Latest Ratios: P/E Ratio 7.6x · EV/EBITDA 9.4x · ROE 15.5%. (2005–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.6B | $2.2B | $1.4B | $894M | $471M | $406M | $732M | $1.4B | — | — |
| Enterprise Value | $2.3B | $457.8B | $379.1B | $701.9B | $169.6B | $82.0B | $75.1B | $1.4B | $9.8B | — | — |
| P/E Ratio → | 7.59 | 0.01 | 0.04 | 0.00 | 0.02 | — | 0.04 | 0.07 | 0.08 | — | — |
| P/S Ratio | 2.78 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.10 | — | — |
| P/B Ratio | 1.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.74 | 0.04 | — | — |
| P/FCF | 24.49 | 0.02 | 25.23 | 10.05 | 0.04 | 2.70 | 7.24 | — | — | — | — |
| P/OCF | 6.52 | 0.01 | 9.00 | 3.70 | 0.01 | 2.04 | 1.80 | 0.06 | 0.37 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.42 | 0.51 | 1.03 | 0.25 | 0.24 | 0.67 | 0.02 | 0.69 | — | — |
| EV / EBITDA | 9.36 | 1.22 | 1.22 | 0.79 | 0.31 | 0.37 | 0.75 | 0.02 | 0.30 | — | — |
| EV / EBIT | 16.55 | 0.91 | 1.89 | 1.69 | 0.78 | 1.10 | 1.59 | 0.04 | 0.19 | — | — |
| EV / FCF | — | 3.67 | 4393.39 | 5160.61 | 7.37 | 470.27 | 1336.90 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.8% | 35.8% | 39.5% | 33.0% | 47.4% | 48.2% | 55.9% | 47.3% | 54.5% | 54.0% | 40.8% |
| Operating Margin | 19.3% | 19.3% | 26.7% | 107.9% | 61.0% | 45.0% | 73.3% | 78.0% | 213.8% | 52.2% | 52.4% |
| Net Profit Margin | 31.6% | 31.6% | 6.7% | 47.2% | 18.8% | -1.3% | 18.1% | 24.5% | 122.8% | 58.9% | 33.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.5% | 15.5% | 2.7% | 24.1% | 24.3% | -2.4% | 31.5% | 106.7% | 87.0% | 56.1% | 36.0% |
| ROA | 10.9% | 10.9% | 1.7% | 15.2% | 16.3% | -1.4% | 16.8% | 61.1% | 47.1% | 23.5% | 15.9% |
| ROIC | 6.0% | 6.0% | 6.2% | 31.1% | 48.0% | 44.1% | 60.5% | 201.1% | 85.6% | 22.4% | 27.6% |
| ROCE | 7.6% | 7.6% | 7.9% | 38.9% | 59.3% | 56.3% | 83.0% | 241.5% | 106.6% | 31.7% | 35.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.20 | 0.39 | 0.24 | 0.33 | 0.59 | 0.65 | 0.26 | 0.65 | 0.70 |
| Debt / EBITDA | 1.31 | 1.31 | 1.22 | 0.82 | 0.36 | 0.37 | 0.75 | 0.01 | 0.27 | 1.38 | 1.19 |
| Net Debt / Equity | — | 0.17 | 0.20 | 0.38 | 0.21 | 0.33 | 0.59 | 0.63 | 0.26 | 0.64 | 0.70 |
| Net Debt / EBITDA | 1.21 | 1.21 | 1.21 | 0.79 | 0.31 | 0.37 | 0.75 | 0.01 | 0.26 | 1.36 | 1.18 |
| Debt / FCF | — | 3.65 | 4368.16 | 5150.56 | 7.33 | 467.57 | 1329.67 | — | — | — | — |
| Interest Coverage | 9.90 | 9.90 | 3.48 | 7.00 | 5.09 | 2.62 | 624.94 | 448.59 | 35.40 | 16.35 | 4.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.77 | 1.77 | 1.48 | 1.98 | 2.47 | 2.75 | 1.31 | 1.47 | 1.20 | 0.99 | 1.00 |
| Quick Ratio | 1.65 | 1.65 | 1.33 | 1.87 | 2.25 | 2.66 | 1.28 | 1.42 | 1.18 | 0.97 | 0.97 |
| Cash Ratio | 0.83 | 0.83 | 0.65 | 0.70 | 1.20 | 1.18 | 0.51 | 0.51 | 0.20 | 0.20 | 0.42 |
| Asset Turnover | — | 0.30 | 0.28 | 0.22 | 0.58 | 0.88 | 0.47 | 36.89 | 0.25 | 0.35 | 0.42 |
| Inventory Turnover | 14.09 | 14.09 | 7.84 | 13.39 | 12.53 | 63.61 | 40.73 | 2679.46 | 29.37 | 24.86 | 22.84 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 44.8% | 0.8% | 5.4% | 100.0% | 0.3% | — | 100.0% | 100.0% | — | — |
| Payout Ratio | 0.3% | 0.3% | 0.0% | 0.0% | 3.5% | — | — | 8.3% | 12.4% | 53.9% | 78.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 13.2% | 15339.4% | 2278.1% | 23574.7% | 6633.0% | — | 2559.3% | 1493.8% | 1265.2% | — | — |
| FCF Yield | 4.1% | 4747.4% | 4.0% | 9.9% | 2574.9% | 37.0% | 13.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 4.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 44.8% | 0.8% | 5.9% | 100.0% | 0.3% | 0.0% | 100.0% | 100.0% | — | — |
| Shares Outstanding | — | $150M | $150M | $150M | $151M | $151M | $151M | $151M | $151M | $151M | $151M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying CEPU stock.
