| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 88 | 6.2x | 17.8x | Top tier | |
Growth | 90 | 44.3% | 7.1% | Top tier | |
Quality | 37 | 6.8% | 4.5% | Bottom tier | |
Safety | 50 | 1.4x | 2.6x | Around median | |
Capital Return | — | — | 2.12% | N/A | |
Momentum | 43 | 17.6% | 2.9% | Around median | |
Sentiment | 2 | 1 | 3 | Bottom tier |
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, known as Edenor under the ticker EDN, distributes electricity within the Buenos Aires metropolitan area and describes itself as Argentina's largest electricity distributor, with a long-term concession and 3.41 million customers in fiscal Q2 2026. Its financial model relies on energy sales and the regulated distribution margin; the five-year tariff review for 2025–2030 sets the distribution value with automatic monthly adjustments weighted 33% to the Consumer Price Index and 67% to the Wholesale Price Index, plus a real monthly adjustment of 0.42% above inflation.
In fiscal Q2 2026, revenue reached 918 billion Argentine pesos, up 10% year over year in real terms, while energy sales rose 1.9% to 5,776 gigawatt-hours and the number of customers increased 1.3%. The distribution margin was 335 billion pesos, up only 1%, and the company recorded net income of 31 billion pesos, down 75% due to comparison with fiscal Q2 2025 earnings, which included a non-recurring CAMMESA settlement gain of approximately 225 billion pesos.
During the first half of fiscal 2026, the distribution margin reached 748 billion pesos, up 7%, and EBITDA was approximately 314 billion pesos versus 386 billion in the corresponding period; however, after excluding the non-recurring CAMMESA gain from the comparison year, EBITDA increased 94%. Annual EDGAR filings show sustained improvement: revenue rose from 1.5267 trillion in fiscal 2023 to 2.0431 trillion in fiscal 2024, net income increased from 191.4 billion to 272.1 billion, and gross profit expanded from 60.4 billion to 394.6 billion.
Automated analysis for informational purposes only — not investment advice.
The available analyst consensus is neutral, with no consensus price target or high-low target range, while the price-to-earnings ratio is also unavailable; therefore, a reliable relative valuation cannot be derived from these metrics. The wide 52-week range is between 14.38 and 36.70 dollars, reflecting substantial repricing associated in the data with the improved tariff framework and credit ratings, offset by the regulatory and financing uncertainty surrounding the Metrogas transaction.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Revenue in fiscal Q2 2026 was approximately 918 billion Argentine pesos, up 10% year over year in real terms. Energy sales increased 1.9% to 5,776 gigawatt-hours, and the number of customers rose 1.3% to 3.41 million. Tariff adjustments and cost reductions helped improve the underlying operating trend, despite a 75% decline in reported net income to 31 billion pesos due to comparison with the non-recurring CAMMESA gain in the prior year.
The five-year review covers 2025–2030 and permits a monthly adjustment to the distribution value based on a mix of 33% Consumer Price Index and 67% Wholesale Price Index. The mechanism adds a real monthly adjustment of 0.42% above inflation. During the first half of fiscal 2026, the distribution value increased by more than 20% versus inflation of 17%, contributing to 94% growth in adjusted EBITDA after excluding the CAMMESA gain from the comparison year.
Edenor signed an agreement to purchase YPF's 70% stake in Metrogas after the offer was accepted in August 2026, but it will not manage the company before the change of control is completed. The transaction is conditional on extending the concession through 2047 and obtaining other government approvals, after which a mandatory offer process for the 30% minority stake will begin 30 days after closing. If completed, the two companies will combine electricity and gas networks serving 5.8 million customers, and Metrogas had reported EBITDA of approximately 100 million dollars in the first half of fiscal 2026.
Total outstanding bonds and loans were 1.159 billion dollars, and net debt was 303 million dollars on June 30, 2026. After the July transactions and transaction financing, management indicated on August 10, 2026 that total debt was approximately 1.6 billion dollars and net debt was 447 million dollars. There were no maturities during the year following that date, but the increase in debt makes the transaction's success and cash flow generation more important factors.
The outage duration and frequency indicators were 5.6 and 2.7, respectively, in fiscal Q2 2026, down 48% and 34% from fiscal 2021 levels. The company spent 92 billion pesos on capital investment during the quarter and 167 billion during the first half of fiscal 2026. In contrast, energy losses remained at 15.82%, despite the use of AI-powered analytical tools and the installation of 4,863 meters during the quarter.
Revenue increased from 641.0 billion in fiscal 2022 to 1.5267 trillion in fiscal 2023 and then to 2.0431 trillion in fiscal 2024. Net income shifted from a loss of 54.4 billion in fiscal 2022 to a profit of 191.4 billion in fiscal 2023 and then 272.1 billion in fiscal 2024. Gross profit also rose from 23.3 billion to 60.4 billion and then 394.6 billion across the same periods.
