Transportadora de Gas del Sur S.A. (TGS) Balance Sheet

NYSE: TGSAssets, liabilities, debt and equity over 10 years.

TGS balance sheet, 2025

December 31, 2025 · Argentine pesos

ARS 5.41T assets = ARS 2.29T liabilities + ARS 3.13T equity

Both columns are drawn to the same scale: what TGS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TGS financial health

Current ratio5.00

Comfortable · current assets cover current liabilities 5.00×

Debt / equity0.53

Moderate leverage · ARS 0.53 of debt for each $1 of equity

Equity / assets57.8%

Equity-funded · of assets funded by shareholders

Cash / debt108.1%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TGS balance sheet trends, 2016–2025

Transportadora de Gas del Sur S.A. balance sheet trends
Metric	Then	Latest	Change
Total assets	ARS 8.93B2016	ARS 5.41T2025	+103.8%/yr
Total liabilities	ARS 6.40B2016	ARS 2.29T2025	+92.1%/yr
Shareholders’ equity	ARS 2.53B2016	ARS 3.13T2025	+120.6%/yr
Cash & short-term investments	ARS 1.63B2016	ARS 1.81T2025	+118.0%/yr
Total debt	ARS 3.89B2016	ARS 1.67T2025	+96.2%/yr
Net cash (debt)	−ARS 2.26B2016	ARS 135.04B2025	ARS 137.3B
Working capital	ARS 1.44B2016	ARS 1.79T2025	ARS 1.8T
Current ratio	1.762016	5.002025	+3.24
Debt / equity	1.542016	0.532025	−1.00
Shares outstanding	165.0M2016	150.6M2025	−1.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TGS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TGS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TGS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TGS balance sheet in Argentine pesos

