NYSE : PAM
Pampa Energía S.A. — Financial statements
Industrials · Conglomerates · Argentina
Last price 72.65 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.16B
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Financial statements
Pampa Energía S.A. (PAM) reported revenue of 2.42B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.42B | 2.00B | 1.88B | 1.73B | 1.83B | 1.51B |
| Operations & Maintenance | 65.00M | 65.00M | 64.00M | 49.00M | 63.00M | 54.00M |
| Selling, General & Admin | 310.00M | 289.00M | 312.00M | 253.00M | 208.00M | 140.00M |
| Other Operating Expenses | 1.57B | 1.34B | 1.25B | 1.03B | 1.05B | 878.00M |
| Total Operating Expenses | 1.95B | 1.70B | 1.64B | 1.34B | 1.32B | 1.07B |
| Operating Income | 467.64M | 301.64M | 231.96M | 394.00M | 509.00M | 436.00M |
| Interest Expense | -176.00M | -189.00M | -180.00M | -356.00M | -216.00M | -178.00M |
| Interest Income | 33.00M | 59.00M | 82.00M | 75.00M | 32.00M | 37.00M |
| Net Interest Expense | -143.00M | -130.00M | -98.00M | -281.00M | -184.00M | -141.00M |
| Income (Loss) on Equity Investments | 214.00M | 142.00M | 146.00M | -2.00M | 105.00M | 100.00M |
| Currency Exchange Gain (Loss) | 19.00M | 29.00M | -11.00M | 123.00M | 80.00M | 3.00M |
| Other Non-Operating Income (Expenses) | 103.00M | 192.00M | 227.00M | 426.00M | 89.00M | -24.00M |
| EBT Excluding Unusual Items | 660.64M | 534.64M | 495.96M | 660.00M | 599.00M | 374.00M |
| Gain (Loss) on Sale of Investments | 34.00M | 9.00M | -9.00M | 17.00M | ||
| Gain (Loss) on Sale of Assets | 2.00M | 6.00M | 11.00M | -1.00M | 4.00M | 3.00M |
| Asset Writedown | 14.36M | 15.36M | -33.96M | -39.00M | -38.00M | -4.00M |
| Insurance Settlements | 12.00M | 21.00M | 7.00M | 1.00M | 3.00M | |
| Legal Settlements | -8.00M | 3.00M | -6.00M | -8.00M | -4.00M | -3.00M |
| Other Unusual Items | 2.00M | -10.00M | 1.00M | 29.00M | ||
| Pretax Income | 681.00M | 582.00M | 498.00M | 623.00M | 581.00M | 390.00M |
| Income Tax Expense | 106.00M | 204.00M | -121.00M | 318.00M | 124.00M | 77.00M |
| Earnings From Continuing Ops. | 575.00M | 378.00M | 619.00M | 305.00M | 457.00M | 313.00M |
| Earnings From Discontinued Ops. | -75.00M | |||||
| Net Income to Company | 575.00M | 378.00M | 619.00M | 305.00M | 457.00M | 238.00M |
| Minority Interest in Earnings | -5.00M | -1.00M | -3.00M | -1.00M | 35.00M | |
| Net Income | 570.00M | 377.00M | 619.00M | 302.00M | 456.00M | 273.00M |
| Net Income to Common | 570.00M | 377.00M | 619.00M | 302.00M | 456.00M | 273.00M |
| Shares Outstanding (Basic) | 1.36B | 1.36B | 1.36B | 1.37B | 1.38B | 1.41B |
| Shares Outstanding (Diluted) | 1.36B | 1.36B | 1.36B | 1.37B | 1.38B | 1.41B |
| EPS (Basic) | 0.42 | 0.28 | 0.46 | 0.22 | 0.33 | 0.19 |
| EPS (Diluted) | 0.42 | 0.28 | 0.46 | 0.22 | 0.33 | 0.19 |
| Free Cash Flow | -455.00M | -215.00M | -12.00M | -183.00M | 203.00M | 523.00M |
| Free Cash Flow Per Share | -0.34 | -0.16 | -0.01 | -0.13 | 0.15 | 0.37 |
| Profit Margin | 23.58% | 18.87% | 33.00% | 17.44% | 24.93% | 18.10% |
| Free Cash Flow Margin | -18.82% | -10.76% | -0.64% | -10.57% | 11.10% | 34.68% |
| EBITDA | 936.64M | 698.64M | 571.96M | 660.00M | 718.00M | 641.00M |
