Estados financieros detallados de Aurora Cannabis Inc. (ACB): 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
Aurora Cannabis Inc. registró ingresos de $320.6M en el último ejercicio fiscal, con un CAGR de 5 años del 5.5%.
Márgenes de los últimos 12 meses: margen bruto 32.1%, margen operativo -29.7%, margen neto -38.2%.
Al precio actual de $3.83, ACB presenta beneficios negativos (P/E no significativo) y un ROE del -21.00%. La capitalización bursátil es de $237M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $18.1M | $55.2M | $245.5M | $268.7M | $245.3M | $221.3M | $223.8M | $270.3M | $343.3M | $320.6M |
| Coste de Ventas | $2.0M | $11.7M | $103.1M | $288.6M | $266.8M | $200.1M | $209.0M | $138.8M | $155.7M | $183.9M |
| Beneficio Bruto | $16.1M | $43.5M | $142.4M | -$19.9M | -$21.6M | $21.2M | $14.8M | $131.5M | $187.6M | $136.7M |
| I+D | $314000 | $1.7M | $14.8M | $26.0M | $11.4M | $10.4M | $5.8M | $3.6M | $3.7M | $4.0M |
| Generales y Administrativos | $24.7M | $109.9M | $365.4M | $345.8M | $194.9M | $189.0M | $170.5M | $156.9M | $166.5M | $166.2M |
| Gastos Operativos | $27.2M | $139.3M | $460.7M | $445.8M | $261.3M | $252.7M | $222.0M | $177.9M | $182.7M | $183.3M |
| Beneficio Operativo | -$11.2M | -$95.8M | -$318.3M | -$465.8M | -$282.8M | -$231.4M | -$207.2M | -$46.5M | $4.9M | -$46.7M |
| EBITDA | -$14.9M | $101.3M | -$203.0M | -$3.15B | -$535.3M | -$1.55B | -$135.0M | -$12.3M | $51.3M | -$50.9M |
| Gastos por Intereses | $1.3M | $11.8M | $39.4M | $76.1M | $66.4M | $71.8M | $39.5M | $14.2M | $8.4M | $1.8M |
| Beneficio Antes de Impuestos | -$17.3M | $77.3M | -$330.6M | -$3.34B | -$699.8M | -$1.72B | -$783.7M | -$59.6M | $20.4M | -$56.5M |
| Impuestos | -$4.3M | $8.1M | -$29.9M | -$82.2M | -$6.3M | -$2.1M | $16.5M | -$554000 | $4.6M | $2.1M |
| Beneficio Neto | -$13.0M | $71.9M | -$293.5M | -$3.28B | -$693.6M | -$1.74B | -$816.6M | -$69.3M | $1.6M | -$121.8M |
| BPA | $-5.58 | $18.00 | $-36.65 | $-333.92 | $-40.92 | $-79.92 | $-8.17 | $-1.28 | $0.03 | $-2.15 |
| BPA Diluido | $-6.00 | $18.00 | $-36.65 | $-333.92 | $-40.92 | $-79.92 | $-8.17 | $-1.28 | $0.03 | $-2.14 |
| Acciones en Circulación (Diluidas) | $2.3M | $3.9M | $8.0M | $9.7M | $16.9M | $21.5M | $32.3M | $51.3M | $55.8M | $57.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $90.4M | $94.2M | $38.1M | $67.6M |
| Beneficio Bruto | $32.3M | $46.6M | $18.2M | -$4.0M |
| Beneficio Operativo | -$18.3M | $4.8M | -$25.2M | -$47.5M |
| EBITDA | -$38.5M | $8.6M | $6.4M | -$43.5M |
| Beneficio Neto | -$51.5M | $1.8M | -$57.0M | -$4.0M |
| BPA | $-0.91 | $0.03 | $-0.99 | $-0.07 |
| BPA Diluido | $-0.91 | $0.03 | $-0.99 | $-0.07 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $160.3M | $90.8M | $219.6M | $161.5M | $440.3M | $300.9M | $300.9M | $179.5M | $184.3M | $112.8M |
| Inversiones a Corto | $15.0M | $59.6M | $143.8M | $7.0M | $3.7M | 0 | 0 | $4.0M | $550815 | $52.3M |
| Cuentas por Cobrar | $2.3M | $15.2M | $112.8M | $53.9M | $56.2M | $41.3M | $41.3M | $45.5M | $42.2M | $44.7M |
