Latest Ratios: P/E Ratio 5.4x · EV/EBITDA 6.9x · ROE 12.8%. (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 | $993M | $1.3B | $1.9B | $848M | $350M | $232M | $186M | $274M | $1.2B | $2.2B | $1.2B |
| Enterprise Value | $1.6B | $967.2B | $454.3B | $194.2B | $90.7B | $14.7B | $6.6B | $13.3B | $13.9B | $8.4B | $3.8B |
| P/E Ratio → | 5.40 | 0.00 | 0.01 | 0.00 | — | — | — | 0.01 | 0.13 | 0.29 | 5.16 |
| P/S Ratio | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | 0.05 |
| P/B Ratio | 0.68 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.08 | 3.45 |
| P/FCF | — | — | — | — | 0.01 | — | 0.01 | 0.17 | 0.43 | — | 1.68 |
| P/OCF | 7.84 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.06 | 0.20 | 0.25 |
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 | — | 0.32 | 0.17 | 0.10 | 0.06 | 0.02 | 0.02 | 0.07 | 0.12 | 0.14 | 0.15 |
| EV / EBITDA | 6.86 | 2.68 | 1.64 | — | — | 0.40 | — | 0.68 | 0.94 | 1.21 | — |
| EV / EBIT | 16.52 | 1.62 | 0.65 | 0.14 | 0.16 | 0.11 | — | 0.22 | 0.60 | 0.67 | 1.28 |
| EV / FCF | — | — | — | — | 3.61 | — | 0.30 | 8.21 | 4.91 | — | 5.13 |
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 | 22.8% | 22.8% | 19.3% | 4.0% | 3.6% | 12.9% | 14.8% | 18.6% | 23.5% | 24.1% | 2.2% |
| Operating Margin | 5.0% | 5.0% | 2.2% | -17.0% | -15.0% | -3.1% | -21.8% | 5.3% | 8.1% | 6.0% | -10.8% |
| Net Profit Margin | 8.0% | 8.0% | 13.3% | 12.5% | -3.2% | -18.8% | -19.4% | 13.5% | 7.7% | 12.8% | 0.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.8% | 12.8% | 26.1% | 22.1% | -7.4% | -108.6% | -59.3% | 38.9% | 23.9% | 55.5% | 25.5% |
| ROA | 4.9% | 4.9% | 9.9% | 7.7% | -2.4% | -37.7% | -26.9% | 17.7% | 9.5% | 17.4% | 1.5% |
| ROIC | 4.4% | 4.4% | 2.6% | -20.0% | -24.3% | -12.4% | -45.1% | 9.5% | 15.1% | 14.8% | -61.2% |
| ROCE | 4.1% | 4.1% | 2.2% | -15.4% | -19.1% | -9.9% | -40.4% | 9.1% | 13.7% | 11.8% | -33.5% |
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 | 0.53 | 0.53 | 0.32 | 0.17 | 0.10 | 0.14 | 0.14 | 0.17 | 0.27 | 0.23 | 7.80 |
| Debt / EBITDA | 3.26 | 3.26 | 1.72 | — | — | 0.57 | — | 0.69 | 0.86 | 0.91 | — |
| Net Debt / Equity | — | 0.43 | 0.30 | 0.16 | 0.09 | 0.10 | 0.07 | 0.16 | 0.27 | 0.22 | 7.09 |
| Net Debt / EBITDA | 2.68 | 2.68 | 1.63 | — | — | 0.40 | — | 0.67 | 0.85 | 0.89 | — |
| Debt / FCF | — | — | — | — | 3.60 | — | 0.29 | 8.05 | 4.48 | — | 3.45 |
| Interest Coverage | 3.28 | 3.28 | 2.08 | 4.50 | 0.97 | 0.78 | -734.97 | 433.34 | 4.69 | 8.14 | 2.06 |
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 | 1.07 | 1.07 | 0.89 | 0.65 | 0.42 | 0.43 | 0.55 | 0.74 | 0.65 | 0.74 | 0.69 |
| Quick Ratio | 0.91 | 0.91 | 0.75 | 0.60 | 0.39 | 0.40 | 0.51 | 0.66 | 0.59 | 0.71 | 0.67 |
| Cash Ratio | 0.55 | 0.55 | 0.36 | 0.26 | 0.15 | 0.19 | 0.16 | 0.13 | 0.22 | 0.24 | 0.24 |
| Asset Turnover | — | 0.52 | 0.68 | 0.61 | 0.43 | 1.49 | 1.20 | 1.14 | 0.99 | 0.86 | 1.36 |
| Inventory Turnover | 9.62 | 9.62 | 14.48 | 48.45 | 30.81 | 89.54 | 82.49 | 59.56 | 46.51 | 78.45 | 109.66 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 18.5% | 21261.0% | 16292.7% | 22568.9% | — | — | — | 9083.1% | 746.5% | 350.1% | 19.4% |
| FCF Yield | — | — | — | — | 7175.8% | — | 11856.6% | 590.7% | 234.7% | — | 59.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $44M | $44M | $44M | $44M | $44M | $44M | $44M | $45M | $45M | $45M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying EDN stock.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's current P/E ratio is 5.4x. The historical average is 1.6x. This places it at the 92th percentile of its historical range.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's current EV/EBITDA is 6.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 2.2x.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's return on equity (ROE) is 12.8%. The historical average is 3.0%.