| EBITDA Margin | 38.75% | 34.97% | 30.49% | 38.11% | 39.26% | 42.51% |
| D&A For EBITDA | 469.00M | 397.00M | 340.00M | 266.00M | 209.00M | 205.00M |
| EBIT | 467.64M | 301.64M | 231.96M | 394.00M | 509.00M | 436.00M |
| EBIT Margin | 19.35% | 15.10% | 12.37% | 22.75% | 27.83% | 28.91% |
| Effective Tax Rate | 15.57% | 35.05% | 51.04% | 21.34% | 19.74% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 979.00M | 725.00M | 738.00M | 171.00M | 106.00M | 110.00M |
| Short-Term Investments | 80.00M | 105.00M | 8.00M | 5.00M | ||
| Trading Asset Securities | 302.00M | 366.00M | 850.00M | 559.00M | 586.00M | 458.00M |
| Accounts Receivable | 600.00M | 359.00M | 299.00M | 209.00M | 305.00M | 256.00M |
| Other Receivables | 112.00M | 95.00M | 56.00M | 53.00M | 124.00M | 101.00M |
| Inventory | 283.00M | 231.00M | 223.00M | 205.00M | 173.00M | 155.00M |
| Prepaid Expenses | 28.00M | 18.00M | 3.00M | 5.00M | 14.00M | 10.00M |
| Other Current Assets | 208.00M | 194.00M | 131.00M | 29.00M | 27.00M | 30.00M |
| Total Current Assets | 2.51B | 1.99B | 2.38B | 1.34B | 1.34B | 1.12B |
| Property, Plant & Equipment | 3.50B | 3.34B | 2.62B | 2.50B | 2.13B | 1.62B |
| Goodwill | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M | 35.00M |
| Other Intangible Assets | 52.00M | 54.00M | 60.00M | 61.00M | 103.00M | 3.00M |
| Long-Term Investments | 1.39B | 1.09B | 1.02B | 707.00M | 1.03B | 908.00M |
| Long-Term Deferred Tax Assets | 182.00M | 43.00M | 157.00M | 36.00M | 84.00M | |
| Long-Term Accounts Receivable | 22.00M | |||||
| Other Long-Term Assets | 56.00M | 43.00M | 75.00M | 82.00M | 64.00M | 87.00M |
| Total Assets | 7.75B | 6.59B | 6.34B | 4.72B | 4.74B | 3.86B |
| Accounts Payable | 312.00M | 343.00M | 219.00M | 201.00M | 212.00M | 169.00M |
| Accrued Expenses | 118.00M | 94.00M | 71.00M | 43.00M | 71.00M | 53.00M |
| Short-Term Debt | 31.00M | 59.00M | 11.00M | |||
| Current Portion of Long-Term Debt | 25.00M | 48.00M | 706.00M | 193.00M | 214.00M | 68.00M |
| Current Unearned Revenue | 2.00M | 13.00M | 14.00M | 9.00M | 3.00M | 4.00M |
| Current Portion of Leases | 17.00M | 21.00M | 4.00M | 4.00M | 2.00M | 4.00M |
| Current Income Taxes Payable | 124.00M | 83.00M | 257.00M | 17.00M | 5.00M | 20.00M |
| Other Current Liabilities | 92.00M | 37.00M | 31.00M | 23.00M | 65.00M | 13.00M |
| Total Current Liabilities | 690.00M | 639.00M | 1.30B | 521.00M | 631.00M | 342.00M |
| Long-Term Debt | 2.58B | 1.84B | 1.37B | 1.22B | 1.34B | 1.36B |
| Long-Term Leases | 10.00M | 15.00M | 11.00M | 14.00M | 10.00M | 9.00M |
| Pension & Post-Retirement Benefits | 29.00M | 26.00M | 30.00M | 16.00M | 28.00M | 24.00M |
| Long-Term Deferred Tax Liabilities | 46.00M | 56.00M | 49.00M | 297.00M | 112.00M | |
| Other Long-Term Liabilities | 359.00M | 409.00M | 285.00M | 237.00M | 337.00M | 336.00M |
| Total Liabilities | 3.71B | 2.99B | 3.05B | 2.31B | 2.46B | 2.07B |
| Common Stock | 35.00M | 36.00M | 36.00M | 36.00M | 36.00M | 36.00M |
| Additional Paid-In Capital | 517.00M | 516.00M | 516.00M | 516.00M | 516.00M | 516.00M |
| Retained Earnings | 3.19B | 2.78B | 2.43B | 1.69B | 1.48B | 1.00B |
| Treasury Stock | -6.00M | -54.00M | -7.00M | -7.00M | -23.00M | -7.00M |
