Estados financieros detallados de BlackLine, Inc. (BL): 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
BlackLine, Inc. registró ingresos de $700.4M en el último ejercicio fiscal, con un CAGR de 5 años del 14.8%.
Márgenes de los últimos 12 meses: margen bruto 75.5%, margen operativo 5.6%, margen neto 4.7%. El flujo de caja libre creció a un CAGR del 35.5% en 5 años.
Al precio actual de $28.16, BL cotiza a un P/E de 44.80 y un ROE del 10.84%. La capitalización bursátil es de $1.7B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $123.1M | $177.0M | $227.8M | $289.0M | $351.7M | $425.7M | $522.9M | $590.0M | $653.3M | $700.4M |
| Coste de Ventas | $30.2M | $41.5M | $50.9M | $59.0M | $69.0M | $97.9M | $129.4M | $146.8M | $162.0M | $173.6M |
| Beneficio Bruto | $92.9M | $135.5M | $176.9M | $230.0M | $282.8M | $327.8M | $393.6M | $443.2M | $491.4M | $526.8M |
| I+D | $21.1M | $23.9M | $30.8M | $43.0M | $56.5M | $77.3M | $108.9M | $103.2M | $101.0M | $112.4M |
| Generales y Administrativos | $105.7M | $146.7M | $176.0M | $214.9M | $246.2M | $289.1M | $337.0M | $314.7M | $370.1M | $375.8M |
| Gastos Operativos | $126.8M | $170.6M | $206.8M | $257.9M | $302.7M | $366.4M | $449.8M | $428.9M | $472.8M | $493.4M |
| Beneficio Operativo | -$33.9M | -$35.1M | -$29.8M | -$27.9M | -$19.9M | -$38.6M | -$56.2M | $14.3M | $18.5M | $33.4M |
| EBITDA | -$24.2M | -$12.9M | -$5.4M | -$497000 | $5.5M | -$10.8M | $1.3M | $116.5M | $183.8M | $105.6M |
| Gastos por Intereses | $5.9M | $13000 | $4000 | $8.7M | $23.3M | $62.9M | $5.8M | $5.9M | $8.8M | $10.1M |
| Beneficio Antes de Impuestos | -$45.7M | -$37.5M | -$27.7M | -$30.4M | -$38.7M | -$100.9M | -$47.4M | $60.5M | $124.7M | $48.2M |
| Impuestos | -$6.6M | $567000 | $162000 | $1.7M | $702000 | $135000 | -$13.5M | $1.4M | -$43.1M | $21.0M |
| Beneficio Neto | -$39.2M | -$38.1M | -$27.8M | -$32.5M | -$46.9M | -$115.2M | -$29.4M | $52.8M | $161.2M | $24.5M |
| BPA | $-0.92 | $-0.73 | $-0.52 | $-0.58 | $-0.83 | $-1.97 | $-0.49 | $0.87 | $2.59 | $0.40 |
| BPA Diluido | $-0.92 | $-0.73 | $-0.52 | $-0.58 | $-0.83 | $-1.97 | $-0.49 | $0.73 | $1.45 | $0.39 |
| Acciones en Circulación (Diluidas) | $42.5M | $52.2M | $53.9M | $55.3M | $56.8M | $58.4M | $59.5M | $72.0M | $73.5M | $71.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $178.3M | $183.2M | $183.2M | $187.8M |
| Beneficio Bruto | $133.9M | $137.5M | $139.2M | $142.7M |
| Beneficio Operativo | $7.6M | $14.7M | $7.9M | $11.0M |
| EBITDA | $27.5M | $25.9M | $24.5M | $22.4M |
| Beneficio Neto | $5.3M | $4.9M | $8.1M | $16.5M |
| BPA | $0.09 | $0.08 | $0.14 | $0.28 |
| BPA Diluido | $0.09 | $0.08 | $0.13 | $0.27 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.1M | $31.1M | $46.2M | $120.2M | $367.4M | $539.7M | $201.0M | $271.1M | $885.9M | $390.0M |
| Inversiones a Corto | $83.1M | $81.5M | $86.4M | $487.5M | $175.2M | $659.0M | $874.1M | $933.4M | 0 | $388.2M |
