Estados financieros detallados de AllianceBernstein Holding L.P. (AB): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
AllianceBernstein Holding L.P. registró ingresos de $332.8M en el último ejercicio fiscal, con un CAGR de 5 años del 1.5%. El beneficio neto alcanzó $299.8M, con un CAGR a 5 años del 1.4%.
Márgenes de los últimos 12 meses: margen bruto 100.0%, margen operativo 100.0%, margen neto 91.0%. El flujo de caja libre creció a un CAGR del 5.5% en 5 años.
Al precio actual de $35.50, AB cotiza a un P/E de 10.50 y un ROE del 25.41%. La capitalización bursátil es de $3.3B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $239.4M | $232.4M | $270.6M | $266.3M | $308.4M | $416.3M | $305.5M | $299.8M | $461.9M | $332.8M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | $239.4M | $232.4M | $270.6M | $266.3M | $308.4M | $416.3M | $305.5M | $299.8M | $461.9M | $332.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gastos Operativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Operativo | $239.4M | $232.4M | $270.6M | $266.3M | $308.4M | $416.3M | $305.5M | $299.8M | $461.9M | $332.8M |
| EBITDA | $280.5M | $264.3M | $270.6M | $266.3M | $308.4M | $416.3M | $305.5M | $299.8M | $519.9M | $332.8M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $239.4M | $232.4M | $270.6M | $266.3M | $308.4M | $416.3M | $305.5M | $299.8M | $461.9M | $332.8M |
| Impuestos | $22.8M | $25.0M | $28.2M | $27.7M | $29.0M | $30.5M | $31.3M | $35.6M | $38.6M | $32.9M |
| Beneficio Neto | $216.6M | $207.4M | $242.4M | $238.6M | $279.4M | $385.8M | $274.2M | $264.2M | $423.4M | $299.8M |
| BPA | $2.24 | $2.19 | $2.50 | $2.49 | $2.88 | $3.88 | $2.69 | $2.34 | $3.71 | $2.97 |
| BPA Diluido | $2.23 | $2.19 | $2.49 | $2.49 | $2.88 | $3.88 | $2.69 | $2.34 | $3.71 | $2.97 |
| Acciones en Circulación (Diluidas) | $97.4M | $95.2M | $97.3M | $95.9M | $96.9M | $99.6M | $101.8M | $112.9M | $114.0M | $101.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $81.4M | $89.8M | $92.3M | $80.0M |
| Beneficio Bruto | $81.4M | $89.8M | $92.3M | $80.0M |
| Beneficio Operativo | $81.4M | $89.8M | $92.3M | $80.0M |
| EBITDA | $81.4M | $89.8M | $92.3M | $80.0M |
| Beneficio Neto | $73.8M | $81.8M | $85.2M | $71.7M |
| BPA | $0.79 | $0.90 | $0.92 | $0.77 |
| BPA Diluido | $0.79 | $0.90 | $0.92 | $0.77 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $832.0M | 0 |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.60B | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $215.1M | 0 |
| Activos Totales | $1.54B | $1.54B | $1.49B | $1.55B | $1.61B | $1.62B | $2.07B | $2.08B | $2.03B | $1.24B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $619000 | $1.2M | $644000 | $1.7M | $1.9M | $2.1M | $1.6M | $1.3M | $2.8M | $1.7M |
| Reservas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Patrimonio Neto | $1.54B | $1.54B | $1.49B | $1.55B | $1.60B | $1.62B | $2.07B | $2.08B | $2.03B | $1.24B |
| Deuda Total | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda Neta | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$832.0M | 0 |
| Capital Circulante | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | 0 | 0 | 0 | 0 |
| Activos Totales | $1.18B | $1.24B | $1.26B | $1.25B |
| Pasivos Totales | $1.9M | $1.7M | $101000 | $1.0M |
| Patrimonio Neto | $1.18B | $1.24B | $1.26B | $1.24B |
| Deuda Total | 0 | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $216.6M | $207.4M | $242.4M | $238.6M | $279.4M | $385.8M | $274.2M | $264.2M | $1.19B | $299.8M |
