Estados financieros detallados de Ares Commercial Real Estate Corporation (ACRE): 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
Ares Commercial Real Estate Corporation registró ingresos de $85.3M en el último ejercicio fiscal, con un CAGR de 5 años del 1.6%.
Márgenes de los últimos 12 meses: margen bruto 71.6%, margen operativo 27.7%, margen neto -4.5%. El flujo de caja libre creció a un CAGR del -8.9% en 5 años.
Al precio actual de $4.33, ACRE presenta beneficios negativos (P/E no significativo) y un ROE del -0.88%. La capitalización bursátil es de $240M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $45.1M | $46.3M | $55.3M | $77.3M | $78.7M | $106.0M | $109.0M | $92.9M | $69.7M | $85.3M |
| Coste de Ventas | $6.1M | $6.6M | $7.4M | 0 | 0 | $18.6M | 0 | 0 | 0 | $36.4M |
| Beneficio Bruto | $39.0M | $39.8M | $47.9M | $77.3M | $78.7M | $87.5M | $109.0M | $92.9M | $69.7M | $49.0M |
| I+D | $0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $6.2M | $6.7M | $6.9M | $7.2M | $7.4M | $7.8M | $10.2M | $10.7M | $37.9M | $9.8M |
| Gastos Operativos | $6.2M | $6.7M | $6.9M | $77.3M | $78.7M | $7.8M | $109.0M | $92.9M | $37.9M | -$12.8M |
| Beneficio Operativo | $30.5M | $30.4M | $102.0M | 0 | 0 | $79.7M | 0 | 0 | $31.7M | $61.8M |
| EBITDA | $82.0M | $81.8M | $102.0M | 0 | 0 | $825000 | $7.1M | $1.0M | $37.1M | $70.2M |
| Gastos por Intereses | $36.9M | $51.2M | $63.0M | $62.6M | $51.9M | $50.1M | $66.0M | $109.7M | $106.0M | $65.2M |
| Beneficio Antes de Impuestos | $30.7M | $30.6M | $39.0M | $37.5M | $22.2M | $61.2M | $30.3M | -$38.9M | -$35.0M | -$617000 |
| Impuestos | $230000 | $178000 | $446000 | $515000 | $352000 | $722000 | $472000 | -$39000 | $18000 | $285000 |
| Beneficio Neto | $40.3M | $30.4M | $38.6M | $37.0M | $21.8M | $60.5M | $29.8M | -$38.9M | -$35.0M | -$902000 |
| BPA | $1.42 | $1.07 | $1.35 | $1.29 | $0.66 | $1.43 | $0.58 | $-0.72 | $-0.64 | $-0.02 |
| BPA Diluido | $1.41 | $1.07 | $1.35 | $1.28 | $0.66 | $1.42 | $0.57 | $-0.72 | $-0.64 | $-0.02 |
| Acciones en Circulación (Diluidas) | $28.5M | $28.6M | $28.7M | $28.8M | $33.2M | $42.7M | $52.1M | $54.3M | $54.4M | $54.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $27.3M | $29.3M | $27.5M | $14.4M |
| Beneficio Bruto | $14.7M | $20.4M | $21.0M | $14.4M |
| Beneficio Operativo | $4.7M | $9.5M | $7.8M | $5.4M |
| EBITDA | $6.7M | $11.4M | $8.7M | $25.2M |
| Beneficio Neto | $4.7M | -$3.9M | -$9.6M | $4.4M |
| BPA | $0.08 | $-0.07 | $-0.17 | $0.08 |
| BPA Diluido | $0.08 | $-0.07 | $-0.17 | $0.08 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $47.3M | $28.3M | $11.1M | $5.3M | $74.8M | $50.6M | $141.3M | $110.5M | $63.8M | $29.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $27.9M | $28.1M | 0 | 0 |
