GAS TRANSPORTER OF THE SOUTH INC
TGS · Natural Gas Transmission · EDGAR filings ↗
Reference price $29.26 — last insider purchase, 2026-06-09 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B79Highly profitable, low-leverage Argentine gas-transport/midstream operator with top-decile returns, tempered by tariff and country risk.
Strengths
- Top-decile ROA (10.9%, 100th) and ROIC (15.7%, 100th), with strong operating (45.9%, 81st) and net margins (30.3%, 83rd)
- Very low leverage (D/E 0.26, 20th), interest coverage 10x (80th) and surging revenue (+24%) and earnings on tariff increases
Risks
- Argentina macro/regulatory risk — dependence on government tariff approvals (791% nominal 2024 increase), currency devaluation and inflation accounting
- Contract-renewal and gas-supply concentration risk in the Liquids/midstream segments
Notable findings
- Customer concentration~63% of revenue from one customer/distributor — 2% and 62
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$136,915, last 6mo) Form 4 ↗
Key metrics
Gross margin
52.8%
Operating margin
45.9%
Net margin
30.3%
Return on equity
16.6%
Return on assets
10.9%
ROIC
15.7%
Revenue growth (QoQ)
23.7%
Net-income growth
622.8%
Debt / equity
0.3×
Interest coverage
10.1×
Free cash flow
$158M
Tangible book value
$1.8B
Cash & investments
$49M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-09 | Fallo Luis Alberto | Buy | 4.7K | $29.26 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-22 | 2025-12-31 | 0001140361-26-016167 ↗ |
| 20-F | 2025-04-24 | 2024-12-31 | 0001140361-25-015473 ↗ |
| 20-F | 2024-04-24 | 2023-12-31 | 0001140361-24-021683 ↗ |
| 20-F | 2023-04-25 | 2022-12-31 | 0001140361-23-020256 ↗ |
| 20-F | 2022-04-26 | 2021-12-31 | 0001140361-22-015996 ↗ |
| 20-F | 2021-04-28 | 2020-12-31 | 0001140361-21-014628 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001140361-20-010185 ↗ |
| 20-F | 2019-04-25 | 2018-12-31 | 0001140361-19-007596 ↗ |
| 20-F | 2018-04-16 | 2017-12-31 | 0001140361-18-018601 ↗ |
| 20-F | 2017-04-25 | 2016-12-31 | 0001654954-17-003627 ↗ |
| 20-F | 2016-05-02 | 2015-12-31 | 0000931427-16-000027 ↗ |
| 20-F | 2015-04-29 | 2014-12-31 | 0000931427-15-000005 ↗ |