# Transportadora de Gas del Sur (TGS.US)

Canonical: https://gigainvestors.com/s/TGS

Analysis as of: 2026-10-16T07:32:21.662Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: ARS. ARS is hyperinflationary (Argentina: periods ending on or after 1 July 2018 (FACPCE JG 539/18; IPTF)): the tests are measured in US dollars, each statement at the exchange rate of the year-end currency it is stated in, not in nominal ARS.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $25.97 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- In US dollars (ARS, IAS 29)

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.39×

- FY2018: 0.42×

- FY2019: 0.41×

- FY2020: 0.37×

- FY2021: 0.39×

- FY2022: 0.33×

- FY2023: 0.26×

- FY2024: 0.46×

- FY2025: 0.41×

### moat: fail

- In US dollars (ARS, IAS 29)

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.1%

- ROIC, second-lowest year: 9.5%

- Typical minus recent gross margin: -5.4 pp

- Typical gross margin (annual median): 48.2%

- Recent gross margin (lower of latest and 3-year median): 53.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.3%

- ROIC including acquisitions, ten-year median: 17.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 33.0%

- FY2017: 51.3%

- FY2018: 31.1%

- FY2019: 24.5%

- FY2020: 15.6%

- FY2021: 9.5%

- FY2022: 19.6%

- FY2023: 8.0%

- FY2024: 18.5%

- FY2025: 15.4%

### economics: pass

- In US dollars (ARS, IAS 29)

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.2B

- Net income, five-year total: $1.1B

- Return on incremental invested capital: 32.9%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 11.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.46×

- FY2022: 1.00×

- FY2023: -1.71×

- FY2024: 1.00×

- FY2025: 1.48×

### management: pass

- In US dollars (ARS, IAS 29)

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 33.0% vs 15.4%

- Per-share earnings: 0.38 to 1.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $3.1B

- Cumulative retained earnings: $236M

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.6%

- Per-share value change: $1.57

- Per-share value, starting three-year median: $0.38

- Per-share value, ending three-year median: $1.96

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 3.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $0

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 33.0%

- ROIC, last three-year median: 15.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.38

- FY2017: $1.02

- FY2018: $1.85

- FY2019: $1.65

- FY2020: $0.36

- FY2021: $1.01

- FY2022: $1.46

- FY2023: $0.34

- FY2024: $2.46

- FY2025: $1.96

### accounting: pass

- In US dollars (ARS, IAS 29)

- Sloan accruals: -2.4%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -14.6%

- FY2017: -6.0%

- FY2018: -2.2%

- FY2019: 1.9%

- FY2020: -18.6%

- FY2022: -1.4%

- FY2023: -9.9%

- FY2024: -2.2%

- FY2025: -2.4%

## Holders

## Price story

Down 25% since Mar 2026 · sales -1.3%

Story as of 2026-10-16T09:59:41.323Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -1.3%; source https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm; observed 2026-04-22.

- FY2016: ARS 502M 

- FY2017: ARS 741M 

- FY2018: ARS 895M 

- FY2019: ARS 964M 

- FY2020: ARS 915M 

- FY2021: ARS 632M 

- FY2022: ARS 1.1B 

- FY2023: ARS 967M 

- FY2024: ARS 1.2B 

- FY2025: ARS 1.2B 

### Gross margin · FY2025

gross margin 54.2%; source https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm; observed 2026-04-22.

- FY2016: 40.1% 

- FY2017: 46.7% 

- FY2018: 51.9% 

- FY2019: 49.6% 

- FY2020: 50.4% 

- FY2021: 45.1% 

- FY2022: 39.6% 

- FY2023: 35.9% 

- FY2024: 53.5% 

- FY2025: 54.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas integrated; annual sales are ARS 1.7 trillion.

