Loading…
Operates Argentina's largest natural gas pipeline transportation system and NGL processing business.
Operates Argentina's largest natural gas pipeline transportation system and NGL processing business.
Transport income comes from a regulated tariff that Argentina's gas regulator sets, so periodic tariff decisions and inflation adjustments matter more than volumes. The liquids business, which separates propane, butane and other liquids from gas at its Bahia Blanca complex, is sold at market prices and swings with commodity prices.
Moat: wide (regulatory licence, scale). Regulated pipeline concession covering the majority of Argentina's gas transport, a natural-monopoly infrastructure asset.
Headquarters: Buenos Aires, Argentina · Founded: 1992 · Employees: 1,187
Size Transportadora de Gas del Sur SA Sponsored ADR Class B RegS (TGS) is a United States Utilities company (Gas Distributors) with a market value of $3.80B, the 1377th largest of 3,117 United States companies the cockpit tracks. Shares closed at $21.54 on 6 Nov 2026.
Performance Over six months the shares fell 26.6%, against -2.5% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +0.2%); the operating margin is 43.7% (peer median 18.3%).
Valuation It trades at 8.2× forward earnings against a peer median of 17.3× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.1 points above its cost of capital (7.2% WACC).
Credit Transportadora de Gas del Sur SA Sponsored ADR Class B RegS has 2 bonds outstanding ($990M), rated B by the agencies and trading like B+ at a weighted spread of 348 bp.
Short interest Short interest is 0.3% of the free float (15 Oct 2026).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.43B | $1.37B | $1.32B | $1.51B | $1.22B |
| Revenue growth | — | +4% | -13% | +24% | — |
| Gross profit | $762M | $734M | $685M | $531M | $434M |
| EBITDA | $793M | $756M | $695M | $573M | $508M |
| Net income | $393M | $338M | $404M | $79.9M | $247M |
| Free cash flow | $280M | $186M | $212M | $148M | $77.3M |
| Capital expenditure | $381M | $257M | $316M | $459M | $194M |
| Total debt | $1.13B | $1.15B | $545M | $578M | $529M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% |
| Pampa Energia SA Sponsored ADR PAM | $3.78B | -19% | +29% | 21% | 7.4× | n/a |
| YPF SA Sponsored ADR YPF | $17.8B | -9% | -14% | 22% | 4.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TGS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.4% | +4.9% | lowest of 21 |
| 6-month return | -26.6% | -2.5% | 2nd lowest of 21 |
| Distance from 52-week high | -40.7% | -14.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +11.0% | +0.2% | 3rd highest of 21 |
| Operating margin | 43.7% | 18.3% | 2nd highest of 21 |
| Forward P/E | 8.2× | 17.3× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -14.6% | 5.7% | least demanding of 11 |
| Growth delivered (Del g) | +11.8% | +10.1% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -26.3 pp | -2.6 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +14.1 pp | -1.2 pp | highest of 21 |
| EV / EBITDA | 4.3× | 11.9× | cheapest of 17 |
| Net debt / EBITDA | -0.5× | 5.0× | least indebted of 17 |
| Bond spread | 348 bp | 81 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
Transportadora de Gas del Sur SA Sponsored ADR Class B RegS has 2 bonds outstanding with $990M face value. The agencies rate it B; its bonds trade like B+. Weighted yield 8.21%, a spread of 348 bp over government bonds.