Capital expenditure intensity remains high, with a 2025Q4 CAPEX-to-OCF ratio of 141.5%, suggesting that cash generation is insufficient to cover necessary grid maintenance without external support.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | 62.47B | 116.44B | 245.92B | 71.47B | 35.43B | 21.35B | 17.4B | 10.16B | 9.62B | 3.28B | 2.93B | 3.22B | 1.55B | 1.58B | 635.12M | 511.75M | 526.93M | 667.98M | 547.54M | 427.18M | 215M | 181.27M |
| Operating CF Growth % | 96883.03% | -52.65% | 244.07% | 101.75% | 65.95% | 22.7% | 71.27% | 5.58% | 193.03% | 12.01% | -8.88% | 107.82% | -2.29% | 149.44% | 24.11% | -2.88% | -21.12% | 22% | 28.18% | 98.69% | 18.61% | - |
| Operating CF / Revenue % | 1.95% | 3.89% | 9.15% | 3.56% | 2.54% | 3.1% | 6.48% | 5.5% | 8.21% | 5.39% | 11.35% | 84.61% | 43.02% | 46.04% | 21.34% | 22.23% | 24.24% | 32.15% | 27.37% | 21.55% | 15.6% | 14.36% |
| Net Income | 321.18B | 278.72B | 272.13B | 132.81B | -17.47B | -21.34B | -17.7B | 12.13B | 4.3B | 682.19M | -1.19B | 1.14B | -779.72M | 941.39M | -767.19M | -435.4M | -74.03M | 90.64M | 123.11M | 122.46M | 293.07M | -149.4M |
| Depreciation & Amortization | 126.29B | 245.5B | 165.18B | 85.58B | 19.23B | 9.56B | 6.83B | 4.79B | 2.56B | 430.31M | 351.58M | 281.41M | 237.64M | 212.15M | 222.76M | 239.89M | 178.38M | 175.42M | 170.26M | 174.36M | 178.98M | -178.2M |
| Deferred Taxes | 76.01B | 136.2B | -78.85B | 133.81B | 14.83B | 15.64B | -3.56B | 10.67B | 1.88B | 441.15M | -743.06M | 183.73M | -154.36M | -44.12M | -100.2M | 0 | -1.14M | 79.31M | 61.17M | 0 | 0 | 0 |
| Other Non-Cash Items | -156.17B | -353.1B | -153.59B | -381.49B | -26.44B | 2.24B | 11.46B | -23.11B | -1.78B | 1.78B | 167.16M | 190.89M | -953.35M | -835.91M | 574.97M | 378.61M | 14.95M | -88.39M | 138.94M | 72M | -384.14M | 496.1M |
| Working Capital Changes | -161.98B | -190.89B | 40.99B | 100.69B | 45.27B | 12.89B | -2.06B | 1.36B | 2.66B | -56.03M | 4.32B | 1.33B | 3.15B | 1.29B | 498M | 328.64M | 417.8M | 284.74M | 259.87M | 58.37M | 127.09M | 12.77M |
| Capital Expenditures | -278.45B | -429.28B | -567.25B | -119.78B | -31.73B | -25.54B | -9.85B | -9.37B | -8.27B | -3.63B | -2.47B | -2.1B | -1.4B | -1.04B | -634.73M | -653.36M | -388.77M | -404.17M | -325.38M | -336.85M | -179.67M | -124.32M |
| CapEx / Revenue % | 8.7% | 14.35% | 21.11% | 5.96% | 2.27% | 3.71% | 3.67% | 5.07% | 7.06% | 5.96% | 9.58% | 55.11% | 38.91% | 30.22% | 21.33% | 28.38% | 17.89% | 19.45% | 16.27% | 17% | 13.04% | 9.85% |
| CapEx / D&A | 2.20x | 1.75x | 3.43x | 1.40x | 1.65x | 2.67x | 1.44x | 1.96x | 3.23x | 8.44x | 7.04x | 7.45x | 5.89x | 4.90x | 2.85x | 2.72x | 2.18x | 2.30x | 1.91x | 1.93x | 1.00x | -0.70x |
| CapEx Coverage (OCF/CapEx) | 0.22x | 0.27x | 0.43x | 0.60x | 1.12x | 0.84x | 1.77x | 1.08x | 1.16x | 0.90x | 1.18x | 1.54x | 1.11x | 1.52x | 1.00x | 0.78x | 1.36x | 1.65x | 1.68x | 1.27x | 1.20x | 1.46x |
| Cash from Investing | -300.54B | -537.73B | -567.25B | -79.06B | -37.36B | -25.54B | -7.22B | -5.16B | -8.33B | -4.05B | -2.37B | -3.1B | -1.46B | -1.26B | -565.46M | -975.22M | -381.33M | -404.17M | -325.38M | -336.85M | -179.67M | -124.32M |
| Acquisitions | -1.04B | -38.62B | -117M | 0 | 0 | 0 | 10M | 10.27M | 88.53M | 36.31M | 11.97M | 4.27M | 2.98M | -119.25M | -96.23M | -448.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -70.6B | -69.83B | -207.16B | 0 | -5.63B | -10.82B | -7.79B | 0 | -2.34B | -2.67B | 0 | -1.01B | -64.63M | -97.4M | -85.69M | -567.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | -33.58B | 0 | 0 | 40.72B | 0 | 0 | 2.58B | 4.16B | 2.31B | 2.22B | 89.12M | -4.27M | -2.98M | -4.99M | 37.77M | 245.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -22.15B | -1.45K | 0 | 0 | -228.26M | 5M | 7.82B | 45.29M | -114.89M | 235.84M | 160.26M | 4.27M | 2.98M | 4.99M | 213.41M | 448.56M | 7.43M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 355.06B | 614.18B | 265.18B | 7.34B | -4.76B | -1.44B | -6.15B | -5.07B | -2.1B | 587.48M | -492.66M | -172.92M | -155.68M | -177.12M | -165.83M | -80.39M | 302.88M | -161.84M | -196.96M | -21.81M | -310.79M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.59M | -37.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 4M | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -424K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 0 |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.23B | -2.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.13M | 0 | 0 | 0 |
| Other Financing | -32.46B | -18.5B | -49.54B | -2.59B | -4.55B | -5.43B | 6.1B | -2.33B | -1.37B | -643.52M | -516.8M | 214.89M | 225.37M | -151.59M | 7.89M | -286.59M | 0 | 13.61M | -67.89M | 0 | 0 | 0 |