- Source: https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm#000114036126016167 (filed 2026-04-22); FY2025: revenue 1720626082000; grossProfit 933238172000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TGS.US: Transportadora de Gas del Sur S.A. engages in transportation of natural gas, and production and commercialization of natural gas liquids in Argentina and internationally. The company operates through four segments: Natural Gas Transportation Services; Liquids Production and Commercialization; Midstream; and Telecommunications. The Natural Gas Transportation segment transports natural gas through pipeline system to distribution companies, power plants, and industrial customers. It provides operation and maintenance services for the natural gas transportation facilities. The Liquids Production and Commercialization segment produces and commercializes natural gas liquids, such as ethane, liquid petroleum gas, natural gasoline, propane, and butane. This segment offers certain related services comprising reception, storage, and dispatch of the liquids. The Midstream segment provides natural gas conditioning services; treatment, removal of impurities and natural gas compression, including the collection and transport of natural gas; and inspection and maintenance of pipelines and compressor plants services. In addition, this segment offers steam generation for electricity production and management services for expansion works and steam generation for the production of electricity. The Telecommunications segment offers data transmission services through a network of digital terrestrial radio relay. It serves residential, commercial, industrial, and electric power generation end users. The company was incorporated in 1992 and is headquartered in Buenos Aires, Argentina. Transportadora de Gas del Sur S.A. operates as a subsidiary of Compañía de Inversiones de Energía S.A.

### Why customers stay

Margins ranged from 35.9% to 54.2% during 2023–25; it earns 19.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2023: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2024: grossProfit / revenue = 53.5%.

- Source: https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm#000114036126016167 (filed 2026-04-22); FY2025: grossProfit / revenue = 54.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); 10-year return on capital observations [[2016,0.3302488194904739],[2017,0.5134133684131676],[2018,0.311329678657782],[2019,0.2451575810725007],[2020,0.15603706786698165],[2021,0.09508668626295068],[2022,0.19605009899087117],[2023,0.07984703130783243],[2024,0.18532955118016425],[2025,0.1536623467686794]]; median 0.1906898250855177. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2016: growth capex 596086184; upkeep 22816; owner earnings 930675000. Growth capex / owner earnings = 0.6404880156875387.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2017: growth capex 1308507484; upkeep 52516; owner earnings 2793263000. Growth capex / owner earnings = 0.46845122854525334.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2018: growth capex 8123502859; upkeep 161141; owner earnings 11415832000. Growth capex / owner earnings = 0.7115997203707973.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2019: growth capex 8337773000; upkeep 7594227000; owner earnings 26313572000. Growth capex / owner earnings = 0.3168620740658091.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2020: growth capex 0; upkeep 7769600000; owner earnings 20008089000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2021: growth capex 229330000; upkeep 58299089000; owner earnings 126968077000. Growth capex / owner earnings = 0.0018062020424236243.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2022: growth capex 38890032000; upkeep 132728649000; owner earnings 219157465000. Growth capex / owner earnings = 0.17745246323231564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); FY2024: growth capex 259239032000; upkeep 122003491000; owner earnings 370163706000. Growth capex / owner earnings = 0.7003361696405752.

- Source: https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm (filed 2026-04-22); FY2025: growth capex 0; upkeep 0; owner earnings 622821010000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Dividend observations: [[2016,99734000],[2017,6000],[2018,4329188000],[2019,9760922000],[2020,16000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,231152260000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TGS.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price is 4918.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-22); Closing price 25.97 USD; reporting-to-trading FX 0.00066; FY2025 annual sales per share 8.000137210881011; price multiple 4918.476247503212. FY2025 cash earnings/share 2.895837503536979. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.47 per share

