Latest Ratios: P/E Ratio 11.4x · EV/EBITDA 7.6x · 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 | $4.5B | $4.8B | $4.8B | $2.7B | $1.8B | $1.2B | $866M | $1.2B | $2.5B | $5.3B | $2.4B |
| Enterprise Value | $5.7B | $6.0B | $6.1B | $4.0B | $3.3B | $2.5B | $2.4B | $2.9B | $4.5B | $8.8B | $4.1B |
| P/E Ratio → | 11.36 | 12.21 | 7.76 | 23.14 | 3.56 | 3.66 | 6.15 | 2.11 | 12.72 | 19.06 | — |
| P/S Ratio | 2.24 | 2.41 | 2.55 | 1.56 | 0.96 | 0.79 | 0.81 | 0.88 | 1.74 | 1.20 | 1.53 |
| P/B Ratio | 1.24 | 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 | 6.54 | 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 | 7.62 | 8.07 | 7.85 | 5.79 | 3.89 | 3.22 | 5.25 | 4.51 | 7.47 | 8.01 | 13.60 |
| EV / EBIT | 17.12 | 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 | 8.8% | 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 |
Regulatory and macro volatility
According to recent market data, Pampa Energía trades at a forward P/E of 8.61, which appears to reflect a significant discount relative to regional peers, likely due to the market's tendency to misclassify this integrated energy player as a traditional, slow-growth utility rather than a growth-oriented producer.
The current valuation suggests that investors are heavily discounting the company's Vaca Muerta shale gas expansion, treating the stock as a bond proxy despite its commodity-linked upside. This P/E compression may indicate that the market is waiting for clearer evidence of sustained tariff normalization before re-rating the stock toward its intrinsic growth potential.
Based on reported financial statements, Pampa Energía maintains a debt-to-capital ratio of 0.34 as of 2026Q1, a figure that appears exceptionally disciplined for a capital-intensive utility and provides the firm with significant financial insulation against the volatile macroeconomic environment currently characterizing the Argentine energy sector.
This low leverage profile suggests that the company is well-positioned to fund its ongoing infrastructure projects without resorting to dilutive equity financing. Investors should monitor whether this balance sheet strength is maintained as the company continues to deploy capital into high-growth shale gas assets.
As reported in comparative financial data, Pampa Energía’s diversified model results in a valuation profile that differs from pure-play peers like Central Puerto, with the company's integrated wellhead-to-wire model creating a unique competitive moat that is often overlooked by analysts focusing solely on headline generation margins.
While peers like Central Puerto may show higher short-term ROE, Pampa's vertical integration provides a structural hedge against fuel price volatility that pure-play generators lack. This suggests that the conglomerate discount currently applied to the stock may be an analytical oversight rather than a reflection of fundamental operational weakness.
Analysis of the company's financial reporting suggests that the P/E ratio is the most commonly misapplied metric for Pampa Energía, as it fails to account for the significant non-cash gains and hyperinflationary accounting adjustments under IAS 29 that frequently distort the company's reported net income figures.
Investors should prioritize EV/EBITDA or cash-flow-based metrics over P/E to better capture the underlying operational performance of the E&P and generation segments. Relying on standard utility P/E ratios obscures the true earnings power of the company by conflating core utility operations with volatile commodity-linked gains and inflationary accounting noise.
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 11.4x. 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 7.6x. 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 11.4x. 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.