Pampa Energia S.A.
Pampa Energia S.A.’s revenue for fiscal 2025 (year ended December 2025) was $2.0 billion, up 6.50% from fiscal 2024. In the quarter to June 2026, revenue grew 53.5%, EPS grew 358.6%, free cash flow grew 82.4% and total debt rose 63.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Pampa Energia S.A. (PAM) Beneish M-score
Pampa Energia S.A.'s Beneish M-score for fiscal 2025 is −2.50; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.50 | (0.77) |
| FY2024 | −1.73 | 1.49 |
| FY2023 | −3.23 | (0.71) |
| FY2022 | −2.52 | (0.11) |
| FY2021 | −2.41 | 1.08 |
| FY2020 | −3.49 | (1.06) |
| FY2019 | −2.42 | 0.83 |
| FY2018 | −3.26 | (0.78) |
| FY2017 | −2.48 | (0.34) |
| FY2016 | −2.14 | (0.99) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.18 | — | 1.09 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 0.92 | — | 0.37 | |
| Sales growth index | 1.07 | — | 0.95 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 0.87 | — | −0.15 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 0.89 | — | −0.29 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.50 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VMI Valmont Industries, Inc. compare | −2.7× |
| OTTR Otter Tail Corporation compare | −2.7× |
| DLX Deluxe Corporation compare | −2.7× |
| SEB Seaboard Corporation compare | −2.6× |
| CRESY Cresud S.A.C.I.F. y A. compare | −2.5× |
| PAM Pampa Energia S.A. | −2.5× |
| CODI Compass Diversified Holdings compare | −2.4× |
| BBUC Brookfield Business Partners L.P. compare | −2.3× |
| FBYD Falcon's Beyond Global, Inc. compare | 1.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI