Estados financieros detallados de A10 Networks, Inc. (ATEN): 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
A10 Networks, Inc. registró ingresos de $290.6M en el último ejercicio fiscal, con un CAGR de 5 años del 5.2%. El beneficio neto alcanzó $42.1M, con un CAGR a 5 años del 18.8%.
Márgenes de los últimos 12 meses: margen bruto 79.5%, margen operativo 16.3%, margen neto 13.9%. El flujo de caja libre creció a un CAGR del 4.6% en 5 años.
Al precio actual de $26.54, ATEN cotiza a un P/E de 44.63 y un ROE del 19.61%. La capitalización bursátil es de $1.9B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $230.0M | $235.4M | $232.2M | $212.6M | $225.5M | $250.0M | $280.3M | $251.7M | $261.7M | $290.6M |
| Coste de Ventas | $54.9M | $53.3M | $51.9M | $48.9M | $50.1M | $53.5M | $56.8M | $48.0M | $51.4M | $60.0M |
| Beneficio Bruto | $175.1M | $182.1M | $180.3M | $163.7M | $175.4M | $196.5M | $223.5M | $203.7M | $210.3M | $230.5M |
| I+D | $60.7M | $63.0M | $65.2M | $61.8M | $58.1M | $54.1M | $58.4M | $55.2M | $57.7M | $69.1M |
| Generales y Administrativos | $131.4M | $129.5M | $142.8M | $116.5M | $99.6M | $109.1M | $112.0M | $109.9M | $108.6M | $114.3M |
| Gastos Operativos | $192.1M | $192.5M | $208.0M | $180.8M | $157.6M | $163.1M | $170.4M | $165.1M | $166.3M | $183.4M |
| Beneficio Operativo | -$19.1M | -$10.4M | -$27.7M | -$17.1M | $17.7M | $33.4M | $53.1M | $38.6M | $44.0M | $47.1M |
| EBITDA | -$12.9M | -$872000 | -$18.6M | -$6.1M | $24.7M | $42.7M | $61.8M | $53.1M | $76.8M | $67.3M |
| Gastos por Intereses | $424000 | $162000 | $129000 | $237000 | 0 | $2.2M | $1.7M | 0 | $7.4M | 0 |
| Beneficio Antes de Impuestos | -$20.2M | -$9.5M | -$26.5M | -$16.4M | $19.1M | $31.6M | $52.7M | $43.8M | $58.1M | $52.4M |
| Impuestos | $757000 | $1.2M | $1.1M | $1.4M | $1.3M | -$63.2M | $5.8M | $3.8M | $8.0M | $10.3M |
| Beneficio Neto | -$20.9M | -$10.8M | -$27.6M | -$17.8M | $17.8M | $94.9M | $46.9M | $40.0M | $50.1M | $42.1M |
| BPA | $-0.32 | $-0.15 | $-0.38 | $-0.23 | $0.23 | $1.23 | $0.62 | $0.54 | $0.68 | $0.58 |
| BPA Diluido | $-0.32 | $-0.15 | $-0.38 | $-0.23 | $0.22 | $1.19 | $0.60 | $0.53 | $0.67 | $0.57 |
| Acciones en Circulación (Diluidas) | $65.7M | $70.1M | $72.9M | $76.1M | $80.0M | $80.0M | $77.8M | $75.5M | $75.3M | $73.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $74.7M | $80.4M | $75.0M | $80.1M |
| Beneficio Bruto | $59.9M | $63.3M | $60.2M | $63.4M |
| Beneficio Operativo | $13.0M | $15.1M | $13.5M | $9.0M |
| EBITDA | $17.7M | $20.1M | $18.2M | $11.9M |
| Beneficio Neto | $12.2M | $9.9M | $12.0M | $8.9M |
| BPA | $0.17 | $0.14 | $0.17 | $0.12 |
| BPA Diluido | $0.17 | $0.14 | $0.17 | $0.12 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $29.0M | $46.6M | $40.6M | $45.7M | $83.3M | $78.9M | $68.0M | $97.2M | $95.1M | $71.1M |
| Inversiones a Corto | $85.4M | $84.6M | $87.8M | $84.2M | $74.9M | $106.1M | $83.0M | $62.1M | $100.4M | $306.7M |
