Latest Ratios: P/E Ratio 11.1x · EV/EBITDA 7.5x · ROE 10.9%. (2013–2025 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 | $4.4B | $4.8B | $4.8B | $2.7B | $1.8B | $1.2B | $866M | $1.2B | $2.5B | $5.3B | $2.4B |
| Enterprise Value | $5.6B | $6.0B | $6.1B | $4.0B | $3.3B | $2.5B | $2.4B | $2.9B | $4.5B | $8.8B | $4.1B |
| P/E Ratio → | 11.08 | 12.21 | 7.76 | 23.14 | 3.56 | 3.66 | 6.15 | 2.11 | 12.72 | 19.06 | — |
| P/S Ratio | 2.19 | 2.41 | 2.55 | 1.56 | 0.96 | 0.79 | 0.81 | 0.88 | 1.74 | 1.20 | 1.53 |
| P/B Ratio | 1.21 | 1.33 | 1.45 | 1.12 | 0.77 | 0.66 | 0.49 | 0.49 | 1.39 | 1.33 | 2.72 |
| P/FCF | — | — | — | — | 10.26 | 8.54 | 2.59 | 3.14 | 16.08 | — | — |
| P/OCF | 6.38 | 7.03 | 11.00 | 4.71 | 2.85 | 1.86 | 1.55 | 1.47 | 4.09 | 5.94 | 6.45 |
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 | — | 3.01 | 3.27 | 2.31 | 1.80 | 1.68 | 2.19 | 2.18 | 3.13 | 2.00 | 2.56 |
| EV / EBITDA | 7.48 | 8.07 | 7.85 | 5.79 | 3.89 | 3.22 | 5.25 | 4.51 | 7.47 | 8.01 | 13.60 |
| EV / EBIT | 16.80 | 7.81 | 9.06 | 4.09 | 4.12 | 4.45 | 7.15 | 4.45 | 18.87 | 12.90 | 6.62 |
| EV / FCF | — | — | — | — | 19.09 | 18.18 | 7.03 | 7.77 | 28.98 | — | — |
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 | 31.5% | 31.5% | 31.8% | 36.1% | 37.7% | 36.9% | 38.2% | 39.5% | 42.0% | 27.5% | 19.8% |
| Operating Margin | 16.6% | 16.6% | 23.5% | 24.5% | 34.5% | 38.4% | 22.6% | 34.5% | 30.4% | 15.5% | 10.0% |
| Net Profit Margin | 18.9% | 18.9% | 33.0% | 17.4% | 24.9% | 18.1% | -34.2% | 51.6% | 1.9% | 15.5% | -0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.9% | 10.9% | 21.7% | 12.9% | 22.4% | 15.3% | -17.6% | 32.9% | 1.0% | 28.0% | -0.7% |
| ROA | 5.8% | 5.8% | 11.2% | 6.4% | 10.6% | 6.2% | -6.9% | 12.2% | 0.3% | 8.4% | -0.1% |
| ROIC | 5.3% | 5.3% | 7.9% | 8.5% | 13.6% | 13.6% | 4.9% | 8.7% | 5.8% | 10.2% | 6.2% |
| ROCE | 6.0% | 6.0% | 9.5% | 10.2% | 16.5% | 14.5% | 5.2% | 9.9% | 6.5% | 11.5% | 7.1% |
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 | 0.54 | 0.54 | 0.64 | 0.61 | 0.71 | 0.81 | 0.92 | 0.81 | 1.25 | 0.89 | 1.94 |
| Debt / EBITDA | 2.59 | 2.59 | 2.68 | 2.12 | 1.93 | 1.85 | 3.63 | 3.03 | 3.73 | 3.24 | 5.78 |
| Net Debt / Equity | — | 0.33 | 0.41 | 0.54 | 0.67 | 0.75 | 0.84 | 0.72 | 1.11 | 0.88 | 1.84 |
| Net Debt / EBITDA | 1.62 | 1.62 | 1.73 | 1.87 | 1.80 | 1.71 | 3.32 | 2.68 | 3.33 | 3.18 | 5.48 |
| Debt / FCF | — | — | — | — | 8.83 | 9.65 | 4.44 | 4.62 | 12.90 | — | — |
| Interest Coverage | 4.08 | 4.08 | 3.77 | 2.75 | 3.69 | 3.19 | 1.89 | 3.52 | 2.45 | 3.43 | 4.11 |
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 | 3.11 | 3.11 | 1.83 | 2.56 | 2.13 | 3.29 | 2.11 | 1.60 | 1.29 | 1.55 | 0.77 |
| Quick Ratio | 2.75 | 2.75 | 1.66 | 2.18 | 1.87 | 2.86 | 1.86 | 1.42 | 1.17 | 1.46 | 0.66 |
| Cash Ratio | 1.71 | 1.71 | 1.28 | 1.60 | 1.10 | 1.68 | 1.10 | 0.75 | 0.23 | 0.03 | 0.05 |
| Asset Turnover | — | 0.30 | 0.30 | 0.37 | 0.39 | 0.39 | 0.22 | 0.24 | 0.25 | 0.38 | 0.32 |
| Inventory Turnover | 5.92 | 5.92 | 5.89 | 5.51 | 6.90 | 6.47 | 5.71 | 5.29 | 6.07 | 13.93 | 5.99 |
| 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% | — | — | 1.0% | 0.1% | 0.1% | 0.0% | 0.2% |
| Payout Ratio | — | — | — | 0.3% | — | — | — | 0.1% | 7.8% | 0.3% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.0% | 8.2% | 12.9% | 4.3% | 28.1% | 27.3% | 16.3% | 47.4% | 7.9% | 5.2% | — |
| FCF Yield | — | — | — | — | 9.7% | 11.7% | 38.6% | 31.8% | 6.2% | — | — |
| Buyback Yield | 1.2% | 1.1% | 0.0% | 0.0% | 1.0% | 3.1% | 11.6% | 11.9% | 13.7% | 0.1% | 0.0% |
| Total Shareholder Yield | 1.2% | 1.1% | 0.0% | 0.0% | 1.0% | 3.1% | 12.5% | 12.0% | 13.8% | 0.1% | 0.2% |
| Shares Outstanding | — | $54M | $54M | $55M | $55M | $56M | $63M | $72M | $78M | $79M | $69M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying PAM stock.
