Estados financieros detallados de Atlanticus Holdings Corporation (ATLC): 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
Atlanticus Holdings Corporation registró ingresos de $704.5M en el último ejercicio fiscal, con un CAGR de 5 años del 12.5%. El beneficio neto alcanzó $122.2M, con un CAGR a 5 años del 5.4%.
Márgenes de los últimos 12 meses: margen bruto 82.9%, margen operativo 17.7%, margen neto 9.3%. El flujo de caja libre creció a un CAGR del 24.5% en 5 años.
Al precio actual de $93.20, ATLC cotiza a un P/E de 9.73 y un ROE del 23.09%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $75.9M | $100.4M | $192.2M | $407.8M | $391.8M | $453.9M | $374.4M | $365.7M | $459.6M | $704.5M |
| Coste de Ventas | $51.8M | $95.9M | $137.8M | $299.1M | $194.3M | $90.6M | $83.1M | $111.5M | $176.5M | $308.1M |
| Beneficio Bruto | $24.1M | $4.6M | $54.4M | $108.7M | $197.5M | $363.3M | $291.3M | $254.2M | $283.0M | $396.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $28.9M | $35.8M | $35.6M | $62.6M | $64.1M | $90.7M | $105.5M | $96.3M | $106.3M | $182.8M |
| Gastos Operativos | $36.4M | $51.8M | $51.0M | $77.0M | $83.2M | $143.8M | $142.0M | $125.6M | $144.5M | $236.6M |
| Beneficio Operativo | -$12.4M | -$47.2M | $3.5M | $31.8M | $114.4M | $219.6M | $149.3M | $128.6M | $138.6M | $159.7M |
| EBITDA | -$4.9M | -$46.2M | $4.5M | $39.5M | $122.3M | $222.1M | $154.1M | $132.6M | $143.8M | $169.6M |
| Gastos por Intereses | $20.2M | $27.7M | $36.9M | $50.7M | $51.5M | $54.1M | $81.9M | $109.3M | $160.2M | $301.9M |
| Beneficio Antes de Impuestos | -$12.4M | -$47.2M | $3.5M | $31.8M | $114.4M | $219.6M | $149.3M | $128.6M | $138.6M | $159.7M |
| Impuestos | -$6.0M | -$6.4M | -$4.1M | $5.6M | $20.5M | $41.8M | $14.7M | $26.6M | $28.5M | $39.1M |
| Beneficio Neto | -$6.3M | -$40.8M | $7.9M | $26.4M | $94.1M | $177.9M | $135.6M | $102.8M | $111.3M | $122.2M |
| BPA | $-0.46 | $-2.93 | $0.56 | $1.74 | $5.32 | $10.32 | $7.55 | $5.35 | $5.93 | $7.39 |
| BPA Diluido | $-0.45 | $-2.93 | $0.56 | $1.66 | $3.95 | $7.56 | $5.83 | $4.24 | $4.77 | $5.96 |
| Acciones en Circulación (Diluidas) | $13.9M | $13.9M | $14.0M | $15.3M | $20.1M | $20.9M | $19.4M | $18.9M | $18.8M | $19.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $178.8M | $247.7M | $679.6M | $550.5M |
| Beneficio Bruto | $101.8M | $120.3M | $627.5M | $523.3M |
| Beneficio Operativo | $32.5M | $46.2M | $181.6M | $33.4M |
| EBITDA | $35.0M | $50.3M | $185.2M | $37.0M |
| Beneficio Neto | $25.0M | $35.1M | $44.2M | $49.7M |
| BPA | $1.50 | $2.17 | $2.80 | $3.13 |
| BPA Diluido | $1.18 | $1.75 | $2.23 | $2.50 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $76.6M | $41.7M | $61.1M | $135.4M | $178.1M | $409.7M | $385.0M | $339.3M | $375.4M | $621.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $239.4M | $305.1M | $424.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $335.4M | $389.0M | $495.7M | $150.5M | $193.3M | $425.3M | $412.4M | $339.3M | $375.4M | $767.4M |