| Inventario | $11.8M | $43.5M | $162.5M | $153.4M | $137.5M | $128.8M | $128.8M | $186.7M | $237.7M | $175.5M |
| Activos Corrientes | $194.3M | $221.2M | $663.1M | $415.8M | $665.1M | $480.0M | $480.0M | $427.3M | $475.6M | $398.5M |
| Inmovilizado Material | $45.7M | $248.0M | $768.5M | $942.4M | $605.3M | $323.0M | $323.0M | $294.8M | $266.6M | $124.0M |
| Fondo de Comercio | $41.2M | $766.0M | $3.18B | $924.0M | $886.6M | $18.7M | $18.7M | $43.3M | $43.6M | $26.7M |
| Activos Intangibles | $31.2M | $201.7M | $691.0M | $410.5M | $367.0M | $59.7M | $59.7M | $40.9M | $44.9M | $31.5M |
| Activos Totales | $323.8M | $1.90B | $5.64B | $2.92B | $2.72B | $926.4M | $926.4M | $840.1M | $847.8M | $602.6M |
| Cuentas por Pagar | $8.8M | $47.8M | $38.8M | $19.6M | $13.3M | $21.9M | $21.9M | $20.4M | $27.5M | $9.3M |
| Deuda a Corto | $69244 | $2.5M | $250.6M | $152.0M | $40.9M | $147.6M | $147.6M | $57.3M | $26.7M | $5.7M |
| Pasivos Corrientes | $23.5M | $75.7M | $438.0M | $271.1M | $116.2M | $237.8M | $237.8M | $124.8M | $110.2M | $67.1M |
| Deuda a Largo | $63.8M | $202.1M | $396.7M | $293.7M | $292.8M | $36.2M | $36.2M | $4.9M | $40.0M | 0 |
| Pasivos Totales | $104.1M | $335.9M | $1.23B | $802.6M | $686.0M | $404.6M | $404.6M | $237.2M | $242.7M | $89.5M |
| Reservas | -$28.5M | $88.4M | -$287.4M | -$3.58B | -$4.32B | -$6.29B | -$6.29B | -$6.38B | -$6.33B | -$6.46B |
| Patrimonio Neto | $219.7M | $1.56B | $4.40B | $2.14B | $2.04B | $490.7M | $490.7M | $560.7M | $563.9M | $513.2M |
| Deuda Total | $64.1M | $204.6M | $647.3M | $529.0M | $399.0M | $226.4M | $226.4M | $99.8M | $104.0M | $23.9M |
| Deuda Neta | -$111.1M | $54.2M | $283.9M | $360.5M | -$45.0M | -$74.5M | -$74.5M | -$83.8M | -$80.8M | -$141.2M |
| Capital Circulante | $170.7M | $145.5M | $225.1M | $144.6M | $548.8M | $242.2M | $242.2M | $302.5M | $365.4M | $331.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $95.7M | $56.4M | $112.8M | $118.4M |
| Activos Totales | $756.9M | $775.3M | $602.6M | $621.1M |
| Pasivos Totales | $189.8M | $207.5M | $89.5M | $93.8M |
| Patrimonio Neto | $531.9M | $536.4M | $513.2M | $527.4M |
| Deuda Total | $100.3M | $101.0M | $23.9M | $22.7M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | -$13.0M | $69.2M | -$300.7M | -$3.26B | -$693.5M | -$1.72B | -$173.4M | -$57.1M | $15.8M | -$58.6M |
| Amortizaciones | $1.1M | $12.3M | $88.3M | $114.7M | $98.1M | $93.7M | $31.2M | $32.8M | $22.5M | $14.2M |
| Compensación en Acciones | $7.6M | $37.5M | $107.0M | $59.2M | $20.2M | $13.8M | $16.9M | $12.7M | $11.5M | $7.3M |
| Cambio en Capital Circulante | -$2.5M | -$25.4M | -$37.3M | $7.6M | $397000 | $52.7M | -$18.4M | -$15.5M | $10.2M | -$9.2M |
| Flujo de Caja Operativo | -$13.4M | -$81.7M | -$192.2M | -$342.1M | -$210.6M | -$110.3M | -$85.6M | -$68.5M | $16.0M | -$13.5M |
| Inversiones (CapEx) | -$25.7M | -$136.9M | -$414.2M | -$348.8M | -$53.1M | -$32.2M | -$6.9M | -$16.8M | -$18.9M | -$22.5M |
