Pampa Energía S.A.

NYSE:PAM Stock Report

Market Cap: US$5.0b

Pampa Energía Past Earnings Performance

Past criteria checks 1/6

Pampa Energía has been growing earnings at an average annual rate of 5.4%, while the Electric Utilities industry saw earnings growing at 6.1% annually. Revenues have been growing at an average rate of 7.5% per year. Pampa Energía's return on equity is 11.6%, and it has net margins of 20.3%.

Key information

5.45%

Earnings growth rate

6.63%

EPS growth rate

Electric Utilities Industry Growth6.28%
Revenue growth rate7.50%
Return on equity11.61%
Net Margin20.31%
Next Earnings Update04 Aug 2026

Recent past performance updates

Recent updates

Seeking Alpha • Apr 22

Pampa Energía: No New Catalysts, But Potential In Prices

Summary Pampa Energía is now rated a Buy, offering exposure to Argentina's energy sector amid shifting oil price dynamics. Despite recent oil price surges, PAM shares underperformed peers due to its diversified revenue mix, with significant weight in gas and electricity. Long-term oil price uncertainty persists, but PAM's profitability risk from sub-$60 crude has eased, given current geopolitical disruptions. Vaca Muerta investments remain attractive, and PAM's strong positioning in Argentina's energy infrastructure supports upside as sector momentum builds. Read the full article on Seeking Alpha
Seeking Alpha • Apr 15

Pampa Energia: Strategic Infrastructure With Latent Upside

Summary Pampa Energía, Argentina's leading energy firm, shows strong growth in electricity generation and gas production, with significant investments in Vaca Muerta and a new wind power project. Despite a 57% stock rally, Pampa remains undervalued with P/E FWD at 8.57x and EV/EBITDA FWD at 4.68x, indicating a repricing opportunity. Financial health is robust, with net debt at 0.6x EBITDA and a cash position of $1,670 MM, positioning it among the least leveraged utilities. With expected EPS growth of 135.5% and ROE projected to reach 81% by 2025, Pampa offers significant upside potential of 35%-60%. Read the full article on Seeking Alpha
Seeking Alpha • Feb 12

Pampa Energia: Great Company, But Fairly Valued

Summary Pampa Energía is Argentina's largest private energy company, focusing on power generation and gas production, with plans to double EBITDA by 2030. Despite strong management and growth potential, current valuation appears stretched, making the stock expensive compared to peers like YPF and Petrobras. Key constraints include fully utilized pipeline capacity and regulatory risks, though deregulation and new investments could enhance profitability and export opportunities. Recommended strategies include waiting for market corrections to buy below $70 or selling at-the-money Puts for a 20% to 25% annual return. Read the full article on Seeking Alpha
Seeking Alpha • Nov 26

Adding Pampa Energia To My Value Portfolio; Benefits From Macroeconomic Conditions

Summary I am adding Pampa Energia to my value portfolio due to its strong valuation and promising macroeconomic environment under Javier Milei's leadership in Argentina. PAM's diversified operations in energy, including significant holdings in the Vaca Muerta oil and gas field, offer stable revenues and growth potential. The company's financial health is solid, with $332.5M in cash equivalents and recent share buybacks indicating strong cash management. Primary risks include potential failure of Milei's economic program and fluctuations in commodity prices, particularly oil and gas. Read the full article on Seeking Alpha
Seeking Alpha • Mar 21

Pampa Energia's Q4 Decoded, Still A Hold

Summary Pampa Energia is an integrated Argentinian energy market player involved in natural gas, energy generation, and petrochemicals. The company's forecasted operating income ranges for each segment are still valid, but there is an increase in operating expenses that could impact profitability long-term. PAM's segments, including natural gas, generation, and petrochemicals, have limitations and are not expected to experience significant growth. Read the full article on Seeking Alpha
Seeking Alpha • Dec 07

Pampa Also Trades At Fair Value Waiting For The New President (Rating Downgrade)

