Estados financieros detallados de Alto Ingredients, Inc. (ALTO): 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
Alto Ingredients, Inc. registró ingresos de $917.9M en el último ejercicio fiscal, con un CAGR de 5 años del 0.5%.
Márgenes de los últimos 12 meses: margen bruto 5.6%, margen operativo 3.9%, margen neto 5.5%. El flujo de caja libre creció a un CAGR del -33.2% en 5 años.
Al precio actual de $4.02, ALTO cotiza a un P/E de 5.68 y un ROE del 21.15%. La capitalización bursátil es de $311M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.62B | $1.63B | $1.52B | $1.42B | $897.0M | $1.21B | $1.34B | $1.22B | $965.3M | $917.9M |
| Coste de Ventas | $1.57B | $1.63B | $1.53B | $1.43B | $844.2M | $1.14B | $1.36B | $1.21B | $955.5M | $891.1M |
| Beneficio Bruto | $51.8M | $5.9M | -$15.2M | -$9.9M | $52.9M | $67.8M | -$27.6M | $15.7M | $9.7M | $26.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $28.3M | $31.5M | $36.4M | $35.5M | $32.0M | $29.2M | $28.1M | $32.7M | $29.7M | $27.2M |
| Gastos Operativos | $28.3M | $31.5M | $36.4M | $64.7M | $43.0M | $27.7M | $33.8M | $39.5M | $61.4M | $19.7M |
| Beneficio Operativo | $23.5M | -$25.6M | -$51.5M | -$74.7M | $9.9M | $40.1M | -$61.4M | -$23.8M | -$51.7M | $7.1M |
| EBITDA | $57.9M | $13.2M | -$10.5M | -$33.2M | $30.9M | $74.4M | -$12.8M | $2.6M | -$26.8M | $48.7M |
| Gastos por Intereses | $22.4M | $12.9M | $17.1M | $20.2M | $17.9M | $3.6M | $1.8M | $7.4M | $7.6M | $10.8M |
| Beneficio Antes de Impuestos | $545000 | -$38.4M | -$68.5M | -$101.3M | -$17.3M | $47.6M | -$39.7M | -$27.9M | -$58.8M | $12.7M |
| Impuestos | -$981000 | -$321000 | -$562000 | -$20000 | -$17000 | $1.5M | $1.9M | $97000 | $173000 | -$621000 |
| Beneficio Neto | $1.4M | -$35.0M | -$60.3M | -$88.9M | -$15.1M | $46.1M | -$41.6M | -$28.0M | -$59.0M | $13.3M |
| BPA | $0.00 | $-0.82 | $-1.39 | $-2.14 | $-0.29 | $0.62 | $-0.58 | $-0.40 | $-0.82 | $0.16 |
| BPA Diluido | $0.00 | $-0.82 | $-1.39 | $-2.14 | $-0.29 | $0.61 | $-0.58 | $-0.40 | $-0.82 | $0.16 |
| Acciones en Circulación (Diluidas) | $42.3M | $42.7M | $43.4M | $47.4M | $58.6M | $72.2M | $71.9M | $73.3M | $73.5M | $75.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $241.0M | $232.0M | $224.7M | $245.7M |
| Beneficio Bruto | $29.3M | -$10.5M | $17.6M | $16.6M |
| Beneficio Operativo | $22.8M | -$9.9M | $14.8M | $8.6M |
| EBITDA | $23.3M | $29.9M | $12.8M | $3.6M |
| Beneficio Neto | $14.2M | $21.8M | $4.3M | $11.4M |
| BPA | $0.19 | $0.29 | $0.05 | $0.15 |
| BPA Diluido | $0.19 | $0.28 | $0.05 | $0.15 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $64.3M | $49.5M | $26.6M | $19.0M | $47.7M | $50.6M | $36.5M | $30.0M | $35.5M | $25.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $92.0M | $81.1M | $68.2M | $74.3M | $43.5M | $86.9M | $68.7M | $58.7M | $58.2M | $62.6M |
| Inventario | $60.1M | $61.5M | $57.8M | $60.6M | $37.9M | $54.4M | $66.6M | $52.6M | $49.9M | $61.7M |
