Petróleos Mexicanos

Name: Petróleos Mexicanos financial statements and ratios
Creator: Annalist

Energy, integrated oil and gas · Mexico · IFRS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 23 July 2026. Snapshot FY2025_07dc2231.

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Overview

Revenue, fiscal year

−8.6% year on year

Operating profit, fiscal year

n.m. year on year

Net income, fiscal year

n.m. year on year

Diluted EPS, fiscal year

n/a

Operating margin, fiscal year

+3.2pp year on year

Return on invested capital, fiscal year

n/a

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was MX$1.53 trillion, 8.6% lower than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY2023−8.6% from −2.7% in FY2024
Rule: Revenue against the previous fiscal year · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was MX$1.53 trillion, 8.6% lower than in the previous fiscal year.Recorded from FY2025_07dc2231 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was MX$1.67 trillion, 2.7% lower than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was MX$1.72 trillion, 27.8% lower than in the previous fiscal year.Reconstructed · initial
The company reported a net loss of MX$81.7 billion for fiscal 2025, against a net loss of MX$780.4 billion in the previous fiscal year.
Weakenedin FY2025 · stated since FY2024
Rule: Net income against the previous fiscal year · Sources 20-F/A 2025-12
History of this finding, 4 records
1. FY2025 WeakenedThe company reported a net loss of MX$81.7 billion for fiscal 2025, against a net loss of MX$780.4 billion in the previous fiscal year.Recorded from FY2025_07dc2231 · data update
2. FY2024 NewThe company reported a net loss of MX$780.4 billion for fiscal 2024, against net income of MX$8.1 billion in the previous fiscal year.Reconstructed · data update
3. FY2024 RetiredThe finding changed to a loss.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 was MX$8.1 billion, 91.9% lower than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 2.2%, 3.2 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources 20-F/A 2025-12
History of this finding, 4 records
1. FY2025 NewThe operating margin for fiscal 2025 was 2.2%, 3.2 percentage points higher than a year earlier.Recorded from FY2025_07dc2231 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_07dc2231 · data update
3. FY2024 WeakenedThe operating margin for fiscal 2024 was -1.0%, 8.1 percentage points lower than a year earlier.Reconstructed · data update
4. FY2023 NewThe operating margin for fiscal 2023 was 7.1%, 11.5 percentage points lower than a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by MX$70.9 billion in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Newin FY2025 · first stated
Rule: Free cash flow · Sources 20-F/A 2025-12
History of this finding, 4 records
1. FY2025 NewPurchases of property, plant and equipment exceeded operating cash flow by MX$70.9 billion in fiscal 2025.Recorded from FY2025_07dc2231 · data update
2. FY2025 RetiredThe finding changed to negative.Recorded from FY2025_07dc2231 · data update
3. FY2024 StrengthenedFree cash flow for fiscal 2024 was MX$92.8 billion, and operating cash flow was -0.4 times net income attributable to the company.Reconstructed · data update
4. FY2023 NewFree cash flow for fiscal 2023 was MX$55.1 billion, and operating cash flow was 38.5 times net income attributable to the company.Reconstructed · initial
Net debt was MX$1.41 trillion at 31 December 2025, 7.5 times EBITDA for fiscal 2025.
Weakenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet debt was MX$1.41 trillion at 31 December 2025, 7.5 times EBITDA for fiscal 2025.Recorded from FY2025_07dc2231 · data update
2. FY2024 StrengthenedNet debt was MX$1.94 trillion at 31 December 2024, 14.8 times EBITDA for fiscal 2024.Reconstructed · data update
3. FY2023 NewNet debt was MX$1.77 trillion at 31 December 2023, 6.8 times EBITDA for fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Findings No Longer Stated

Rules whose findings applied in earlier fiscal years but not in the latest one.

Return on invested capital against a year earlier · retired in FY2024
1. FY2024 RetiredThe rule did not apply to the figures as at FY2024.Reconstructed · data update
2. FY2023 NewReturn on invested capital for fiscal 2023 was 1.6%, against 41.3% a year earlier.Reconstructed · initial

Data

Source documents5 documents, latest 20-F/A for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_07dc2231

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, Mexican pesos

Operating Profit

By fiscal year, Mexican pesos

Profit Attributable to Owners of the Parent

By fiscal year, Mexican pesos

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, Mexican pesos

Net Debt

Total debt less cash and short-term investments, at fiscal year end, Mexican pesos

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

20-F/A for the year to 31 December 2025, filed 23 July 2026. Changes are against the previous report, and each figure shows its period.

