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EDN, EDENOR

Electric Utilities capital-intensive Regulated utilityDistress / turnaroundCyclical

A regulated utility, earning a set return on the capital it sinks into its network.

Latest annual: FY2024 20-F · figures as filed, in ARS · 1 ADS = 20 ordinary shares

EDN · EDENOR

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

ARS 2.04T

+33.8% YoY · 62% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue ARS 2.04T 5-yr avg ARS 1.18T

Operating margin 2.1% 5-yr avg −11.2%

Owner-earnings margin 4% 5-yr avg 7%

Free cash flow margin −6% 5-yr avg 1%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has reached 59% at its best but run negative through the cycle (median −3.9%) — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Capital spending runs about 15% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2015–2024

realized figures from each filing · older years to the left

2015’15	2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMDec 2024
											Income statement
ARS 3.8B	ARS 25.8B	ARS 60.9B	ARS 117.1B	ARS 184.7B	ARS 268.4B	ARS 688.5B	ARS 1.40T	ARS 1.53T	ARS 2.04T	ARS 2.04T	RevenueRevenue
ARS 2.2B	(ARS 2.8B)	ARS 3.6B	ARS 9.5B	ARS 9.8B	(ARS 58.5B)	(ARS 26.7B)	(ARS 211.9B)	(ARS 260.9B)	ARS 42.1B	ARS 42.1B	Operating incomeOp. inc.
59.0%	−10.8%	6.0%	8.1%	5.3%	−21.8%	−3.9%	−15.2%	−17.1%	2.1%	2.1%	Operating marginOp. mgn
ARS 1.1B	ARS 250M	ARS 7.8B	ARS 9.0B	ARS 24.9B	(ARS 51.8B)	(ARS 128.7B)	(ARS 46.9B)	ARS 189.3B	ARS 274.4B	ARS 274.4B	Net incomeNet inc.
14%	37%	9%	30%	47%	—	—	—	52%	—	—	Effective tax rateTax rate
											Cash flow & returns
ARS 3.0B	ARS 5.0B	ARS 11.2B	ARS 20.1B	ARS 20.9B	ARS 50.9B	ARS 129.5B	ARS 240.2B	ARS 155.6B	ARS 245.9B	ARS 245.9B	Operating cash flowOp. cash
—	—	—	ARS 5.4B	ARS 9.5B	ARS 19.1B	ARS 55.2B	ARS 123.4B	ARS 180.2B	ARS 154.6B	ARS 154.6B	DepreciationDeprec.
ARS 1.9B	ARS 4.7B	ARS 3.3B	ARS 5.8B	(ARS 13.5B)	ARS 83.6B	ARS 203.0B	ARS 163.8B	(ARS 213.9B)	(ARS 183.0B)	(ARS 183.0B)	Working capital & otherWC & other
ARS 2.1B	ARS 4.2B	ARS 12.1B	ARS 17.3B	ARS 19.2B	ARS 28.9B	ARS 89.3B	ARS 215.1B	ARS 260.8B	ARS 360.0B	ARS 360.0B	CapexCapex
55.1%	16.4%	19.9%	14.8%	10.4%	10.8%	13.0%	15.4%	17.1%	17.6%	17.6%	Capex / revenueCapex/rev
ARS 2.7B	ARS 3.0B	ARS 6.6B	ARS 14.8B	ARS 11.4B	ARS 31.8B	ARS 74.3B	ARS 116.9B	(ARS 24.6B)	ARS 91.4B	ARS 91.4B	Owner earningsOwner earn.
71.4%	11.7%	10.8%	12.6%	6.2%	11.9%	10.8%	8.4%	−1.6%	4.5%	4.5%	Owner earnings marginOE mgn
ARS 907M	ARS 743M	(ARS 970M)	ARS 2.8B	ARS 1.6B	ARS 22.0B	ARS 40.2B	ARS 25.1B	(ARS 105.2B)	(ARS 114.0B)	(ARS 114.0B)	Free cash flowFCF
23.8%	2.9%	−1.6%	2.4%	0.9%	8.2%	5.8%	1.8%	−6.9%	−5.6%	−5.6%	Free cash flow marginFCF mgn