| Cuentas por Cobrar | $42.3M | $61.9M | $74.9M | $102.8M | $111.3M | $125.1M | $150.9M | $171.6M | $178.1M | $218.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $163.8M | $194.0M | $221.5M | $723.4M | $674.1M | $1.35B | $1.25B | $1.41B | $1.09B | $1.03B |
| Inmovilizado Material | $11.3M | $12.8M | $13.5M | $25.6M | $21.9M | $32.6M | $34.5M | $34.0M | $34.6M | $36.0M |
| Fondo de Comercio | $185.1M | $185.1M | $185.1M | $185.1M | $289.7M | $289.7M | $443.9M | $449.0M | $449.0M | $465.8M |
| Activos Intangibles | $58.7M | $47.6M | $36.8M | $28.8M | $64.7M | $59.7M | $122.9M | $116.9M | $105.0M | $98.8M |
| Activos Totales | $420.4M | $440.9M | $493.9M | $1.01B | $1.11B | $1.82B | $1.94B | $2.10B | $1.83B | $1.76B |
| Cuentas por Pagar | $7.2M | $7.3M | $3.4M | $7.4M | $3.1M | $7.5M | $15.0M | $8.6M | $8.5M | $15.5M |
| Deuda a Corto | $1.6M | 0 | 0 | 0 | 0 | 0 | 0 | $249.2M | 0 | $234.5M |
| Pasivos Corrientes | $108.5M | $137.0M | $159.2M | $207.0M | $242.3M | $322.6M | $367.8M | $642.6M | $422.2M | $695.4M |
| Deuda a Largo | 0 | 0 | 0 | $384.3M | $407.0M | $1.11B | $1.38B | $1.14B | $892.7M | $685.9M |
| Pasivos Totales | $129.0M | $146.3M | $167.9M | $611.0M | $678.9M | $1.46B | $1.81B | $1.81B | $1.34B | $1.39B |
| Reservas | -$87.3M | -$125.5M | -$130.6M | -$163.6M | -$201.7M | -$301.7M | -$273.0M | -$214.8M | -$49.0M | -$24.8M |
| Patrimonio Neto | $291.4M | $294.6M | $321.6M | $398.6M | $422.1M | $325.0M | $111.9M | $260.9M | $446.7M | $332.3M |
| Deuda Total | $992000 | $442000 | 0 | $399.9M | $418.5M | $1.13B | $1.40B | $1.41B | $916.6M | $940.3M |
| Deuda Neta | -$104.3M | -$112.1M | -$132.6M | -$207.9M | -$124.1M | -$65.1M | $326.3M | $206.0M | $30.7M | $162.0M |
| Capital Circulante | $55.4M | $56.9M | $62.3M | $516.4M | $431.8M | $1.03B | $881.7M | $764.8M | $670.2M | $329.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $419.9M | $390.0M | $242.0M | $242.9M |
| Activos Totales | $1.70B | $1.76B | $1.46B | $1.47B |
| Pasivos Totales | $1.34B | $1.39B | $1.12B | $1.15B |
| Patrimonio Neto | $328.3M | $332.3M | $305.9M | $316.2M |
| Deuda Total | $920.2M | $940.3M | $687.3M | $690.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$39.2M | -$38.1M | -$27.9M | -$32.1M | -$39.4M | -$101.0M | -$33.9M | $52.8M | $161.2M | $24.5M |
| Amortizaciones | $17.4M | $20.0M | $22.3M | $21.3M | $20.9M | $27.1M | $42.8M | $50.1M | $50.3M | $46.5M |
| Compensación en Acciones | $6.5M | $16.0M | $20.9M | $34.1M | $49.7M | $65.9M | $75.9M | $78.0M | $83.3M | $92.6M |
| Cambio en Capital Circulante | $13.4M | $3.7M | $1.5M | -$6.3M | -$3.4M | $24.6M | $13.7M | -$4.4M | $16.8M | -$10.2M |
| Flujo de Caja Operativo | -$4.8M | $6.4M | $16.1M | $29.7M | $54.7M | $80.1M | $56.0M | $126.6M | $190.8M | $169.6M |
| Inversiones (CapEx) | -$5.0M | -$8.6M | -$12.0M | -$9.7M | -$19.4M | -$23.3M | -$30.2M | -$27.6M | -$2.1M | -$8.1M |
| Adquisiciones | -$31.5M | $4.6M | $5.7M | $5.1M | -$119.3M | 0 | -$157.7M | -$11.4M | 0 | -$16.2M |
