Pampa Energy Inc. (PAM)

Price$80.34Cached quoteAs of 2026-10-10 01:46 UTC

AI: Undervalued

Price checkThe shares look undervalued because current earnings and assets support a higher value than the market implies.

Using the latest quote, Pampa’s equity is worth about $4.75 billion. Trailing shareholder profit is roughly $570 million, so the shares trade near eight times recent earnings. Adding June net debt of $1.32 billion gives an enterprise value—equity value plus net debt—near $6.1 billion, about 4.7 times trailing adjusted operating profit before financing, tax, depreciation and certain adjustments. Book value—shareholders’ assets minus liabilities—is about $4.0 billion. Those are low multiples while second-quarter sales rose 53% and adjusted profit rose 75%.

Big pictureProfit is improving, but heavy investment means reported earnings are not yet turning into spare cash.

Profit has been volatile but recently stronger. The supplied history shows shareholder profit of $619 million in 2024 after $305 million in 2023 and a 2020 loss. Yet free cash flow—cash left after operations and property investment—has been weak during the buildout: 2024 operating cash of $435 million roughly matched $447 million of property spending; 2025 produced $778 million but spent $993 million; first-half 2026 operating cash was negative $19 million against $518 million of property spending. Growth is real, but cash durability remains unproven.

Business strengthPampa has diversified energy assets, manageable debt, and a long record of shrinking its share count.

Pampa combines power, oil and gas, petrochemicals, transmission exposure, and growing exports. It operates about 12% of Argentina’s generation capacity, while oil-and-gas output reached a record 107.5 thousand barrels of oil equivalent per day in the second quarter. June net debt of $1.32 billion is around one year of trailing adjusted operating profit, and average debt cost was 7.3% with 7.7 years of average life. Share count fell from about 1.68 billion in 2019 to 1.34 billion by June 2026, so past capital allocation has reduced dilution.

What could change the storyThe upside depends on growth projects earning strong returns without letting debt and cash needs overwhelm shareholders.

The bull case is that Rincón de Aranda keeps lifting oil exports and the new power rules sustain better generation margins. Its approved plan calls for $4.52 billion of investment through 2041 and targets about $17 billion of lifetime exports. The bear case is funding pressure: the $2.7 billion urea plant is Pampa’s largest investment ever, June net debt was already $518 million above December, and first-half cash generation was weak. Formal incentive approvals and financing still matter for urea. If project returns disappoint, today’s low earnings multiple could be justified rather than cheap.

AI: News

Urea plant approvedPampa committed to its largest project, trading near-term cash pressure for a major new fertilizer business.

On July 17, Pampa approved a $2.7 billion urea plant in Bahía Blanca with capacity for 2.1 million tons a year and expected completion in about 41 months. Natural gas and electricity represent roughly 70% of production costs and would be supplied mainly by Pampa, creating vertical-integration upside. The project still depends on key incentive approvals. The shares rose only slightly that day and about 2.6% the next session; timing alone does not prove the project caused the move.

Rincón de Aranda approvalGovernment incentives lowered the project’s tax and currency risk while supporting a large export-growth plan.

On July 21, Argentina approved Rincón de Aranda under the large-investment incentive regime. The plan covers 259 wells, facilities for 45,000 barrels of oil per day, and about $4.52 billion of investment through 2041. Pampa expects all project crude to be exported, with roughly $17 billion of lifetime export revenue. The shares gained about 3.9% that day. The timing is supportive, but broader moves in Argentine assets may also have contributed.

Second-quarter earnings surgeSecond-quarter results showed faster growth, but debt and investment needs kept the market cautious.

On August 4, Pampa reported second-quarter sales of $746 million, up 53% year over year, adjusted operating profit of $415 million, up 75%, and shareholder profit of $172 million versus $40 million a year earlier. Oil-and-gas output reached 107.5 thousand barrels of oil equivalent per day, up 28%. June net debt rose to $1.32 billion from $801 million in December. The shares fell about 1.1% the next session; higher spending is a plausible concern, but the price move alone does not prove causation.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$2.00B	$1.88B	$1.73B	$1.83B	$1.51B	$1.07B	$1.34B	$1.44B	$2.17B	—	—
Gross profit	$629.0M	$597.0M	$625.0M	$690.0M	$557.0M	$410.0M	$529.0M	$605.0M	$601.0M	—	—
Gross margin	31.48%	31.82%	36.09%	37.73%	36.94%	38.21%	39.48%	42.13%	27.63%	—	—
Operating expenses	$297.0M	$157.0M	$201.0M	$59.0M	—	$167.0M	$67.0M	—	$233.0M	—	—
Operating income	$332.0M	$440.0M	$424.0M	$631.0M	$579.0M	$243.0M	$462.0M	$618.0M	$368.0M	—	—
Operating margin	16.62%	23.45%	24.48%	34.50%	38.40%	22.65%	34.48%	43.04%	16.92%	—	—
EBITDA	$1.19B	$782.0M	$691.0M	$843.0M	$784.0M	$448.0M	$648.0M	$783.0M	$573.0M	—	—
EBITDA margin	59.31%	41.68%	39.90%	46.09%	51.99%	41.75%	48.36%	54.53%	26.34%	—	—
Net income	$377.0M	$619.0M	$305.0M	$457.0M	$238.0M	−$468.0M	$800.0M	$287.0M	$378.0M	—	—
Net profit margin	18.87%	33.00%	17.61%	24.99%	15.78%	−43.62%	59.70%	19.99%	17.38%	—	—
Basic EPSper basic share	$7.00	$0.46	$0.22	$0.33	$0.19	-$0.23	$0.38	$4.31	$5.61	—	—
Diluted EPSper diluted share	$7.00	$0.46	$0.22	$0.33	$0.19	-$9.18	$14.42	$4.31	$5.61	—	—

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$9.73M disclosed value

Sells (SEC code S)13$37.24M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4	Mindlin Marcos MarceloDirector,TenPercentOwner	BuyCammon Stock	287.9K	$3.37	$970.3K	23.06M
Jun 25, 2026Form 4	Mindlin Marcos MarceloDirector,TenPercentOwner	BuyCammon Stock	383.6K	$3.37	$1.29M	22.77M
Jun 24, 2026Form 4	Mindlin Marcos MarceloDirector,TenPercentOwner	BuyCammon Stock	739.2K	$3.36	$2.48M	22.39M
Jun 3, 2026Form 4	Mindlin Damian MiguelVicepresident	SellCammon Stock	555.0K	$3.55	$1.97M	12.54M
Jun 1, 2026Form 4	Mindlin Damian MiguelVicepresident	SellCammon Stock	814.0K	$3.69	$3.00M	13.10M

Review ownership filings at SEC.gov ↗

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Pampa Energy Inc. (PAM)

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