5%	1%	13%	9%	11%	-9%	-12%	-4%	15%	18%	18%	Return on equityROE
5%	1%	13%	9%	11%	−9%	−12%	−4%	15%	18%	18%	Retained to equityRetained/eq
											Balance sheet
ARS 129M	ARS 259M	(ARS 375M)	ARS 42M	ARS 558M	ARS 6.6B	ARS 6.2B	ARS 11.1B	ARS 19.9B	ARS 23.9B	ARS 23.9B	Cash & investmentsCash+inv
—	ARS 3.9B	ARS 8.4B	ARS 11.7B	ARS 17.0B	ARS 21.4B	ARS 34.2B	ARS 189.8B	ARS 145.0B	ARS 362.4B	ARS 362.4B	ReceivablesReceiv.
—	ARS 288M	ARS 650M	ARS 1.9B	ARS 2.6B	ARS 2.8B	ARS 6.7B	ARS 43.7B	ARS 86.7B	ARS 149.8B	ARS 149.8B	InventoryInvent.
—	ARS 6.8B	ARS 13.6B	ARS 22.5B	ARS 17.3B	ARS 33.0B	ARS 148.4B	ARS 1.22T	ARS 524.7B	ARS 758.8B	ARS 758.8B	Accounts payablePayables
—	(ARS 2.6B)	(ARS 4.5B)	(ARS 8.9B)	ARS 2.3B	(ARS 8.8B)	(ARS 107.5B)	(ARS 985.9B)	(ARS 293.0B)	(ARS 246.6B)	(ARS 246.6B)	Operating working capitalOper. WC
—	ARS 6.6B	ARS 13.7B	ARS 21.1B	ARS 24.3B	ARS 35.2B	ARS 81.8B	ARS 566.0B	ARS 505.7B	ARS 966.3B	ARS 966.3B	Current assetsCur. assets
—	ARS 9.6B	ARS 18.5B	ARS 32.3B	ARS 33.5B	ARS 63.6B	ARS 190.0B	ARS 1.35T	ARS 774.6B	ARS 1.09T	ARS 1.09T	Current liabilitiesCur. liab.
—	0.7×	0.7×	0.7×	0.7×	0.6×	0.4×	0.4×	0.7×	0.9×	0.9×	Current ratioCurr. ratio
—	ARS 18.9B	ARS 70.9B	ARS 118.4B	ARS 162.6B	ARS 224.5B	ARS 463.3B	ARS 3.26T	ARS 3.29T	ARS 3.98T	ARS 3.98T	Total assetsAssets
—	-1.1×	0.9×	0.9×	—	-2.1×	-0.2×	-0.4×	-0.4×	0.1×	0.1×	Interest coverageInt. cov.
ARS 22.4B	ARS 34.9B	ARS 58.2B	ARS 97.8B	ARS 236.7B	ARS 575.7B	ARS 1.09T	ARS 1.04T	ARS 1.23T	ARS 1.51T	ARS 1.51T	Shareholders’ equityEquity
											Per share
—	897M	898M	890M	875M	875M	875M	875M	875M	875M	875M	Shares out (diluted)Shares
—	ARS 28.79	ARS 67.79	ARS 131.60	ARS 211.13	ARS 306.73	ARS 786.86	ARS 1595.26	ARS 1744.84	ARS 2335.00	ARS 2335.00	Revenue / shareRev/sh
—	ARS 0.28	ARS 8.72	ARS 10.10	ARS 28.47	ARS -59.19	ARS -147.07	ARS -53.60	ARS 216.39	ARS 313.60	ARS 313.60	EPS (diluted)EPS
—	ARS 3.37	ARS 7.31	ARS 16.60	ARS 12.99	ARS 36.37	ARS 84.91	ARS 133.56	ARS -28.08	ARS 104.41	ARS 104.41	Owner earnings / shareOE/sh
—	ARS 0.83	ARS -1.08	ARS 3.18	ARS 1.85	ARS 25.14	ARS 45.91	ARS 28.68	ARS -120.22	ARS -130.34	ARS -130.34	Free cash flow / shareFCF/sh
—	ARS 4.72	ARS 13.52	ARS 19.45	ARS 21.99	ARS 33.08	ARS 102.09	ARS 245.88	ARS 298.10	ARS 411.39	ARS 411.39	Cap. spending / shareCapex/sh
—	ARS 38.89	ARS 64.77	ARS 109.90	ARS 270.46	ARS 657.92	ARS 1245.73	ARS 1192.20	ARS 1408.69	ARS 1722.36	ARS 1722.36	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+73.2%/yr (8-yr)	+61.7%/yr
Owner earnings / share	+53.6%/yr (8-yr)	+51.7%/yr
EPS	+140.6%/yr (8-yr)	+61.6%/yr
Capital spending / share	+74.8%/yr (8-yr)	+79.6%/yr
Book value / share	+60.6%/yr (8-yr)	+44.8%/yr