| Recompra de Acciones | 0 | 0 | -$3.4M | -$3.9M | -$8.2M | -$17.0M | -$9.5M | -$15.0M | -$17.5M | -$235.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$9.8M | -$2.2M | $4.2M | $20.0M | $35.3M | $56.8M | $25.8M | $99.0M | $188.7M | $161.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $63.8M | $26.7M | $46.3M | $45.0M |
| Inversiones (CapEx) | -$6.8M | -$623000 | -$2.1M | -$1.9M |
| Flujo de Caja Libre | $57.0M | $26.1M | $44.2M | $43.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | $23.7M | $27.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +43.8% | +28.7% | +26.9% | +21.7% | +21.0% | +22.8% | +12.8% | +10.7% | +7.2% |
| Crecimiento Beneficio Neto (anual) | | +2.8% | +26.9% | -17.0% | -44.2% | -145.5% | +74.5% | +279.8% | +205.1% | -84.8% |
| Crecimiento BPA (anual) | | +20.7% | +28.8% | -11.5% | -43.1% | -137.3% | +75.1% | +277.6% | +197.7% | -84.6% |
| Cambio en Acciones (anual) | | +22.7% | +3.4% | +2.6% | +2.7% | +2.7% | +2.0% | +21.0% | +2.0% | -2.6% |
| Crecimiento FCF (anual) | | +77.5% | +289.9% | +379.1% | +76.3% | +60.9% | -54.5% | +283.3% | +90.6% | -14.4% |
| Margen Bruto | 75.5% | 76.6% | 77.7% | 79.6% | 80.4% | 77.0% | 75.3% | 75.1% | 75.2% | 75.2% |
| Margen Operativo | -27.6% | -19.8% | -13.1% | -9.7% | -5.7% | -9.1% | -10.7% | 2.4% | 2.8% | 4.8% |
| Margen EBITDA | -19.7% | -7.3% | -2.4% | -0.2% | 1.6% | -2.5% | 0.2% | 19.7% | 28.1% | 15.1% |
| Margen Neto | -31.8% | -21.5% | -12.2% | -11.3% | -13.3% | -27.1% | -5.6% | 9.0% | 24.7% | 3.5% |
| Margen FCF | -8.0% | -1.2% | 1.8% | 6.9% | 10.0% | 13.3% | 4.9% | 16.8% | 28.9% | 23.1% |
| Tasa Impositiva Efectiva | 14.4% | -1.5% | -0.6% | -5.7% | -1.8% | -0.1% | 28.5% | 2.4% | -34.5% | 43.5% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.23 | $-0.04 | $0.08 | $0.36 | $0.62 | $0.97 | $0.43 | $1.37 | $2.57 | $2.26 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $42.5M | $52.2M | $53.9M | $55.3M | $56.8M | $58.4M | $59.5M | $60.8M | $62.1M | $59.6M |
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 | 10.84% |
| Rentabilidad sobre capital invertido | 2.45% |
| Rentabilidad sobre activos | 2.37% |
| Margen bruto | 75.53% |
| Margen operativo | 5.62% |
| Margen neto | 4.75% |
Salud financiera
| Deuda / Patrimonio | 2.18 |
| Ratio corriente | 1.72 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -30.03 | -44.93 | -78.75 | -88.90 | -160.70 | -52.56 | -137.29 | 71.77 | 23.46 | 138.22 |
| P/VC | 4.03 | 5.81 | 6.87 | 7.16 | 17.96 | 18.59 | 35.80 | 14.56 | 8.45 | 9.92 |
| P/V | 9.54 | 9.66 | 9.69 | 9.87 | 21.55 | 14.19 | 7.66 | 6.44 | 5.78 | 4.71 |
| Margen Bruto | 75.5% | 76.6% | 77.7% | 79.6% | 80.4% | 77.0% | 75.3% | 75.1% | 75.2% | 75.2% |
| Margen Operativo | -27.6% | -19.8% | -13.1% | -9.7% | -5.7% | -9.1% | -10.7% | 2.4% | 2.8% | 4.8% |
| Margen Neto | -31.8% | -21.5% | -12.2% | -11.3% | -13.3% | -27.1% | -5.6% | 9.0% | 24.7% | 3.5% |