Based on historical data, Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is trading at a P/E of 5.4x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima has 22.8% gross margin and 5.0% operating margin.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory lag in hyperinflation
Valuation Reflects Macro-Option, Not Fundamentals
EDN's P/E of 5.91 appears deeply discounted versus peers like Pampa Energía (11.92), but the forward P/E of 0.07 suggests the market is pricing in a massive earnings reset, likely driven by IAS 29 inflation adjustments rather than operational improvement.
The current valuation multiples do not reflect a traditional utility earnings stream but rather a bet on Argentine regulatory reform and currency stabilization. The absence of a dividend yield further underscores that the investment thesis is predicated on capital appreciation from a macro recovery, not income generation. Investors should monitor whether the forward P/E normalizes toward peer levels as inflation accounting effects wash through, or if it signals persistent earnings volatility.
Earned ROE Volatility Signals Regulatory Disconnect
EDN's quarterly ROE has swung wildly from 1.5% to 19.7% over the past ten quarters, a pattern that suggests the company's actual returns are disconnected from any stable authorized ROE, indicating significant regulatory lag and inflation-driven accounting distortions.
The extreme volatility in reported ROE, particularly the 19.7% peak in 2024Q1 followed by a decline to 1.5% in 2026Q2, implies that the regulatory framework is not providing a predictable earnings trajectory. This disconnect makes it difficult to assess whether the company is earning its cost of capital on a sustained basis. The pattern suggests that tariff adjustments are lumpy and may not keep pace with the rapid inflation affecting the company's cost base, leading to periods of outsized or inadequate returns.
Thin Margins Expose Cost Recovery Lag
Operating margin has been as low as -8.0% and as high as 15.9% in recent quarters, indicating that the company's ability to recover its high fixed costs and volatile purchased power expenses is highly dependent on the timing of regulatory tariff adjustments.
The gross margin of 22.76% shows that after paying CAMMESA for electricity, EDN retains a limited portion of revenue to cover its substantial grid maintenance and administrative overhead. The subsequent compression to a 5.0% operating margin suggests that non-fuel operating expenses are consuming most of the remaining gross profit. This margin structure implies that profitability is almost entirely at the mercy of the regulator's willingness to grant timely and sufficient tariff increases to cover inflation-driven cost escalation.
Leverage Rising but Still Within Regulatory Bounds
The debt-to-capital ratio has increased from 0.20 to 0.38 over the past ten quarters, yet remains below the peer average, suggesting the company is cautiously utilizing its balance sheet capacity to fund its regulated investment program amid limited access to traditional credit markets.
The rising leverage trend, coupled with volatile interest coverage (from 0.64 to 196.53), indicates that the company's debt servicing capacity is highly sensitive to quarterly earnings swings driven by inflation accounting. The FFO/Debt ratio of 1.39 in the latest quarter suggests adequate cash flow generation to service the current debt load, but the historical volatility warrants monitoring. The low absolute debt level may reflect a structural inability to access long-term financing rather than a purely conservative strategy.
Dividend Suspension Reflects Cash Flow Priorities
EDN has paid zero dividends for ten consecutive quarters, a decision that appears necessary given the persistent gap between operating cash flow and the substantial capital expenditure required to maintain its regulated distribution network.
The suspension of dividends is a clear signal that management is prioritizing the funding of essential grid maintenance and regulatory compliance over shareholder returns. This is consistent with the company's reported cumulative free cash flow deficit and its reliance on retained earnings for equity growth. For investors, this means the total return proposition is currently limited to potential capital appreciation, contingent on a successful macroeconomic and regulatory recovery in Argentina.
P/E Ratio Misleads in Hyperinflationary Context
The most commonly misapplied ratio for EDN is the P/E, which at 5.91 appears attractive but is heavily distorted by IAS 29 inflation restatements that inflate reported earnings with non-cash monetary gains, obscuring the underlying cash-generating ability of the business.
Analysts comparing EDN's P/E to regional peers or historical averages are likely drawing incorrect conclusions because the denominator (earnings) includes significant non-cash items mandated by hyperinflation accounting. A more appropriate metric would be the EV/EBITDA (7.25), which is less affected by inflation adjustments and provides a clearer view of the company's operating cash flow relative to its enterprise value. The forward P/E of 0.07 further highlights the distortion, as it likely reflects an expectation of a dramatic earnings reset once inflation effects are normalized.