Transportadora De Gas Sa Ord B
TGS Energy Oil & Gas Integrated
Transportadora De Gas Sa Ord B’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 2.59% from fiscal 2024. In the quarter to March 2026, revenue grew 16.8%, EPS grew 17.2%, free cash flow fell 56.7% and total debt rose 106.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Transportadora De Gas Sa Ord B (TGS) Beneish M-score
Transportadora De Gas Sa Ord B's Beneish M-score for fiscal 2025 is −1.85; 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 | −1.85 | 1.66 |
| FY2024 | −3.52 | (6.95) |
| FY2023 | 3.43 | 5.50 |
| FY2022 | −2.07 | 0.14 |
| FY2021 | −2.21 | (36.48) |
| FY2020 | 34.27 | 36.86 |
| FY2019 | −2.59 | (0.20) |
| FY2018 | −2.39 | 0.27 |
| FY2017 | −2.66 | 0.64 |
| FY2016 | −3.30 | (1.12) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.43 | — | 1.31 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 2.19 | — | 0.88 | |
| Sales growth index | 1.03 | — | 0.92 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 1.37 | — | −0.45 | |
| Beneish M-score | Elevated | −1.85 | ||
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 |
|---|---|
| EC Ecopetrol S.A. compare | −3.7× |
| SLNG Stabilis Solutions, Inc. compare | −3.4× |
| YPF YPF Sociedad Anonima compare | −3.1× |
| E Eni SpA compare | −3.0× |
| PBR.A Petroleo Brasileiro S.A.- Petrobras compare | −2.6× |
| CVE Cenovus Energy Inc compare | −2.5× |
| NFG National Fuel Gas Company compare | −2.4× |
| TGS Transportadora De Gas Sa Ord B | −1.9× |
| DEC Diversified Energy Company PLC compare | −1.7× |
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