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Oil & gas midstream · Energy · Fiscal year ends Dec 31 · Reports in ARS
Gas Transporter of the South reported revenue of ARS 1,721B in the fiscal year ended Dec 2025, up 7.2% from the year before. Operating income was ARS 703B, an operating margin of 40.9%, and net income was ARS 421B. Operating cash flow of ARS 552B less capital expenditure of ARS 320B left free cash flow of ARS 231B. Net debt was ARS 901B.
Ranks among the 18 oil & gas midstream companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 539,731 | 1,115,696 | 1,297,140 | 1,604,587 | 1,720,626 |
| Cost of revenue | 289,121 | 651,289 | 815,698 | 756,721 | 787,388 |
| Gross profit | 250,610 | 464,407 | 481,442 | 847,866 | 933,238 |
| Operating income | 206,749 | 355,672 | 333,552 | 737,067 | 703,481 |
| Interest expense | 27,103 | 46,103 | 70,550 | 73,286 | 88,653 |
| Pre-tax income | 204,231 | 334,855 | 124,973 | 765,749 | 644,043 |
| Income tax | 77,263 | 115,697 | 57,602 | 278,804 | 223,183 |
| Net income | 126,968 | 219,157 | 67,369 | 486,946 | 420,860 |
| Diluted EPS | 168.67 | 291.14 | 89.50 | 646.88 | 559.09 |
| Diluted shares | 753 | 753 | 753 | 753 | 753 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 58,503 | 26,664 | 18,904 | 78,895 | 804,107 |
| Receivables | 20,694 | 52,750 | 110,627 | 205,238 | 196,615 |
| Inventory | 15,450 | 16,357 | 21,970 | 4,821 | 10,365 |
| Net PP&E | 292,535 | 917,032 | 2,162,194 | 3,137,276 | 3,171,442 |
| Total assets | 1,262,820 | 2,794,532 | 4,370,862 | 4,465,552 | 5,414,210 |
| Payables | 11,821 | 32,775 | 90,858 | 100,928 | 100,456 |
| Deferred revenue | 979 | 3,256 | 9,836 | 9,817 | 8,862 |
| Current liabilities | 39,465 | 65,999 | 260,324 | 485,357 | 447,234 |
| Short-term debt | 2,300 | 12,207 | 131,893 | 103,129 | 244,878 |
| Long-term debt | 100,121 | 282,428 | 895,185 | 659,998 | 1,460,728 |
| Total liabilities | 531,303 | 982,397 | 1,919,650 | 1,527,394 | 2,286,345 |
| Shareholders' equity | 1,592,977 | 832,157 | 1,863,347 | 2,938,155 | 3,127,863 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 183,804 | 240,154 | 543,056 | 636,915 | 551,667 |
| Capital expenditure | 58,528 | 171,619 | 386,966 | 381,243 | 320,463 |
| Free cash flow | 125,275 | 68,536 | 156,091 | 255,673 | 231,204 |
| Depreciation & amortisation | 58,299 | 132,729 | 173,677 | 170,574 | 201,961 |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Dividends paid | – | – | 0.0 | 0.0 | 231,152 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 106.7% | 16.3% | 23.7% | 7.2% |
| Operating income growth (YoY) | – | 72.0% | −6.2% | 121.0% | −4.6% |
| EPS growth (YoY) | – | 72.6% | −69.3% | 622.8% | −13.6% |
| Gross margin | 46.4% | 41.6% | 37.1% | 52.8% | 54.2% |
| Operating margin | 38.3% | 31.9% | 25.7% | 45.9% | 40.9% |
| Net margin | 23.5% | 19.6% | 5.2% | 30.3% | 24.5% |
| Return on equityBlank when equity is negative | 8.0% | 26.3% | 3.6% | 16.6% | 13.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.9% | 13.0% | 8.1% | 18.5% | 14.2% |
| Free cash flow margin | 23.2% | 6.1% | 12.0% | 15.9% | 13.4% |
| Cash conversion (CFO ÷ net income) | 1.45x | 1.10x | 8.06x | 1.31x | 1.31x |
| Receivable days | 14 | 17 | 31 | 47 | 42 |
| Inventory days | 20 | 9 | 10 | 2 | 5 |
| Payable days | 15 | 18 | 41 | 49 | 47 |
| Interest cover | 7.63x | 7.71x | 4.73x | 10.1x | 7.94x |
| Debt ÷ equity | 0.06x | 0.35x | 0.55x | 0.26x | 0.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 43,918 | 267,972 | 1,008,174 | 684,232 | 901,500 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.