YPF Sociedad Anónima (YPF) Stock Analysis & Winston Score

YPF is Argentina's largest oil and gas company. It finds, drills, and produces crude oil and natural gas, then refines that oil into fuels like gasoline and diesel that it sells at its network of gas stations across Argentina. The Argentine government owns a majority stake in YPF, making it effectively a state-controlled energy company.

YPF makes money by selling fuel at retail stations, supplying refined products to industrial customers, and exporting oil and gas. It operates almost entirely within Argentina, generating roughly $19 billion in market value. Its biggest opportunity is the Vaca Muerta shale formation in Patagonia, one of the largest unconventional oil and gas reserves in the world, which could significantly boost production if YPF can attract enough foreign investment. The main risks are Argentina's history of currency controls, inflation, and government intervention in energy pricing, all of which can squeeze profits and make long-term planning difficult.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$32M/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$4.7T cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

YPF Sociedad Anónima grew revenue 151127% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 392.8M (2021) → 392.0M (2025)

Score breakdown

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Quality

Gross Margin

35.6%

Modest — 35.6% gross margin

Operating Margin

17.9%

Healthy — 17.9% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+41.2%

Fast-growing sales (41.2% YoY)

EPS YoY

-137.9%

Earnings shrinking (-137.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

5.7%

Thin free cash flow (5.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.89

Moderate — manageable debt (0.89)

Interest Cover

2.62x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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