Estados financieros detallados de Arteris, Inc. (AIP): 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
Arteris, Inc. registró ingresos de $70.6M en el último ejercicio fiscal, con un CAGR de 5 años del 17.3%.
Márgenes de los últimos 12 meses: margen bruto 86.8%, margen operativo -47.0%, margen neto -46.7%. El flujo de caja libre creció a un CAGR del 28.8% en 5 años.
Al precio actual de $20.87, AIP presenta beneficios negativos (P/E no significativo) y un ROE del -357.77%. La capitalización bursátil es de $964M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $31.5M | $31.8M | $37.9M | $50.4M | $53.7M | $57.7M | $70.6M |
| Coste de Ventas | $1.9M | $1.5M | $3.7M | $4.3M | $5.1M | $6.0M | $6.9M |
| Beneficio Bruto | $29.6M | $30.3M | $34.1M | $46.1M | $48.6M | $51.8M | $63.7M |
| I+D | $10.1M | $17.0M | $30.8M | $41.2M | $45.1M | $45.0M | $49.9M |
| Generales y Administrativos | $12.3M | $17.1M | $25.1M | $33.8M | $38.6M | $38.4M | $46.9M |
| Gastos Operativos | $22.4M | $34.1M | $55.9M | $75.0M | $83.7M | $83.4M | $96.8M |
| Beneficio Operativo | $7.3M | -$3.8M | -$21.8M | -$28.9M | -$35.1M | -$31.6M | -$33.1M |
| EBITDA | $8.0M | -$1.2M | -$20.3M | -$25.3M | -$28.5M | -$24.8M | -$29.7M |
| Gastos por Intereses | $290000 | $50000 | $579000 | $89000 | $211000 | $244000 | $193000 |
| Beneficio Antes de Impuestos | $7.0M | -$2.2M | -$22.3M | -$27.8M | -$35.2M | -$31.1M | -$33.3M |
| Impuestos | $1.1M | $1.0M | $1.0M | -$417000 | $1.7M | $2.5M | $1.5M |
| Beneficio Neto | $5.8M | -$3.3M | -$23.4M | -$27.4M | -$36.9M | -$33.6M | -$34.7M |
| BPA | $0.21 | $-0.10 | $-1.06 | $-0.84 | $-1.03 | $-0.86 | $-0.82 |
| BPA Diluido | $0.21 | $-0.10 | $-1.06 | $-0.84 | $-1.03 | $-0.86 | $-0.82 |
| Acciones en Circulación (Diluidas) | $22.0M | $31.5M | $22.0M | $32.6M | $35.7M | $38.9M | $42.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $17.4M | $20.1M | $22.9M | $24.1M |
| Beneficio Bruto | $15.6M | $18.3M | $19.0M | $20.5M |
| Beneficio Operativo | -$8.7M | -$8.5M | -$8.7M | -$13.9M |
| EBITDA | -$7.7M | -$7.6M | -$10.3M | -$13.3M |
| Beneficio Neto | -$9.0M | -$8.5M | -$8.0M | -$14.1M |
| BPA | $-0.21 | $-0.19 | $-0.17 | $-0.30 |
| BPA Diluido | $-0.21 | $-0.19 | $-0.17 | $-0.30 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $13.9M | $11.7M | $85.8M | $37.4M | $13.7M | $13.7M | $33.9M |
| Inversiones a Corto | 0 | 0 | 0 | $30.7M | $27.5M | $30.2M | $20.7M |
| Cuentas por Cobrar | $7.1M | $14.9M | $17.3M | $7.9M | $12.6M | $20.8M | $19.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $22.8M | $29.0M | $106.6M | $81.1M | $58.4M | $69.1M | $82.4M |
| Inmovilizado Material | $2.9M | $5.1M | $5.2M | $5.5M | $10.0M | $7.9M | $7.8M |
| Fondo de Comercio | 0 | $2.7M | $2.7M | $4.2M | $4.2M | $4.2M | $4.2M |
| Activos Intangibles | 0 | $3.4M | $3.0M | $4.6M | $3.9M | $3.0M | $2.2M |
| Activos Totales | $26.8M | $42.7M | $120.4M | $115.5M | $102.8M | $106.1M | $115.0M |
| Cuentas por Pagar | $702000 | $1.1M | $1.7M | $572000 | $183000 | $539000 | $340000 |
| Deuda a Corto | $1.0M | $1.2M | $833000 | $1.3M | $2.1M | $2.4M | $2.4M |
| Pasivos Corrientes | $19.2M | $28.2M | $42.5M | $43.7M | $46.4M | $59.3M | $73.2M |
| Deuda a Largo | $838000 | $727000 | $266000 | $448000 | $1.3M | $594000 | $3.6M |
| Pasivos Totales | $30.5M | $49.0M | $67.5M | $78.0M | $87.7M | $107.3M | $129.7M |
| Reservas | -$12.3M | -$15.6M | -$39.0M | -$66.4M | -$103.2M | -$136.9M | -$171.6M |
| Patrimonio Neto | -$3.7M | -$6.3M | $52.9M | $37.5M | $15.1M | -$1.2M | -$14.6M |
