# YPF Sociedad Anonima (YPF.US)

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

Analysis as of: 2026-10-16T07:33:19.126Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

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

Share price: $51.11 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Howard Marks](https://gigainvestors.com/oc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 415% since Oct 2023 · "YPF Q2 Earnings Call Spotlights Higher Outlook and Shale Ramp" (finance.yahoo.com, Aug 2026)

Story as of 2026-10-16T09:59:54.797Z; price observation 2026-10-15.

- 2026-03-05: YPF Q4 Earnings Miss Estimates on Lower Hydrocarbon Production ([finance.yahoo.com](https://finance.yahoo.com/news/ypf-q4-earnings-miss-estimates-164300631.html))

## Owner memo

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

### How it makes money

Operates in oil & gas integrated; annual sales are USD 18.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2025: revenue 18448000000; grossProfit 5100000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YPF.US: YPF Sociedad Anónima, an energy company, engages in the oil and gas upstream and downstream activities in South America and Argentina. The company operates through the Upstream, Midstream and Downstream, LNG and Integrated Gas, and New Energies segments. It is involved in the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas; the refining, transportation and commercialization of refined products; the production, transportation, and commercialization of petrochemical products; the transportation and commercialization of crude oil; and the commercialization of specialties for the agribusiness industry, and of grains and their by-products. The company also offers fertilizers and crop protection products; flours, oils, and grains; asphalts; naphtha; and petroleum coke. In addition, it engages in the natural gas transportation and commercialization to third parties and to the Midstream and Downstream segments; the separation of natural gas liquids and their fractionation, and storage and transportation to produce ethane, propane, butane, and gasoline, as well as its commercialization; the development of liquefied natural gas liquefaction capacity; and power generation activities. The company was incorporated in 1977 and is based in Buenos Aires, Argentina.

### Why customers stay

Margins ranged from 20% to 27.9% during 2023–25.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2023: grossProfit / revenue = 20%.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2024: grossProfit / revenue = 27.9%.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2025: grossProfit / revenue = 27.6%.

### Where the cash goes

Paid no dividends in 6 years; bought back USD 10 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2020: growth capex 0; upkeep 1650000000; owner earnings 1258000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2021: growth capex 0; upkeep 2448000000; owner earnings 1747000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); FY2022: growth capex 0; upkeep 4006000000; owner earnings 1679000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2023: growth capex 0; upkeep 5673000000; owner earnings 237000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2024: growth capex 0; upkeep 5392000000; owner earnings 470000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Dividend observations: [[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/904851/000119312526126363/d95578d20f.htm#000119312526126363 (filed 2026-03-26); FY2025: cash repurchases 10000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YPF.US SharesStats.PercentInsiders = 0.189 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-26); Closing price 51.11 USD; reporting-to-trading FX 1; FY2025 annual sales per share 47.12503631961259; price multiple 1.0845614983373273. FY2025 cash earnings/share -0.3397457627118644. Closing-price date 2026-10-15.

