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TGS

Transportadora de Gas del Sur S.A.

TGS

Transportadora de Gas del Sur S.A. • NYSE
$31.30 ▲ 2.62% (+0.80)
Market Cap $4.71 B
52w High $34.37
52w Low $19.74
Dividend Yield 0.93%
P/E 19.44
Volume 127.29K
Outstanding Shares 150.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $426.519B ▲ $50.373B ▼ $112.059B ▲ 26.273% ▲ $744.3 ▲ $224.905B ▲
Q2-2025 $343.012B ▲ $55.811B ▲ $40.278B ▼ 11.742% ▼ $267.55 ▼ $127.279B ▼
Q1-2025 $320.991B ▼ $43.016B ▲ $107.351B ▼ 33.444% ▼ $713.05 ▼ $212.499B ▼
Q4-2024 $413.753B ▲ $1.374B ▼ $147.644B ▲ 35.684% ▲ $1.011K ▲ $219.034B ▲
Q3-2024 $251.808B $20.746B $52.188B 20.725% $346.65 $106.793B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $875.354B ▲ $4.105T ▲ $1.32T ▲ $2.785T ▲
Q2-2025 $676.205B ▼ $3.71T ▼ $1.182T ▼ $2.528T ▼
Q1-2025 $955.75B ▲ $3.747T ▲ $1.214T ▲ $2.532T ▲
Q4-2024 $796.539B ▲ $3.395T ▲ $1.161T ▲ $2.234T ▲
Q3-2024 $647.427B $2.978T $1.032T $1.946T

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $112.059B ▲ $164.033B ▲ $-124.256B ▼ $16.787B ▲ $56.404B ▲ $70.42B ▲
Q2-2025 $35.027M ▼ $85.77M ▼ $74.584M ▲ $-186.716M ▼ $-30.559M ▼ $32.806M ▼
Q1-2025 $101.704M ▼ $141.473M ▼ $-153.935M ▼ $-620.219K ▲ $-13.646M ▼ $89.058M ▼
Q4-2024 $147.738M ▲ $187.266M ▲ $-132.086M ▲ $-23.486M ▼ $25.776M ▲ $89.954M ▲
Q3-2024 $55.465M $160.72M $-177.163M $12.301M $-9.884M $82.159M

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have grown sharply over the five‑year period, with a particularly strong step‑up in the most recent year. Profitability looks robust: the company typically keeps a large share of its revenue as operating profit, which suggests good cost control and strong pricing or tariff support. Results, however, have been volatile, with one year of noticeably weaker earnings in the middle of the period before the latest rebound, reflecting both Argentina’s unstable macro environment and regulatory factors. Overall, the trend points to a business that can be highly profitable, but whose reported results can swing meaningfully from year to year.

Balance Sheet

Balance Sheet The balance sheet has expanded rapidly, with both assets and shareholders’ equity growing strongly, which is consistent with heavy investment and asset revaluations in a high‑inflation economy. Debt has also risen over time, but equity has grown even faster, so the capital structure still appears anchored more by equity than by borrowings. Cash on hand remains relatively modest compared with the size of the asset base, which means the company likely depends on steady cash generation and access to funding rather than large cash reserves. The broad picture is of a capital‑intensive utility‑like business with rising scale and moderate but manageable leverage, operating in a financially volatile country.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has increased significantly in recent years, indicating that the core business is converting earnings into cash reasonably well. Even with rising capital expenditures to expand and modernize infrastructure, the company has generally managed to keep free cash flow in positive territory, which is a positive sign for self‑funding capacity. The pattern of cash flows shows a business leaning into a heavy investment phase, especially lately, but not at the expense of completely draining its cash generation. This balance between funding growth projects and maintaining surplus cash is a key strength, though it leaves less room for error if operating conditions weaken or financing costs rise.

Competitive Edge

Competitive Edge TGS holds a very strong position in Argentina’s gas value chain, operating the largest natural gas pipeline network in the country and in Latin America. The scale, location, and regulatory framework around its pipelines create high barriers to entry, making it difficult for new competitors to replicate its footprint. Its integrated model—spanning transportation, gas liquids processing, midstream services in Vaca Muerta, and a niche telecom business—allows it to capture value at multiple stages, adding resilience when one segment is under pressure. Long‑term contracts and regulated revenues support a degree of stability, but the company remains exposed to Argentine political, regulatory, and currency risk, which can affect tariffs, profitability, and the real value of its assets and cash flows.

Innovation and R&D

Innovation and R&D Although not a traditional R&D‑heavy technology firm, TGS is actively using engineering and digital innovations to improve efficiency, safety, and capacity. It has invested heavily in midstream infrastructure in the Vaca Muerta shale region, using modular plant designs and modern processing technologies that can be scaled as production grows. On the operational side, it appears to rely on advanced monitoring, automation, and integrity‑management systems for its pipelines, as well as enhanced leak detection and energy‑efficient equipment. Through its Telcosur unit and partnerships, it is pushing into telecommunications, IoT connectivity, and data services for the energy sector, laying groundwork for future use of analytics and possibly AI for predictive maintenance and optimization. The company is also exploring opportunities aligned with the energy transition, such as potential future roles in transporting lower‑carbon fuels, though these remain early‑stage and uncertain.

Summary

TGS combines the characteristics of a critical infrastructure utility with those of a growth‑oriented midstream operator. Financially, it shows strong underlying profitability and healthy cash generation, while simultaneously ramping up investment in strategic assets, particularly around Vaca Muerta. The balance sheet has grown significantly, with equity expansion outpacing debt, but the company operates with relatively thin cash buffers in a challenging macro and regulatory environment. Its competitive moat is underpinned by irreplaceable pipelines, an integrated business model, and embedded customer relationships, yet it remains exposed to Argentina’s economic instability and policy risk. Looking ahead, execution on large expansion projects, successful management of regulatory and currency challenges, and thoughtful adoption of digital and energy‑transition opportunities will be central to how its risk‑reward profile evolves.

NEWS

September 1, 2025 · 10:30 AM UTC

TGS ASA – New Share Capital Registered

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