EUR 1.35

- FY2025: EUR 1.68

### accounting: pass

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -5.0%

- FY2018: -3.7%

- FY2019: -15.0%

- FY2020: -12.2%

- FY2021: -3.9%

- FY2022: -6.0%

- FY2023: -5.4%

- FY2024: -5.1%

- FY2025: -5.1%

## Holders

## Price story

Price needs cash profits to grow 13.3% a year for ten years · "Repsol Plans to Triple Venezuela Output After Securing U.S. Approval" (finance.yahoo.com, Feb 2026) · sales -4%

Story as of 2026-10-16T09:59:59.395Z; price observation 2026-10-15.

Price needs cash profits to grow 13.3% a year for ten years

- 2026-01-15: Repsol Shares Fall After Production Misses Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/a7f93694-1fc9-3805-a8e5-49dc297d505f/repsol-shares-fall-after.html))

- 2026-02-19: Repsol Plans to Triple Venezuela Output After Securing U.S. Approval ([finance.yahoo.com](https://finance.yahoo.com/news/repsol-plans-triple-venezuela-output-193747656.html))

- 2026-03-13: Repsol Signs Strategic Deals With Venezuela to Boost Gas Production ([finance.yahoo.com](https://finance.yahoo.com/news/repsol-signs-strategic-deals-venezuela-191700648.html))

- 2026-07-23: Repsol says profit more than triples on higher oil prices ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/repsol-says-profit-more-triples-075817193.html))

### Sales · FY2024–2025

sales -4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 35B 

- FY2017: EUR 42B 

- FY2018: EUR 50B 

- FY2019: EUR 49B 

- FY2020: EUR 33B 

- FY2021: EUR 50B 

- FY2022: EUR 69B 

- FY2023: EUR 59B 

- FY2024: EUR 57B 

- FY2025: EUR 55B 

### Gross margin · FY2025

gross margin 13.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 16.9% 

- FY2017: 17.6% 

- FY2018: 15.9% 

- FY2019: 13.9% 

- FY2020: 21.1% 

- FY2021: 20.3% 

- FY2022: 23.2% 

- FY2023: 16.1% 

- FY2024: 13.6% 

- FY2025: 13.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas integrated; annual sales are EUR 54.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2025: revenue 54861000000; grossProfit 7365000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 13.4% to 16.1% during 2023–25; it earns 5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2023: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2024: grossProfit / revenue = 13.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2025: grossProfit / revenue = 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); 10-year return on capital observations [[2016,0.04309001550066212],[2017,0.05379536484762159],[2018,0.04377350720658888],[2019,-0.07511376930276088],[2020,-0.06976935578685294],[2021,0.0885442349528644],[2022,0.13191341991341993],[2023,0.1179604657706052],[2024,0.045443350168320844],[2025,0.0618865316710836]]; median 0.049619357507971217. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2016: growth capex 0; upkeep 2003000000; owner earnings 2262000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2017: growth capex 0; upkeep 2300000000; owner earnings 2220000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2018: growth capex 521000000; upkeep 2140000000; owner earnings 2341000000. Growth capex / owner earnings = 0.2225544639043144.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2021: growth capex 0; upkeep 1902000000; owner earnings 2011400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2022: growth capex 1196000000; upkeep 2339000000; owner earnings 3666400000. Growth capex / owner earnings = 0.3262055422212525.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2023: growth capex 0; upkeep 4289000000; owner earnings 720800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2025: growth capex 0; upkeep 3746000000; owner earnings 13200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); Dividend observations: [[2016,420000000],[2017,332000000],[2018,297000000],[2019,396000000],[2020,346000000],[2021,625000000],[2022,1027000000],[2023,979000000],[2024,1153000000],[2025,1197000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); FY2025: cash repurchases 1485000000 EUR.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); REP.MC SharesStats.PercentInsiders = 1.881 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:10.187Z); Ten-year compound average after fade. Initial solved rate 0.17900791860269438. Price 29.64; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.8269964177517342 → FY2025 0.011700831024930749. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 12.77 per share