| Activos Corrientes | $235.2M | $203.2M | $168.8M | $232.1M | $214.0M | $229.5M | $199.1M | $168.8M | $153.1M | $155.9M |
| Inmovilizado Material | $465.2M | $508.4M | $482.7M | $356.9M | $240.5M | $236.0M | $258.0M | $271.3M | $235.3M | $215.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | $6.0M | 0 | 0 | 0 |
| Activos Intangibles | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $9.1M | $8.5M | $4.5M | $7.6M |
| Activos Totales | $708.2M | $720.3M | $660.0M | $612.5M | $476.8M | $485.0M | $478.3M | $454.2M | $401.4M | $388.8M |
| Cuentas por Pagar | $37.1M | $39.7M | $48.2M | $29.3M | $13.0M | $23.3M | $28.1M | $20.8M | $20.4M | $14.5M |
| Deuda a Corto | $10.5M | $20.0M | $146.7M | $63.0M | $25.5M | 0 | 0 | 0 | 0 | $21.6M |
| Pasivos Corrientes | $78.8M | $90.7M | $231.9M | $160.4M | $86.9M | $69.6M | $78.0M | $65.3M | $57.8M | $59.1M |
| Deuda a Largo | $188.0M | $221.1M | $84.8M | $180.8M | $71.8M | $50.4M | $68.4M | $82.1M | $92.9M | $63.0M |
| Pasivos Totales | $290.0M | $336.6M | $340.6M | $385.4M | $180.6M | $139.7M | $170.2M | $174.7M | $176.4M | $143.5M |
| Reservas | -$532.2M | -$568.5M | -$630.0M | -$720.2M | -$736.6M | -$691.8M | -$734.6M | -$763.9M | -$824.2M | -$812.1M |
| Patrimonio Neto | $387.9M | $356.4M | $299.8M | $219.8M | $296.2M | $345.2M | $308.1M | $279.6M | $225.1M | $245.2M |
| Deuda Total | $199.9M | $241.8M | $231.6M | $268.4M | $108.2M | $63.7M | $87.3M | $105.5M | $114.7M | $97.6M |
| Deuda Neta | $135.6M | $192.3M | $204.9M | $249.4M | $60.6M | $13.0M | $50.8M | $75.4M | $79.2M | $71.9M |
| Capital Circulante | $156.4M | $112.5M | -$63.1M | $71.7M | $127.1M | $159.9M | $121.1M | $103.5M | $95.3M | $96.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $32.5M | $25.7M | $20.3M | $24.0M |
| Activos Totales | $388.5M | $388.8M | $386.3M | $397.1M |
| Pasivos Totales | $166.1M | $143.5M | $136.4M | $137.2M |
| Patrimonio Neto | $222.4M | $245.2M | $249.9M | $259.9M |
| Deuda Total | $119.7M | $97.6M | $91.3M | $82.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $1.5M | -$38.1M | -$67.9M | -$101.3M | -$17.3M | $46.1M | -$41.6M | -$28.0M | -$59.0M | $13.3M |
| Amortizaciones | $35.4M | $38.7M | $40.8M | $47.9M | $30.3M | $23.3M | $25.1M | $23.1M | $24.4M | $25.2M |
| Compensación en Acciones | $2.6M | $3.8M | $3.4M | $2.8M | $2.7M | $2.9M | $3.3M | $3.9M | $4.4M | $3.0M |
| Cambio en Capital Circulante | -$12.8M | $26.5M | $17.2M | -$18.3M | $36.8M | -$13.2M | $31.6M | $3.7M | $10.0M | -$16.4M |
| Flujo de Caja Operativo | $40.4M | $36.5M | $1.6M | -$31.2M | $71.7M | $26.8M | $6.0M | $22.0M | -$3.5M | $13.2M |
| Inversiones (CapEx) | -$19.2M | -$20.9M | -$15.2M | -$3.3M | -$6.6M | -$16.4M | -$37.7M | -$29.5M | -$11.1M | -$4.6M |
| Adquisiciones | $30.0M | -$29.6M | 0 | 0 | $19.9M | $43.5M | -$14.7M | -$3.5M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$1.3M | -$3.7M | 0 | 0 |