The record, charted

FY2015–2024

Each measure over its full record; the current point and the worst year marked.

Share count

875Mpeak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

ARS 91.4Bowner earningsvs.ARS 274.4Bnet incomelow FY2023

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2015FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business earned ARS 91.4B of owner earnings, the operating cash left after the ARS 154.6B it takes just to hold its position. It put ARS 205.4B more into growth; free cash flow, after that spending, was (ARS 114.0B).

Reported net incomeARS 274.4B

Owner earningsARS 91.4B · 4% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	ARS 274.4B	ARS 189.3B	(ARS 46.9B)	(ARS 128.7B)	(ARS 51.8B)
Depreciation & amortizationnon-cash charge added back	+ARS 154.6B	+ARS 180.2B	+ARS 123.4B	+ARS 55.2B	+ARS 19.1B
Working capital & othertiming of cash in and out, other non-cash items	−ARS 183.0B	−ARS 213.9B	+ARS 163.8B	+ARS 203.0B	+ARS 83.6B
Cash from operations	ARS 245.9B	ARS 155.6B	ARS 240.2B	ARS 129.5B	ARS 50.9B
Maintenance capital expenditurethe spending needed just to hold position and volume	−ARS 154.6B	−ARS 180.2B	−ARS 123.4B	−ARS 55.2B	−ARS 19.1B
Owner earnings	ARS 91.4B	(ARS 24.6B)	ARS 116.9B	ARS 74.3B	ARS 31.8B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−ARS 205.4B	−ARS 80.6B	−ARS 91.8B	−ARS 34.1B	−ARS 9.8B
Free cash flow	(ARS 114.0B)	(ARS 105.2B)	ARS 25.1B	ARS 40.2B	ARS 22.0B
Owner-earnings marginowner earnings ÷ revenue	4%	-2%	8%	11%	12%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about ARS 154.6B, roughly its depreciation, the rate its assets wear out). The other ARS 205.4B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Much of fiscal 2024's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Restated past financials

“IAS 29 requires all the items of the Statement of Cash Flows to be restated in terms of the measuring unit current as of the date of financial statements.”

The figures below are only as sound as the controls that produced them. read the note →

Will it survive?

Can it pay its interest? 0.1×

Does not cover its interest

Operating income ARS 42.1B ÷ interest expense ARS 340.4B

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? —

Debt under-captured — leverage unknown, not low

What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital —

Debt under-captured

Industry peers: median 7%

What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
Owner-earnings margin 11%

Solid through the cycle

10-yr median margin, range -2%–71%; latest ARS 91.4B = operating cash ARS 245.9B − maintenance capex ARS 154.6B

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 4% of revenue this year, a 11% median across 10 years. It chose to put ARS 205.4B more into growth, so free cash flow this year was (ARS 114.0B) — the gap is investment, not weakness.
Are earnings backed by cash? 0.90×

Mostly cash-backed

Cash from ops ARS 245.9B ÷ net income ARS 274.4B

In the filing’s words The filing discloses a restatement of previously reported figures — some numbers in the record have moved since they were first filed; read what changed, and why, before trusting the trend.

