Recent News
On May 7 the board approved condensed interim financial statements for Q1 2026, reporting a return to net profit attributable to shareholders.
On April 30 YPF closed a transaction to acquire full interest in the Southern Hub assets previously held by Pluspetrol, expanding control of key Argentina upstream blocks.
In mid-April YPF awarded a long-term unconventional completions contract to Halliburton, a multibillion-dollar agreement to support shale development.
Press coverage in the past two weeks highlighted a newly filed export project for Vaca Muerta estimated at $25 billion under Argentina’s export regime, triggering renewed investor attention.
Technical Analysis
Directional indicators show bullish signal convergence despite weak trend strength: DI+ at 28.75 displays a dip-and-reversal (bullish) while DI– at 21.51 shows a peak-and-reversal (bullish); ADX at 15.36 indicates no established trend, implying momentum may produce short rallies rather than a sustained directional move.
MACD sits at 1.09 above the signal line at 0.77 and shows a dip-and-reversal; the cross above the signal line confirms bullish momentum and supports further upside attempts in the near term.
MRO registers 25.76 with a dip-and-reversal; the positive MRO level signals the current price sits above the WMDST target and creates a material mean-reversion risk that could cap gains if momentum stalls.
RSI at 57.97 with a dip-and-reversal indicates mild bullish momentum without overbought readings, consistent with continued upside room before corrective pressure increases.
Price sits above key averages: close at $47.94 exceeds the 20-day average $44.89, 50-day average $43.23 and 200-day average $35.85; the 12-day EMA shows an increasing trend, and Ichimoku components (Tenkan at $45.31, Kijun at $44.17, cloud levels near $41–$43) provide structural support beneath current levels. Price trades near the upper Bollinger band, suggesting elevated short-term volatility. SuperTrend lower level at $44.22 offers a measurable support reference.
Fundamental Analysis
Profitability and margins: EBIT reached $897,000,000 with an EBIT margin of 18.15%. That margin sits above the industry peer mean of 15.20% and above the industry peer median of 15.50%, reflecting stronger operating conversion relative to peers. EBIT margin expanded roughly 36.1% quarter-over-quarter and about 176.9% year-over-year, indicating substantial margin recovery versus recent periods.
Income and cash flow: Net income from continuing operations totaled $409,000,000. Operating cash flow measured $1,865,000,000 and free cash flow reached $775,000,000, producing a free cash flow yield of 4.81%. Cash flow margin stands at 31.05%, and cash flow to earnings sits at 380%, signaling high cash conversion relative to reported earnings.
Leverage and coverage: Total debt $10,757,000,000 yields a net debt position of $8,791,000,000 and a debt-to-EBITDA ratio near 6.56x, indicating elevated leverage by absolute standards. Interest coverage equals 3.66x, which falls below the industry peer mean of 11.64x and leaves limited buffer against rising rates or weaker operating cash flow.
Operating efficiency: Asset turnover sits at 0.165, near the industry peer mean of 0.169, while return on equity registers 3.55% and return on invested capital 2.62%, consistent with modest returns on capital despite margin recovery. Revenue totaled $4,943,000,000 with YoY revenue growth of 8.78%; however quarter-over-quarter revenue growth declined by 5.12%.
Valuation context: Price multiples show a trailing P/E of 42.33 and a forward P/E of 22.39; price-to-book stands at 1.42 while enterprise multiple sits at 15.35. WMDST values the stock as under-valued based on the firm’s cash generation, improving margins, and the forward multiple relative to growth expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-07 |
| NEXT REPORT DATE: | 2026-08-06 |
| CASH FLOW | Begin Period Cash Flow | $ 933.0 M |
| Operating Cash Flow | $ 1.9 B | |