| Net Change in Cash | 127.88B | 173.44B | -51.43B | 4.05B | -4.55B | -3.41B | 3.8B | 367.19M | -94.74M | -175.7M | 129.61M | -50.13M | -64.39M | 161.21M | -59.4M | -543.85M | 448.47M | 101.97M | 25.2M | 68.53M | -275.47M | 56.95M |
| Exchange Rate Effect | 13.28B | -19.45B | 5.15B | 8.07B | 2.14B | 2.23B | -364M | 438.61M | 155.99M | -42K | 64.46M | 9.08M | 5.08M | 10.7M | 36.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 154.44B | 33.66B | 19.88B | 5.08B | 6.18B | 6.58B | 558M | 42.45M | 122.35M | 258.56M | 128.95M | 179.08M | 243.47M | 82.26M | 130.51M | 676.84M | 228.37M | 126.4M | 101.2M | 32.67M | 308.14M | 250.78M |
| Cash at End | 114.66B | 207.1B | -31.55B | 9.13B | 1.63B | 3.17B | 4.36B | 409.64M | 27.61M | 82.86M | 258.56M | 128.95M | 179.08M | 243.47M | 71.11M | 132.99M | 676.84M | 228.37M | 126.4M | 101.2M | 32.67M | 307.73M |
| Free Cash Flow | -215.98B | -312.84B | -321.33B | -48.31B | 3.7B | -4.2B | 7.55B | 788.33M | 1.35B | -348.88M | 456.71M | 1.12B | 147.85M | 544.29M | 383K | -141.61M | 138.16M | 263.81M | 222.16M | 90.33M | 35.33M | 56.95M |
| FCF Growth % | 10.9% | 2.64% | -565.15% | -1405.65% | 188.18% | -155.57% | 857.85% | -41.68% | 487.43% | -176.39% | -59.28% | 658.52% | -72.84% | 142012.27% | 100.27% | -202.5% | -47.63% | 18.75% | 145.94% | 155.69% | -37.97% | - |
| FCF Margin % | -6.75% | -10.46% | -11.96% | -2.41% | 0.27% | -0.61% | 2.81% | 0.43% | 1.15% | -0.57% | 1.77% | 29.5% | 4.11% | 15.82% | 0.01% | -6.15% | 6.36% | 12.7% | 11.11% | 4.56% | 2.56% | 4.51% |
| FCF / Net Income % | -67.25% | -130.77% | -89.76% | -19.19% | -8.41% | 3.24% | -14.52% | 3.16% | 15.03% | -4.47% | 189.69% | 98.16% | -18.96% | 70.53% | -0.04% | 46.57% | -281.65% | 224.29% | 180.45% | 73.76% | 12.05% | -38.07% |
Regulatory tariff lag volatility
As reported in financial statements, EDN's operating cash flow has demonstrated extreme volatility, ranging from a low of $7.8 million in 2025Q3 to a peak of $113.5 billion in 2024Q4, reflecting the inherent instability of cash generation within the current Argentine regulatory framework for electricity distribution.
The erratic nature of operating cash flow suggests that the company remains highly susceptible to the timing of tariff adjustments and the collection of receivables. Investors should monitor whether the recent uptick in cash flow represents a sustainable improvement in operational efficiency or merely a temporary benefit from favorable regulatory timing.
Based on the company's reported figures, capital expenditure reached a significant $229.6 billion in 2025Q4, representing a CAPEX-to-OCF ratio of 141.5%, which underscores the heavy reliance on external funding to maintain the aging grid infrastructure within the company's northern Buenos Aires concession area.
The high ratio of capital investment relative to operating cash flow indicates that the company is in a phase of intensive grid preservation. This level of spending appears necessary to prevent further degradation, though it places persistent pressure on the company's liquidity position given the lack of consistent internal cash generation.
According to recent SEC filings, EDN maintains a minimal reliance on external debt markets, with nominal issuance levels of $1 million per quarter, suggesting that the company currently lacks access to traditional long-term financing on reasonable terms to cover its recurring free cash flow deficits.
The absence of significant debt issuance or equity raises implies that the company is operating under severe capital constraints. This reliance on internal cash flow to fund essential CAPEX may limit the company's ability to undertake major grid modernization projects until broader macroeconomic conditions improve.
As indicated by the historical data, the company's free cash flow has been negative in eight of the last ten quarters, which may imply that the reported figures mask significant deferred maintenance liabilities that will eventually require substantial capital outlays to meet regional service standards.
The persistent free cash flow deficit warrants further investigation into whether the current maintenance spending is sufficient to avoid future regulatory penalties. It appears that the company is prioritizing short-term survival over long-term asset health, which could lead to a significant capital call once the regulatory environment normalizes.
Quick answers to the most common questions about buying EDN stock.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) generated $116.44B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) reported negative free cash flow of $312.84B in 2025, indicating capital requirements exceeded cash from operations.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) spent $429.28B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.