| Amortizaciones | $41.1M | $31.9M | 0 | 0 | 0 | 0 | 0 | 0 | $58.0M | 0 |
| Compensación en Acciones | $152.2M | $185.2M | -$267.4M | 0 | 0 | 0 | 0 | 0 | $217.2M | 0 |
| Cambio en Capital Circulante | $345000 | $535000 | -$510000 | $1.0M | $119000 | $356000 | -$517000 | -$328000 | $1.5M | -$1.1M |
| Flujo de Caja Operativo | $169.5M | $202.4M | $279.3M | $222.8M | $270.0M | $355.1M | $362.6M | $294.0M | $1.41B | $352.4M |
| Inversiones (CapEx) | -$36.7M | -$39.4M | -$32.8M | 0 | 0 | 0 | 0 | 0 | -$122.3M | 0 |
| Adquisiciones | -$6.1M | -$20.1M | -$16.6M | 0 | 0 | 0 | $40.8M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$270000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$169.7M | -$202.4M | -$280.7M | -$222.5M | -$270.9M | -$357.5M | -$361.0M | -$296.1M | -$341.3M | -$352.5M |
| Flujo de Caja Libre | $132.8M | $163.0M | $246.5M | $222.8M | $270.0M | $355.1M | $362.6M | $294.0M | $1.28B | $352.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $71.2M | $77.2M | $88.5M | $76.9M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $71.2M | $77.2M | $88.5M | $76.9M |
| Dividendos Pagados | -$232.7M | -$78.1M | -$89.0M | -$77.9M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -2.9% | +16.5% | -1.6% | +15.8% | +35.0% | -26.6% | -1.9% | +54.1% | -28.0% |
| Crecimiento Beneficio Neto (anual) | | -4.2% | +16.9% | -1.6% | +17.1% | +38.1% | -28.9% | -3.6% | +60.3% | -29.2% |
| Crecimiento BPA (anual) | | -2.2% | +14.2% | -0.4% | +15.7% | +34.7% | -30.7% | -13.0% | +58.5% | -19.9% |
| Cambio en Acciones (anual) | | -2.3% | +2.2% | -1.4% | +1.0% | +2.7% | +2.2% | +11.0% | +1.0% | -11.4% |
| Crecimiento FCF (anual) | | +22.7% | +51.2% | -9.6% | +21.2% | +31.5% | +2.1% | -18.9% | +336.8% | -72.6% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen EBITDA | 117.2% | 113.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 112.6% | 100.0% |
| Margen Neto | 90.5% | 89.3% | 89.6% | 89.6% | 90.6% | 92.7% | 89.7% | 88.1% | 91.6% | 90.1% |
| Margen FCF | 55.5% | 70.1% | 91.1% | 83.7% | 87.6% | 85.3% | 118.7% | 98.1% | 277.9% | 105.9% |
| Tasa Impositiva Efectiva | 9.5% | 10.7% | 10.4% | 10.4% | 9.4% | 7.3% | 10.3% | 11.9% | 8.4% | 9.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.36 | $1.71 | $2.53 | $2.32 | $2.79 | $3.57 | $3.56 | $2.60 | $11.26 | $3.49 |
| Dividendo por Acción | $1.74 | $2.13 | $2.89 | $2.32 | $2.80 | $3.59 | $3.55 | $2.62 | $2.99 | $3.49 |
| Acciones en Circulación (Básicas) | $96.8M | $94.7M | $97.0M | $95.9M | $96.9M | $99.5M | $101.8M | $112.9M | $114.0M | $101.1M |
Qué mirar en Servicios Financieros
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- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 25.41% |
| Rentabilidad sobre capital invertido | 25.08% |
| Rentabilidad sobre activos | 25.08% |
| Margen bruto | 100.00% |
| Margen operativo | 100.00% |
| Margen neto | 91.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 0.00 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 10.47 | 11.44 | 10.93 | 12.15 | 11.73 | 12.59 | 12.78 | 13.26 | 10.00 | 12.96 |
| P/VC | 1.47 | 1.54 | 1.78 | 1.87 | 2.04 | 3.00 | 1.69 | 1.69 | 2.08 | 3.14 |
| P/V | 9.49 | 10.21 | 9.80 | 10.90 | 10.61 | 11.68 | 11.45 | 11.69 | 9.16 | 11.69 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Operativo | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Margen Neto | 90.5% | 89.3% | 89.6% | 89.6% | 90.6% | 92.7% | 89.7% | 88.1% | 91.6% | 90.1% |