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EDN

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima

EDN

Empresa Distribuidora y Comercializadora Norte Sociedad Anónima • NYSE
$34.75 ▲ 1.25% (+0.43)
Market Cap $1.52 B
52w High $51.69
52w Low $14.38
Dividend Yield 0%
P/E 22.13
Volume 94.63K
Outstanding Shares 43.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $740.837B ▲ $137.701B ▲ $40.638B ▼ 5.485% ▼ $928.2 ▼ $152.151B ▼
Q2-2025 $622.989B ▼ $103.553B ▼ $92.934B ▲ 14.917% ▲ $2.192K ▲ $248.172B ▲
Q1-2025 $638.535B ▲ $108.309B ▲ $35.911B ▼ 5.624% ▼ $828.4 ▼ $133.608B ▲
Q4-2024 $630.489B ▲ $88.991B ▼ $37.059B ▼ 5.878% ▼ $872.4 ▼ $64.519B ▼
Q3-2024 $555.788B $95.271B $114.438B 20.59% $2.682K $266.968B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $387.477B ▲ $4.664T ▲ $2.799T ▲ $1.866T ▲
Q1-2025 $372.403B ▼ $4.342T ▲ $2.67T ▲ $1.672T ▲
Q4-2024 $397.468B ▲ $3.98T ▲ $2.473T ▲ $1.507T ▲
Q3-2024 $253.026B ▲ $3.505T ▲ $2.386T ▲ $1.12T ▲
Q2-2024 $177.025B $2.987T $2.091T $896.498B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $95.093B ▲ $33.451B ▼ $-6.799B ▲ $-16.319B ▲ $8.737B ▼ $-45.518B ▼
Q1-2025 $35.911B ▼ $74.465B ▼ $-31.547B ▲ $-17.72B ▼ $25.692B ▲ $74.465B ▲
Q4-2024 $37.059B ▼ $113.461B ▲ $-215.15B ▼ $98.374B ▲ $1.309B ▲ $-13.688B ▲
Q3-2024 $127.489B ▲ $60.176B ▲ $-161.523B ▼ $91.402B ▲ $-7.876B ▲ $-46.302B ▼
Q2-2024 $56.713B $44.271B $-100.098B $1.96B $-50.191B $-39.364B

Five-Year Company Overview

Income Statement

Income Statement Edenor’s income statement shows a clear turnaround story. After several years of operating losses and only thin profits, the company has moved into solid profitability, with both operating earnings and net income improving sharply in the latest year. Revenue has grown very strongly, and profit margins have widened, suggesting that tariffs, cost controls, and scale are finally lining up more favorably. At the same time, the path over the past few years has been very volatile, reflecting Argentina’s high inflation, currency swings, and regulatory changes, so investors should view the recent strength as encouraging but not yet “smooth and stable.”

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and shareholders’ equity both growing strongly over the period. Debt levels have risen but remain well below total equity, indicating a capital structure that is leveraged but not extreme for a utility. Cash on hand is relatively low versus the size of the business, which is common in regulated utilities but does mean reliance on ongoing cash generation and financing access. The big step-up in asset values in recent years is likely influenced by inflation-driven revaluations and heavy infrastructure spending, so headline growth in assets should be interpreted in that context. Overall, the balance sheet looks stronger than a few years ago, but also more exposed to Argentina’s financial conditions.

Cash Flow

Cash Flow Operating cash flow has improved steadily and is now comfortably positive, which supports the view that the underlying business is healthier. However, free cash flow has turned negative in the most recent years because the company is investing heavily in its network and technology. This pattern—good operating cash inflow but negative free cash flow—is typical of a utility in a heavy investment cycle. It suggests that Edenor is prioritizing long-term grid upgrades and digitalization, but it also means continued dependence on external funding or regulatory support to cover that investment. The key question is whether future tariff and volume trends will be sufficient to pay back this surge in spending over time.

Competitive Edge

Competitive Edge Edenor holds a very strong position in its home market, with a long-term concession to distribute electricity in a densely populated part of Greater Buenos Aires. This regulated monopoly status gives it a large, relatively captive customer base and high barriers to entry for would-be rivals. Its early investments in smart grid technology, remote monitoring, and digital platforms help improve service quality and create an additional moat based on operational know‑how and infrastructure depth. On the risk side, dependence on a single country with a volatile economy and a heavy regulatory hand means earnings are closely tied to government decisions on tariffs and rules. The company’s competitive strength is therefore clear, but it is tightly bound to Argentina’s political and economic cycles.

Innovation and R&D

Innovation and R&D Edenor is unusually active on the innovation front for a regulated utility. It has rolled out a comprehensive digital platform, smart meters, remote grid control, and a WhatsApp-based virtual assistant, all aimed at reducing outages, cutting costs, and improving customer service. The prepaid “MIDE” meters for low‑income customers are a notable social and commercial innovation, helping with both inclusion and payment discipline. The company is also positioning itself for the energy transition, exploring renewable integration, smart‑grid data analytics, and future electric‑vehicle charging infrastructure. The main uncertainty is how quickly these innovations can translate into financial rewards within Argentina’s regulated framework, but they do strengthen Edenor’s capabilities and differentiation.

Summary

Overall, Edenor looks like a utility that has moved from a period of financial stress and regulatory pressure into a phase of recovery and heavy reinvestment. Profitability and operating cash flow have improved markedly, supported by strong revenue growth and better margins, while the balance sheet has grown in size and resilience, albeit with more debt. The company’s exclusive concession area, scale, and advanced grid and digital investments give it a strong competitive footing that would be difficult to replicate. At the same time, negative free cash flow, rising leverage, and dependence on Argentina’s economic and regulatory environment remain key risks. The story is one of a strategically important, technologically advanced distributor with improving fundamentals but meaningful exposure to macro and policy uncertainty.