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CNOOCSHSE:600938 +2.43%84 Pretax Margin % is 45.11% as of Mar. 2026, which is 21% above its 10-year median of 37.29. GuruFocus rates SHSE:600938 with a GF Score™ of 84/100 and a GF Value™ of ¥25.25 (Modestly Overvalued). The stock has 1 warning sign investors should review. Among 917 Oil & Gas companies, CNOOC ranks better than 91.06% on this metric.
Pre-Tax margin is calculated as Pre-Tax Income divided by its Revenue. CNOOC's Pre-Tax Income for the
three
months ended in Mar. 2026 was ¥52,358 Mil. CNOOC's Revenue for the
three
months ended in Mar. 2026 was ¥116,079 Mil. Therefore, CNOOC's pretax margin for the quarter that ended in Mar. 2026 was 45.11%.
The historical rank and industry rank for CNOOC's Pretax Margin % or its related term are showing as below:
SHSE:600938'
s Pretax Margin % Range Over the Past 10 Years
Min: -3.54 Med: 37.29 Max: 45.18
Current: 42.27
SHSE:600938's Pretax Margin % is ranked better than 91.06% of 917
companies
in the Oil & Gas industry
Industry Median: 5.21
vs SHSE:600938: 42.27
CNOOC (SHSE:600938) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
CNOOC Pretax Margin % Related Terms
CNOOC Pretax Margin % Historical Data
* Premium members only.
The historical data trend for CNOOC's Pretax Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SHSE:600938 vs COP, EOG, FANG: Pretax Margin % Comparison
For the Oil & Gas E&P subindustry, CNOOC's Pretax Margin %, along with its competitors' market caps and Pretax Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CNOOC Pretax Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, CNOOC's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where CNOOC's Pretax Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CNOOC (SHSE:600938) has a Pretax Margin % of 45.11% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on CNOOC and its competitors. This is 21% above median its historical median of 37.29. According to the industry distribution chart, CNOOC ranks #82 out of 917 companies in the Oil & Gas industry, placing it in the top 8.9%.
Is CNOOC's Pretax Margin % too high?
CNOOC's current Pretax Margin % of 45.11% is 21% above median its 10-year median of 37.29. The Oil & Gas industry median Pretax Margin % is 5.21. CNOOC's value of 45.11% is 765.8% above this industry median. Based on the distribution chart, CNOOC ranks #82 out of 917 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, CNOOC has a GF Score™ of 84/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CNOOC's Pretax Margin % compare to COP and EOG?
According to the Oil & Gas industry distribution chart, CNOOC ranks #82 out of 917 companies for Pretax Margin %. This places CNOOC in the top 9% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 5.21. CNOOC's value of 45.11% is 765.8% above this benchmark. While the company's 10-year median is 37.29 vs. the industry median of 5.21, CNOOC has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Pretax Margin % for an Oil & Gas company?
The median Pretax Margin % among Oil & Gas companies is 5.21, based on 917 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CNOOC's current Pretax Margin % of 45.11% is 765.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on CNOOC and its competitors. For the Oil & Gas industry, the median Pretax Margin % is 5.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CNOOC's current Pretax Margin % is 45.11%, which is 21% above median its own 10-year median of 37.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CNOOC stock overvalued right now?
Based on GuruFocus' analysis, CNOOC (SHSE:600938) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥25.25, compared to a current price of ¥29.52 — trading 16.9% above its estimated fair value. The current Pretax Margin % is 45.11%, which is 21% above median its 10-year median of 37.29 and 765.8% above the Oil & Gas industry median of 5.21. CNOOC's overall GF Score™ is 84/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For CNOOC (SHSE:600938), the current Pretax Margin % is 45.11% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CNOOC (SHSE:600938) Overvalued in 2026?
Based on GuruFocus' analysis, CNOOC stock appears to be overvalued.
The current stock price of ¥29.52 is trading 16.9% above its estimated GF Value™ of ¥25.25.
GuruFocus considers CNOOC to be Modestly Overvalued.
Key valuation signals for SHSE:600938:
Pretax Margin %: 45.11% (21% above median its 10-year median of 37.29)
GF Value™: ¥25.25 vs. price of ¥29.52 (16.9% above fair value)
Industry Position: 765.8% above the Oil & Gas median (#82 of 917)
No single metric tells the full story. See the SHSE:600938 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CNOOC is China's main offshore oil and gas exploration and production company. Through its parent company, it has exclusive rights to partner with foreign companies in offshore China projects. Net production for 2025 reached 777.3 million barrels of oil equivalent (77.2% oil), and year-end proven reserves were 7.77 billion barrels of oil equivalent. Assets outside China make up around 30.9% of production.
84GF Score
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