| Adquisiciones | -$6.9M | -$335.6M | $114.3M | $27.9M | 0 | -$23.4M | -$13.7M | -$5.5M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$39.1M | -$218.6M | -$606.4M | -$691.0M | -$263.7M | -$142.5M | -$92.5M | -$85.3M | -$2.9M | -$36.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$40.4M | $17.0M | -$230000 | -$4.4M |
| Inversiones (CapEx) | -$6.3M | -$6.0M | -$5.2M | -$5.4M |
| Flujo de Caja Libre | -$46.7M | $11.0M | -$5.4M | -$9.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.0M | -$551000 | $689000 | $693000 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +205.5% | +344.8% | +9.4% | -8.7% | -9.8% | +1.1% | +20.8% | +27.0% | -6.6% |
| Crecimiento Beneficio Neto (anual) | | +654.7% | -508.0% | -1018.4% | +78.9% | -150.7% | +53.0% | +91.5% | +102.3% | -7753.0% |
| Crecimiento BPA (anual) | | +422.6% | -303.6% | -811.1% | +87.7% | -95.3% | +89.8% | +84.3% | +102.3% | -7513.8% |
| Cambio en Acciones (anual) | | +68.9% | +104.0% | +20.8% | +74.8% | +27.1% | +50.2% | +58.8% | +8.8% | +2.8% |
| Crecimiento FCF (anual) | | -459.2% | -177.4% | -13.9% | +61.8% | +46.0% | +35.1% | +7.8% | +96.7% | -1163.3% |
| Margen Bruto | 88.9% | 78.8% | 58.0% | -7.4% | -8.8% | 9.6% | 6.6% | 48.6% | 54.6% | 42.6% |
| Margen Operativo | -61.9% | -173.5% | -129.6% | -173.3% | -115.3% | -104.6% | -92.6% | -17.2% | 1.4% | -14.6% |
| Margen EBITDA | -82.4% | 183.6% | -82.7% | -1171.9% | -218.3% | -702.4% | -60.3% | -4.6% | 15.0% | -15.9% |
| Margen Neto | -71.8% | 130.3% | -119.5% | -1221.7% | -282.8% | -785.8% | -364.9% | -25.6% | 0.5% | -38.0% |
| Margen FCF | -216.4% | -396.1% | -247.0% | -257.1% | -107.5% | -64.4% | -41.3% | -31.6% | -0.8% | -11.2% |
| Tasa Impositiva Efectiva | 24.9% | 10.5% | 9.0% | 2.5% | 0.9% | 0.1% | -2.1% | 0.9% | 22.7% | -3.7% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $-16.81 | $-55.66 | $-75.69 | $-71.41 | $-15.59 | $-6.63 | $-2.87 | $-1.66 | $-0.05 | $-0.63 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.2M | $3.9M | $8.0M | $9.7M | $16.9M | $21.5M | $32.3M | $51.3M | $54.9M | $56.7M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -21.00% |
| Rentabilidad sobre capital invertido | -15.55% |
| Rentabilidad sobre activos | -17.83% |
| Margen bruto | 32.08% |
| Margen operativo | -29.66% |
| Margen neto | -38.15% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 5.36 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -46.52 | 61.97 | -33.56 | -0.50 | -2.74 | -0.21 | -1.15 | -4.55 | 217.78 | -2.12 |
| P/VC | 2.55 | 2.81 | 2.24 | 0.76 | 0.93 | 0.74 | 0.62 | 0.53 | 0.61 | 0.50 |
| P/V | 31.06 | 79.38 | 40.12 | 6.07 | 7.73 | 1.65 | 1.36 | 1.11 | 1.01 | 0.80 |
| Margen Bruto | 88.9% | 78.8% | 58.0% | -7.4% | -8.8% | 9.6% | 6.6% | 48.6% | 54.6% | 42.6% |
| Margen Operativo | -61.9% | -173.5% | -129.6% | -173.3% | -115.3% | -104.6% | -92.6% | -17.2% | 1.4% | -14.6% |
| Margen Neto | -71.8% | 130.3% | -119.5% | -1221.7% | -282.8% | -785.8% | -364.9% | -25.6% | 0.5% | -38.0% |