| Inmovilizado Material | $3.8M | $3.2M | $3.6M | $16.8M | $11.4M | $11.4M | $21.8M | $22.8M | $24.4M | $27.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $30.3M |
| Activos Totales | $362.5M | $425.6M | $582.6M | $936.3M | $1.21B | $1.94B | $2.39B | $2.71B | $3.27B | $7.62B |
| Cuentas por Pagar | $86.8M | $115.7M | $105.8M | $41.6M | $41.7M | $42.3M | $44.3M | $61.6M | $72.1M | $284.5M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $173.5M | $115.7M | $105.8M | $41.6M | $41.7M | $42.3M | $44.3M | $61.6M | $72.1M | $436.7M |
| Deuda a Largo | $254.2M | $336.9M | $498.7M | $777.2M | $909.9M | $1.42B | $1.80B | $2.01B | $2.48B | $6.52B |
| Pasivos Totales | $356.8M | $461.7M | $604.7M | $935.9M | $1.13B | $1.66B | $2.06B | $2.31B | $2.78B | $7.02B |
| Reservas | -$205.9M | -$246.6M | -$238.8M | -$211.8M | -$117.7M | $60.2M | $204.4M | $307.3M | $394.6M | $506.4M |
| Patrimonio Neto | $5.8M | -$36.0M | -$21.8M | $906000 | $77.3M | $288.0M | $326.4M | $394.7M | $492.9M | $608.7M |
| Deuda Total | $254.2M | $336.9M | $498.7M | $799.5M | $923.7M | $1.43B | $1.82B | $2.03B | $2.51B | $6.54B |
| Deuda Neta | $177.7M | $295.1M | $437.6M | $664.1M | $745.6M | $1.02B | $1.43B | $1.69B | $2.13B | $5.92B |
| Capital Circulante | $161.9M | $273.2M | $390.0M | $108.9M | $151.6M | $383.0M | $368.1M | $277.7M | $303.3M | $330.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $425.0M | $621.1M | $804.1M | $645.2M |
| Activos Totales | $7.08B | $7.62B | $7.47B | $7.49B |
| Pasivos Totales | $6.45B | $7.02B | $6.78B | $6.75B |
| Patrimonio Neto | $629.3M | $608.7M | $688.4M | $741.9M |
| Deuda Total | $6.06B | $6.54B | $6.35B | $6.29B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$6.3M | -$40.9M | $7.6M | $26.2M | $93.9M | $177.8M | $134.6M | $102.8M | $111.3M | $120.6M |
| Amortizaciones | $7.5M | $1.0M | $987000 | $7.7M | $8.0M | $2.5M | $4.8M | $4.0M | $5.2M | $9.9M |
| Compensación en Acciones | 0 | $1.5M | $1.3M | $1.7M | $1.4M | $3.2M | $4.2M | $3.8M | $3.9M | $4.3M |
| Cambio en Capital Circulante | $28.1M | $8.3M | $9.3M | -$53.8M | -$26.3M | -$84.0M | -$239.7M | -$238.4M | -$273.7M | -$444.7M |
| Flujo de Caja Operativo | $39.0M | -$26.5M | $42.9M | $100.0M | $212.7M | $212.4M | $346.1M | $459.3M | $469.4M | $638.0M |
| Inversiones (CapEx) | -$349000 | -$395000 | -$1.4M | -$250000 | -$749000 | -$7.1M | -$4.9M | -$4.0M | -$1.8M | -$5.0M |
| Adquisiciones | 0 | 0 | $608.0M | $1.10B | $1.33B | $1.1M | $708.2M | 0 | 0 | -$72.9M |
| Recompra de Acciones | -$949000 | -$389000 | -$723000 | -$2.5M | -$3.4M | -$25.2M | -$89.0M | -$17.7M | -$52.7M | -$69.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | -$13.6M | -$21.8M | -$24.8M | -$24.9M | -$25.7M | -$12.4M |
| Flujo de Caja Libre | $38.7M | -$26.9M | $41.5M | $99.7M | $212.0M | $205.3M | $341.3M | $455.3M | $467.6M | $632.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $107.5M | $266.3M | $286.3M | $276.9M |
