Ecopetrol S.A. (EC) Key Metrics
EC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · COPEC returns How much profit the business earns on the capital it uses.
EC financial health Debt, liquidity and how easily interest is covered.
EC efficiency & capital use Working capital cycle and where the cash goes.
EC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EC cash returned to shareholders
EC key metrics in COP
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.0% | 14.8% | 19.0% | 29.7% | 20.9% | 2.7% | 23.0% | 20.9% | 15.1% | 5.7% |
| Return on invested capital (ROIC) | 9.2% | 12.1% | 13.9% | 20.1% | 14.8% | 4.4% | 18.2% | 16.0% | 11.3% | 5.2% |
| Return on assets (ROA) | 2.9% | 4.7% | 7.2% | 11.5% | 8.2% | 1.2% | 10.5% | 9.2% | 5.9% | 2.0% |
| Return on tangible assets | 3.2% | 4.9% | 8.0% | 11.2% | 7.0% | 1.2% | 10.3% | 9.1% | 6.0% | 2.0% |
| Free cash flow margin | 14.5% | 24.4% | 4.0% | 9.0% | 10.1% | −3.8% | 19.2% | 19.2% | 16.5% | 18.1% |
| Income quality (OCF / net income) | 3.01 | 3.09 | 0.68 | 1.15 | 1.44 | 5.79 | 2.02 | 1.97 | 2.10 | 5.05 |
| Financial health | ||||||||||
| Total debt | COP 109.08T | COP 119.97T | COP 105.82T | COP 115.14T | COP 95.06T | COP 46.73T | COP 38.24T | COP 38.06T | COP 43.55T | COP 52.22T |
| Cash & short-term investments | COP 12.52T | COP 14.91T | COP 14.20T | COP 16.56T | COP 16.18T | COP 7.28T | COP 8.70T | COP 11.63T | COP 10.91T | COP 13.78T |
| Net debt | COP 96.56T | COP 105.06T | COP 91.62T | COP 98.57T | COP 78.88T | COP 39.45T | COP 29.54T | COP 26.43T | COP 32.63T | COP 38.44T |
| Debt / equity | 1.30 | 1.43 | 1.03 | 0.97 | 1.01 | 0.84 | 0.63 | 0.64 | 0.87 | 1.15 |
| Debt / assets | 0.38 | 0.40 | 0.37 | 0.38 | 0.39 | 0.34 | 0.28 | 0.30 | 0.36 | 0.43 |
| Net debt / EBITDA | 2.42 | 1.88 | 1.53 | 1.34 | 1.94 | 2.27 | 0.95 | 0.84 | 1.30 | 2.05 |
| Current ratio | 1.55 | 1.53 | 1.58 | 1.36 | 1.71 | 1.25 | 1.07 | 1.52 | 1.38 | 1.47 |
| Quick ratio | 1.30 | 1.28 | 1.33 | 1.15 | 1.43 | 0.97 | 0.81 | 1.23 | 1.11 | 1.24 |
| Interest coverage | 3.1 | 4.5 | 5.5 | 9.1 | 8.1 | 3.0 | 11.0 | 8.3 | 6.6 | 3.2 |
| Working capital | COP 18.91T | COP 21.01T | COP 25.05T | COP 20.50T | COP 21.45T | COP 4.55T | COP 1.62T | COP 9.21T | COP 6.38T | COP 7.74T |
| Invested capital | COP 180.24T | COP 188.76T | COP 194.72T | COP 217.66T | COP 172.64T | COP 95.27T | COP 89.88T | COP 85.73T | COP 82.42T | COP 83.76T |
| Tangible asset value | COP 90.52T | COP 88.66T | COP 83.78T | COP 94.38T | COP 73.28T | COP 53.67T | COP 58.70T | COP 57.73T | COP 48.24T | COP 43.89T |
| Net current asset value | −COP 121.32T | −COP 130.73T | −COP 110.57T | −COP 110.01T | −COP 98.80T | −COP 60.76T | −COP 51.74T | −COP 39.91T | −COP 47.67T | −COP 51.86T |
| Capital allocation | ||||||||||
| Dividends paid | COP 10.91T | COP 16.81T | COP 5.15T | COP 13.36T | COP 2.77T | COP 8.73T | COP 13.87T | COP 4.89T | COP 1.52T | COP 1.69T |
| Share buybacks (net) | COP 16.76B | COP 33.12B | COP 41.42B | COP 16.41T | COP 11.27T | COP 5.00T | COP 1.60T | COP 10.24T | COP 9.09T | COP 3.15T |
| Dividend payout ratio | 130.0% | 121.5% | 24.5% | 42.3% | 17.7% | 550.5% | 100.9% | 43.0% | 21.2% | 68.8% |
| Dividends + buybacks / free cash flow | 67.5% | 51.8% | 90.0% | 207.3% | 151.9% | — | 112.6% | 114.9% | 114.7% | 55.1% |