| Comprehensive Income & Other | 287.00M | 316.00M | 311.00M | 173.00M | 273.00M | 240.00M |
| Total Common Equity | 4.03B | 3.60B | 3.29B | 2.40B | 2.28B | 1.78B |
| Minority Interest | 13.00M | 9.00M | 9.00M | 9.00M | 7.00M | 6.00M |
| Shareholders' Equity | 4.04B | 3.60B | 3.29B | 2.41B | 2.28B | 1.79B |
| Total Liabilities & Equity | 7.75B | 6.59B | 6.34B | 4.72B | 4.74B | 3.86B |
| Total Debt | 2.63B | 1.93B | 2.09B | 1.47B | 1.62B | 1.45B |
| Net Cash (Debt) | -1.35B | -837.00M | -426.00M | -631.00M | -925.00M | -878.00M |
| Net Cash Per Share | -0.99 | -0.62 | -0.31 | -0.46 | -0.67 | -0.62 |
| Filing Date Shares Outstanding | 1.32B | 1.36B | 1.36B | 1.36B | 1.38B | 1.38B |
| Total Common Shares Outstanding | 1.32B | 1.36B | 1.36B | 1.36B | 1.38B | 1.38B |
| Working Capital | 1.82B | 1.35B | 1.08B | 815.00M | 712.00M | 783.00M |
| Book Value Per Share | 3.04 | 2.64 | 2.42 | 1.77 | 1.65 | 1.29 |
| Tangible Book Value | 3.94B | 3.51B | 3.19B | 2.31B | 2.14B | 1.75B |
| Tangible Book Value Per Share | 2.98 | 2.58 | 2.35 | 1.70 | 1.55 | 1.26 |
| Land | 11.00M | 11.00M | 14.00M | 14.00M | 14.00M | 14.00M |
| Buildings | 178.00M | 178.00M | 204.00M | 144.00M | 143.00M | 140.00M |
| Machinery | 67.00M | 65.00M | 56.00M | 2.03B | 1.99B | 1.52B |
| Construction In Progress | 735.00M | 631.00M | 335.00M | 420.00M | 254.00M | 135.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 570.00M | 377.00M | 619.00M | 302.00M | 456.00M | 273.00M |
| Depreciation & Amortization | 497.00M | 414.00M | 342.00M | 267.00M | 212.00M | 205.00M |
| Loss (Gain) on Sale of Assets | -1.00M | -5.00M | -11.00M | 1.00M | -4.00M | -3.00M |
| Loss (Gain) on Sale of Investments | 17.00M | 21.00M | 22.00M | -9.00M | 13.00M | -18.00M |
| Loss (Gain) on Equity Investments | -214.00M | -142.00M | -146.00M | 2.00M | -105.00M | -100.00M |
| Asset Writedown | -3.00M | -12.00M | 41.00M | 49.00M | 52.00M | 5.00M |
| Change in Accounts Receivable | -290.00M | -100.00M | -411.00M | -151.00M | -233.00M | -41.00M |
| Change in Inventory | -46.00M | -13.00M | -20.00M | -35.00M | -21.00M | -40.00M |
| Change in Accounts Payable | 21.00M | 69.00M | 75.00M | 17.00M | 70.00M | 43.00M |
| Change in Income Taxes | -11.00M | 14.00M | 17.00M | 27.00M | 39.00M | -15.00M |
| Change in Other Net Operating Assets | -87.00M | 12.00M | 3.00M | 6.00M | 5.00M | -9.00M |
| Other Operating Activities | 159.00M | 143.00M | -96.00M | 99.00M | 135.00M | 313.00M |
| Net Cash from Discontinued Operations | 116.00M | |||||
| Operating Cash Flow | 612.00M | 778.00M | 435.00M | 575.00M | 619.00M | 729.00M |
| Capital Expenditures | -1.07B | -993.00M | -447.00M | -758.00M | -416.00M | -206.00M |
| Sale of Property, Plant & Equipment | 1.00M | 1.00M | ||||
| Cash Acquisitions | -1.00M | -1.00M | 23.00M | -1.00M | -111.00M | -17.00M |
| Sale (Purchase) of Intangibles | 6.00M | 9.00M | 20.00M | -10.00M | 1.00M | |
| Investment in Securities | 457.00M | 559.00M | 70.00M | 298.00M | -59.00M | -131.00M |
| Other Investing Activities | 26.00M | 25.00M | 9.00M | 10.00M | -148.00M | |
| Investing Cash Flow | -579.00M | -401.00M | -344.00M | -446.00M | -575.00M | -474.00M |
| Long-Term Debt Issued | 986.00M | 1.17B | 424.00M | 308.00M | 188.00M | |