| Inversiones (CapEx) | -$58000 | -$144000 | -$250000 | -$68000 |
| Flujo de Caja Libre | $107.4M | $266.1M | $286.1M | $276.9M |
| Dividendos Pagados | -$2.3M | -$2.3M | -$2.3M | -$2.3M |
| Compensación en Acciones | $920000 | $1.6M | $1.4M | $2.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +32.3% | +91.4% | +112.2% | -3.9% | +15.9% | -17.5% | -2.3% | +25.7% | +53.3% |
| Crecimiento Beneficio Neto (anual) | | -543.7% | +119.3% | +236.6% | +255.9% | +89.0% | -23.8% | -24.2% | +8.2% | +9.8% |
| Crecimiento BPA (anual) | | -537.0% | +119.1% | +210.7% | +205.7% | +94.0% | -26.8% | -29.1% | +10.8% | +24.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.4% | +9.1% | +31.6% | +4.0% | -7.3% | -2.5% | -0.4% | +2.1% |
| Crecimiento FCF (anual) | | -169.5% | +254.4% | +140.4% | +112.6% | -3.2% | +66.3% | +33.4% | +2.7% | +35.4% |
| Margen Bruto | 31.7% | 4.5% | 28.3% | 26.7% | 50.4% | 80.0% | 77.8% | 69.5% | 61.6% | 56.3% |
| Margen Operativo | -16.3% | -47.1% | 1.8% | 7.8% | 29.2% | 48.4% | 39.9% | 35.2% | 30.2% | 22.7% |
| Margen EBITDA | -6.4% | -46.0% | 2.3% | 9.7% | 31.2% | 48.9% | 41.2% | 36.3% | 31.3% | 24.1% |
| Margen Neto | -8.3% | -40.6% | 4.1% | 6.5% | 24.0% | 39.2% | 36.2% | 28.1% | 24.2% | 17.3% |
| Margen FCF | 50.9% | -26.8% | 21.6% | 24.4% | 54.1% | 45.2% | 91.1% | 124.5% | 101.8% | 89.8% |
| Tasa Impositiva Efectiva | 48.7% | 13.5% | -118.6% | 17.5% | 17.9% | 19.0% | 9.8% | 20.7% | 20.5% | 24.5% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.77 | $-1.93 | $2.96 | $6.53 | $10.55 | $9.82 | $17.61 | $24.11 | $24.87 | $32.99 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.67 | $1.04 | $1.28 | $1.32 | $1.37 | $0.65 |
| Acciones en Circulación (Básicas) | $13.9M | $13.9M | $13.9M | $14.5M | $14.5M | $15.1M | $14.6M | $14.5M | $14.7M | $15.1M |
Qué mirar en Servicios Financieros
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- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
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- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 23.09% |
| Rentabilidad sobre capital invertido | 2.96% |
| Rentabilidad sobre activos | 2.06% |
| Margen bruto | 82.87% |
| Margen operativo | 17.73% |
| Margen neto | 9.30% |
Salud financiera
| Deuda / Patrimonio | 8.48 |
| Ratio corriente | 14.90 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.39 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -6.17 | -0.82 | 6.50 | 5.18 | 4.63 | 6.91 | 3.47 | 7.23 | 9.41 | 9.06 |
| P/VC | 6.80 | -0.93 | -2.33 | 144.19 | 4.62 | 3.73 | 1.17 | 1.42 | 1.67 | 1.66 |
| P/V | 0.52 | 0.33 | 0.26 | 0.32 | 0.91 | 2.37 | 1.02 | 1.53 | 1.79 | 1.44 |
| Margen Bruto | 31.7% | 4.5% | 28.3% | 26.7% | 50.4% | 80.0% | 77.8% | 69.5% | 61.6% | 56.3% |
| Margen Operativo | -16.3% | -47.1% | 1.8% | 7.8% | 29.2% | 48.4% | 39.9% | 35.2% | 30.2% | 22.7% |
| Margen Neto | -8.3% | -40.6% | 4.1% | 6.5% | 24.0% | 39.2% | 36.2% | 28.1% | 24.2% | 17.3% |