Hong Kong · HKEX · 00883
CNOOC (00883) stock analysis: valuation and financials
石油及天然气
HK$24.28 +0.6% Price as of Oct 13, 2026
Low-cost offshore E&P with 79.6% gross margin, 18.8% ROIC and CNY 256.8B net cash, but price-driven revenue fell 5.3%; 7.1x P/E and 6.0% yield — cheap if volumes hold.
- Market cap
- HK$1.2T
- P/E
- 7.1x
- EV/Sales
- 1.7x
- FCF yield
- —
- Dividend yield
- 6.0%
- 52-week range
- HK$18.61 – HK$30.50
Research as of Oct 14, 2026
Business quality scorecard
- Growth0
- Profitability88
- Cash flow100
- Balance sheet100
- Capital allocation57
- Valuation100
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
CNOOC Limited explores for, develops and sells crude oil and natural gas to refineries, traders and utilities; oil is the profit engine, with FY2025 revenue of CNY 398.2B, gross margin 77.9% and net margin 30.7%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥246.1B | ¥422.2B | ¥416.6B | ¥420.5B | ¥398.2B |
| Revenue growth | +58.4% | +71.6% | -1.3% | +0.9% | -5.3% |
| Gross margin | 93.2% | 78.9% | 73.9% | 79.0% | 77.9% |
| Operating margin | 39.0% | 45.8% | 40.3% | 43.9% | 42.6% |
| Net income | ¥70.3B | ¥141.7B | ¥123.8B | ¥137.9B | ¥122.1B |
Amounts in CNY · What is free cash flow?
Margins FY2025 gross margin 77.9% vs 79.0% FY2024, operating 42.6% vs 43.9%, as revenue fell 5.3% to CNY398.2B while D&A rose 6.9%. TTM gross 79.6%, operating 43.2%; Q2 FY2026 operating margin 47.8% on +25.6% revenue.
- Cash flow HealthyOperating cash flow CNY209.0B versus net income CNY122.1B in FY2025; cash conversion 1.67x, supported by D&A of CNY79.8B.
- Debt LowNet cash position of CNY256.8B: TTM total debt CNY57.6B against cash CNY161.7B plus short-term investments CNY152.7B; net debt/EBITDA -0.95x.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥314.4B
- Total debt
- ¥57.6B
- Net cash
- ¥256.8B
- Interest coverage
- 29.3x
- Current ratio
- 2.8x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateFY2025 ROIC 18.8%, down 4.53pp over three years; revenue -5.3% y/y, EPS -11.4% y/y; growth score 0 of 100 on a -1.9% three-year revenue CAGR.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.