| Cuentas por Cobrar | $61.3M | $48.3M | $54.0M | $53.6M | $51.1M | $61.8M | $72.9M | $74.3M | $76.7M | $62.1M |
| Inventario | $15.8M | $17.6M | $17.9M | $22.4M | $20.7M | $22.5M | $19.7M | $23.5M | $22.0M | $18.0M |
| Activos Corrientes | $196.7M | $203.8M | $214.9M | $220.9M | $242.3M | $284.0M | $257.0M | $271.8M | $307.3M | $476.0M |
| Inmovilizado Material | $8.2M | $9.9M | $7.3M | $40.7M | $36.1M | $33.6M | $40.9M | $46.3M | $50.7M | $59.1M |
| Fondo de Comercio | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $15.1M |
| Activos Intangibles | $6.6M | $5.2M | $3.7M | $2.3M | $862000 | 0 | 0 | 0 | 0 | $6.3M |
| Activos Totales | $216.7M | $224.9M | $235.9M | $274.1M | $290.8M | $393.1M | $369.1M | $389.8M | $432.8M | $629.8M |
| Cuentas por Pagar | $9.9M | $9.0M | $8.2M | $7.6M | $4.9M | $6.9M | $6.7M | $7.0M | $12.5M | $11.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $101.4M | $92.7M | $97.4M | $97.6M | $107.8M | $116.1M | $118.2M | $111.1M | $123.6M | $133.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $218.8M |
| Pasivos Totales | $101.4M | $92.7M | $97.4M | $165.3M | $174.8M | $184.2M | $188.1M | $181.9M | $201.0M | $418.3M |
| Reservas | -$246.1M | -$257.0M | -$272.2M | -$290.1M | -$272.2M | -$177.4M | -$130.5M | -$90.5M | -$40.3M | -$71.0M |
| Patrimonio Neto | $82.8M | $98.4M | $103.9M | $108.8M | $116.0M | $208.9M | $181.0M | $207.9M | $231.8M | $211.5M |
| Deuda Total | 0 | 0 | 0 | $33.2M | $28.8M | $23.3M | $21.6M | $16.8M | $11.9M | $222.6M |
| Deuda Neta | -$114.3M | -$131.1M | -$128.4M | -$96.8M | -$129.4M | -$161.7M | -$129.4M | -$142.5M | -$183.6M | -$155.2M |
| Capital Circulante | $95.3M | $111.1M | $117.6M | $123.4M | $134.5M | $167.9M | $138.7M | $160.8M | $183.7M | $342.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $86.6M | $71.1M | $57.9M | $54.7M |
| Activos Totales | $620.1M | $629.8M | $634.4M | $677.7M |
| Pasivos Totales | $413.9M | $418.3M | $413.6M | $439.7M |
| Patrimonio Neto | $206.2M | $211.5M | $220.8M | $238.0M |
| Deuda Total | $228.8M | $218.8M | $219.2M | $219.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$20.9M | -$10.8M | -$27.6M | -$17.8M | $17.8M | $94.9M | $46.9M | $40.0M | $50.1M | $42.1M |
| Amortizaciones | $8.3M | $8.5M | $7.9M | $10.0M | $11.3M | $8.9M | $7.4M | $9.3M | $11.3M | $14.9M |
| Compensación en Acciones | $16.9M | $17.2M | $17.0M | $16.5M | $12.3M | $14.4M | $13.3M | $14.1M | $17.0M | $20.0M |
| Cambio en Capital Circulante | $11.9M | -$1.4M | -$139000 | -$8.9M | $12.8M | -$5.0M | -$2.3M | -$18.3M | $12.4M | $5.0M |
| Flujo de Caja Operativo | $18.8M | $14.3M | -$2.7M | -$426000 | $55.3M | $50.1M | $66.1M | $44.5M | $90.5M | $84.9M |
| Inversiones (CapEx) | -$6.4M | -$5.7M | -$2.8M | -$4.3M | -$3.6M | -$5.2M | -$10.8M | -$10.9M | -$12.3M | -$20.1M |
| Adquisiciones | -$4.4M | 0 | 0 | -$4.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$1.8M | -$3.1M | 0 | 0 | -$32.5M | -$18.3M | -$79.3M | -$16.0M | -$30.1M | -$68.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | -$3.9M | -$15.9M | -$17.8M | -$17.8M | -$17.4M |