| Long-Term Debt Repaid | -1.17B | -553.00M | -200.00M | -174.00M | -344.00M | |
| Lease Payments | -33.00M | -24.00M | -4.00M | -3.00M | -3.00M | -5.00M |
| Net Debt Issued (Repaid) | 961.00M | -181.00M | 621.00M | 224.00M | 134.00M | -156.00M |
| Repurchase of Common Stock | -47.00M | -47.00M | -18.00M | -39.00M | ||
| Common Dividends Paid | -1.00M | -1.00M | -1.00M | |||
| Other Financing Activities | -128.00M | -161.00M | -145.00M | -280.00M | -162.00M | -147.00M |
| Financing Cash Flow | 785.00M | -390.00M | 476.00M | -57.00M | -46.00M | -342.00M |
| Foreign Exchange Rate Adjustments | -7.00M | -2.00M | 4.00M | |||
| Miscellaneous Cash Flow Adjustments | 52.00M | |||||
| Net Cash Flow | 818.00M | -13.00M | 567.00M | 65.00M | -4.00M | -31.00M |
| Free Cash Flow | -455.00M | -215.00M | -12.00M | -183.00M | 203.00M | 523.00M |
| Free Cash Flow Margin | -18.82% | -10.76% | -0.64% | -10.57% | 11.10% | 34.68% |
| Free Cash Flow Per Share | -0.34 | -0.16 | -0.01 | -0.13 | 0.15 | 0.37 |
| Levered Free Cash Flow | -509.73M | -706.60M | 15.47M | -368.25M | -24.88M | 569.25M |
| Unlevered Free Cash Flow | -399.73M | -588.48M | 127.97M | -145.75M | 110.12M | 680.50M |
| Free Cash Flow After Leases | -488.00M | -239.00M | -16.00M | -186.00M | 200.00M | 518.00M |
| Cash Interest Paid | 128.00M | 161.00M | 145.00M | 280.00M | 162.00M | 140.00M |
| Cash Income Tax Paid | 18.00M | 18.00M | 2.00M | 13.00M | ||
| Change in Working Capital | -413.00M | -18.00M | -336.00M | -136.00M | -140.00M | -62.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.20B | 4.87B | 5.49B | 3.25B | 3.44B | 2.24B |
| Enterprise Value | 5.50B | 5.74B | 6.02B | 3.55B | 4.22B | 3.14B |
| PE Ratio | 7.15 | 12.92 | 8.87 | 10.76 | 7.54 | 8.20 |
| PS Ratio | 1.74 | 2.44 | 2.93 | 1.88 | 1.88 | 1.48 |
| PB Ratio | 1.04 | 1.35 | 1.67 | 1.35 | 1.50 | 1.25 |
| P/FCF Ratio | 16.93 | 4.28 | ||||
| P/OCF Ratio | 6.86 | 6.26 | 12.63 | 5.65 | 5.55 | 3.07 |
| EV/Sales Ratio | 2.28 | 2.87 | 3.21 | 2.05 | 2.31 | 2.08 |
| EV/EBITDA Ratio | 5.88 | 8.22 | 10.53 | 5.38 | 5.88 | 4.90 |
| EV/EBIT Ratio | 11.77 | 19.04 | 25.97 | 9.02 | 8.30 | 7.20 |
| EV/FCF Ratio | 20.81 | 6.00 | ||||
| Debt / Equity Ratio | 0.65 | 0.54 | 0.64 | 0.61 | 0.71 | 0.81 |
| Debt / EBITDA Ratio | 2.72 | 2.69 | 3.65 | 2.22 | 2.25 | 2.26 |
| Debt / FCF Ratio | 8.01 | 2.77 | ||||
| Net Debt / Equity Ratio | 0.33 | 0.23 | 0.13 | 0.26 | 0.41 | 0.49 |
| Net Debt / EBITDA Ratio | 1.44 | 1.20 | 0.74 | 0.96 | 1.29 | 1.37 |
| Net Debt / FCF Ratio | -2.96 | -3.89 | -35.50 | -3.45 | 4.56 | 1.68 |
| Quick Ratio | 2.89 | 2.42 | 1.55 | 2.11 | 1.79 | 2.72 |
| Current Ratio | 3.64 | 3.11 | 1.83 | 2.56 | 2.13 | 3.29 |
| Asset Turnover | 0.35 | 0.31 | 0.34 | 0.37 | 0.42 | 0.34 |
| Return on Equity (ROE) | 15.26% | 10.96% | 21.69% | 12.99% | 22.43% | 17.58% |
| Return on Assets (ROA) | 4.21% | 2.91% | 2.62% | 5.20% | 7.40% | 6.23% |
| Return on Capital Employed (ROCE) | 6.60% | 5.10% | 4.60% | 9.40% | 12.40% | 12.40% |
| Earnings Yield | 13.98% | 7.74% | 11.27% | 9.30% | 13.27% | 12.20% |
| FCF Yield | -10.85% | -4.42% | -0.22% | -5.63% | 5.91% | 23.37% |
| Payout Ratio | 0.27% | 0.33% | ||||
| Buyback Yield / Dilution | 0.33% | 0.44% | 1.09% | 1.71% | 10.62% |