| Deuda Total | $3.8M | $4.8M | $3.9M | $3.6M | $7.8M | $6.0M | $9.1M |
| Deuda Neta | -$10.1M | -$7.0M | -$81.9M | -$64.5M | -$33.4M | -$37.9M | -$45.5M |
| Capital Circulante | $3.6M | $726000 | $64.2M | $37.4M | $12.0M | $9.8M | $9.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $17.5M | $33.9M | $11.7M | $93.3M |
| Activos Totales | $107.7M | $115.0M | $139.9M | $224.7M |
| Pasivos Totales | $119.2M | $129.7M | $137.3M | $157.0M |
| Patrimonio Neto | -$11.4M | -$14.6M | $2.6M | $67.7M |
| Deuda Total | $6.9M | $9.1M | $5.5M | $8.7M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $5.8M | -$3.3M | -$23.4M | -$27.4M | -$36.9M | -$33.6M | -$8.5M |
| Amortizaciones | $756000 | $935000 | $1.5M | $2.1M | $3.1M | $3.4M | $3.4M |
| Compensación en Acciones | $277000 | $458000 | $5.5M | $11.7M | $14.5M | $15.9M | $18.4M |
| Cambio en Capital Circulante | $5.3M | $5.1M | $15.5M | $7.6M | $1.9M | $12.6M | $17.9M |
| Flujo de Caja Operativo | $12.2M | $2.2M | -$814000 | -$6.8M | -$15.7M | -$720000 | $6.7M |
| Inversiones (CapEx) | -$242000 | -$654000 | -$808000 | -$1.1M | -$1.5M | -$324000 | -$1.4M |
| Adquisiciones | 0 | -$4.5M | -$500000 | -$1.6M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $12.0M | $1.5M | -$1.6M | -$7.8M | -$17.2M | -$1.0M | $5.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $3.2M | $3.2M | -$7.1M | $9.2M |
| Inversiones (CapEx) | -$716000 | -$134000 | -$295000 | -$595000 |
| Flujo de Caja Libre | $2.5M | $3.0M | -$7.4M | $8.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.0M | $4.6M | $5.5M | $6.3M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +1.0% | +19.0% | +33.0% | +6.5% | +7.6% | +22.3% |
| Crecimiento Beneficio Neto (anual) | | -155.8% | -617.3% | -17.1% | -34.6% | +8.8% | -3.3% |
| Crecimiento BPA (anual) | | -147.6% | -960.0% | +20.8% | -22.6% | +16.5% | +4.7% |
| Cambio en Acciones (anual) | | +43.0% | -30.3% | +48.3% | +9.5% | +9.1% | +8.7% |
| Crecimiento FCF (anual) | | -87.4% | -207.5% | -382.0% | -120.4% | +93.9% | +612.0% |
| Margen Bruto | 94.1% | 95.3% | 90.1% | 91.5% | 90.5% | 89.7% | 90.2% |
| Margen Operativo | 23.1% | -11.9% | -57.5% | -57.3% | -65.5% | -54.7% | -47.0% |
| Margen EBITDA | 25.5% | -3.9% | -53.5% | -50.3% | -53.1% | -43.0% | -42.1% |
| Margen Neto | 18.5% | -10.2% | -61.8% | -54.4% | -68.7% | -58.3% | -49.2% |
| Margen FCF | 38.0% | 4.7% | -4.3% | -15.5% | -32.1% | -1.8% | 7.6% |
| Tasa Impositiva Efectiva | 16.4% | -45.9% | -4.7% | 1.5% | -4.8% | -8.0% | -4.4% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.54 | $0.05 | $-0.07 | $-0.24 | $-0.48 | $-0.03 | $0.13 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $22.0M | $31.5M | $22.0M | $32.6M | $35.7M | $38.9M | $42.3M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -357.77% |
| Rentabilidad sobre capital invertido | -27.82% |
| Rentabilidad sobre activos | -17.59% |
| Margen bruto | 86.85% |
| Margen operativo | -47.04% |
| Margen neto | -46.70% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 1.57 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.70 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 86.00 | -180.60 | -19.92 | -5.12 | -5.72 | -11.85 | -18.90 |
| P/VC | -107.10 | -90.45 | 8.77 | 3.73 | 13.91 | -333.78 | -44.80 |
| P/V | 12.64 | 17.90 | 12.25 | 2.78 | 3.92 | 6.87 | 9.29 |
| Margen Bruto | 94.1% | 95.3% | 90.1% | 91.5% | 90.5% | 89.7% | 90.2% |
| Margen Operativo | 23.1% | -11.9% | -57.5% | -57.3% | -65.5% | -54.7% | -47.0% |
| Margen Neto | 18.5% | -10.2% | -61.8% | -54.4% | -68.7% | -58.3% | -49.2% |