| Flujo de Caja Libre | $12.4M | $8.6M | -$5.5M | -$4.8M | $51.7M | $44.9M | $55.3M | $33.6M | $78.2M | $64.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $22.8M | $22.7M | $2.2M | $29.1M |
| Inversiones (CapEx) | -$4.7M | -$6.7M | -$2.9M | -$1.6M |
| Flujo de Caja Libre | $18.1M | $16.0M | -$689000 | $27.5M |
| Dividendos Pagados | -$4.3M | -$4.3M | -$4.3M | -$4.3M |
| Compensación en Acciones | $4.8M | $4.8M | $4.8M | $9.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +2.4% | -1.4% | -8.4% | +6.1% | +10.9% | +12.1% | -10.2% | +4.0% | +11.0% |
| Crecimiento Beneficio Neto (anual) | | +48.7% | -156.9% | +35.5% | +200.0% | +432.6% | -50.6% | -14.8% | +25.4% | -16.0% |
| Crecimiento BPA (anual) | | +53.1% | -153.3% | +39.5% | +200.0% | +434.8% | -49.6% | -12.9% | +25.9% | -14.7% |
| Cambio en Acciones (anual) | | +6.6% | +4.0% | +4.4% | +5.2% | +0.0% | -2.9% | -2.8% | -0.3% | -2.3% |
| Crecimiento FCF (anual) | | -30.8% | -164.0% | +13.2% | +1185.2% | -13.1% | +23.1% | -39.2% | +132.7% | -17.2% |
| Margen Bruto | 76.1% | 77.4% | 77.7% | 77.0% | 77.8% | 78.6% | 79.7% | 80.9% | 80.4% | 79.3% |
| Margen Operativo | -8.3% | -4.4% | -11.9% | -8.0% | 7.9% | 13.4% | 18.9% | 15.4% | 16.8% | 16.2% |
| Margen EBITDA | -5.6% | -0.4% | -8.0% | -2.9% | 11.0% | 17.1% | 22.0% | 21.1% | 29.3% | 23.2% |
| Margen Neto | -9.1% | -4.6% | -11.9% | -8.4% | 7.9% | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |
| Margen FCF | 5.4% | 3.6% | -2.4% | -2.2% | 22.9% | 18.0% | 19.7% | 13.4% | 29.9% | 22.3% |
| Tasa Impositiva Efectiva | -3.8% | -12.6% | -4.1% | -8.6% | 6.9% | -199.9% | 11.0% | 8.7% | 13.7% | 19.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.19 | $0.12 | $-0.08 | $-0.06 | $0.65 | $0.56 | $0.71 | $0.44 | $1.04 | $0.88 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.20 | $0.24 | $0.24 | $0.24 |
| Acciones en Circulación (Básicas) | $65.7M | $70.1M | $72.7M | $76.1M | $77.8M | $77.0M | $75.5M | $74.2M | $74.1M | $72.3M |
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 | 19.61% |
| Rentabilidad sobre capital invertido | 7.68% |
| Rentabilidad sobre activos | 6.34% |
| Margen bruto | 79.54% |
| Margen operativo | 16.30% |
| Margen neto | 13.85% |
Salud financiera
| Deuda / Patrimonio | 0.92 |
| Ratio corriente | 1.29 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -25.97 | -51.47 | -16.42 | -29.87 | 42.87 | 13.48 | 26.82 | 24.39 | 27.06 | 30.50 |
| P/VC | 6.60 | 5.50 | 4.37 | 4.80 | 6.61 | 6.12 | 6.94 | 4.70 | 5.88 | 6.04 |
| P/V | 2.37 | 2.30 | 1.95 | 2.46 | 3.40 | 5.11 | 4.48 | 3.88 | 5.21 | 4.40 |
| Margen Bruto | 76.1% | 77.4% | 77.7% | 77.0% | 77.8% | 78.6% | 79.7% | 80.9% | 80.4% | 79.3% |
| Margen Operativo | -8.3% | -4.4% | -11.9% | -8.0% | 7.9% | 13.4% | 18.9% | 15.4% | 16.8% | 16.2% |
| Margen Neto | -9.1% | -4.6% | -11.9% | -8.4% | 7.9% | 37.9% | 16.7% | 15.9% | 19.2% | 14.5% |