| Capital Expenditures | $ -1.09 B | |
| Change In Working Capital | $ 161.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 393.0 M | |
| End Period Cash Flow | $ 1.3 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.9 B | |
| Forward Revenue | $ 1.7 B | |
| COSTS | ||
| Cost Of Revenue | $ 3.2 B | |
| Depreciation | $ 726.0 M | |
| Depreciation and Amortization | $ 743.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.8 B | |
| EBITDA | $ 1.6 B | |
| EBIT | $ 897.0 M | |
| Operating Income | $ 873.0 M | |
| Interest Income | $ 27.0 M | |
| Interest Expense | $ 245.0 M | |
| Net Interest Income | $ -293.00 M | |
| Income Before Tax | $ 652.0 M | |
| Tax Provision | $ 243.0 M | |
| Tax Rate | 37.27 % | |
| Net Income | $ 404.0 M | |
| Net Income From Continuing Operations | $ 409.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.88 | |
| EPS Actual | $ 0.97 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 10.227 % | |
| Forward EPS | $ 1.43 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 30.4 B | |
| Intangible Assets | $ 437.0 M | |
| Net Tangible Assets | $ 10.9 B | |
| Total Current Assets | $ 6.7 B | |
| Cash and Short-Term Investments | $ 1.7 B | |
| Cash | $ 1.3 B | |
| Net Receivables | $ 1.9 B | |
| Inventory | $ 1.5 B | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 2.3 B | |
| Short-Term Debt | $ 1.6 B | |
| Total Current Liabilities | $ 7.2 B | |
| Net Debt | $ 8.8 B | |
| Total Debt | $ 10.8 B | |
| Total Liabilities | $ 18.7 B | |
| EQUITY | ||
| Total Equity | $ 11.4 B | |
| Retained Earnings | $ -352.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 28.96 | |
| Shares Outstanding | 392.411 M | |
| Revenue Per-Share | $ 12.60 | |
| VALUATION | Market Capitalization | $ 16.1 B |
| Enterprise Value | $ 25.2 B | |
| Enterprise Multiple | 15.352 | |
| Enterprise Multiple QoQ | -12.484 % | |
| Enterprise Multiple YoY | -79.116 % | |
| Enterprise Multiple IPRWA | high: 104.904 median: 40.509 mean: 38.196 YPF: 15.352 low: -85.14 |
|
| EV/R | 5.094 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.671 | |
| Asset To Liability | 1.621 | |
| Debt To Capital | 0.486 | |
| Debt To Assets | 0.354 | |
| Debt To Assets QoQ | -6.462 % | |
| Debt To Assets YoY | 2.63 % | |
| Debt To Assets IPRWA | high: 0.622 YPF: 0.354 median: 0.199 mean: 0.197 low: 0.006 |
|
| Debt To Equity | 0.946 | |
| Debt To Equity QoQ | -8.227 % | |
| Debt To Equity YoY | 7.843 % | |
| Debt To Equity IPRWA | high: 2.445 YPF: 0.946 mean: 0.62 median: 0.436 low: 0.008 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.418 | |
| Price To Book QoQ | 7.57 % | |
| Price To Book YoY | 25.815 % | |
| Price To Book IPRWA | high: 5.391 median: 2.44 mean: 2.261 YPF: 1.418 low: -1.668 |
|
| Price To Earnings (P/E) | 42.332 | |
| Price To Earnings QoQ | -294.658 % | |
| Price To Earnings YoY | -58.287 % | |
| Price To Earnings IPRWA | high: 202.32 mean: 67.829 YPF: 42.332 median: 38.031 low: -49.343 |
|
| PE/G Ratio | -0.268 | |
| Price To Sales (P/S) | 3.26 | |
| Price To Sales QoQ | 3.935 % | |
| Price To Sales YoY | 14.039 % | |
| Price To Sales IPRWA | high: 57.114 mean: 8.193 median: 7.465 YPF: 3.26 low: 0.049 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 22.393 | |
| Forward PE/G | -0.142 | |
| Forward P/S | 7.888 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 5.469 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.165 | |
| Asset Turnover Ratio QoQ | 7.35 % | |
| Asset Turnover Ratio YoY | 6.028 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 median: 0.18 mean: 0.169 YPF: 0.165 low: 0.001 |
|
| Receivables Turnover | 2.437 | |
| Receivables Turnover Ratio QoQ | 10.39 % | |
| Receivables Turnover Ratio YoY | -13.544 % | |
| Receivables Turnover Ratio IPRWA | high: 5.094 YPF: 2.437 mean: 1.997 median: 1.729 low: 0.065 |
|
| Inventory Turnover | 2.193 | |
| Inventory Turnover Ratio QoQ | 0.98 % | |
| Inventory Turnover Ratio YoY | 4.198 % | |
| Inventory Turnover Ratio IPRWA | high: 17.806 mean: 2.837 median: 2.702 YPF: 2.193 low: 0.115 |