- 2016-11: EUR 12.60 per share

- 2016-12: EUR 13.42 per share

- 2017-01: EUR 13.66 per share

- 2017-02: EUR 14.00 per share

- 2017-03: EUR 14.48 per share

- 2017-04: EUR 14.54 per share

- 2017-05: EUR 14.92 per share

- 2017-06: EUR 13.40 per share

- 2017-07: EUR 14.16 per share

- 2017-08: EUR 14.43 per share

- 2017-09: EUR 15.59 per share

- 2017-10: EUR 16.09 per share

- 2017-11: EUR 15.42 per share

- 2017-12: EUR 14.75 per share

- 2018-01: EUR 15.16 per share

- 2018-02: EUR 14.71 per share

- 2018-03: EUR 14.42 per share

- 2018-04: EUR 15.85 per share

- 2018-05: EUR 16.31 per share

- 2018-06: EUR 16.77 per share

- 2018-07: EUR 16.98 per share

- 2018-08: EUR 16.57 per share

- 2018-09: EUR 17.17 per share

- 2018-10: EUR 15.83 per share

- 2018-11: EUR 15.25 per share

- 2018-12: EUR 14.08 per share

- 2019-01: EUR 15.33 per share

- 2019-02: EUR 15.13 per share

- 2019-03: EUR 15.26 per share

- 2019-04: EUR 15.13 per share

- 2019-05: EUR 14.46 per share

- 2019-06: EUR 13.79 per share

- 2019-07: EUR 14.39 per share

- 2019-08: EUR 13.22 per share

- 2019-09: EUR 14.34 per share

- 2019-10: EUR 14.70 per share

- 2019-11: EUR 14.29 per share

- 2019-12: EUR 13.93 per share

- 2020-01: EUR 12.47 per share

- 2020-02: EUR 10.13 per share

- 2020-03: EUR 8.33 per share

- 2020-04: EUR 8.31 per share

- 2020-05: EUR 8.37 per share

- 2020-06: EUR 7.79 per share

- 2020-07: EUR 6.58 per share

- 2020-08: EUR 6.62 per share

- 2020-09: EUR 5.72 per share

- 2020-10: EUR 5.34 per share

- 2020-11: EUR 8.06 per share

- 2020-12: EUR 8.25 per share

- 2021-01: EUR 8.12 per share

- 2021-02: EUR 10.42 per share

- 2021-03: EUR 10.56 per share

- 2021-04: EUR 9.94 per share

- 2021-05: EUR 10.92 per share

- 2021-06: EUR 10.55 per share

- 2021-07: EUR 9.22 per share

- 2021-08: EUR 9.71 per share

- 2021-09: EUR 11.30 per share

- 2021-10: EUR 11.06 per share

- 2021-11: EUR 9.79 per share

- 2021-12: EUR 10.44 per share

- 2022-01: EUR 11.24 per share

- 2022-02: EUR 11.63 per share

- 2022-03: EUR 11.92 per share

- 2022-04: EUR 14.29 per share

- 2022-05: EUR 15.00 per share

- 2022-06: EUR 14.05 per share

- 2022-07: EUR 12.13 per share

- 2022-08: EUR 12.99 per share

- 2022-09: EUR 11.81 per share

- 2022-10: EUR 13.75 per share

- 2022-11: EUR 14.80 per share

- 2022-12: EUR 14.85 per share

- 2023-01: EUR 15.09 per share

- 2023-02: EUR 15.01 per share

- 2023-03: EUR 14.19 per share

- 2023-04: EUR 13.35 per share

- 2023-05: EUR 12.69 per share

- 2023-06: EUR 13.33 per share

- 2023-07: EUR 13.90 per share

- 2023-08: EUR 14.22 per share

- 2023-09: EUR 15.57 per share

- 2023-10: EUR 13.83 per share

- 2023-11: EUR 14.04 per share

- 2023-12: EUR 13.45 per share

- 2024-01: EUR 13.74 per share

- 2024-02: EUR 14.73 per share

- 2024-03: EUR 15.44 per share

- 2024-04: EUR 14.73 per share

- 2024-05: EUR 15.02 per share

- 2024-06: EUR 14.74 per share

- 2024-07: EUR 13.18 per share

- 2024-08: EUR 12.46 per share

- 2024-09: EUR 11.85 per share

- 2024-10: EUR 11.45 per share

- 2024-11: EUR 11.83 per share

- 2024-12: EUR 11.69 per share

- 2025-01: EUR 11.27 per share

- 2025-02: EUR 12.31 per share

- 2025-03: EUR 12.30 per share

- 2025-04: EUR 10.81 per share

- 2025-05: EUR 11.86 per share

- 2025-06: EUR 12.44 per share

- 2025-07: EUR 13.28 per share

- 2025-08: EUR 14.01 per share

- 2025-09: EUR 15.07 per share

- 2025-10: EUR 15.88 per share

- 2025-11: EUR 15.98 per share

- 2025-12: EUR 15.93 per share

- 2026-01: EUR 16.56 per share

- 2026-02: EUR 19.02 per share

- 2026-03: EUR 24.65 per share

- 2026-04: EUR 22.78 per share

- 2026-05: EUR 22.04 per share

- 2026-06: EUR 22.01 per share

- 2026-07: EUR 26.38 per share

- 2026-08: EUR 27.25 per share

- 2026-09: EUR 29.93 per share

- 2026-10: EUR 29.62 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 8.26 per share, central EUR 8.89 per share, high EUR 9.74 per share

- FY2017: low EUR 7.87 per share, central EUR 8.60 per share, high EUR 9.56 per share

- FY2018: low EUR 19.98 per share, central EUR 22.25 per share, high EUR 25.27 per share

- FY2019: low EUR 20.23 per share, central EUR 22.58 per share, high EUR 25.70 per share

- FY2020: low EUR 14.49 per share, central EUR 16.05 per share, high EUR 18.12 per share

- FY2021: low EUR 19.05 per share, central EUR 21.05 per share, high EUR 23.72 per share

- FY2022: low EUR 27.51 per share, central EUR 30.87 per share, high EUR 34.99 per share

- FY2023: low EUR 12.73 per share, central EUR 13.83 per share, high EUR 15.08 per share

- FY2024: low EUR 10.32 per share, central EUR 11.66 per share, high EUR 12.92 per share

- FY2025: low EUR 12.60 per share, central EUR 13.50 per share, high EUR 14.69 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:56.345Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.