| Cuentas por Cobrar | $203000 | $945000 | $52.4M | $1.68B | $1.79B | $131.2M | $132.5M | $35.7M | $1.52B | $17.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | 0 | 0 | 0 | $1.73B | $1.88B | 0 | 0 | 0 | $1.59B | $67.2M |
| Inmovilizado Material | 0 | 0 | 0 | $37.9M | $37.3M | 0 | 0 | 0 | $115.3M | $113.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $23.7M | $16.9M |
| Activos Totales | $1.37B | $1.77B | $1.60B | $1.78B | $1.93B | $2.63B | $2.52B | $2.28B | $1.75B | $1.62B |
| Cuentas por Pagar | 0 | $414000 | $541000 | 0 | 0 | $570000 | $1.9M | $2.3M | 0 | $257000 |
| Deuda a Corto | 0 | $744.5M | $36.3M | $711.1M | $277.5M | $819.4M | $705.2M | 0 | $359.7M | $858.2M |
| Pasivos Corrientes | $578.5M | $744.9M | $541000 | $724.2M | $292.2M | 0 | 0 | $24.6M | $378.8M | $870.9M |
| Deuda a Largo | $930.6M | $1.34B | $415.4M | $624.5M | $1.15B | $1.08B | $1.03B | $1.62B | $812.6M | $189.3M |
| Pasivos Totales | $944.0M | $1.35B | $1.18B | $1.36B | $1.46B | $1.95B | $1.78B | $1.65B | $1.21B | $1.11B |
| Reservas | -$1.3M | -$1.8M | $3.6M | $2.4M | -$25.1M | -$28.6M | -$73.3M | -$187.0M | -$277.4M | -$311.8M |
| Patrimonio Neto | $419.0M | $419.2M | $425.6M | $426.3M | $473.0M | $678.6M | $747.5M | $625.8M | $540.1M | $509.6M |
| Deuda Total | $149.9M | $378.8M | $379.1M | $1.34B | $1.43B | $1.90B | $1.74B | $1.62B | $1.17B | $1.05B |
| Deuda Neta | $102.6M | $350.5M | $368.0M | $1.33B | $1.36B | $1.85B | $1.57B | $1.48B | $1.11B | $1.02B |
| Capital Circulante | -$578.5M | -$744.9M | -$541000 | $1.01B | $1.59B | 0 | 0 | -$24.6M | $1.22B | -$803.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $84.9M | $29.3M | $86.2M | $17.6M |
| Activos Totales | $1.39B | $1.62B | $1.84B | $1.82B |
| Pasivos Totales | $870.9M | $1.11B | $1.34B | $1.33B |
| Patrimonio Neto | $521.0M | $509.6M | $492.4M | $489.2M |
| Deuda Total | $809.9M | $1.05B | $1.27B | $1.53B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $34.7M | $30.4M | $38.6M | $37.0M | $21.8M | $60.5M | $29.8M | -$38.9M | -$35.0M | -$902000 |
| Amortizaciones | $167000 | $7.6M | $5.7M | $667000 | $892000 | $9.9M | $7.1M | $1.0M | $5.4M | $4.6M |
| Compensación en Acciones | $312000 | $581000 | $1.1M | $1.9M | $1.3M | $1.9M | $2.9M | $4.0M | $4.7M | $3.9M |
| Cambio en Capital Circulante | $43.3M | -$1.5M | $749000 | -$6.6M | -$15.5M | -$16.3M | -$15.1M | -$19.5M | -$5.8M | -$4.5M |
| Flujo de Caja Operativo | $8.5M | $31.3M | $39.2M | $32.5M | $31.8M | $48.4M | $57.2M | $46.8M | $35.5M | $21.4M |
| Inversiones (CapEx) | -$354000 | 0 | 0 | -$1.7M | -$274000 | -$144000 | 0 | 0 | 0 | -$1.6M |
| Adquisiciones | $90.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$1.4M | 0 | 0 | 0 | 0 | 0 | 0 | -$4.6M | 0 | 0 |
| Dividendos Pagados | -$29.4M | -$30.5M | -$32.1M | -$37.5M | -$42.8M | -$58.4M | -$71.8M | -$76.0M | -$59.6M | -$39.0M |