Transportadora de Gas del Sur S.A. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	ARS 1.81T	ARS 796.54B	ARS 717.45B	ARS 131.66B	ARS 34.48B	ARS 6.79B	ARS 10.81B	ARS 16.65B	ARS 4.32B	ARS 1.63B
Cash & equivalents	ARS 803.80B	ARS 59.97B	ARS 14.37B	ARS 9.31B	ARS 8.63B	ARS 4.65B	ARS 9.77B	ARS 16.64B	ARS 2.65B	ARS 1.56B
Short-term investments	ARS 1.00T	ARS 736.56B	ARS 703.08B	ARS 122.36B	ARS 25.85B	ARS 2.14B	ARS 1.04B	ARS 5.7M	ARS 1.67B	ARS 70.4M
Receivables	ARS 220.03B	ARS 170.70B	ARS 142.66B	ARS 72.49B	ARS 25.68B	ARS 7.03B	ARS 8.28B	ARS 4.03B	ARS 2.33B	ARS 1.51B
Inventory	ARS 195.89B	ARS 3.66B	ARS 16.70B	ARS 5.71B	ARS 2.28B	ARS 571.5M	ARS 307.6M	ARS 360.3M	ARS 106.0M	ARS 116.9M
Other current assets	ARS 12.69B	ARS 37.15B	ARS 49.13B	ARS 30.71B	ARS 6.70B	ARS 1.41B	ARS 1.55B	ARS 2.12B	ARS 397.3M	ARS 91.1M
Total current assets	ARS 2.24T	ARS 1.01T	ARS 925.94B	ARS 240.57B	ARS 69.14B	ARS 15.80B	ARS 20.94B	ARS 23.16B	ARS 7.15B	ARS 3.35B
Property, plant & equipment (net)	ARS 3.17T	ARS 2.38T	ARS 2.16T	ARS 917.03B	ARS 292.53B	ARS 98.87B	ARS 74.55B	ARS 38.69B	ARS 6.48B	ARS 5.33B
Goodwill & intangible assets	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0
Long-term investments	ARS 5.34B	ARS 1.23B	ARS 107.64B	ARS 40.32B	ARS 22.48B	ARS 13.89B	ARS 84.1M	ARS 81.4M	ARS 17.5M	ARS 167.3M
Other non-current assets	ARS 480.9M	ARS 442.3M	ARS 126.84B	ARS 85.36B	ARS 21.37B	ARS 34.2M	ARS 24.6M	ARS 12.8M	ARS 15.7M	ARS 83.6M
Total assets	ARS 5.41T	ARS 3.39T	ARS 3.32T	ARS 1.28T	ARS 405.52B	ARS 128.59B	ARS 95.60B	ARS 61.94B	ARS 13.67B	ARS 8.93B
Liabilities
Accounts payable	ARS 100.42B	ARS 76.72B	ARS 90.86B	ARS 32.78B	ARS 11.82B	ARS 2.80B	ARS 4.11B	ARS 3.09B	ARS 1.45B	ARS 961.2M
Short-term debt	ARS 212.27B	ARS 26.43B	ARS 23.02B	ARS 6.54B	ARS 2.30B	ARS 936.8M	ARS 1.72B	ARS 442.8M	ARS 1.29B	ARS 114.1M
Deferred revenue	ARS 8.86B	ARS 7.46B	ARS 9.84B	ARS 3.26B	ARS 978.6M	ARS 318.0M	ARS 219.8M	ARS 129.6M	ARS 81.0M	ARS 37.6M
Total current liabilities	ARS 447.06B	ARS 368.96B	ARS 260.32B	ARS 66.00B	ARS 39.47B	ARS 8.11B	ARS 7.95B	ARS 7.15B	ARS 4.61B	ARS 1.90B
Long-term debt	ARS 1.46T	ARS 501.71B	ARS 411.08B	ARS 90.69B	ARS 51.40B	ARS 58.80B	ARS 34.20B	ARS 31.00B	ARS 4.68B	ARS 3.77B
Lease obligations	ARS 9.80B	ARS 13.98B	ARS 17.22B	ARS 4.26B	ARS 3.02B	ARS 2.89B	ARS 2.38B	ARS 1.66B	ARS 891.4M	ARS 848.2M
Other long-term liabilities	ARS 377.68B	ARS 290.42B	ARS 787.86B	ARS 294.44B	ARS 79.75B	ARS 0	ARS 5.37B	ARS 0	ARS 0	ARS 730.4M
Total liabilities	ARS 2.29T	ARS 1.16T	ARS 1.46T	ARS 451.13B	ARS 170.61B	ARS 62.57B	ARS 47.52B	ARS 31.00B	ARS 8.35B	ARS 6.40B
Shareholders' equity
Common stock & paid-in capital	ARS 752.5M	ARS 738.54B	ARS 738.54B	ARS 339.15B	ARS 108.91B	ARS 37.04B	ARS 28.35B	ARS 18.35B	ARS 1.35B	ARS 1.35B
Retained earnings (deficit)	ARS 420.70B	ARS 370.16B	ARS 51.21B	ARS 100.64B	ARS 40.77B	ARS 3.29B	ARS 13.62B	ARS 11.99B	ARS 2.79B	ARS 930.7M
Treasury stock	—	—	—	—	−ARS 4.14B	−ARS 2.74B	−ARS 1.24B	−ARS 1.69B	ARS 0	ARS 0
Accumulated other comprehensive income	ARS 1.81T	ARS 1.22T	ARS 1.17T	ARS 436.26B	ARS 99.32B	ARS 30.49B	ARS 7.64B	ARS 2.03B	ARS 1.18B	ARS 250.4M
Minority interest	ARS 2.8M	ARS 2.3M	ARS 2.0M	ARS 342,000	—	—	ARS 0	ARS 0	ARS 0	ARS 0
Total shareholders' equity	ARS 3.13T	ARS 2.23T	ARS 1.86T	ARS 832.16B	ARS 234.91B	ARS 66.03B	ARS 48.08B	ARS 30.95B	ARS 5.32B	ARS 2.53B
Key figures
Total debt	ARS 1.67T	ARS 528.15B	ARS 918.21B	ARS 288.97B	ARS 102.42B	ARS 59.74B	ARS 35.92B	ARS 31.45B	ARS 5.97B	ARS 3.89B
Net cash (debt)	ARS 135.04B	ARS 268.39B	−ARS 200.76B	−ARS 157.31B	−ARS 67.95B	−ARS 52.94B	−ARS 25.11B	−ARS 14.80B	−ARS 1.65B	−ARS 2.26B
Working capital	ARS 1.79T	ARS 639.10B	ARS 665.62B	ARS 174.57B	ARS 29.67B	ARS 7.69B	ARS 12.99B	ARS 16.02B	ARS 2.55B	ARS 1.44B
Tangible book value	ARS 3.13T	ARS 2.23T	ARS 1.86T	ARS 832.16B	ARS 234.91B	ARS 66.03B	ARS 48.08B	ARS 30.95B	ARS 5.32B	ARS 2.53B
Shares outstanding	150.6M	150.6M	150.6M	150.6M	150.6M	152.5M	155.2M	157.7M	165.0M	165.0M
Current ratio	5.00	2.73	3.56	3.65	1.75	1.95	2.63	3.24	1.55	1.76
Quick ratio	4.54	2.62	3.30	3.09	1.52	1.70	2.40	2.89	1.44	1.65
Debt / equity	0.53	0.24	0.49	0.35	0.44	0.90	0.75	1.02	1.12	1.54
Equity / assets	57.8%	65.8%	56.1%	64.8%	57.9%	51.3%	50.3%	50.0%	38.9%	28.3%

