YPF SOCIEDAD ANONIMA

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 5✗ 23▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / Book Value per Share1.4x

  ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Price / 3-yr avg EPS214.5x

  ✗Graham<= 15x

  Price-to-Book Ratio1.4x

  ✓Graham<= 1.5x

  P/E x P/B295.70

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value7.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.1%, ROC=8.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)3.0x

  ✓Dreman< 8x

  Valuation Reasonableness

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.4x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-1330.2% (IV=$2.65 vs Price=$37.90)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low156% of trailing low ($24.29)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-5.56%; #3920/6340 (top 61.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.7277; #2113/6449 (top 32.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share1.53x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+34.4%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.2415; #1546/5247 (top 29.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-16.08%; #3784/6202 (top 61.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 3✗ 10▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -6.4% vs Rev: -4.4%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$0.90 (2015) -> $-2.11 (2025)

  ✗DremanPositive over recent years

  EPS CAGR23.4% CAGR over 9 years

  ✓Dreman> 5% annualized

  Positive Net Income Frequency6/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-4.4%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency1/3 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 20.0% -> 27.6%, operating margin -7.2% -> 9.4%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR18.3%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR28.2% over 5 years

  ✗Neff7%-20% annualized
• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio0.87

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)4.3%

  ✗Buffett> 10%

  ROIC - WACC-5.7%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)8.9%

  ✗Greenblatt> 25%

  Current Ratio Change YoY0.78 -> 0.87

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.66x -> 0.63x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities0.87

  ✗Dreman> 1.5

  Return on Invested Capital6.4%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-5.8%; FY2024: ROIC=5.7%; FY2025: ROIC=6.4%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 6.4%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 5▾

  YPF overvalued: all 5 models price fair value below $37.90 (median $13.20)

  Greenblatt fair value$13.20

  ✗Greenblatt-187.1% margin vs $37.90

  Dreman fair value$2.65

  ✗Dreman-1330.2% margin vs $37.90

  Akre fair value$15.95

  ✗Akre-137.6% margin vs $37.90

  Marks fair value$3.93

  ✗Marks-864.4% margin vs $37.90

  Templeton fair value$23.25

  ✗Templeton-63.0% margin vs $37.90
• Profitability6% pass✓ 4✗ 31▾

  15 of 16 flag YPF's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)5/12 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)6/12 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)3.8%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)9.4% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)10.60

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-7.6%

  ✗Lynch> 15%

  EBIT / Enterprise Value7.1%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=7.1%, ROC=8.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-2.81%

  ✗PiotroskiROA > 0

  ROA Change YoY7.99% -> -2.81% (delta: -10.79%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=16.85%, ROA=-2.81%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY27.9% -> 27.6%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue4.9%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-7.6%

  ✗Dreman> 12%

  Margin of SafetyP/B=1.4x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-0.7% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-1330.2% (IV=$2.65 vs Price=$37.90)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency6/11 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue9.4%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-7.6%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-7.2% (2023) -> 9.4% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 20.0% -> 27.6%, operating margin -7.2% -> 9.4%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-5.56%; #3920/6340 (top 61.8%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+17.32%; #2251/3702 (top 60.8%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-7.64%; #3318/5226 (top 63.5%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0563; #2725/5884 (top 46.3%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR28.2% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years4/9 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Debt & Leverage17% pass✓ 3✗ 12▾

  10 of 12 flag YPF's debt & leverage — Graham, Buffett, Lynch +7 more

  Total Debt / Shareholders' Equity0.98

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $8.2B vs NCA $-966.0M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.98, IC: 2.6x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.98

  ✗Lynch< 0.33

  Cash - Long-term Debt$-7.3B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change23.94% -> 27.94%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities0.87

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.98

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=2.6x, D/EBITDA=N/A (D&A unavailable)

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.98

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9785; #3201/4210 (top 76.0%)

  ✗AsnessTop 30% of eligible cross-section
• Verdicts19% pass✓ 3✗ 13▾

  Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1220✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✗MungerFAIL (0/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1386/2370 (Top 58.5%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow40% pass✓ 5✗ 7▾

  6 of 10 flag YPF's cash flow — Buffett, Lynch, Pabrai +3 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  FCF Positive and Growing$3.0B

  ✗LynchPositive and growing

  Operating Cash Flow$5.0B

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=16.85%, ROA=-2.81%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)3.0x

  ✓Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive4/4 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency11/11 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section