Pampa Energia SA ADR logo

Pampa Energia SA ADR(PAM)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL RECENCY
1-STAR RATING
Consider higher Upturn Star rating
BUY for 4 days
PROFIT SINCE LAST BUY
-1.85%
LAST CLOSE
$86.81
09/15/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Advisory Performance History (Simulated)Advisory Performance History info

Upturn Advisory & Investor View for PAM

09/15/2026: PAM (1-star) has a low Upturn Star Rating. Not recommended to BUY.

Pampa Energia is a vertically integrated Argentine energy company operating primarily in electricity generation and the exploration and production of oil and gas. Its main strength lies in its ability to connect shale assets in Vaca Muerta with its power generation business, creating a resilient operational model. The primary growth opportunity centers on expanding energy export capacity to regional markets. However, the stock is heavily exposed to significant macroeconomic, regulatory, and political risks inherent in Argentina, which drives high volatility. It is best suited for growth-oriented investors with a high risk tolerance who are looking for exposure to Latin American energy assets, and should be monitored for shifts in local energy policy.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitOffers growth potential via Vaca Muerta, but growth is tied to the volatile Argentine macroeconomic environment.
Momentum investorStrong fit while signal remains positiveThe stock frequently responds to positive changes in Argentine political and economic sentiment.
Value investorStrong fitThe company often trades at low valuation multiples compared to international energy peers due to country risk.
Dividend investorWeak fitDividend payments are irregular, with capital mostly diverted to reinvestment.
Low-risk investorWeak fitHigh exposure to sovereign, currency, and regulatory volatility makes this a high-risk asset.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighThe stock experiences significant price swings based on Argentine political news.
Valuation riskMediumWhile valuations appear low, they are often a direct reflection of underlying country risk.
Competition risk (Energy sector)MediumCompetition for licenses and market share in Argentina remains intense with state-linked giants.
Business qualityMedium / highThe company operates high-quality physical assets but is constrained by local economic conditions.
Dividend incomeLowCapital is prioritized for growth projects rather than consistent income distribution.
Execution riskMediumSuccessful ramp-up of Vaca Muerta assets requires consistent access to capital and stable regulation.

Price Behavior

Flat / Range-Bound
PRICE PATH

Flat / Range-Bound

The stock price has been trading within a narrow range with minimal directional movement.

Smooth
PRICE STABILITY

Smooth

The stock has moved along a generally orderly path with only modest fluctuations.

Analysis of Past Performance

Type Stock
Historic Profit -2.91%
Avg. Invested days 38
Today’s Advisory Consider higher Upturn Star rating
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Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/15/2026

Upturn Scorecard

Upturn Star Rating

PAM receives a 3-star rating, supported by solid quantitative characteristics, and solid analyst coverage. The rating is constrained by soft unit economics, and weak price momentum.

Company Fundamentals

PAM has moderate overall fundamentals (3 stars), with moderate financial health, soft growth momentum, and soft ownership. In FY2025 versus FY2024, solid profitability (net margin 18.9%) is partially offset by negative earnings growth (-39.1%), soft cash generation (FCF margin -14.2%), moderate revenue growth (+6.5%).

Financial Health Rating

PAM's financial health is supported by solid profitability, including gross margin of 31.5% and operating margin of 16.6%. Cash strength is moderate (3 stars), which helps explain the 3-star overall score.

Growth Momentum Score

Revenue growth is PAM's strongest growth driver at +6.5% FY2025 versus FY2024 (moderate, 3 stars). By comparison, while earnings growth (-39.1%, negative) and free-cash-flow growth (-2259.7%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

Institutional ownership is 10.1% and approximately 46.0% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership is only 0.01%, which materially reduces the ownership score.

Top 5 Institutional Investors

SPX Gestao de Recursos Ltda 1.02%
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.82%
Ping Capital Management, Inc. 0.69%
Morgan Stanley - Brokerage Accounts 0.62%
PointState Capital LP 0.51%

Unit Economics (Per $1K Revenue)

PAM generates approximately $315 of gross profit, $166 of operating income, and $-142 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

Effective Tax Rate: 35.05%

Quantitative Style Profile

PAM has a high-quality, relatively low-volatility profile. Weak momentum is the primary drawback.

Style Classification

Quality Focused

Value-OrientedQuality TiltLow VolatilitySmall / Mid Cap Risk

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 4.66B USD
Price to earnings Ratio 7.88
1Y Target Price 121.09
Price to earnings Ratio 7.88
1Y Target Price 121.09
Volume (30-day avg) 183.3K shares
Beta -0.24
52 Weeks Range 54.95 - 94.50
Updated Date 09/15/2026
52 Weeks Range 54.95 - 94.50
Updated Date 09/15/2026
Dividends yield (FY) -
Basic EPS (TTM) 11

How Company Makes Money

Business areaWhat it includesRetail investor read
Electricity GenerationThermal, wind, and hydro assets providing power to the grid.This is a core, stable cash-flow business.
Oil and Gas ProductionExploration and development of shale resources in Vaca Muerta.This represents the primary growth engine for the firm.
Geography: ArgentinaAll operations are concentrated in the Argentine market.Performance is tied directly to the health of Argentina's economy.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

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Valuation

Trailing PE 7.88
Forward PE 6.68
Enterprise Value 6.21B
Price to Sales(TTM) 1.92
Enterprise Value 6.21B
Price to Sales(TTM) 1.92
Enterprise Value to Revenue 2.57
Enterprise Value to EBITDA 7.22
Shares Outstanding 53.74M
Shares Floating 24.73M
Shares Outstanding 53.74M
Shares Floating 24.73M
Percent Insiders 0.01
Percent Institutions 10.08

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Pampa Energia SA ADR

Exchange NYSE
Headquarters -
IPO Launch date 2009-10-09
CEO, Executive VP & Vice Chairman Mr. Gustavo Mariani CFA
Sector Industrials
Industry Conglomerates
Full time employees -
Full time employees -

Pampa Energía S.A. operates as an integrated power company in Argentina. The company operates through Oil and Gas; Generation; Petrochemicals; and Holding, Transportation and Others segments. It generates electricity through thermal plants, hydroelectric plants, and wind farms with a 5,472 megawatt (MW) installed capacity. The company also explores for and produces oil and gas in the provinces of Neuquén and Río Negro. In addition, it produces petrochemicals, such as styrene, synthetic rubber, and polystyrene. Further, the company operates and maintains a 22,445 km high-voltage electricity transmission network in Argentina. Additionally, it holds a concession for the transportation of natural gas with 9,248 km of gas pipelines in the center, west, and south of Argentina; and processes and sells natural gas liquids in Bahía Blanca in the Province of Buenos Aires, as well as offers related advisory services. Pampa Energía S.A. was formerly known as Pampa Holding S.A. and changed its name to Pampa Energía S.A. in September 2008. The company was incorporated in 1945 and is based in Buenos Aires, Argentina.