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

- 2016-10: $17.76 per share

- 2016-11: $16.99 per share

- 2016-12: $16.50 per share

- 2017-01: $21.67 per share

- 2017-02: $20.75 per share

- 2017-03: $24.28 per share

- 2017-04: $25.83 per share

- 2017-05: $24.66 per share

- 2017-06: $21.90 per share

- 2017-07: $20.20 per share

- 2017-08: $20.06 per share

- 2017-09: $22.28 per share

- 2017-10: $24.56 per share

- 2017-11: $22.69 per share

- 2017-12: $22.91 per share

- 2018-01: $24.15 per share

- 2018-02: $23.11 per share

- 2018-03: $21.62 per share

- 2018-04: $21.89 per share

- 2018-05: $18.16 per share

- 2018-06: $13.58 per share

- 2018-07: $16.60 per share

- 2018-08: $15.13 per share

- 2018-09: $15.45 per share

- 2018-10: $15.00 per share

- 2018-11: $14.97 per share

- 2018-12: $13.39 per share

- 2019-01: $16.35 per share

- 2019-02: $14.14 per share

- 2019-03: $14.01 per share

- 2019-04: $13.53 per share

- 2019-05: $14.83 per share

- 2019-06: $18.21 per share

- 2019-07: $16.45 per share

- 2019-08: $8.56 per share

- 2019-09: $9.25 per share

- 2019-10: $9.36 per share

- 2019-11: $9.61 per share

- 2019-12: $11.58 per share

- 2020-01: $9.39 per share

- 2020-02: $7.99 per share

- 2020-03: $4.17 per share

- 2020-04: $3.84 per share

- 2020-05: $5.04 per share

- 2020-06: $5.75 per share

- 2020-07: $6.23 per share

- 2020-08: $5.58 per share

- 2020-09: $3.57 per share

- 2020-10: $3.22 per share

- 2020-11: $5.03 per share

- 2020-12: $4.70 per share

- 2021-01: $3.65 per share

- 2021-02: $4.33 per share

- 2021-03: $4.11 per share

- 2021-04: $3.78 per share

- 2021-05: $4.70 per share

- 2021-06: $4.68 per share

- 2021-07: $4.36 per share

- 2021-08: $5.21 per share

- 2021-09: $4.66 per share

- 2021-10: $4.20 per share

- 2021-11: $3.58 per share

- 2021-12: $3.82 per share

- 2022-01: $4.32 per share

- 2022-02: $4.20 per share

- 2022-03: $4.83 per share

- 2022-04: $4.24 per share

- 2022-05: $4.50 per share

- 2022-06: $3.26 per share

- 2022-07: $3.71 per share

- 2022-08: $5.49 per share

- 2022-09: $6.21 per share

- 2022-10: $7.64 per share

- 2022-11: $8.39 per share

- 2022-12: $9.19 per share

- 2023-01: $11.95 per share

- 2023-02: $11.77 per share

- 2023-03: $10.98 per share

- 2023-04: $11.12 per share

- 2023-05: $10.99 per share

- 2023-06: $14.89 per share

- 2023-07: $14.89 per share

- 2023-08: $14.44 per share

- 2023-09: $12.25 per share

- 2023-10: $9.93 per share

- 2023-11: $16.61 per share

- 2023-12: $17.19 per share

- 2024-01: $17.28 per share

- 2024-02: $17.30 per share

- 2024-03: $19.80 per share

- 2024-04: $21.96 per share

- 2024-05: $23.21 per share

- 2024-06: $20.12 per share

- 2024-07: $19.94 per share

- 2024-08: $23.70 per share

- 2024-09: $21.21 per share

- 2024-10: $24.51 per share

- 2024-11: $40.30 per share

- 2024-12: $42.51 per share

- 2025-01: $39.47 per share

- 2025-02: $35.05 per share

- 2025-03: $35.04 per share

- 2025-04: $29.80 per share

- 2025-05: $35.38 per share

- 2025-06: $31.45 per share

- 2025-07: $33.54 per share

- 2025-08: $30.47 per share

- 2025-09: $24.29 per share

- 2025-10: $36.43 per share

- 2025-11: $36.82 per share

- 2025-12: $36.16 per share

- 2026-01: $39.79 per share

- 2026-02: $35.39 per share

- 2026-03: $46.22 per share

- 2026-04: $45.16 per share

- 2026-05: $53.01 per share

- 2026-06: $45.47 per share

- 2026-07: $52.54 per share

- 2026-08: $51.58 per share

- 2026-09: $50.13 per share

- 2026-10: $51.11 per share

## Annual estimated value (USD 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/904851/000119312526126363/d95578d20f.htm); period 2025-12-31, filed 2026-03-26.

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

- [Howard Marks](https://gigainvestors.com/oc): 991,346 YPF shares; USD 45,077,000 reported position value; 1.19% of portfolio; add; quarter 2026 Q2.

# YPF — YPF S.A.

Held by 1 investor · USD 45,077,000 total · 2026 Q2 · reported price USD 45.47 (split-adjusted).
Page: https://gigainvestors.com/s/YPF

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Howard Marks (https://gigainvestors.com/oc) | USD 45,077,000 | 1.2% | add +11.83% |

## Total held by quarter

- 2015 Q2: USD 12,764,962 · 1 holder · USD 15.23
- 2015 Q3: USD 13,068,863 · 1 holder · USD 15.23
- 2015 Q4: USD 12,358,058 · 1 holder · USD 15.72
- 2016 Q1: USD 12,358,058 · 1 holder · USD 15.72
- 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 92,700,000 · 1 holder · USD 15.45
- 2018 Q4: USD 80,340,000 · 1 holder · USD 13.39
- 2019 Q1: USD 0 · 0 holders
- 2019 Q2: USD 0 · 0 holders
- 2019 Q3: USD 13,339,453 · 1 holder · USD 9.25
- 2019 Q4: USD 15,709,428 · 1 holder · USD 11.58
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 0 · 0 holders
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 15,134,327 · 1 holder · USD 10.98
- 2023 Q2: USD 11,390,135 · 1 holder · USD 14.89
- 2023 Q3: USD 0 · 0 holders
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 7,030,802 · 1 holder · USD 19.80
- 2024 Q2: USD 19,208,141 · 1 holder · USD 20.12
- 2024 Q3: USD 11,689,425 · 1 holder · USD 21.21
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 0 · 0 holders
- 2025 Q2: USD 10,200,179 · 1 holder · USD 31.45
- 2025 Q3: USD 0 · 0 holders
- 2025 Q4: USD 0 · 0 holders
- 2026 Q1: USD 40,972,412 · 1 holder · USD 46.22
- 2026 Q2: USD 45,077,000 · 1 holder · USD 45.47