Pampa Energia SA
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating business is carrying its weight and demonstrably growing — this is not a story without substance. What remains open is one material operating question: can the balance sheet carry the Rincón de Aranda capex peak until leverage declines again, and does Argentina's political reform window hold over the timeframe management has laid out? Both are plausibly set up (the RIGI approval, capex guided lower from 2027 onward) but not yet proven by results. Anyone investing should check every future report against two things: is the leverage ratio falling as guided, and does the deferred-tax effect stay a one-time story rather than a recurring one. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Pampa Energía is the story-versus-numbers trap in pure form: a real, volume-backed growth acceleration (oil output +145 percent in 2025, Q2 2026 revenue +53 percent) meets a balance sheet that pays a visible price for it — net debt nearly tripled, reported profit down in 2025 despite a better operating result, plus political dependence on a reform window the company's own annual report does not guarantee, and a state agency as the largest single shareholder. Not investment advice.
Operating growth
Real, volume-based growth: oil output rose 145 percent in 2025, and Rincón de Aranda reached an average of 22,200 barrels/day across 43 wells in Q2 2026 (a year earlier: 17). Revenue grew 53 percent year-over-year in Q2 2026, aided by power-market deregulation.
Earnings quality
Reported net income fell 39 percent in 2025 to $377 million despite a higher pre-tax result, because a deferred-tax effect swung from a credit to a charge (a roughly $325 million swing). The oil-and-gas segment posted a $55 million net loss in 2025 despite an operating gain — interest and hedging costs eat the operating improvement.
Leverage
Net debt nearly tripled from $491 million (end of 2024) to $1.3 billion (06/30/2026), leverage ratio from 12.97 to 18.18 percent. Per media reports on the earnings call, leverage is guided to rise further over the next two to three years to roughly two times EBITDA before declining.
Political & regulatory environment
Deregulation under President Milei and the RIGI incentive regime directly drive growth — but the company's own annual report explicitly warns that these reforms are not guaranteed to endure. Argentine inflation (2025: 31.5 percent) and peso devaluation remain structural sources of uncertainty.
Ownership & governance
Argentina's state pension agency, ANSES, holds 22.81 percent — more capital than the entire management control group combined (~21.85 percent) — a leftover of the 2008 pension-fund nationalization. No dividend. On the plus side: no dilution; the share count was recently reduced slightly through the cancellation of treasury shares.
Worth Noting
Pampa Energía surfaced through our in-house stock scanner "Revenue Accelerator" (rank 6 of 28 hits, as of August 24, 2026). The two most recent quarters land cleanly inside the required 30-to-70-percent growth band; among the four quarters before that, one single quarter (Q4 2025) sits slightly on either side of the 15 percent threshold depending on the data series used — the underlying pattern of an acceleration starting in early 2026 holds under both readings.
Foreign Private Issuer: Pampa files no 10-Q, but an annual report 20-F and quarterly/current reports 6-K. This analysis's data-origin formula reads accordingly "(20-F/6-K)."
Statements from the August 5, 2026 earnings call (capex guidance, leverage target, dividend statement) come from media reports (including Investing.com) and are labeled as such — not as a verbatim SEC quote, since Pampa does not file a full transcript with the SEC, only the slide presentation.