Summary Pampa Energia is an Argentinian energy company involved in electricity generation, gas and oil extraction, and petrochemicals. The company's electricity generation segment has underperformed due to delays in peso adjustments, but its PPA contract generation is expected to remain profitable. PAM plans to enter the oil market to overcome capacity constraints in natural gas, but the success of this venture remains uncertain. A sum of parts valuations yields a conservative fair value at these levels, in expectance of regulations from the new Argentinian government. Read the full article on Seeking Alpha
Seeking Alpha • Oct 02

Pampa Energia: Ride This Stock Into The Argentinean Elections

Summary Ahead of another election cycle, Pampa Energia remains a safe and proven bet. Doubling down on unconventional plays via Vaca Muerta adds attractive long-term optionality to the portfolio. Investing in Argentina isn’t for the faint-hearted, but Pampa’s fundamental positives, along with the undemanding stock valuation, help the risk/reward. Read the full article on Seeking Alpha
Seeking Alpha • Nov 08

Pampa Energia GAAP EPADR of $3.23 beats by $2.48, revenue of $507M beats by $10.19M

Pampa Energia  press release (NYSE:PAM): Q3 GAAP EPADR of $3.23 beats by $2.48. Revenue of $507M (+16.6% Y/Y) beats by $10.19M. 5% Y/Y decrease in the Adjusted EBITDA, recording $246M in Q3 22.
Seeking Alpha • Jan 11

Pampa Energía Is An Interesting Speculative Play In The Argentinian Energy Sector

PAM is a consolidated energy company operating in gas and oil production, hydro, wind and thermal generation, gas and electricity transmission and petrochemicals. The whole industry is heavily regulated but different segments are allowed different levels of profitability. With many of its segments under heavy price strains from government decisions, the company managed to make $140 million in 2020. Prices have recovered in many of the company's segments, but PAM still trades at $1 billion market cap. Recovery in the lagging segments is not clear.

Revenue & Expenses Breakdown

How Pampa Energía makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:PAM Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 262,1574382960
31 Dec 251,9983772890
30 Sep 251,9263223370
30 Jun 251,8754453400
31 Mar 251,9765643230
31 Dec 241,8766193330
30 Sep 242,8156924090
30 Jun 242,4205933460
31 Mar 242,0285313370
31 Dec 231,7323022600
30 Sep 232,3396772820
30 Jun 232,1986532800
31 Mar 232,0205352380
31 Dec 221,8294562080
30 Sep 221,9494352020
30 Jun 221,8143601800
31 Mar 221,6464171600
31 Dec 211,5083481400
30 Sep 211,5804361440
30 Jun 211,3773731340
31 Mar 211,1882531260
31 Dec 201,0732251200
30 Sep 20596194750
30 Jun 208631971050
31 Mar 201,1623951260
31 Dec 191,3404951430
30 Sep 192,3337432530
30 Jun 192,8487263110
31 Mar 192,5781763030
31 Dec 181,436281690
30 Sep 183,1901063640
30 Jun 183,9363234680
31 Mar 184,9017665920
31 Dec 174,4066825870
30 Sep 172,4902153450
30 Jun 172,378963920
31 Mar 172,081603820
31 Dec 161,584-53190
30 Sep 161,316702990
30 Jun 168091371990
31 Mar 166611891750
31 Dec 155492371690
30 Sep 157411842020
30 Jun 157371971970

Quality Earnings: PAM has a high level of non-cash earnings.

Growing Profit Margin: PAM's current net profit margins (20.3%) are lower than last year (28.6%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: PAM's earnings have grown by 5.4% per year over the past 5 years.

Accelerating Growth: PAM's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PAM had negative earnings growth (-22.4%) over the past year, making it difficult to compare to the Electric Utilities industry average (8.8%).

Return on Equity

High ROE: PAM's Return on Equity (11.6%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/16 22:02
End of Day Share Price 2026/06/16 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pampa Energía S.A. is covered by 13 analysts. 10 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Matias CattaruzziAdCap Securities Argentina S.A.
Gustavo FariaBofA Global Research
Daniel GuardiolaBTG Pactual