Pampa Energía S.A.'s current P/E ratio is 11.1x. The historical average is 8.8x. This places it at the 67th percentile of its historical range.
Pampa Energía S.A.'s current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.4x.
Pampa Energía S.A.'s return on equity (ROE) is 10.9%. The historical average is 15.8%.
Based on historical data, Pampa Energía S.A. is trading at a P/E of 11.1x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pampa Energía S.A. has 31.5% gross margin and 16.6% operating margin. Operating margin between 10-20% is typical for established companies.
Pampa Energía S.A.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory tariff lag risk
Deep Discount to Regulated Peers
PAM trades at 10.9x trailing earnings and 8.4x forward, per market data, a substantial discount to the 12.8x of TGS, suggesting the market is pricing in Argentine macro risk rather than utility stability.
The forward P/E of 8.43 implies the market expects earnings growth, but the discount to regional peers like TGS (12.8x) and CEPU (7.4x) indicates a risk premium for regulatory and currency volatility. With a PEG of 0.41, the valuation appears to underprice the growth optionality from Vaca Muerta, yet the lack of a dividend yield forces investors to rely on capital appreciation, which is unusual for a utility and may deter income-focused funds.
Earned ROE Volatile, Lagging Authorized
ROE swung from 0.7% in 2025Q3 to 18.7% in 2026Q2, per company reports, indicating that earned returns are inconsistent and often below the regulatory authorized level, reflecting tariff lag and non-cash gains.
The 10.9% trailing ROE is below the typical authorized ROE for Argentine utilities, which historically ranges from 12-15%, suggesting that PAM is not fully recovering its allowed return. The volatility, with ROE as low as 0.7% in 2025Q3, points to the impact of inflation-adjusted accounting and timing of tariff adjustments, which may obscure the underlying regulatory recovery. Investors should monitor whether the recent 18.7% ROE in 2026Q2 is sustainable or a one-off due to non-operating items.
Margins Reflect Pass-Through and Integration
Operating margin averaged 21.8% over the last four quarters, per financial statements, with gross margin stable near 31.5%, indicating that vertical integration into gas production helps mitigate fuel cost volatility, but regulatory pass-through remains critical.
The operating margin of 16.6% in the latest quarter is below the 25%+ seen in some quarters, suggesting that cost recovery is not always timely. The gap between gross margin (31.5%) and operating margin (16.6%) indicates that SG&A and regulatory taxes consume a significant portion of gross profit, which may be a structural drag. The stability of gross margin, despite fuel price swings, supports the view that internal gas production provides a natural hedge, but the volatility in operating margin highlights the risk of tariff freezes.
Minimal Leverage Provides Strategic Flexibility
Debt-to-capital stood at 3.89% in 2026Q2, per balance sheet data, with interest coverage of 6.0x, indicating a fortress balance sheet that can fund the Vaca Muerta expansion without straining credit metrics.
The reported debt-to-equity of 0.54% is exceptionally low for a utility, suggesting that PAM has significant borrowing capacity to finance its capex program, which is critical given the negative free cash flow in recent quarters. Interest coverage of 6.0x in 2026Q2, up from 3.1x in 2024Q3, reflects improving earnings and low debt levels, but the 2026Q2 spike in debt-to-capital to 3.89% may indicate a temporary drawdown for working capital. This conservative leverage provides a buffer against currency devaluation and rising interest rates, but investors should watch for any increase in debt as the pipeline expansion progresses.
No Dividend, All Reinvestment
PAM pays no dividend, as per reported data, with a payout ratio of 0%, allowing it to retain all earnings to fund its $193M quarterly capex, which is essential for rate base growth.
The absence of a dividend is unusual for a utility and signals that management is prioritizing growth over income, which may be appropriate given the high-return opportunities in Vaca Muerta. With OCF/Div coverage effectively infinite, dividend quality is not a concern, but income-focused investors may find the stock less attractive. The retained earnings have helped grow equity from $2.8B to $3.8B over the past year, supporting the balance sheet, but the lack of a payout means shareholders rely entirely on capital gains, which are subject to Argentine macro volatility.
Misapplied P/E Ignores Conglomerate Mix
Comparing PAM's P/E to pure-play utilities is misleading because its E&P and petrochemical segments, per segment data, have different risk-return profiles, and the low leverage may not be sustainable if capex accelerates.
The market often treats PAM as a regulated utility, but its diversified model—spanning generation, oil and gas, and petrochemicals—means that a simple P/E comparison to CEPU or TGS obscures the growth optionality and cyclicality of the non-regulated segments. Additionally, the reported debt-to-equity of 0.54% may be understated due to hyperinflation accounting, and the company's negative free cash flow suggests it will need to raise debt, which could increase leverage and alter the risk profile. Investors should use a sum-of-the-parts valuation or EV/EBITDA by segment to better capture the true value of PAM's assets.