Not to be confused with: Pampa Energía (ticker PAM, an Argentine energy conglomerate) is a different company from the U.S. natural-gas producer Antero Resources or the Peruvian mining company Buenaventura — all three occasionally show up in the same sector screens.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at PAM since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 58.30 $ to 92.30 $ · Last price: 77.80 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Conglomerates
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Pampa Energia SA PAM | 4.2 | 6.7 | 6.9 | 33.5 | 25.6 | 6.5 | 18.9 |
| Honeywell International Inc HON | 128.5 | 16.2 | 6.8 | 36.5 | 21.0 | 7.9 | 5.6 |
| 3M Company MMM | 89.2 | 32.2 | 15.7 | 39.4 | 23.3 | 1.5 | 12.8 |
| Fujikura Ltd FJIKY | 53.0 | 53.3 | 34.0 | 31.0 | 26.1 | 20.7 | 76.9 |
| Toyota Tsusho Corp TYHOY | 51.2 | 21.6 | 10.7 | 10.9 | 5.2 | 1.2 | 78.7 |
| Valmont Industries Inc VMI | 9.1 | 25.2 | 14.5 | 30.4 | 15.0 | 0.7 | 29.1 |
| Brookfield Business Corp BBUC | 5.3 | – | 6.5 | 19.9 | – | 234.5 | -22.1 |
| Seaboard Corporation SEB | 3.8 | 6.7 | 4.7 | 8.1 | 4.0 | 7.1 | 7.8 |
| Otter Tail Corporation OTTR | 3.7 | – | 12.6 | 42.2 | 24.7 | -2.0 | 11.8 |
| Median of companies shown | 9.1 | 21.6 | 10.7 | 31.0 | 22.2 | 6.5 | 12.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,949 | 138 | -1 | -0.01 | 372 | 877 | 4,814 |
| 2017 | 2,619 | 528 | 240 | 117.43 | 557 | 1,046 | 5,433 |
| 2018 | 2,920 | 671 | 224 | 2.98 | 608 | 1,795 | 5,672 |
| 2019 | 2,836 | 505 | 692 | 9.62 | 630 | 2,409 | 5,684 |
| 2020 | 1,071 | 387 | 124 | 0.08 | 693 | 1,769 | 4,890 |
| 2021 | 1,508 | 579 | 273 | 4.86 | 729 | 1,791 | 3,861 |
| 2022 | 1,829 | 631 | 456 | 8.11 | 619 | 2,284 | 4,742 |
| 2023 | 513,727 | 120,409 | 34,488 | 25.25 | 177,099 | 1,950,696 | 3,817,196 |
| 2024 | 1,876 | 440 | 619 | 11.38 | 435 | 3,286 | 6,344 |
| 2025 | 1,998 | 332 | 377 | 6.93 | 685 | 3,605 | 6,611 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | 2.58 | -3.00 | 527 | 11.20 | 27.30 | 148 | 72 |
| 2024: Q4 | 1.94 | 204.90 | 535 | -99.70 | 28.10 | 138 | 43 |
| 2025: Q1 | 2.65 | 1,224.30 | 414 | 3.20 | 37.00 | 52 | -104 |
| 2025: Q2 | 0.81 | -54.20 | 486 | -2.80 | 8.20 | 57 | -224 |
| 2025: Q3 | 2.01 | -22.10 | 591 | 12.10 | 3.90 | 408 | 113 |
| 2025: Q4 | 3.00 | 54.60 | 507 | -5.30 | 31.80 | 274 | 27 |
| 2026: Q1 | 3.90 | 47.20 | 573 | 38.40 | 37.30 | -233 | -498 |
| 2026: Q2 | 3.21 | 296.30 | 746 | 53.50 | 23.10 | 214 | -39 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Momentum & Trend
Research
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 10.62 | 8.17 – 13.42 | 3,972,988 | 53.9% | 9 |
| 12/31/2027 | 11.74 | 8.49 – 15.70 | 4,530,300 | 10.5% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Pampa Energía ist ein argentinischer Öl-, Strom- und Petrochemie-Konzern; die durchsuchten SEC-Filings (Jahresbericht 20-F für 2025 sowie die Quartalsmitteilungen 6-K der letzten sechs Quartale) enthalten keine Aussage zu einem eigenen KI-Produkt, einer KI-Bedrohung für das Kerngeschäft oder einer wesentlichen operativen KI-Nutzung. Die einzigen KI-Erwähnungen im 20-F betreffen die Fachexpertise eines Aufsichtsratsmitglieds (generative KI, KI-Governance) und eine Regierungsinitiative zu KI-getriebenem Strombedarf für Rechenzentren — beides ohne Bezug zum operativen Geschäftsmodell von Pampa selbst.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 20-F 2026-04-09 · 6-K 2026-08-04 · 6-K 2026-05-06 · 6-K 2026-03-02 · 6-K 2025-11-04 · 6-K 2025-08-06
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 3.0%