0changes4thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 4

NewFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by MX$70.9 billion in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
ConfirmedDebt Against the S&P Benchmark Bands
Lease-adjusted debt was 8.4 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 2.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
StrengthenedLiquidity Cover
Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
ConfirmedAltman Z'' Zone
The Altman Z'' score for fiscal 2025 was minus 7.37, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsHighly leveraged bandDebt to EBITDA 8.38x, FFO to debt 2.4% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 8.4 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 2.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the highly leveraged band is number 6 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20238.38x from 15.48x in FY2024
Rule: Debt against the S&P benchmark bands · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedLease-adjusted debt was 8.4 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 2.4% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Recorded from FY2025_07dc2231 · data update
2. FY2024 ConfirmedLease-adjusted debt was 15.5 times adjusted EBITDA for fiscal 2024, and funds from operations equalled -10.3% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · data update
3. FY2023 NewLease-adjusted debt was 7.0 times adjusted EBITDA for fiscal 2023, and funds from operations equalled -0.9% of that debt. Both ratios are within the highly leveraged band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 8.4 years of adjusted EBITDA; a year of funds from operations equals 2.4% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	8.38x5x and above
FFO to debt	60% and above	45% to 60%	30% to 45%	20% to 30%	12% to 20%	2.4%below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Adjusted EBITDAOperating profit before depreciation, amortisation, the impairment reported with them and pay in shares: the earnings that credit analysts set against debt.EBIT + depreciation and amortisation, with the impairment that the company reports together with them, + share-based payments; depreciation includes that of right-of-use assets, so no lease cost is added
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - cash taxes; cash interest includes the interest on lease liabilities
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	highly leveraged	significant	highly leveraged	highly leveraged	highly leveraged
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	highly leveraged	highly leveraged	highly leveraged	highly leveraged	highly leveraged
Net debt to adjusted EBITDADebt to EBITDA after cash and short-term investments are set against the debt.(Lease-adjusted debt - cash - short-term investments) / adjusted EBITDA
Operating cash flow to debtOperating cash flow after interest paid, as a share of debt with lease liabilities. A higher share means the debt could be repaid sooner from operating cash.Operating cash flow after interest paid / lease-adjusted debt; interest paid that the company classifies as financing activities is deducted
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Operating cash flow after interest paid - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Operating cash flow after interest paid - capital expenditure - dividends - purchases of own shares) / lease-adjusted debt
Retained cash flow to net debtFunds from operations left after dividends, as a share of debt net of cash.(FFO - dividends) / (lease-adjusted debt - cash - short-term investments)
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest) / cash interest; cash interest includes the interest on lease liabilities
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / finance costs, which include the interest on lease liabilities
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Borrowings	MX$2.25tn	MX$2.09tn	MX$1.79tn	MX$1.98tn	MX$1.53tn
Lease liabilities	MX$59.4bn	MX$51.1bn	MX$41.8bn	MX$46.8bn	MX$41.2bn
Borrowings and lease liabilities presented as one line	MX$0	MX$0	MX$0	MX$0	MX$0
Lease-adjusted debt	MX$2.31tn	MX$2.14tn	MX$1.84tn	MX$2.03tn	MX$1.57tn
EBIT	MX$229bn	MX$445bn	MX$123bn	−MX$16.0bn	MX$34.2bn
Depreciation and amortisation, with the impairment reported with them	MX$133bn	MX$140bn	MX$138bn	MX$147bn	MX$154bn
Share-based payments	MX$0	MX$0	MX$0	MX$0	MX$0
Adjusted EBITDA	MX$362bn	MX$585bn	MX$261bn	MX$131bn	MX$188bn
Cash interest	−MX$157bn	−MX$154bn	−MX$144bn	−MX$148bn	−MX$150bn
Cash taxes	−MX$259bn	−MX$367bn	−MX$133bn	−MX$191bn	−MX$716m
Funds from operations	−MX$54.3bn	MX$64.6bn	−MX$16.1bn	−MX$208bn	MX$37.1bn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesUses above sourcesLiquidity cover 0.55x, Debt due within 12 months MX$355bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow fall short of the debt due in the next 12 months, capital expenditure and dividends. The company pays the difference with new borrowing, its undrawn credit lines, asset sales or lower spending.
Strengthenedin FY2025 · stated since FY20230.55x from 0.62x in FY2024
Rule: Liquidity cover · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedCash, short-term investments and operating cash flow for fiscal 2025 equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_07dc2231 · data update
2. FY2024 WeakenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 0.6 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 0.5 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	MX$163bn
Operating cash flow	MX$155bn
Sources	MX$318bn

Uses	Amount
Debt due within 12 months	MX$355bn
Capital expenditure	MX$226bn
Dividends paid	MX$0
Uses	MX$581bn

Liquidity cover 0.55x

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −10.7%, Operating cash flow to EBITDA 0.83x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 10.7% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2023−10.7% from −48.9% in FY2024
Rule: Cash backing of earnings · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 10.7% of average total assets.Recorded from FY2025_07dc2231 · data update
2. FY2024 StrengthenedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 48.9% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 13.4% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company	n/a	n/a	n/a

