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Repsol S.A. (REP) Fair Value & Analysis

Energy · ES · Market cap €25.2B · ISIN ES0173516115

What is Repsol S.A. really worth?

RS Repsol S.A. REP · MC
Price€27.74
Fair Value€19.07
Upside−31.3%
Quality57/100

A solid business, but trading 45% above our fair value of €19.07.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +10.5 %/yr)
!Thin margins · 5.0% net margin
!Mixed vs. peers (7/15)
!Narrow moat 43/100

For context

·3.79% dividend yield
Evidence: High Range €13.35 – €20.44

Fair value as of: Aug 31, 2026

From 24 valuation models · updated 5 days ago

Share price +9.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€20.44). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

€28.34 €6.48 Fair Value €19.07 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.

How to read this chart

60‑month range €6.48 – €28.34 · fair‑value band €13.35 – €20.44 · the €27.74 price screens above the €19.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 31, 2026.

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Analysis

Repsol S.A. (REP) currently trades at €27.74, while our model-based Fair Value estimate is €19.07, implying the stock looks roughly 45.5% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Energy sector. Bull case: the Multiples group reads highest at a median of €24.36 per share, and 2 of the 24 models we run sit above the €27.74 price. Bear case: the Growth DCF group reads lowest at €8.54, and 22 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Repsol S.A. generated revenue of €49.6B at a net margin of 5.0%. Revenue grew 8.4% year over year. It earns a return on equity of 9.5%. Net debt stands at €13.2B. Fundamentals as of Aug 31, 2026

Our scenario range runs from €13.35 (bear case) to €20.44 (bull case); at €27.74, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 152% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −17% fair-value upside, at −31%, REP screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.7399 per share, which is 3.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF €3.95 €8.30 €15.42 74
EPV €9.80 €12.68 €15.20 74
Residual Income €19.09 €20.36 €22.32 74
All 24 models by family
DCF Models
FCF DCF €3.95 €8.30 €15.42 74
Owner Earnings €0.2400 €3.72 71
5Y Revenue Exit €9.90 €19.69 €32.83 68
5Y EBITDA Exit €8.31 €16.96 €27.43 70
5Y P/E Exit €6.73 €14.24 €22.35 66
10Y Revenue Exit €6.90 €15.16 €25.04 62
10Y EBITDA Exit €6.54 €13.34 €21.34 64
10Y P/E Exit €5.57 €11.53 €17.85 60
Earnings-Based
Graham-Dodd €11.83 €22.42 €27.91 64
EPV €9.80 €12.68 €15.20 74
Dividend Discount
Gordon GGM €10.07 €13.75 €17.50 67
DDM Multi-Stage €10.07 €13.96 €18.55 65
Multiples
P/E Multiple €18.27 €24.36 €30.45 63
P/S Multiple €22.18 €29.58 €36.97 58
P/B Multiple €22.18 €29.58 €36.97 55
EV/EBIT €11.06 €17.23 €23.41 65
EV/EBITDA €13.71 €20.77 €27.82 66
EV/Revenue €15.01 €24.64 €34.27 52
Asset-Based
NCAV (Graham) €11.52 €15.43 €23.03 54
Growth DCF
Growth DCF €4.36 €8.54 €14.98 73
Rev-Margin DCF €9.90 €19.81 €30.99 68
Economic Profit
Residual Income €19.09 €20.36 €22.32 74
ROIC Compounder €9.80 €12.68 €15.20 70
Growth Earnings
Growth-Adj P/E €13.35 €19.07 €24.79 65

Widest divergence: Multiples (€24.36) versus Growth DCF (€8.54). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 13.0
P/S ratio 0.45 P/E × margin
EPS (TTM) €2.14 price ÷ EPS = P/E 13.0
Dividend yield 3.8% payout 49.1%
Net margin 3.5% FY2025
Return on equity 9.5% TTM
More key figures
Profitability
Return on assets (EBIT) 6.2% avg 5y
Operating margin 12.3% TTM
Growth
Revenue (TTM) €49.6B TTM
Revenue growth (YoY) +8.4% 3y avg −7.5%
EPS growth (YoY) +173%
Balance sheet & cash flow
Free cash flow €1.2B FY2025
Net debt €13.2B FY2025 · ≈ 10.9 yrs of FCF

Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 55 · Market factors (momentum, volatility) 89

Profitability 37
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 88
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 95
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Repsol, S.A. operates as a multi-energy company in Spain, Peru, the United States, Portugal, and internationally. The Upstream segment engages in the exploration, development, and production of crude oil and natural gas reserves; and development of low-carbon geological solutions.