- More than 10% revenue growth is expected for the coming year 58,043.9%
- Share count grows by less than 3% a year -1.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -7.7%
- Gross margin at 40% or higher and without meaningful erosion 31.5%
- Goodwill from acquisitions does not grow faster than revenue 0.5%
- Net debt below twice EBITDA 0.7 x EBITDA
- Operating cash flow covers the profits of the last three years 142,735 m
- Return on capital at 15% or higher, or up versus two years ago 5.6%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 0.3%
- Exp. sales growth 3Y > 5% 4,661.7%
- EBIT growth 10Y > 5% 10.2%
- Exp. EBIT growth 3Y > 5% 30.1%
- Net debt < 4x EBIT 2.5x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 99.7%
- Return on equity > 15% 10.7%
- ROCE > 15% 5.6%
- Expected return > 10% 21.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Mindlin Marcos Marcelo | Director | Buy | 500,000 | 3.44 | 1,720,000 |
| Aug 27, 2026 | Mindlin Marcos Marcelo | Director | Buy | 150,000 | 3.38 | 507,300 |
| Aug 21, 2026 | Mindlin Marcos Marcelo | Director | Buy | 675,000 | 3.38 | 2,278,800 |
| Aug 19, 2026 | Mindlin Marcos Marcelo | Director | Buy | 902,975 | 3.34 | 3,015,034 |
| Aug 18, 2026 | Mindlin Marcos Marcelo | Director | Buy | 396,950 | 3.35 | 1,327,798 |
| Apr 22, 2026 | Marcos Marcelo Mindlin | Director | Sell | 1,500,000 | 3.51 | 5,265,000 |
| Apr 20, 2026 | Marcos Marcelo Mindlin | Director | Sell | 1,250,000 | 3.43 | 4,287,500 |
The company
About the Company
Pampa Energía S.A. ist ein integriertes Energieunternehmen in Argentinien. Das Unternehmen ist in den Segmenten Oil and Gas, Generation, Petrochemicals sowie Holding, Transportation and Others tätig. Es erzeugt Strom durch Wärmekraftwerke, Wasserkraftwerke und Windparks mit einer installierten Kapazität von 5.472 Megawatt (MW). Das Unternehmen erkundet und fördert zudem Öl und Gas in den Provinzen Neuquén und Río Negro. Darüber hinaus produziert es Petrochemikalien wie Styrol, Synthesekautschuk und Polystyrol. Weiterhin betreibt und unterhält das Unternehmen ein 22.445 km langes Hochspannungsstromnetz in Argentinien. Zusätzlich hält es eine Konzession für den Transport von Erdgas mit 9.248 km Gaspipelines im Zentrum, Westen und Süden Argentiniens; und verarbeitet und verkauft Erdgasflüssigkeiten in Bahía Blanca in der Provinz Buenos Aires sowie bietet damit verbundene Beratungsdienstleistungen an. Pampa Energía S.A. hieß früher Pampa Holding S.A. und änderte seinen Namen im September 2008 in Pampa Energía S.A. Das Unternehmen wurde 1945 gegründet und hat seinen Sitz in Buenos Aires, Argentinien.
- Headquarters
- Buenos Aires, Argentina
- Address
- Pampa EnergIa Building, C1084ABA Buenos Aires, Argentina
- Phone
- 54 11 4344 6000
- Website
- ri.pampa.com/en
- IPO Date
- 10/09/2009
- ISIN
- US6976602077
Management
| Name | Title | Birth Year |
|---|---|---|
| Marcos Marcelo Mindlin | Chairman of the Board | 1964 |
| Gustavo Mariani CFA | CEO, Executive VP & Vice Chairman | 1970 |
| Adolfo Zuberbuhler | CFO & Executive Director of Finances | 1978 |
| Mauricio Leonardo Penta | Executive Director of Administration, IT & Supply | 1976 |
| Lida Wang | Head of Investor Relations & Sustainability | – |
| Maria Carolina Sigwald | Executive Director of Legal Affairs | 1967 |
| Mariana De La Fuente | Director of Human Resources | 1968 |
| Ricardo Alejandro Torres | Executive VP & Director | 1958 |
| Damian Miguel Mindlin | Executive VP & Director | 1966 |
| Horacio Jorge Tomas Turri | Executive Director of Exploration & Production | 1961 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.