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresDistress zoneAltman Z'' −7.37, Beneish −3.20 · Piotroski 7 of 9 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was minus 7.37, below the distress threshold of 1.10.
Interpretation. By this model, the balance sheet and earnings look like those of companies that went bankrupt in its original study: below 1.10 means distress, above 2.60 safe. Large share buybacks lower book equity and so lower the score.
Confirmedin FY2025 · stated since FY2023−7.37 from −7.12 in FY2024
Rule: Altman Z'' zone · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was minus 7.37, below the distress threshold of 1.10.Recorded from FY2025_07dc2231 · data update
2. FY2024 StrengthenedThe Altman Z'' score for fiscal 2024 was minus 7.12, below the distress threshold of 1.10.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was minus 5.88, below the distress threshold of 1.10.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 3.20, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Weakenedin FY2025 · stated since FY2023−3.20 from −4.78 in FY2024
Rule: Beneish M-score against its threshold · Sources 20-F/A 2025-12
History of this finding, 3 records
1. FY2025 WeakenedThe Beneish M-score for fiscal 2025 was minus 3.20, below the model threshold of minus 1.78.Recorded from FY2025_07dc2231 · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 4.78, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.75, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were return on assets above zero and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources 20-F 2024-12, 20-F/A 2025-12
History of this finding, 5 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were return on assets above zero and asset turnover higher than a year earlier.Recorded from FY2025_07dc2231 · data update
2. FY2025 RetiredThe finding changed to a high score.Recorded from FY2025_07dc2231 · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 3 of 9. The 6 signals not met were return on assets above zero, return on assets higher than a year earlier, long-term debt to assets lower than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to a low score.Reconstructed · data update
5. FY2023 NewThe Piotroski F-score for fiscal 2023 was 5 of 9. The 4 signals not met were return on assets higher than a year earlier, current ratio higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	distress zone	distress zone	distress zone	distress zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

−7.37Distress zone, below 1.10

Grey zone, 1.10 to 2.60

Safe zone, above 2.60

The score of minus 7.37 is in the distress zone of the model, below 1.10. The largest part is operating profit, at 0.10; working capital below zero lowers the score by 1.57, an accumulated deficit by 5.42 and negative equity by 0.49.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	−0.239	6.560	−1.568
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	−1.663	3.260	−5.420
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.015	6.720	0.104
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	−0.462	1.050	−0.485
Score			−7.369

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−3.20Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 3.20 is below the model threshold of minus 1.78. Of the 8 measures, debt against assets raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	1.055	0.920	0.971
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.646	0.528	0.341
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	0.825	0.404	0.333
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	0.914	0.892	0.815
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.943	0.115	0.108
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	1.000	−0.172	−0.172
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.107	4.679	−0.499
Leverage indexDebt against total assets, against a year earlier.	0.800	−0.327	−0.262
Score			−3.205

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.11 means a probability of a misstatement 0.11 times the average rate in the Dechow sample: 0.04% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.002	0.790	0.001
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.000	2.518	−0.000
Change in inventories / average total assetsThe growth of stock against average assets.	0.005	1.191	0.006
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.197	1.979	0.390
Change in cash salesThe growth of sales collected in cash.	−0.086	0.171	−0.015
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.309	−0.932	−0.288
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	0.000	1.029	0.000
Predicted value			−7.798
Probability of a misstatement			0.04%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Not met	Not met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Not met
Current ratio higher than a year earlier	Met	Not met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
20-F/A for the year to 31 December 2025	23 Jul 2026	20-F:0000932782-26-000016
20-F for the year to 31 December 2024	29 Apr 2025	20-F:0000932782-25-000008
20-F for the year to 31 December 2023	30 Apr 2024	20-F:0000932782-24-000004
20-F for the year to 31 December 2022	28 Apr 2023	20-F:0000932782-23-000004
20-F for the year to 31 December 2021	29 Apr 2022	20-F:0001193125-22-134002

Checks

201200 of 201 checks passed, 1 warning

Annual reports read0 of 1 passedEvery annual report on Form 20-F used is that of the company and gives its fiscal year in the accounting basis of the company record. A report that cannot be read is not used. Checked at warning level.

A figure

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Agreement between annual reports181 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	238
Confirmed by other figures	78.2%, 186 values
Confirmed by a second document	76.1%, 181 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	2
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Petróleos Mexicanos, snapshot pemex/FY2025_07dc2231 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_07dc2231 · dataset SHA-256 07dc22312c05de1cf5e83183a316888174e5ef98db1f5cbf3a0a88f2575fd052 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json