PAM vs. TGS

Last updated Apr 1, 2026

Compare and contrast key facts about Pampa Energía S.A. (PAM) and Transportadora de Gas del Sur S.A. (TGS).

Performance

PAM vs. TGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pampa Energía S.A. (PAM) and Transportadora de Gas del Sur S.A. (TGS). The values are adjusted to include any dividend payments, if applicable.

PAM vs. TGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAM Pampa Energía S.A.	-0.01%	0.65%	77.58%	55.04%	51.30%	53.19%	-16.13%	-48.35%	-52.72%	93.28%
TGS Transportadora de Gas del Sur S.A.	11.32%	6.22%	93.97%	27.88%	165.77%	-14.62%	-27.48%	-45.44%	-28.91%	146.45%

Fundamentals

Market Cap PAM : $4.81B TGS : $5.21B
EPS PAM : $7.11 TGS : $2.70K
PE Ratio PAM : 12.45 TGS : 0.01
PEG Ratio PAM : 0.13 TGS : 0.00
PS Ratio PAM : 2.39 TGS : 0.00
PB Ratio PAM : 1.34 TGS : 0.00
Total Revenue (TTM) PAM : $2.01B TGS : $1.65T
Gross Profit (TTM) PAM : $659.22M TGS : $887.47B
EBITDA (TTM) PAM : $1.06B TGS : $890.25B

Returns By Period

In the year-to-date period, PAM achieves a -0.01% return, which is significantly lower than TGS's 11.32% return. Over the past 10 years, PAM has underperformed TGS with an annualized return of 15.20%, while TGS has yielded a comparatively higher 20.74% annualized return.

PAM

• 1D: 1.90%
• 1M: 13.78%
• YTD: -0.01%
• 6M: 47.35%
• 1Y: 14.64%
• 3Y*: 38.96%
• 5Y*: 42.64%
• 10Y*: 15.20%

TGS

• 1D: -0.20%
• 1M: 16.85%
• YTD: 11.32%
• 6M: 64.57%
• 1Y: 30.80%
• 3Y*: 50.07%
• 5Y*: 48.02%
• 10Y*: 20.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

PAM vs. TGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAM

PAM Risk / Return Rank: 51
PAM Sharpe Ratio Rank: 52
PAM Sortino Ratio Rank: 52
PAM Omega Ratio Rank: 50
PAM Calmar Ratio Rank: 51
PAM Martin Ratio Rank: 51

TGS

TGS Risk / Return Rank: 60
TGS Sharpe Ratio Rank: 59
TGS Sortino Ratio Rank: 63
TGS Omega Ratio Rank: 61
TGS Calmar Ratio Rank: 59
TGS Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAM vs. TGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pampa Energía S.A. (PAM) and Transportadora de Gas del Sur S.A. (TGS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PAM	TGS	Difference
Sharpe ratio Return per unit of total volatility	0.26	0.49	-0.22
Sortino ratio Return per unit of downside risk	0.83	1.25	-0.42
Omega ratio Gain probability vs. loss probability	1.10	1.16	-0.06
Calmar ratio Return relative to maximum drawdown	0.34	0.73	-0.39
Martin ratio Return relative to average drawdown	0.79	1.79	-1.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAM vs. TGS - Sharpe Ratio Comparison

The current PAM Sharpe Ratio is 0.26, which is lower than the TGS Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of PAM and TGS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAM	TGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.26	0.49	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.87	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.38	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.23	+0.03

Correlation

The correlation between PAM and TGS is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PAM vs. TGS - Dividend Comparison

Neither PAM nor TGS has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PAM Pampa Energía S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TGS Transportadora de Gas del Sur S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.46%	5.04%	0.00%	0.34%

Drawdowns

PAM vs. TGS - Drawdown Comparison

The maximum PAM drawdown since its inception was -87.41%, smaller than the maximum TGS drawdown of -95.49%. Use the drawdown chart below to compare losses from any high point for PAM and TGS.

Drawdown Indicators

	PAM	TGS	Difference
Max Drawdown Largest peak-to-trough decline	-87.41%	-95.49%	+8.08%
Max Drawdown (1Y) Largest decline over 1 year	-33.53%	-36.89%	+3.36%
Max Drawdown (5Y) Largest decline over 5 years	-40.40%	-39.49%	-0.91%
Max Drawdown (10Y) Largest decline over 10 years	-87.41%	-80.55%	-6.86%
Current Drawdown Current decline from peak	-6.72%	-0.20%	-6.52%
Average Drawdown Average peak-to-trough decline	-42.77%	-47.27%	+4.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.50%	15.00%	-0.50%

Volatility

PAM vs. TGS - Volatility Comparison

Pampa Energía S.A. (PAM) has a higher volatility of 11.03% compared to Transportadora de Gas del Sur S.A. (TGS) at 9.59%. This indicates that PAM's price experiences larger fluctuations and is considered to be riskier than TGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAM	TGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.03%	9.59%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	34.14%	41.85%	-7.71%
Volatility (1Y) Calculated over the trailing 1-year period	55.93%	63.55%	-7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.30%	55.49%	-9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.00%	54.18%	-2.18%

Financials

PAM vs. TGS - Profitability Comparison

The chart below illustrates the profitability comparison between Pampa Energía S.A. and Transportadora de Gas del Sur S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PAM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Pampa Energía S.A. reported a gross profit of 138.47M and revenue of 512.12M. Therefore, the gross margin over that period was 27.0%.

TGS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Transportadora de Gas del Sur S.A. reported a gross profit of 307.69B and revenue of 567.12B. Therefore, the gross margin over that period was 54.3%.

PAM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Pampa Energía S.A. reported an operating income of 73.53M and revenue of 512.12M, resulting in an operating margin of 14.4%.

TGS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Transportadora de Gas del Sur S.A. reported an operating income of 246.84B and revenue of 567.12B, resulting in an operating margin of 43.5%.

PAM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Pampa Energía S.A. reported a net income of 163.53M and revenue of 512.12M, resulting in a net margin of 31.9%.

TGS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Transportadora de Gas del Sur S.A. reported a net income of 147.04B and revenue of 567.12B, resulting in a net margin of 25.9%.