Transportadora de Gas del Sur S.A. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	ARS 2.22T	ARS 1.81T	ARS 1.81T	ARS 875.35B	ARS 676.21B	ARS 955.75B	ARS 796.54B	ARS 647.43B	ARS 544.29B	ARS 452.55B	ARS 717.45B	ARS 164.08B
Cash & equivalents	ARS 289.01B	ARS 363.35B	ARS 803.80B	ARS 73.03B	ARS 16.63B	ARS 47.78B	ARS 59.97B	ARS 31.42B	ARS 38.56B	ARS 37.04B	ARS 14.37B	ARS 5.70B
Short-term investments	ARS 1.93T	ARS 1.44T	ARS 1.00T	ARS 802.32B	ARS 659.58B	ARS 907.97B	ARS 271.61B	ARS 616.01B	ARS 505.73B	ARS 415.51B	ARS 703.08B	ARS 158.38B
Receivables	ARS 257.95B	ARS 415.92B	ARS 220.03B	ARS 204.15B	ARS 209.13B	ARS 157.14B	ARS 156.04B	ARS 133.68B	ARS 132.74B	ARS 95.74B	ARS 142.66B	ARS 38.19B
Inventory	ARS 175.88B	ARS 12.34B	ARS 195.89B	ARS 17.70B	ARS 12.28B	ARS 9.73B	ARS 3.66B	ARS 9.62B	ARS 12.74B	ARS 7.25B	ARS 16.70B	ARS 3.14B
Other current assets	ARS 7.11B	ARS 1.0M	ARS 12.69B	ARS 91.35B	ARS 58.17B	ARS 38.50B	ARS 51.81B	ARS 39.94B	ARS 36.67B	ARS 32.12B	ARS 49.13B	ARS 16.35B
Total current assets	ARS 2.66T	ARS 2.23T	ARS 2.24T	ARS 1.19T	ARS 955.78B	ARS 1.16T	ARS 1.01T	ARS 830.66B	ARS 726.45B	ARS 587.65B	ARS 925.94B	ARS 221.76B
Property, plant & equipment (net)	ARS 4.05T	ARS 3.61T	ARS 3.17T	ARS 2.91T	ARS 2.75T	ARS 2.58T	ARS 2.38T	ARS 2.12T	ARS 1.86T	ARS 1.54T	ARS 2.16T	ARS 630.17B
Goodwill & intangible assets	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0	ARS 0
Long-term investments	ARS 6.19B	ARS 5.66B	ARS 5.34B	ARS 2.60B	ARS 1.74B	ARS 1.40B	ARS 1.23B	ARS 30.17B	ARS 28.08B	ARS 26.05B	ARS 107.64B	ARS 46.62B
Other non-current assets	ARS 485.8M	ARS 923.0M	ARS 480.9M	ARS 640.8M	ARS 434.5M	ARS 435.9M	ARS 442.3M	ARS 30.8M	ARS 33.0M	ARS 74.0M	ARS 126.84B	ARS 218.7M
Total assets	ARS 6.72T	ARS 5.85T	ARS 5.41T	ARS 4.10T	ARS 3.71T	ARS 3.75T	ARS 3.39T	ARS 2.98T	ARS 2.61T	ARS 2.15T	ARS 3.32T	ARS 898.77B
Liabilities
Accounts payable	ARS 209.84B	ARS 128.68B	ARS 100.42B	ARS 98.54B	ARS 84.64B	ARS 54.89B	ARS 76.72B	ARS 68.80B	ARS 62.18B	ARS 43.46B	ARS 90.86B	ARS 20.26B
Short-term debt	ARS 140.91B	ARS 162.36B	ARS 212.27B	ARS 117.23B	ARS 93.38B	ARS 71.33B	ARS 78.40B	ARS 15.34B	ARS 441.08B	ARS 18.14B	ARS 23.02B	ARS 16.58B
Deferred revenue	ARS 171.61B	ARS 9.68B	ARS 8.86B	ARS 8.22B	ARS 7.78B	ARS 7.32B	—	ARS 7.69B	ARS 7.52B	ARS 6.86B	ARS 9.84B	ARS 2.32B
Total current liabilities	ARS 725.62B	ARS 437.01B	ARS 447.06B	ARS 319.23B	ARS 284.99B	ARS 391.14B	ARS 368.96B	ARS 310.71B	ARS 688.90B	ARS 195.20B	ARS 260.32B	ARS 68.15B