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? 2.33×

Expanding

Capex ARS 360.0B ÷ depreciation ARS 154.6B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 1 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · ARS 2.04T

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 0.89×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt —

Debt ≤ working capital · —

What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +4418%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are ARS 158.80/share (latest year ARS 313.60), the averaged base the calculator's gate runs on, and book value is ARS 1722.36/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2015–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Operating margin 18% → −10% (3-yr avg ends)

In the filing’s words The filing attributes gains to higher prices, but the margin in the record has not followed — the claim outruns the result here.

What this means
Through the cycle the operating margin slipped — about 18% early to −10% lately, median −4% — competition or costs are biting in.
Owner earnings growth +31%/yr

What this means
Owner earnings grew about 31% a year over the record.
Worst year 2020 · −21.8% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count −0.3%/yr

What this means
Roughly flat share count, little dilution, little buyback.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsARS 966.3B

Cash & short-term investmentsARS 23.9B
ReceivablesARS 362.4B
InventoryARS 149.8B
Other current assetsARS 430.2B

Current liabilitiesARS 1.09T

Debt due within a yearARS 112.5B
Accounts payableARS 758.8B
Other current liabilitiesARS 218.5B

Current ratio0.89×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.75×stricter: inventory excluded

Cash ratio0.02×strictest: cash alone against what's due

Working capital(ARS 123.5B)the cushion left after near-term bills

Debt due this year vs. cashARS 112.5B due · ARS 23.9B cash cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2024 balance sheet

Deeper floors

Tangible book valueARS 1.51Tequity stripped of goodwill & intangibles

Net current asset value(ARS 1.51T)Graham's net-net: current assets less all liabilities

Debt incl. operating leasesARS 476.4BARS 8.9B of it operating leases

From the company's latest filing.

How the cash was used, 2015–2024

Over the record, the business generated ARS 882.4B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

ReinvestedARS 1.01T · 114%

Source of funding−ARS 126.9B
Reinvestment and shareholder returns ran ARS 126.9B beyond the operating cash the business generated, so the gap was financed off the balance sheet.
Net change in share count−2.5%
The diluted count fell from 897M to 875M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained20%
Of the earnings it kept rather than paid out (ARS 279.5B over the span), annual owner earnings (first three years vs last three) grew ARS 57.1B, so each retained ARS 1 added about 0.20 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why EDENOR is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2024.

1 of the 3 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?3.7% vs 31.3%
The owner-earnings margin averaged 31.3% early in the record and 3.7% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Electric Utilities

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
EDNEDENOR	ARS 2.04T	—	-0.9%	—	11%
ETEnergy Transfer LP Common	$85.5B	25%	10.3%	8%	8%
NRGNRG Energy	$30.3B	24%	7.6%	13%	9%
SOSouthern Company (The)	$29.6B	—	22.8%	6%	12%
NEENextEra Energy Inc.	$27.4B	—	28.2%	6%	—
CEGConstellation Energy	$22.7B	—	5.0%	8%	-17%
AEPAmerican Electric Power Company Inc.	$21.7B	—	19.2%	6%	26%
VSTVistra	$17.6B	—	10.8%	7%	17%
Group median	—	—	10.6%	—	11%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, or ADSs, evidenced by American Depositary Receipts, each representing 20 Class”; EDENOR reports in ARS, so every figure in this tool is stated per ADS and translated at ARS 1 = $0.001 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in ARS.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what EDENOR has delivered.

EDENOR’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, EDENOR earns about $149M on its 10.8% median owner-earnings margin. This year’s 4.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($149M) Net of stock comp Steady-state · maintenance capex ($62M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24−11%/yr

Owner-earnings growth · ’15→’24+31%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($77M) on 44M shares outstanding (a weighted average, the only count this filer tags); net debt $301M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($244M) runs well above depreciation ($105M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $62M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EDN against another business →

Cite: Owner Scorecard, "EDENOR (EDN), the owner's record," https://ownerscorecard.com/c/EDN, data as of 2026-07-09.

Manual order: ← ECX its page in the Manual EDU →

Industry order: ← DTW the Electric Utilities chapter EIX →