Pampa Energia SA PAM

UtilitiesElectric Utilities & IPPsArgentina

Last close 68.51 USD on Nov 3, 2026, −22.6% year to date

Quant rating

Quant rating C Rank 56 of 89 in Utilities

Growth B 17 of 89
Valuation B 31 of 89
Quality C 48 of 89
Revisions C 56 of 89
Momentum D 63 of 89

Wall Street consensus Buy (1.82)Average target 124.27 USD +81.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.0B
Enterprise value: 5.3B
52-week range: 67.00 – 94.50
3-year range: 35.40 – 94.88
Dividend yield: –
Beta (5 years): 0.95
Shares outstanding: 1,360M
Next earnings: Nov 2, 2026

About the company

Pampa Energia SA is an Argentina-based company engaged , through its subsidiaries, in the generation, transmission and distribution of electricity. Its segments include generation, transmission, distribution, oil and gas, and holding and others. Its generation segment includes a direct and indirect equity interest in Central Piedra Buena S.A., Central Termica Guemes S.A., Central Termica Loma de la Lata S.A. and Pampa Comercializadora S.A, among others, and investments in compnies in the electricity generation sector. Its transmission segment includes an indirect equity interest through Compania Inversora en Transmision Electrica Citelec S.A. Its distribution segment includes an indirect equity interest in Electricidad Argentina S.A. and Empresa Distribuidora y Comercializadora Norte S.A. Its Oil and gas segment includes a direct interest in Petrolera Pampa S.A. Its 'holding and others' segment includes financial investment operations, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,752	1,682	635	1,370	1,409	–
Revenue growth	4.1%	164.8%	−53.6%	−2.7%	54.3%	13.9%
EPS (basic, normalized)	7.34	11.40	5.53	8.94	5.08	–
EPS growth	−35.6%	106.1%	−38.1%	76.1%	–	–
Gross margin	30.7%	31.7%	37.5%	37.5%	36.7%	34.8%
Net margin	19.5%	32.6%	6.7%	26.8%	23.7%	21.8%
ROE	11.5%	21.2%	2.9%	22.1%	22.5%	16.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,280
Current ratio	3.63x
Long-term debt (mil)	2,583
Net debt (mil)	1,357
Total equity (mil)	4,023
Net debt / equity	0.34x
Net debt / EBITDA	1.44x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,752	+4.1%	3.1x	940	+14.5%	5.7x	7.34	−35.6%	9.3x
2026	2,748	+56.9%	1.9x	1,278	+36.0%	4.2x	10.62	+44.7%	6.5x
2027	3,122	+13.6%	1.7x	1,546	+21.0%	3.5x	11.08	+4.3%	6.2x
2028	3,350	+7.3%	1.6x	1,688	+9.2%	3.2x	11.95	+7.9%	5.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,748	+5.6%	+7.2%	+11.0%	10.62	+27.5%	+32.3%	+14.5%
2027	3,122	+4.1%	+7.0%	+10.9%	11.08	+8.9%	+5.3%	−2.6%
2028	3,350	+1.8%	+3.2%	+11.3%	11.95	+1.8%	−0.9%	−0.3%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	401	500	540	438	416	496	599	513	570	756
Sales mean (mil)	428	523	581	430	–	522	646	528	474	709
Surprise	−6.3%	−4.4%	−7.1%	+1.8%	–	−4.9%	−7.3%	−2.8%	+20.2%	+6.7%
EPS reported	4.90	1.80	2.70	1.90	2.82	0.94	0.56	3.01	3.81	3.33
EPS mean	1.24	1.67	1.84	0.44	1.08	1.73	1.75	0.65	1.63	2.52
Surprise	+294.9%	+8.0%	+46.6%	+335.3%	+159.9%	−45.7%	−68.3%	+367.0%	+134.1%	+32.1%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PAM Pampa Energia SA	4.0B	1.44x	19.5%	0.95x	6.5x	6.2x	4.2x	3.5x
AXIA3 Axia Energia SA	23.2B	2.30x	15.9%	0.17x	11.2x	7.9x	5.9x	4.7x
EQTL3 Equatorial SA	7.4B	4.70x	2.3%	1.54x	18.2x	14.2x	8.2x	7.6x
HGKGY Power Assets Holdings Limited	17.4B	–	808.8%	1.31x	–	–	–	–
ELPC Companhia Paranaense de Energia	7.7B	–	10.2%	–	33.8x	26.7x	–	–
OGE OGE Energy Corp.	10.2B	4.30x	14.4%	1.94x	19.5x	18.8x	10.8x	10.0x
Mean		3.19x	145.2%	1.18x	17.8x	14.7x	7.2x	6.4x
Median		3.30x	15.2%	1.31x	18.2x	14.2x	7.0x	6.2x