|
| Days Sales Outstanding (DSO) | 37.438 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 15.105 | |
| Cash Conversion Cycle Days QoQ | -23.233 % | |
| Cash Conversion Cycle Days YoY | 317.883 % | |
| Cash Conversion Cycle Days IPRWA | high: 141.82 YPF: 15.105 median: 9.147 mean: -2.741 low: -191.36 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -10.984 | |
| CapEx To Revenue | -0.221 | |
| CapEx To Depreciation | -1.501 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.9 B | |
| Net Invested Capital | $ 21.5 B | |
| Invested Capital | $ 21.5 B | |
| Net Tangible Assets | $ 10.9 B | |
| Net Working Capital | $ -450.00 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.236 | |
| Current Ratio | 0.937 | |
| Current Ratio QoQ | 7.7 % | |
| Current Ratio YoY | 18.581 % | |
| Current Ratio IPRWA | high: 11.078 median: 1.219 mean: 1.218 YPF: 0.937 low: 0.401 |
|
| Quick Ratio | 0.734 | |
| Quick Ratio QoQ | 8.544 % | |
| Quick Ratio YoY | 22.606 % | |
| Quick Ratio IPRWA | high: 7.281 mean: 0.943 median: 0.87 YPF: 0.734 low: 0.358 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.559 | |
| Cost Of Debt | 1.403 % | |
| Interest Coverage Ratio | 3.661 | |
| Interest Coverage Ratio QoQ | 28.686 % | |
| Interest Coverage Ratio YoY | 245.512 % | |
| Interest Coverage Ratio IPRWA | high: 31.331 mean: 11.642 median: 7.268 YPF: 3.661 low: -51.648 |
|
| Operating Cash Flow Ratio | 0.214 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 63.37 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.122 % | |
| Revenue Growth | 8.781 % | |
| Revenue Growth QoQ | -511.867 % | |
| Revenue Growth YoY | -380.364 % | |
| Revenue Growth IPRWA | high: 74.257 % YPF: 8.781 % median: 7.819 % mean: 7.558 % low: -47.538 % |
|
| Earnings Growth | -158.084 % | |
| Earnings Growth QoQ | -193.345 % | |
| Earnings Growth YoY | 9.329 % | |
| Earnings Growth IPRWA | high: 300.0 % median: 59.184 % mean: 50.374 % YPF: -158.084 % low: -279.592 % |
|
| MARGINS | ||
| Gross Margin | 35.505 % | |
| Gross Margin QoQ | 22.97 % | |
| Gross Margin YoY | 27.918 % | |
| Gross Margin IPRWA | high: 80.204 % YPF: 35.505 % mean: 24.95 % median: 24.168 % low: -31.917 % |
|
| EBIT Margin | 18.147 % | |
| EBIT Margin QoQ | 36.075 % | |
| EBIT Margin YoY | 176.884 % | |
| EBIT Margin IPRWA | high: 91.389 % YPF: 18.147 % median: 15.498 % mean: 15.195 % low: -242.594 % |
|
| Return On Sales (ROS) | 17.661 % | |
| Return On Sales QoQ | 78.737 % | |
| Return On Sales YoY | 169.469 % | |
| Return On Sales IPRWA | high: 91.389 % YPF: 17.661 % median: 14.874 % mean: 14.797 % low: -40.585 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 775.0 M | |
| Free Cash Flow Yield | 4.81 % | |
| Free Cash Flow Yield QoQ | 115.598 % | |
| Free Cash Flow Yield YoY | -278.479 % | |
| Free Cash Flow Yield IPRWA | high: 11.076 % YPF: 4.81 % median: 0.36 % mean: 0.316 % low: -13.55 % |
|
| Free Cash Growth | 143.711 % | |
| Free Cash Growth QoQ | -54.084 % | |
| Free Cash Growth YoY | -164.614 % | |
| Free Cash Growth IPRWA | high: 379.182 % YPF: 143.711 % mean: -76.85 % median: -78.149 % low: -590.685 % |
|
| Free Cash To Net Income | 1.918 | |
| Cash Flow Margin | 31.054 % | |
| Cash Flow To Earnings | 3.8 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.351 % | |
| Return On Assets QoQ | -160.938 % | |
| Return On Assets YoY | -2601.852 % | |
| Return On Assets IPRWA | high: 10.33 % YPF: 1.351 % median: 1.324 % mean: 1.245 % low: -16.545 % |
|
| Return On Capital Employed (ROCE) | 3.868 % | |
| Return On Equity (ROE) | 0.036 | |
| Return On Equity QoQ | -158.763 % | |
| Return On Equity YoY | -2694.161 % | |
| Return On Equity IPRWA | high: 0.13 YPF: 0.036 mean: 0.036 median: 0.033 low: -0.293 |
|
| DuPont ROE | 3.643 % | |
| Return On Invested Capital (ROIC) | 2.619 % | |
| Return On Invested Capital QoQ | 42.26 % | |
| Return On Invested Capital YoY | 27.632 % | |
| Return On Invested Capital IPRWA | high: 8.567 % median: 3.05 % mean: 2.708 % YPF: 2.619 % low: -20.351 % |
|