Long-term debt	ARS 1.53T	ARS 1.41T	ARS 1.46T	ARS 668.65B	ARS 580.52B	ARS 519.24B	ARS 501.71B	ARS 472.81B	ARS 0	ARS 403.54B	ARS 400.16B	ARS 178.50B
Lease obligations	ARS 4.02B	ARS 6.55B	ARS 9.80B	ARS 11.97B	ARS 12.75B	ARS 13.38B	ARS 13.98B	ARS 15.62B	ARS 16.30B	ARS 16.81B	ARS 17.22B	ARS 8.00B
Other long-term liabilities	ARS 461.70B	ARS 420.47B	ARS 377.68B	ARS 332.28B	ARS 316.25B	ARS 303.90B	ARS 290.42B	ARS 248.10B	ARS 230.87B	ARS 201.05B	ARS 798.78B	ARS 78.60B
Total liabilities	ARS 2.72T	ARS 2.27T	ARS 2.29T	ARS 1.32T	ARS 1.18T	ARS 1.21T	ARS 1.16T	ARS 1.03T	ARS 919.77B	ARS 799.79B	ARS 1.46T	ARS 325.25B
Shareholders' equity
Common stock & paid-in capital	ARS 758.9M	ARS 1.06T	ARS 752.5M	ARS 900.69B	ARS 851.97B	ARS 801.83B	ARS 738.54B	ARS 683.20B	ARS 609.83B	ARS 514.22B	ARS 738.54B	ARS 221.25B
Retained earnings (deficit)	ARS 306.77B	ARS 620.58B	ARS 420.70B	ARS 275.23B	ARS 154.34B	ARS 509.23B	ARS 1.55T	ARS 222.52B	ARS 152.04B	ARS 91.59B	ARS 51.21B	ARS 30.65B
Accumulated other comprehensive income	ARS 2.63T	ARS 1.98T	ARS 1.81T	ARS 1.68T	ARS 1.58T	ARS 1.32T	ARS 40.95B	ARS 1.13T	ARS 1.01T	ARS 814.05B	ARS 1.13T	ARS 337.99B
Minority interest	ARS 3.4M	ARS 2.9M	ARS 2.8M	ARS 2.4M	ARS 2.1M	—	—	—	—	—	—	—
Total shareholders' equity	ARS 4.00T	ARS 3.58T	ARS 3.13T	ARS 2.78T	ARS 2.53T	ARS 2.53T	ARS 2.23T	ARS 1.95T	ARS 1.69T	ARS 1.35T	ARS 1.86T	ARS 573.52B
Key figures
Total debt	ARS 1.69T	ARS 1.57T	ARS 1.67T	ARS 785.88B	ARS 673.90B	ARS 590.57B	ARS 580.11B	ARS 488.15B	ARS 450.06B	ARS 431.70B	ARS 918.21B	ARS 195.08B
Net cash (debt)	ARS 535.03B	ARS 234.76B	ARS 135.04B	ARS 89.47B	ARS 2.30B	ARS 365.18B	ARS 216.43B	ARS 159.28B	ARS 94.23B	ARS 20.85B	−ARS 200.76B	−ARS 31.00B
Working capital	ARS 1.94T	ARS 1.80T	ARS 1.79T	ARS 869.33B	ARS 670.79B	ARS 769.98B	ARS 639.10B	ARS 519.96B	ARS 37.55B	ARS 392.45B	ARS 665.62B	ARS 153.61B
Tangible book value	ARS 4.00T	ARS 3.58T	ARS 3.13T	ARS 2.78T	ARS 2.53T	ARS 2.53T	ARS 2.23T	ARS 1.95T	ARS 1.69T	ARS 1.35T	ARS 1.86T	ARS 573.52B
Shares outstanding	150.6M	150.5M	150.6M	150.6M	150.6M	150.6M	150.6M	150.6M	150.6M	150.6M	150.6M	150.6M
Current ratio	3.67	5.11	5.00	3.72	3.35	2.97	2.73	2.67	1.05	3.01	3.56	3.25
Quick ratio	3.42	5.08	4.54	3.38	3.11	2.85	2.58	2.51	0.98	2.81	3.30	2.97
Debt / equity	0.42	0.44	0.53	0.28	0.27	0.23	0.26	0.25	0.27	0.32	0.49	0.34
Equity / assets	59.5%	61.3%	57.8%	67.8%	68.1%	67.6%	65.8%	65.4%	64.8%	62.9%	56.1%	63.8%

Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported (latest annual report filed April 22, 2026); data from EODHD.

TGS financial position

At the end of fiscal 2025 (December 31, 2025), Transportadora de Gas del Sur had total assets of ARS 5.41 trillion (up 59.4% from a year earlier), total liabilities of ARS 2.29 trillion and shareholders' equity of ARS 3.13 trillion. It held ARS 1.81 trillion in cash and short-term investments against ARS 1.67 trillion of debt, a net cash position of ARS 135.0 billion. Its current ratio was 5.00. In the latest quarter (ended June 30, 2026) total assets were ARS 6.72 trillion and equity ARS 4.00 trillion.

Related: TGS income statement, TGS cash flow statement, TGS key metrics. See the TGS stock overview for the latest quote and news.

TGS balance sheet FAQ

What are Transportadora de Gas del Sur's total assets?

Transportadora de Gas del Sur reported total assets of ARS 5.41 trillion at the end of fiscal 2025 (December 31, 2025), compared with ARS 3.39 trillion a year earlier.

How much debt does Transportadora de Gas del Sur have?

Transportadora de Gas del Sur had ARS 1.67 trillion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.53.

How much cash does Transportadora de Gas del Sur have?

Transportadora de Gas del Sur held ARS 1.81 trillion in cash and short-term investments at the end of fiscal 2025; with ARS 1.67 trillion of debt that is net cash of ARS 135.0 billion.

What is Transportadora de Gas del Sur's book value?

Transportadora de Gas del Sur's shareholders' equity (book value) was ARS 3.13 trillion at the end of fiscal 2025.

What is Transportadora de Gas del Sur's current ratio?

Transportadora de Gas del Sur had current assets of ARS 2.24 trillion and current liabilities of ARS 447.1 billion, a current ratio of 5.00 (it can cover its short-term obligations).