Central Puerto S.A.'s current P/E ratio is 7.6x. The historical average is 0.0x. This places it at the 100th percentile of its historical range.
Central Puerto S.A.'s current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.6x.
Central Puerto S.A.'s return on equity (ROE) is 15.5%. The historical average is 28.6%.
Based on historical data, Central Puerto S.A. is trading at a P/E of 7.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Central Puerto S.A.'s current dividend yield is 0.04% with a payout ratio of 0.3%.
Central Puerto S.A. has 35.8% gross margin and 19.3% operating margin. Operating margin between 10-20% is typical for established companies.
Central Puerto S.A.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
CAMMESA receivable restructuring risk
Valuation Anchored to Regulatory Risk
CEPU's P/E of 7.54 appears compressed relative to its 31.6% net margin, suggesting the market is heavily discounting the quality of earnings due to hyperinflation accounting and the looming risk of a CAMMESA receivable haircut.
The current P/E of 7.54 is significantly below the peer average, which typically reflects a deep discount for Argentine regulatory and currency risk rather than operational weakness. Given the 0.0% dividend yield, the stock offers no immediate income return, forcing investors to rely entirely on capital appreciation from a potential regulatory reset. This valuation implies the market views the reported earnings as low-quality or non-recurring, likely due to the distortion from IAS 29 hyperinflation adjustments.
Earned ROE Volatility vs. Regulatory Stability
The quarterly ROE has swung from -1.5% to 7.0% over the past ten quarters, indicating that the actual earned return is highly sensitive to regulatory timing and non-cash accounting adjustments rather than reflecting a stable, authorized return on the asset base.
This extreme volatility in earned ROE suggests that CEPU's profitability is not tracking a predictable regulatory compact but is instead subject to lumpy settlements and hyperinflation accounting distortions. The peak ROE of 7.0% in Q1 2026 appears to be an outlier driven by non-cash gains, while the more recent 4.4% may represent a normalized level. Investors should monitor whether the regulatory framework evolves to provide a more consistent allowed return, which would stabilize this key metric.
Fortress Balance Sheet Enables Strategic Moves
With a debt-to-capital ratio of just 0.25 and interest coverage of 7.77x, CEPU maintains a fortress balance sheet that provides exceptional insulation from Argentina's volatile interest rates and funds its aggressive acquisition strategy.
The minimal leverage is a deliberate strategic choice that insulates the company from the currency-mismatch risks that have historically plagued Argentine corporates. This financial strength appears to be the primary enabler for the recent acquisition of Enel's generation assets, allowing CEPU to consolidate market share without straining its credit profile. The current ratio of 1.28 further confirms adequate liquidity to manage operational cycles, though the massive CAPEX program will test this buffer.
Dividend Policy Subordinated to Growth
The dividend yield has been zero for most of the past two years, with a peak payout ratio of only 1.0%, indicating that shareholder distributions are entirely discretionary and currently deprioritized in favor of funding the company's aggressive capital expenditure program.
The irregular and minimal dividend payments suggest management views capital preservation as paramount during this high-investment phase. The lack of a consistent dividend policy means the stock cannot be valued as a traditional income play, which is unusual for a utility. This approach may be necessary given the massive free cash flow deficits, but it shifts the investment thesis entirely toward long-term asset growth and regulatory outcomes.
Valuation Discount Reflects Pure-Play Risk
CEPU trades at a significant P/E discount to peer Pampa Energía (7.54 vs. 11.10), which appears to reflect the market's view of CEPU as a higher-beta, pure-play generator with greater exposure to Argentine regulatory risk and less diversification.
The valuation gap suggests the market is assigning a lower multiple to CEPU's earnings due to its concentrated exposure to the Buenos Aires demand hub and the associated regulatory and receivable risks. Pampa's higher multiple likely reflects its more diversified portfolio and perceived lower risk profile. CEPU's lack of a dividend yield further widens this gap, as it offers no income component to offset the perceived risk.
The Misapplied P/E Ratio
The most commonly misapplied metric is the P/E ratio, which at 7.54 appears attractive but obscures the fact that a significant portion of reported net income is non-cash hyperinflation adjustment (RECPAM) and that earnings are highly vulnerable to a potential CAMMESA receivable restructuring.
Standard P/E analysis fails to account for the distortion from IAS 29 accounting, which can inflate net income without corresponding cash generation. Furthermore, the ratio does not reflect the material risk that a government-mandated haircut on trade receivables could trigger a massive non-cash write-down, directly impairing net worth. A more appropriate metric would be EV/EBITDA adjusted for hyperinflation effects, or a focus on cash flow from operations relative to enterprise value.