- 2016-11: $7.97 per share

- 2016-12: $9.29 per share

- 2017-01: $10.77 per share

- 2017-02: $12.33 per share

- 2017-03: $14.65 per share

- 2017-04: $15.33 per share

- 2017-05: $16.80 per share

- 2017-06: $17.11 per share

- 2017-07: $15.66 per share

- 2017-08: $17.91 per share

- 2017-09: $20.92 per share

- 2017-10: $21.86 per share

- 2017-11: $21.94 per share

- 2017-12: $22.90 per share

- 2018-01: $23.59 per share

- 2018-02: $21.10 per share

- 2018-03: $20.95 per share

- 2018-04: $19.63 per share

- 2018-05: $17.17 per share

- 2018-06: $12.50 per share

- 2018-07: $16.98 per share

- 2018-08: $13.38 per share

- 2018-09: $14.96 per share

- 2018-10: $14.97 per share

- 2018-11: $15.69 per share

- 2018-12: $15.45 per share

- 2019-01: $17.33 per share

- 2019-02: $14.97 per share

- 2019-03: $13.55 per share

- 2019-04: $10.46 per share

- 2019-05: $13.48 per share

- 2019-06: $14.89 per share

- 2019-07: $16.08 per share

- 2019-08: $7.73 per share

- 2019-09: $8.74 per share

- 2019-10: $7.79 per share

- 2019-11: $6.03 per share

- 2019-12: $7.17 per share

- 2020-01: $6.19 per share

- 2020-02: $5.61 per share

- 2020-03: $4.60 per share

- 2020-04: $4.58 per share

- 2020-05: $5.37 per share

- 2020-06: $5.63 per share

- 2020-07: $5.62 per share

- 2020-08: $4.70 per share

- 2020-09: $4.16 per share

- 2020-10: $4.82 per share

- 2020-11: $5.47 per share

- 2020-12: $5.20 per share

- 2021-01: $5.02 per share

- 2021-02: $4.70 per share

- 2021-03: $4.83 per share

- 2021-04: $4.54 per share

- 2021-05: $4.61 per share

- 2021-06: $4.63 per share

- 2021-07: $4.40 per share

- 2021-08: $5.34 per share

- 2021-09: $4.93 per share

- 2021-10: $5.31 per share

- 2021-11: $4.05 per share

- 2021-12: $4.44 per share

- 2022-01: $4.92 per share

- 2022-02: $5.60 per share

- 2022-03: $7.01 per share

- 2022-04: $6.41 per share

- 2022-05: $6.76 per share

- 2022-06: $5.14 per share

- 2022-07: $5.98 per share

- 2022-08: $6.55 per share

- 2022-09: $7.38 per share

- 2022-10: $8.67 per share

- 2022-11: $9.89 per share

- 2022-12: $11.80 per share

- 2023-01: $11.18 per share

- 2023-02: $11.36 per share

- 2023-03: $10.24 per share

- 2023-04: $11.38 per share

- 2023-05: $12.18 per share

- 2023-06: $13.78 per share

- 2023-07: $12.40 per share

- 2023-08: $12.49 per share

- 2023-09: $10.18 per share

- 2023-10: $10.21 per share

- 2023-11: $13.96 per share

- 2023-12: $15.09 per share

- 2024-01: $14.93 per share

- 2024-02: $13.26 per share

- 2024-03: $15.10 per share

- 2024-04: $17.58 per share

- 2024-05: $19.64 per share

- 2024-06: $18.98 per share

- 2024-07: $17.67 per share

- 2024-08: $19.40 per share

- 2024-09: $18.34 per share

- 2024-10: $22.40 per share

- 2024-11: $29.72 per share

- 2024-12: $29.27 per share

- 2025-01: $28.24 per share

- 2025-02: $25.41 per share

- 2025-03: $26.46 per share

- 2025-04: $25.43 per share

- 2025-05: $28.02 per share

- 2025-06: $25.90 per share

- 2025-07: $28.70 per share

- 2025-08: $27.16 per share

- 2025-09: $21.03 per share

- 2025-10: $31.13 per share

- 2025-11: $31.30 per share

- 2025-12: $31.09 per share

- 2026-01: $31.89 per share

- 2026-02: $29.62 per share

- 2026-03: $34.61 per share

- 2026-04: $30.51 per share

- 2026-05: $31.08 per share

- 2026-06: $29.73 per share

- 2026-07: $31.83 per share

- 2026-08: $28.90 per share

- 2026-09: $25.95 per share

- 2026-10: $25.71 per share

## Annual estimated value (USD per share)

- FY2020: low $9.97 per share, central $12.87 per share, high $14.98 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/931427/000114036126016167/ef20060824_20f.htm); period 2025-12-31, filed 2026-04-22.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# TGS — Transportadora de Gas Del Sur SA

