Estados financieros detallados de A2Z Cust2Mate Solutions Corp. (AZ): 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
A2Z Cust2Mate Solutions Corp. registró ingresos de $7.9M en el último ejercicio fiscal, con un CAGR de 5 años del 49.2%.
Márgenes de los últimos 12 meses: margen bruto 20.1%, margen operativo -268.5%, margen neto -236.1%.
Al precio actual de $5.60, AZ presenta beneficios negativos (P/E no significativo) y un ROE del -47.79%. La capitalización bursátil es de $249M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.3M | $1.3M | $1.4M | $1.1M | $2.7M | $9.4M | $11.4M | $7.2M | $7.9M |
| Coste de Ventas | $924000 | $870000 | $783000 | $853000 | $2.0M | $7.5M | $9.4M | $5.2M | $6.8M |
| Beneficio Bruto | $399000 | $457000 | $601000 | $215000 | $656000 | $1.8M | $2.0M | $2.0M | $1.1M |
| I+D | 0 | 0 | $414000 | $418000 | $3.2M | $4.5M | $4.8M | $4.0M | $9.9M |
| Generales y Administrativos | $593000 | $103904 | $623000 | $2.2M | $6.0M | $12.8M | $14.3M | $9.9M | $26.2M |
| Gastos Operativos | $644000 | $103904 | $1.3M | $2.9M | $9.8M | $18.5M | $21.1M | $16.6M | $37.5M |
| Beneficio Operativo | -$245000 | -$103904 | -$654000 | -$2.7M | -$9.2M | -$16.7M | -$19.1M | -$14.6M | -$36.5M |
| EBITDA | -$169000 | $232000 | -$2.2M | -$5.7M | -$39.8M | -$17.5M | -$17.0M | -$18.4M | -$35.1M |
| Gastos por Intereses | 0 | $29 | $109000 | $107000 | $14000 | $97000 | $62000 | $47000 | $185000 |
| Beneficio Antes de Impuestos | -$375000 | -$103933 | -$2.6M | -$5.9M | -$40.1M | -$18.3M | -$18.1M | -$19.3M | -$36.1M |
| Impuestos | -$54000 | -$0 | $380000 | $17000 | $142000 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$321000 | -$103933 | -$2.9M | -$6.0M | -$39.2M | -$16.6M | -$16.1M | -$17.0M | -$37.7M |
| BPA | $-0.24 | $-0.14 | $-0.21 | $-0.36 | $-1.73 | $-0.69 | $-0.43 | $-0.80 | $-1.03 |
| BPA Diluido | $-0.24 | $-0.14 | $-0.21 | $-0.36 | $-1.73 | $-0.69 | $-0.43 | $-0.80 | $-1.03 |
| Acciones en Circulación (Diluidas) | $1.3M | $739149 | $13.5M | $16.8M | $23.3M | $27.7M | $37.6M | $21.4M | $37.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.5M | $3.6M | $3.3M | $5.9M |
| Beneficio Bruto | $526000 | -$282000 | $139000 | $2.5M |
| Beneficio Operativo | -$4.1M | -$19.0M | -$8.0M | -$7.6M |
| EBITDA | -$1.1M | -$18.0M | -$7.6M | -$7.3M |
| Beneficio Neto | -$1.3M | -$17.5M | -$8.1M | -$7.2M |
| BPA | $-0.04 | $-0.47 | $-0.18 | $-0.16 |
| BPA Diluido | $-0.04 | $-0.47 | $-0.18 | $-0.16 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $157000 | $247676 | $289000 | $5.4M | $8.5M | $2.6M | $2.3M | $13.5M | $13.5M |
| Inversiones a Corto | 0 | 0 | $5.6M | 0 | $60000 | $8000 | $77000 | $206000 | $56.0M |
| Cuentas por Cobrar | $205000 | 0 | $978000 | $258000 | $1.2M | $2.3M | $1.8M | $2.4M | $3.4M |
| Inventario | $51000 | $39000 | $38000 | $19000 | $1.1M | $375000 | $250000 | $796000 | $3.9M |
| Activos Corrientes | $664000 | $247676 | $7.3M | $6.2M | $11.0M | $6.9M | $4.7M | $17.1M | $79.4M |
| Inmovilizado Material | $298000 | $286000 | $326000 | $456000 | $1.1M | $2.4M | $1.9M | $1.5M | $3.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | $1.2M | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $2.3M | $2.2M | $2.1M | $2.2M | $1.9M | 0 | $637000 |
| Activos Totales | $1.4M | $247676 | $10.0M | $8.9M | $14.1M | $12.7M | $8.5M | $18.9M | $85.2M |
| Cuentas por Pagar | $365000 | 0 | $509000 | $541000 | $989000 | $2.2M | $1.7M | $1.8M | $3.3M |
| Deuda a Corto | $449000 | $329000 | $200000 | $358000 | $158000 | $1.4M | $1.2M | $826000 | $9000 |
| Pasivos Corrientes | $1.5M | $8016 | $1.1M | $1.3M | $2.4M | $6.2M | $5.6M | $11.5M | $7.0M |
| Deuda a Largo | $107000 | $135000 | $356000 | $666000 | $483000 | $341000 | $228000 | $108000 | $29000 |
| Pasivos Totales | $1.8M | $8016 | $1.5M | $10.8M | $3.2M | $9.8M | $10.8M | $12.0M | $8.7M |
| Reservas | -$1.4M | -$103933 | -$4.1M | -$11.6M | -$50.8M | -$67.4M | -$83.5M | -$100.5M | -$138.2M |
| Patrimonio Neto | -$387000 | $239660 | $8.0M | -$2.5M | $11.5M | $5.3M | $2.5M | $13.9M | $78.0M |
| Deuda Total | $556000 | $464000 | $415000 | $1.0M | $918000 | $2.6M | $2.0M | $1.4M | $2.6M |
