Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 6.7x · ROE 18.3%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $4.7B | $4.4B | $2.3B | $1.8B | $668M | $793M | $1.1B |
| Enterprise Value | $4.9B | $873.3B | $472.6B | $906.1B | $281.4B | $94.5B | $60.0B | $33.5B |
| P/E Ratio → | 13.16 | 0.01 | 0.01 | 0.10 | 0.05 | 0.03 | 0.24 | 0.09 |
| P/S Ratio | 3.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 |
| P/B Ratio | 2.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 |
| P/FCF | 23.91 | 0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.01 | — |
| P/OCF | 10.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.04 |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.44 | 0.39 | 0.94 | 0.26 | 0.18 | 0.37 | 0.34 |
| EV / EBITDA | 6.67 | 0.80 | 0.68 | 2.35 | 0.58 | 0.36 | 0.76 | 0.70 |
| EV / EBIT | 8.49 | 1.01 | 0.74 | 6.10 | 0.74 | 0.41 | 1.85 | 0.86 |
| EV / FCF | — | 3.24 | 2.43 | 7.64 | 4.11 | 0.75 | 0.98 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 53.6% | 53.6% | 52.3% | 35.9% | 39.6% | 45.1% | 50.4% | 49.6% |
| Operating Margin | 43.3% | 43.3% | 46.4% | 26.2% | 33.0% | 39.3% | 37.2% | 40.9% |
| Net Profit Margin | 24.7% | 24.7% | 30.7% | 5.3% | 20.3% | 24.1% | 5.9% | 26.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 18.3% | 18.3% | 18.1% | 3.8% | 41.1% | 75.9% | 11.7% | 40.2% |
| ROA | 11.1% | 11.1% | 11.0% | 2.2% | 26.0% | 42.3% | 6.0% | 20.2% |
| ROIC | 19.3% | 19.3% | 15.4% | 9.8% | 37.0% | 63.6% | 35.5% | 31.1% |
| ROCE | 21.5% | 21.5% | 18.4% | 11.8% | 44.9% | 75.5% | 40.3% | 34.0% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.24 | 0.49 | 0.35 | 0.44 | 0.66 | 0.70 |
| Debt / EBITDA | 1.53 | 1.53 | 0.77 | 2.38 | 0.59 | 0.39 | 0.84 | 0.95 |
| Net Debt / Equity | — | 0.28 | 0.21 | 0.49 | 0.34 | 0.40 | 0.59 | 0.50 |
| Net Debt / EBITDA | 0.79 | 0.79 | 0.68 | 2.34 | 0.57 | 0.35 | 0.75 | 0.67 |
| Debt / FCF | — | 3.22 | 2.41 | 7.62 | 4.08 | 0.75 | 0.97 | — |
| Interest Coverage | 8.34 | 8.34 | 11.45 | 2.77 | 8.26 | 8.54 | 678.97 | 103.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.00 | 5.00 | 2.73 | 3.56 | 3.65 | 1.75 | 1.95 | 2.63 |
| Quick Ratio | 4.56 | 4.56 | 2.72 | 3.49 | 3.56 | 1.69 | 1.88 | 2.59 |
| Cash Ratio | 4.04 | 4.04 | 2.16 | 2.76 | 1.99 | 0.87 | 0.84 | 1.36 |
| Asset Turnover | — | 0.37 | 0.36 | 0.29 | 0.84 | 1.30 | 0.84 | 0.76 |
| Inventory Turnover | 4.71 | 4.71 | 156.97 | 37.13 | 114.07 | 126.90 | 93.96 | 119.60 |
| Days Sales Outstanding | — | 40.40 | 51.64 | 53.82 | 24.52 | 17.80 | 23.71 | 41.39 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 100.0% | — | — | — | — | 0.0% | 100.0% |
| Payout Ratio | 54.9% | 54.9% | — | — | — | — | 0.0% | 76.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 10454.3% | 8400.1% | 1035.1% | 1819.1% | 3131.8% | 414.4% | 1150.6% |
| FCF Yield | 4.2% | 5754.8% | 4410.5% | 5222.9% | 3857.9% | 18741.1% | 7692.7% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Total Shareholder Yield | 4.2% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% |
| Shares Outstanding | — | $151M | $151M | $151M | $151M | $151M | $152M | $155M |
Regulatory and Macroeconomic Volatility
Based on current market data, TGS trades at an EV/EBITDA of 6.83x, which appears significantly discounted compared to global midstream peers like Williams Companies or Kinder Morgan, suggesting that investors are applying a substantial country-risk premium rather than pricing the company based on its underlying infrastructure utility.
The low P/E and EV/EBITDA multiples relative to international peers indicate that the market is heavily discounting the company's earnings due to Argentine sovereign risk. This valuation gap suggests that any stabilization in the local regulatory environment or a reduction in the FX gap could lead to a significant re-rating of the stock as the market begins to value the Vaca Muerta midstream growth potential.
According to reported financial statements, TGS's ROIC has fluctuated between 2.3% and 6.9% over the last ten quarters, reflecting the difficulty of compounding returns on invested capital in a hyperinflationary environment where asset restatements frequently distort the denominator of the return calculation.
The volatility in ROIC highlights the challenge of maintaining consistent capital efficiency when the regulatory framework for tariffs often lags behind the inflationary cost of maintaining the pipeline network. Investors should monitor whether the shift toward unregulated midstream services at the Tratayén plant can sustainably lift these returns above the company's cost of capital in real terms.
As reported in recent filings, the cash conversion cycle has shown significant volatility, ranging from 2 to 54 days over the past ten quarters, which underscores the company's sensitivity to payment timing from distributors and the broader liquidity constraints within the Argentine energy sector.
The fluctuation in DSO and CCC suggests that TGS faces periodic challenges in collecting receivables, which is a common operational hurdle for utilities operating in high-inflation economies. While the current liquidity position is strong, the efficiency of working capital remains highly dependent on the government's ability to maintain timely tariff payments to the distribution network.
The most commonly misapplied metric for TGS is the standard P/E ratio, which fails to account for the significant non-cash accounting gains and losses mandated by IAS 29, thereby obscuring the company's true operational earning power and its ability to generate hard currency through NGL exports.
Analysts should prioritize EV/EBITDA or cash-flow-based metrics over P/E, as the latter is heavily distorted by the restatement of non-monetary assets in a hyperinflationary environment. Relying on P/E risks misinterpreting the company's valuation by conflating accounting noise with actual operational performance, particularly given the distinct revenue profiles of the regulated transportation and unregulated midstream segments.
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Quick answers to the most common questions about buying TGS stock.
Transportadora de Gas del Sur S.A.'s current P/E ratio is 13.2x. The historical average is 0.1x. This places it at the 100th percentile of its historical range.
Transportadora de Gas del Sur S.A.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.9x.
Transportadora de Gas del Sur S.A.'s return on equity (ROE) is 18.3%. The historical average is 29.9%.
Based on historical data, Transportadora de Gas del Sur S.A. is trading at a P/E of 13.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Transportadora de Gas del Sur S.A.'s current dividend yield is 4.18% with a payout ratio of 54.9%.
Transportadora de Gas del Sur S.A. has 53.6% gross margin and 43.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Transportadora de Gas del Sur S.A.'s Debt/EBITDA ratio is 1.5x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.