| Dividendos Pagados | -$1.3M | -$1.3M | -$1.3M | -$946000 | 0 | -$2.9M | -$1.3M | -$1.3M | -$1.3M | -$1.3M |
| Flujo de Caja Libre | $21.2M | $15.6M | -$13.6M | -$34.5M | $65.1M | $10.4M | -$31.7M | -$7.5M | -$14.6M | $8.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $22.8M | $9.5M | $4.2M | $28.5M |
| Inversiones (CapEx) | -$1.6M | -$1.9M | -$909000 | -$10.6M |
| Flujo de Caja Libre | $21.2M | $7.6M | $3.3M | $17.9M |
| Dividendos Pagados | -$319000 | -$319000 | -$312000 | -$315000 |
| Compensación en Acciones | $706000 | $842000 | $705000 | $813000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.5% | -7.2% | -6.0% | -37.0% | +34.7% | +10.6% | -8.4% | -21.1% | -4.9% |
| Crecimiento Beneficio Neto (anual) | | -2564.0% | -72.4% | -47.6% | +83.0% | +404.9% | -190.3% | +32.7% | -110.6% | +122.6% |
| Crecimiento BPA (anual) | | -23528.6% | -69.5% | -54.0% | +86.4% | +313.8% | -193.5% | +31.0% | -105.0% | +119.5% |
| Cambio en Acciones (anual) | | +1.2% | +1.5% | +9.2% | +23.7% | +23.2% | -0.4% | +1.9% | +0.2% | +3.0% |
| Crecimiento FCF (anual) | | -26.3% | -186.9% | -154.0% | +288.7% | -84.0% | -403.7% | +76.3% | -94.3% | +159.3% |
| Margen Bruto | 3.2% | 0.4% | -1.0% | -0.7% | 5.9% | 5.6% | -2.1% | 1.3% | 1.0% | 2.9% |
| Margen Operativo | 1.4% | -1.6% | -3.4% | -5.2% | 1.1% | 3.3% | -4.6% | -2.0% | -5.4% | 0.8% |
| Margen EBITDA | 3.6% | 0.8% | -0.7% | -2.3% | 3.4% | 6.2% | -1.0% | 0.2% | -2.8% | 5.3% |
| Margen Neto | 0.1% | -2.1% | -4.0% | -6.2% | -1.7% | 3.8% | -3.1% | -2.3% | -6.1% | 1.5% |
| Margen FCF | 1.3% | 1.0% | -0.9% | -2.4% | 7.3% | 0.9% | -2.4% | -0.6% | -1.5% | 0.9% |
| Tasa Impositiva Efectiva | -180.0% | 0.8% | 0.8% | 0.0% | 0.1% | 3.1% | -4.9% | -0.3% | -0.3% | -4.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.50 | $0.37 | $-0.31 | $-0.73 | $1.11 | $0.14 | $-0.44 | $-0.10 | $-0.20 | $0.11 |
| Dividendo por Acción | $0.03 | $0.03 | $0.03 | $0.02 | $0.00 | $0.04 | $0.02 | $0.02 | $0.02 | $0.02 |
| Acciones en Circulación (Básicas) | $42.2M | $42.6M | $43.4M | $47.4M | $58.6M | $71.1M | $71.9M | $73.3M | $73.5M | $74.5M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | 21.15% |
| Rentabilidad sobre capital invertido | 10.33% |
| Rentabilidad sobre activos | 13.01% |
| Margen bruto | 5.62% |
| Margen operativo | 3.85% |
| Margen neto | 5.48% |
Salud financiera
| Deuda / Patrimonio | 0.32 |
| Ratio corriente | 3.19 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 2714.29 | -5.55 | -0.62 | -0.30 | -18.72 | 7.76 | -4.97 | -6.65 | -1.90 | 18.00 |
| P/VC | 1.03 | 0.54 | 0.12 | 0.14 | 1.07 | 0.99 | 0.67 | 0.70 | 0.51 | 0.87 |
| P/V | 0.25 | 0.12 | 0.02 | 0.02 | 0.35 | 0.28 | 0.16 | 0.16 | 0.12 | 0.23 |
| Margen Bruto | 3.2% | 0.4% | -1.0% | -0.7% | 5.9% | 5.6% | -2.1% | 1.3% | 1.0% | 2.9% |
| Margen Operativo | 1.4% | -1.6% | -3.4% | -5.2% | 1.1% | 3.3% | -4.6% | -2.0% | -5.4% | 0.8% |
| Margen Neto | 0.1% | -2.1% | -4.0% | -6.2% | -1.7% | 3.8% | -3.1% | -2.3% | -6.1% | 1.5% |