Full company description

Repsol, S.A. operates as a multi-energy company in Spain, Peru, the United States, Portugal, and internationally. The Upstream segment engages in the exploration, development, and production of crude oil and natural gas reserves; and development of low-carbon geological solutions. Its Industrial segment is involved in oil refining; trading, transport, and wholesale of crude oil, natural gas, and fuels; and activities related to hydrogen, sustainable biofuels, and synthetic fuels. The Customer segment engages in the mobility/gas station business; and sale of electricity and gas, lubricants, and other products, as well as fuel products, such as gasoline, diesel, aviation kerosene, liquefied petroleum gas, and biofuels. Its Low-Carbon Generation segment is involved in electricity generation from hydroelectric, wind, and photovoltaic sources. The company also engages in financial services; sector studies; human resources and shared services; decarbonization; carbon dioxide capture and pyrolysis HUB pilot plants; development of production processes, storage, transport, use, consumption, and transformation of hydrogen; promotion, design, construction, and operation of molecular recycling facilities; and production of chemical and petrochemical products. In addition, it is involved in waste management; construction and operation of oil refinery; research; electricity distribution; maritime transport and inland waterways; LNG regasification; investment in liquefaction plant; safety; electric vehicle charging points; customer and oil product marketing management; payment management at gas stations; development of greenfield and new energy projects; and insurance and reinsurance activities. Further, the company offers various apps and tools, such as Waylet, Vivit, and WiBLE; and asphalt products. The company was formerly known as Repsol YPF, S.A. and changed its name to Repsol, S.A. in May 2012. Repsol, S.A. was founded in 1927 and is headquartered in Madrid, Spain.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Repsol S.A. reported revenue of €54.9B in FY2025 versus €49.7B in FY2021, a compound +2.5%/yr. Reported net income was €1.9B in FY2025, compounding −6.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€54.9B
Latest YoY
−4.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−7.5%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.5%
Avg. revenue growth/yr (38Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.8%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+2.0% (−1.8 + 3.8)
Revenue +2.5%/yr
FY21 €49.7B
FY22 €69.3B
FY23 €58.9B
FY24 €57.1B
FY25 €54.9B
Net income −6.6%/yr
FY21 €2.5B
FY22 €4.3B
FY23 €3.2B
FY24 €1.8B
FY25 €1.9B
Character of growth · EPS growth decomposed (2014-2025) +6.1 % p.a.
Revenue per share +6.5 %

of which total revenue +3.9 % · buybacks/dilution +2.5 %

EBIT margin +8.7 %
Tax rate −1.6 %
Residual (interest, one-offs) −6.9 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

REP screens 45% overvalued. Compare with Exxon Mobil Corporation →

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Cite: Fair Value Calculator (2026). "Repsol S.A. Fair Value". https://www.fairvalue-calculator.com/stock/REP

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Oil & Gas Integrated · 53 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside −31% · Below median
Return on equity (TTM) 9% · Below median
Return on assets 4% · Below median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 12% · Below median
Revenue growth 8% · Above median
Dividend yield (TTM) 3.8% · Above median
Debt / equity 0.45× · Higher than median

Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper

P/E (TTM) 13.0× · Cheaper than median
P/B 1.17× · Cheaper than median
P/S (TTM) 0.59× · Cheaper than median
P/FCF 24.2× · Pricier than 75% of peers
EV/EBITDA 7.3× · Pricier than 75% of peers
PEG 0.45× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 5
FUTURE42 · sector 12
PAST38 · sector 43
HEALTH77 · sector 86
DIVIDEND76 · sector 74

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).

Stock Price Fair Value vs Fair Value
Exxon Mobil Corporation XOM $156.44 $88.98 −43%
Chevron Corporation CVX $201.86 $90.66 −55%
PetroChina Company 601857 ¥11.23 ¥15.47 +38%
Shell plc SHELL €40.28 €39.46 −2%
TotalEnergies SE TOTB €75.55 €69.02 −9%
Petróleo Brasileiro S.A XPBRA €7.11 €2.03 −71%
China Petroleum & Chemical Corporation 600028 ¥5.52 ¥4.59 −17%
Equinor ASA EQNR kr 395.90 kr 338.01 −15%
Suncor Energy Inc SU C$94.21 C$59.11 −37%
Eni S.p.A E $55.12 $32.53 −41%

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Frequently asked questions

Is Repsol S.A. (REP) overvalued or undervalued?
As of Aug 31, 2026, our model estimates a fair value of €19.07 versus a price of €27.74, about −31% upside (overvalued).
What is the fair value of REP?
Our model-based fair value for Repsol S.A. is €19.07 (as of Aug 31, 2026), built from audited fundamentals. The current price: €27.74.
What is the quality score of REP?
Repsol S.A. has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Repsol S.A. (REP)?
Repsol S.A. reported trailing-twelve-month revenue of about €49.6B (latest available figure, as of Aug 31, 2026).
What is the net profit margin of REP?
The net profit margin of Repsol S.A. is about 5.0%, meaning it keeps roughly 5.0% of revenue as net income. Based on the latest reported figures.
Does Repsol S.A. pay a dividend?
Repsol S.A. currently shows a dividend yield of about 3.79% relative to its recent price (as of Aug 31, 2026).
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