| Deuda Neta | $399000 | $216324 | -$5.5M | -$4.4M | -$7.6M | $6000 | -$350000 | -$12.3M | -$66.9M |
| Capital Circulante | -$884000 | $239660 | $6.2M | $4.9M | $8.6M | $705000 | -$901000 | $5.6M | $72.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $43.2M | $13.5M | $16.7M | $14.8M |
| Activos Totales | $81.9M | $85.2M | $76.8M | $74.2M |
| Pasivos Totales | $10.7M | $8.7M | $8.2M | $11.3M |
| Patrimonio Neto | $72.6M | $78.0M | $69.5M | $64.8M |
| Deuda Total | $2.1M | $2.6M | $2.4M | $4.6M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$321000 | -$103933 | -$2.8M | -$6.0M | -$40.3M | -$18.3M | -$18.1M | -$17.0M | -$38.5M |
| Amortizaciones | $76000 | $83000 | $205000 | $213000 | $251000 | $786000 | $1.0M | $862000 | $815000 |
| Compensación en Acciones | 0 | $33348 | $64000 | $601000 | $843000 | $4.9M | $5.3M | 0 | $20.4M |
| Cambio en Capital Circulante | $723000 | $8016 | -$511000 | $908000 | -$1.1M | $3.0M | $547000 | -$2.5M | -$4.9M |
| Flujo de Caja Operativo | $410000 | -$62569 | -$1.4M | -$1.0M | -$9.4M | -$9.4M | -$11.4M | -$11.7M | -$22.9M |
| Inversiones (CapEx) | -$41000 | -$75000 | -$26000 | -$233000 | -$412000 | -$727000 | -$174000 | -$139999 | -$1.1M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | -$879000 | 0 | 0 | -$47000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$26000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $369000 | -$137569 | -$1.4M | -$1.2M | -$9.8M | -$10.2M | -$11.6M | -$11.9M | -$24.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$4.0M | -$9.2M | -$9.7M | -$12.0M |
| Inversiones (CapEx) | -$519350 | -$432000 | -$344000 | -$142724 |
| Flujo de Caja Libre | -$4.6M | -$9.6M | -$10.0M | -$12.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $11.7M | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.3% | +4.3% | -22.8% | +151.4% | +248.3% | +21.6% | -37.0% | +10.3% |
| Crecimiento Beneficio Neto (anual) | | +67.6% | -2723.9% | -102.8% | -557.9% | +57.7% | +3.0% | -5.8% | -122.0% |
| Crecimiento BPA (anual) | | +41.7% | -50.0% | -71.4% | -380.6% | +60.1% | +37.7% | -86.0% | -28.7% |
| Cambio en Acciones (anual) | | -45.1% | +1724.4% | +24.3% | +39.3% | +18.6% | +35.9% | -43.2% | +73.0% |
| Crecimiento FCF (anual) | | -137.3% | -943.8% | +13.9% | -692.1% | -3.8% | -13.8% | -2.5% | -102.5% |
| Margen Bruto | 30.2% | 34.4% | 43.4% | 20.1% | 24.4% | 19.6% | 17.5% | 27.7% | 13.8% |
| Margen Operativo | -18.5% | -7.8% | -47.3% | -250.6% | -341.2% | -178.6% | -167.9% | -204.2% | -461.4% |
| Margen EBITDA | -12.8% | 17.5% | -161.9% | -533.6% | -1482.8% | -186.8% | -149.2% | -256.1% | -443.7% |
| Margen Neto | -24.3% | -7.8% | -212.1% | -557.4% | -1458.6% | -177.1% | -141.2% | -237.2% | -477.6% |
| Margen FCF | 27.9% | -10.4% | -103.8% | -115.7% | -364.6% | -108.6% | -101.6% | -165.4% | -303.7% |
| Tasa Impositiva Efectiva | 14.4% | 0.0% | -14.9% | -0.3% | -0.4% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.27 | $-0.19 | $-0.11 | $-0.07 | $-0.42 | $-0.37 | $-0.31 | $-0.55 | $-0.65 |
| Dividendo por Acción | $0.02 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $1.3M | $739149 | $13.5M | $16.8M | $23.3M | $27.7M | $37.6M | $21.4M | $37.0M |
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 | -47.79% |
| Rentabilidad sobre capital invertido | -57.39% |
| Rentabilidad sobre activos | -45.87% |
| Margen bruto | 20.08% |
| Margen operativo | -268.48% |
| Margen neto | -236.06% |
Salud financiera
| Deuda / Patrimonio | 0.07 |
| Ratio corriente | 7.52 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 13.95 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -7.75 | -13.29 | -8.86 | -15.64 | -15.65 | -4.61 | -7.98 | -8.28 | -6.32 |
| P/VC | -6.47 | 5.74 | 3.15 | -37.85 | 54.90 | 16.65 | 51.85 | 10.17 | 3.09 |
| P/V | 1.89 | 1.04 | 18.12 | 88.34 | 235.41 | 9.41 | 11.35 | 19.74 | 30.45 |
| Margen Bruto | 30.2% | 34.4% | 43.4% | 20.1% | 24.4% | 19.6% | 17.5% | 27.7% | 13.8% |
| Margen Operativo | -18.5% | -7.8% | -47.3% | -250.6% | -341.2% | -178.6% | -167.9% | -204.2% | -461.4% |
| Margen Neto | -24.3% | -7.8% | -212.1% | -557.4% | -1458.6% | -177.1% | -141.2% | -237.2% | -477.6% |