| Capex / revenue | 8.2% | 7.7% | 6.0% | 13.7% | 14.5% | 22.1% | 19.6% | 13.5% | 10.4% | 7.4% |
| Capex / operating cash flow | 36.0% | 24.0% | 60.0% | 60.4% | 59.0% | 121.0% | 50.4% | 41.2% | 38.7% | 29.0% |
| Capex / depreciation | 0.63 | 0.68 | 0.63 | 1.80 | 1.31 | 1.19 | 1.63 | 1.20 | 0.71 | 0.47 |
| Stock-based compensation / revenue | — | — | −34.5% | — | −11.1% | −18.6% | −12.0% | 3.5% | 6.7% | 8.3% |
| SG&A / revenue | 7.9% | 5.0% | 4.5% | 3.4% | 4.2% | 8.1% | 4.0% | 3.4% | 3.8% | 4.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 79.6 | 79.9 | 108.5 | 80.9 | 66.6 | 58.2 | 42.0 | 42.4 | 39.4 | 31.8 |
| Days of inventory on hand | 44.5 | 43.9 | 46.8 | 41.4 | 44.2 | 52.0 | 43.7 | 43.0 | 41.7 | 36.8 |
| Days payables outstanding | 73.7 | 60.9 | 69.6 | 68.4 | 72.3 | 93.0 | 79.7 | 70.5 | 68.4 | 77.9 |
| Cash conversion cycle (days) | 50.3 | 62.9 | 85.7 | 53.9 | 38.5 | 17.3 | 6.0 | 14.9 | 12.7 | -9.3 |
| Receivables turnover | 4.59 | 4.57 | 3.37 | 4.51 | 5.48 | 6.27 | 8.69 | 8.60 | 9.28 | 11.47 |
| Payables turnover | 4.95 | 6.00 | 5.24 | 5.34 | 5.05 | 3.93 | 4.58 | 5.18 | 5.34 | 4.69 |
| Inventory turnover | 8.21 | 8.32 | 7.79 | 8.82 | 8.26 | 7.01 | 8.36 | 8.49 | 8.74 | 9.93 |
| Asset turnover | 0.38 | 0.46 | 0.49 | 0.58 | 0.48 | 0.37 | 0.55 | 0.56 | 0.46 | 0.40 |
| Average receivables | COP 24.31T | COP 29.17T | COP 42.55T | COP 35.37T | COP 16.76T | COP 8.01T | COP 8.22T | COP 7.97T | COP 6.03T | COP 4.23T |
| Average payables | COP 15.44T | COP 14.42T | COP 16.82T | COP 16.75T | COP 11.01T | COP 9.57T | COP 9.82T | COP 7.96T | COP 6.91T | COP 7.31T |
| Average inventory | COP 9.31T | COP 10.39T | COP 11.32T | COP 10.14T | COP 6.73T | COP 5.36T | COP 5.38T | COP 4.85T | COP 4.22T | COP 3.45T |
| Intangibles / total assets | 6.6% | 7.1% | 6.8% | 8.1% | 8.4% | 1.5% | 1.2% | 1.2% | 1.3% | 1.2% |
Computed from EC's annual financial statements (latest annual report filed April 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in COP; data from EODHD. Averages use the opening and closing balance of each year.
EC valuation and financial ratios
Ecopetrol earned a return on equity of 10.0% and a return on invested capital of 9.2% in fiscal 2025. It ended the year with COP 109.08 trillion of debt and COP 12.52 trillion in cash and short-term investments, net debt of COP 96.56 trillion. It returned COP 10.93 trillion to shareholders: COP 10.91 trillion in dividends and COP 16.8 billion in share buybacks, 67% of free cash flow.
See the EC income statement, the EC chart for price history, or the EC stock overview for the latest quote and news.
EC key metrics FAQ
What is Ecopetrol's return on equity?
Ecopetrol's return on equity (ROE) was 10.0% in fiscal 2025: net income of COP 8.40 trillion on average shareholders' equity of COP 83.68 trillion.
What is Ecopetrol's ROIC?
Ecopetrol's return on invested capital was 9.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ecopetrol have?
Ecopetrol had total debt of COP 109.08 trillion at the end of fiscal 2025, a debt-to-equity ratio of 1.30 and COP 96.56 trillion of net debt (2.42 times EBITDA).
Does Ecopetrol buy back its shares?
Yes. Ecopetrol spent COP 16.8 billion on net share repurchases in fiscal 2025.
What is Ecopetrol's current ratio?
Ecopetrol's current ratio was 1.55 at the end of fiscal 2025: current assets were 1.55 times current liabilities.