YPF - ADR
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+ FollowMarket Cap$15.22B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Strong results + margin/cash generation surprise (good):
- Q3 revenue $6.6bn, +41% YoY; Adjusted EBITDA $2.5bn, 2nd highest in YPF history, +84% YoY.
- EBITDA margin 38% (high) driven by shale mix shift, record refinery activity, cost efficiency, favorable prices.
- Free cash flow $901m (2nd highest in history); net leverage down to 0.81x (lowest in >10 years).
Upstream momentum: shale scaling toward 2027 (good, with numbers):
- Shale oil output 224k bpd in Q3 (+32% YoY, +5% QoQ); conventional oil ~37k bpd (-47% YoY) reflecting divestments.
- Management reiterated they are on track for ~250k bpd by Dec (and suggested 2027 production could be “very surprising” / possibly higher on average).
- Efficiency gains: drilling ~354 m/day (+29% vs 2023); unconventional fracking 11.1 stages/day and 18.8 pumping hours/day (both ~+30–46% vs 2023).
VMOS + capacity buildout (opportunity / key constraint):
- VMOS construction ~85% complete by September; monobuoys arrived, enabling operational readiness.
- VMOS first oil export expected early next year—the CEO implied this logistics upgrade could support accelerating upstream activity, though final budget/board approval remains a timing constraint.
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$0.22
99.4% downside
Current Fair Value
99.4% downsideOvervalued by 99.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $15.22 Billion |
|---|---|
| Enterprise Value | $14.24 Trillion |
| Earnings per Share | $-3061.61 |
| Beta | -0.07 |
| Outstanding Shares | 393,667,000 |
Return
| Return on Equity | 9.21% |
|---|---|
| Return on Assets | 3.64% |
| Return on Invested Capital | 16.03% |
Valuation & Multiples
| P/E Ratio | 21.65 |
|---|---|
| PEG | 0 |
| Price to Sales | 0.0 |
| Price to Book Ratio | 0.0 |
| Enterprise Value to Revenue | 0.73 |
| Enterprise Value to EBIT | 2.42 |
| Enterprise Value to Net Income | 8 |
| Total Debt to Enterprise | 1.14 |
| Debt to Equity | 0.85 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.92
Consensus analyst estimateRevenue Estimate
$5.57 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
$2.03
Consensus analyst estimateRevenue Estimate
$3.52 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 70.92% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.05%▼ 15.36% |
|---|---|
| Total Invested | $9.69M▼ 99.64% |
| Investors Holding | 15▼ 187.00% |
About YPF
21,594 employees
CEO: Daniel Cristian Gonzalez Casartelli
YPF Sociedad Anónima is an integrated energy company based in Argentina, conducting extensive oil and gas operations across the country. Its upstream segment is dedicated to the exploration, development, and extraction of crude oil, natu...