Held by 1 investor · USD 1,189,223 total · 2025 Q3 · reported price USD 21.04 (split-adjusted).
Page: https://gigainvestors.com/s/TGS

## Holders (2025 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 1,189,223 | <0.1% | reduce -58.93% |

## Total held by quarter

- 2014 Q2: USD 1,511,034 · 1 holder · USD 2.76
- 2014 Q3: USD 1,817,620 · 1 holder · USD 3.32
- 2014 Q4: USD 1,916,166 · 1 holder · USD 3.50
- 2015 Q1: USD 0 · 0 holders
- 2015 Q2: USD 0 · 0 holders
- 2015 Q3: USD 0 · 0 holders
- 2015 Q4: USD 0 · 0 holders
- 2016 Q1: USD 0 · 0 holders
- 2016 Q2: USD 0 · 0 holders
- 2016 Q3: USD 0 · 0 holders
- 2016 Q4: USD 0 · 0 holders
- 2017 Q1: USD 0 · 0 holders
- 2017 Q2: USD 0 · 0 holders
- 2017 Q3: USD 0 · 0 holders
- 2017 Q4: USD 0 · 0 holders
- 2018 Q1: USD 0 · 0 holders
- 2018 Q2: USD 0 · 0 holders
- 2018 Q3: USD 4,646,400 · 1 holder · USD 14.52
- 2018 Q4: USD 7,545,000 · 1 holder · USD 15.00
- 2019 Q1: USD 9,067,240 · 1 holder · USD 13.16
- 2019 Q2: USD 15,081,780 · 1 holder · USD 14.46
- 2019 Q3: USD 10,255,920 · 1 holder · USD 8.49
- 2019 Q4: USD 13,441,807 · 1 holder · USD 7.17
- 2020 Q1: USD 9,083,753 · 1 holder · USD 4.60
- 2020 Q2: USD 11,230,324 · 1 holder · USD 5.63
- 2020 Q3: USD 8,298,073 · 1 holder · USD 4.16
- 2020 Q4: USD 10,372,591 · 1 holder · USD 5.20
- 2021 Q1: USD 9,634,541 · 1 holder · USD 4.83
- 2021 Q2: USD 9,091,352 · 1 holder · USD 4.63
- 2021 Q3: USD 9,680,425 · 1 holder · USD 4.93
- 2021 Q4: USD 8,718,273 · 1 holder · USD 4.44
- 2022 Q1: USD 13,764,668 · 1 holder · USD 7.01
- 2022 Q2: USD 10,092,781 · 1 holder · USD 5.14
- 2022 Q3: USD 13,168,961 · 1 holder · USD 7.38
- 2022 Q4: USD 21,056,062 · 1 holder · USD 11.80
- 2023 Q1: USD 18,272,379 · 1 holder · USD 10.24
- 2023 Q2: USD 23,236,360 · 1 holder · USD 13.78
- 2023 Q3: USD 16,606,003 · 1 holder · USD 10.18
- 2023 Q4: USD 20,048,182 · 1 holder · USD 15.09
- 2024 Q1: USD 16,135,226 · 1 holder · USD 15.10
- 2024 Q2: USD 18,471,013 · 1 holder · USD 18.98
- 2024 Q3: USD 16,931,176 · 1 holder · USD 18.34
- 2024 Q4: USD 23,245,736 · 1 holder · USD 29.27
- 2025 Q1: USD 12,822,675 · 1 holder · USD 26.46
- 2025 Q2: USD 3,564,617 · 1 holder · USD 25.90
- 2025 Q3: USD 1,189,223 · 1 holder · USD 21.04
- 2025 Q4: USD 0 · 0 holders