Technical analysis

1M−10.3%
3M−21.0%
1Y−22.7%
3Y+78.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Pampa Energia SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,752	1,682	635	1,370	1,409	913
Cost of revenue	1,214	1,149	397	857	892	559
Gross profit	538	533	238	514	516	354
Selling, general & administrative expenses	265	294	104	150	116	102
Research & development	0.3	20.1	2.3	0.3	0.6	0.3
Depreciation/amortization	7.7	7.1	2.7	4.3	4.9	4.5
Interest expense (income), operating	−137	−141	−8.7	−91.0	−113	−78.8
Unusual expense (income)	2.5	44.6	39.1	34.3	17.4	136
Other operating expenses	−45.4	−92.1	−46.7	−84.6	−59.4	−26.0
Operating income	445	401	146	500	550	216
Net interest income (expense)	125	86.9	87.8	31.4	−138	−96.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−52.0	−27.4	−24.1	−55.0	−39.1	28.5
Net income before taxes	518	461	209	477	372	149
Provision for taxes	175	−87.5	164	110	71.1	37.1
Minority interest	−1.0	−0.2	−2.7	−0.2	32.2	101
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	342	548	42.7	367	333	213
Extraordinary items	–	–	0	0	−69.4	−587
Net income	342	548	42.7	367	264	−374
EBIT, normalized	310	304	176	444	454	273
EBITDA, normalized	670	611	274	601	646	449
Basic EPS, normalized	7.34	11.40	5.53	8.94	5.08	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Pampa Energia SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,094	1,671	834	701	573	492
Receivables	598	486	289	457	388	337
Total inventory	231	223	205	174	155	116
Prepaid expenses	18.4	3.0	5.3	14.3	10.4	3.9
Other current assets	52.1	1.0	0.3	0.9	0.2	0
Total current assets	1,993	2,385	1,335	1,348	1,126	949
Property, plant & equipment	3,348	2,623	2,566	2,178	1,671	1,621
Goodwill	34.7	34.7	34.6	34.7	34.6	34.6
Intangibles	55.1	61.6	61.7	103	3.9	6.5
Long-term investments	1,096	1,022	706	1,034	909	661
Note receivable	43.4	74.6	18.0	19.3	32.9	43.2
Other long-term assets	43.4	157	0.4	36.3	85.1	1,579
Total assets	6,613	6,358	4,722	4,753	3,863	4,894
Liabilities
Accounts payable	343	220	201	213	169	97.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	98.6	75.8	36.7	65.7	55.6	62.6
Short-term debt	0	0	30.7	59.5	11.3	36.4
Current portion of long-term debt	69.7	711	197	216	72.0	206
Other current liabilities	129	298	56.3	78.2	34.3	46.1
Total current liabilities	640	1,304	522	632	342	449
Long-term debt	1,864	1,387	1,238	1,354	1,369	1,373
Minority interest	8.5	8.9	8.6	6.5	5.9	341
Other liabilities	494	366	549	478	360	1,302
Total liabilities	3,007	3,066	2,317	2,470	2,077	3,464
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.8	8.2	10.5	48.7	84.0	108
Additional paid-in capital	13.7	19.4	24.7	113	194	237
Retained earnings (accumulated deficit)	2,805	2,450	1,702	1,491	1,009	738
Treasury stock	−46.7	−0.2	−0.2	−12.8	−2.1	−2.5
Other equity	828	815	668	643	501	350
Total equity	3,606	3,292	2,404	2,283	1,786	1,430
Total liabilities & shareholders' equity	6,613	6,358	4,722	4,753	3,863	4,894

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Pampa Energia SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	343	548	45.4	367	301	111
Depreciation, depletion & amortization	360	306	98.3	157	192	172
Deferred taxes	–	–	–	–	–	–
Non-cash items	−12.1	−193	145	41.7	230	357
Changes in working capital	2.5	−291	−70.0	−106	21.6	−78.7
Cash from operations	693	371	219	459	744	562
Investing activities
Capital expenditures	−831	−383	−240	−314	−193	−99.9
Other investing cash flows	509	87.5	147	−110	−252	−84.8
Cash from investing	−322	−296	−93.2	−425	−446	−185
Financing activities
Financing cash flow items	−136	−127	−108	−122	−133	−240
Cash dividends paid	−1.3	0	−0.6	−0.2	0	−7.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−134	583	42.6	93.9	−176	−110
Cash from financing	−272	455	−65.7	−28.7	−310	−357
Foreign exchange effects	102	74.6	87.3	36.2	5.7	−39.7
Net change in cash	202	605	147	42.3	−6.0	−19.0
Free cash flow	−138	−12.5	−21.2	145	550	462

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.