| Flujo de Caja Libre | $8.2M | $31.3M | $39.2M | $30.8M | $31.5M | $48.2M | $57.2M | $46.8M | $35.5M | $19.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $3.8M | $4.6M | -$56.6M | $63.5M |
| Inversiones (CapEx) | -$393000 | -$301000 | -$534000 | -$964000 |
| Flujo de Caja Libre | $3.4M | $4.3M | -$57.1M | $62.6M |
| Dividendos Pagados | -$8.4M | -$8.4M | -$8.4M | -$8.4M |
| Compensación en Acciones | $1.0M | $892000 | $897000 | $882000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +2.8% | +19.3% | +39.8% | +1.8% | +34.8% | +2.8% | -14.8% | -25.0% | +22.5% |
| Crecimiento Beneficio Neto (anual) | | -24.6% | +26.9% | -4.2% | -41.0% | +176.8% | -50.7% | -230.5% | +9.9% | +97.4% |
| Crecimiento BPA (anual) | | -24.6% | +26.2% | -4.4% | -48.8% | +116.7% | -59.4% | -224.1% | +11.1% | +97.4% |
| Cambio en Acciones (anual) | | +0.1% | +0.4% | +0.7% | +15.1% | +28.6% | +22.1% | +4.1% | +0.3% | +0.8% |
| Crecimiento FCF (anual) | | +282.1% | +25.4% | -21.6% | +2.3% | +53.1% | +18.6% | -18.1% | -24.0% | -44.5% |
| Margen Bruto | 86.4% | 85.8% | 86.6% | 100.0% | 100.0% | 82.5% | 100.0% | 100.0% | 100.0% | 57.4% |
| Margen Operativo | 67.5% | 65.7% | 184.6% | 0.0% | 0.0% | 75.2% | 0.0% | 0.0% | 45.5% | 72.4% |
| Margen EBITDA | 181.7% | 176.4% | 184.6% | 0.0% | 0.0% | 0.8% | 6.5% | 1.1% | 53.3% | 82.2% |
| Margen Neto | 89.4% | 65.6% | 69.8% | 47.9% | 27.8% | 57.0% | 27.3% | -41.8% | -50.3% | -1.1% |
| Margen FCF | 18.1% | 67.5% | 70.9% | 39.8% | 40.0% | 45.5% | 52.4% | 50.4% | 51.0% | 23.1% |
| Tasa Impositiva Efectiva | 0.7% | 0.6% | 1.1% | 1.4% | 1.6% | 1.2% | 1.6% | 0.1% | -0.1% | -46.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.29 | $1.10 | $1.37 | $1.07 | $0.95 | $1.13 | $1.10 | $0.86 | $0.65 | $0.36 |
| Dividendo por Acción | $1.03 | $1.07 | $1.12 | $1.30 | $1.29 | $1.37 | $1.38 | $1.40 | $1.10 | $0.71 |
| Acciones en Circulación (Básicas) | $28.5M | $28.5M | $28.5M | $28.6M | $33.0M | $42.4M | $51.7M | $54.3M | $54.4M | $54.9M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | -0.88% |
| Rentabilidad sobre capital invertido | 1.35% |
| Rentabilidad sobre activos | -0.24% |
| Margen bruto | 71.61% |
| Margen operativo | 27.73% |
| Margen neto | -4.51% |
Salud financiera
| Deuda / Patrimonio | 3.13 |
| Ratio corriente | 0.90 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 9.67 | 12.06 | 9.66 | 12.28 | 18.05 | 10.17 | 17.74 | -14.39 | -9.20 | -291.46 |
| P/VC | 0.93 | 0.88 | 0.87 | 1.06 | 0.83 | 0.91 | 0.71 | 0.90 | 0.59 | 0.51 |
| P/V | 8.66 | 7.93 | 6.73 | 5.87 | 4.99 | 5.81 | 4.88 | 6.05 | 4.60 | 3.07 |
| Margen Bruto | 86.4% | 85.8% | 86.6% | 100.0% | 100.0% | 82.5% | 100.0% | 100.0% | 100.0% | 57.4% |
| Margen Operativo | 67.5% | 65.7% | 184.6% | 0.0% | 0.0% | 75.2% | 0.0% | 0.0% | 45.5% | 72.4% |
| Margen Neto | 89.4% | 65.6% | 69.8% | 47.9% | 27.8% | 57.0% | 27.3% | -41.8% | -50.3% | -1.1% |