Estados financieros detallados de Blend Labs, Inc. (BLND): 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
Blend Labs, Inc. registró ingresos de $123.6M en el último ejercicio fiscal, con un CAGR de 5 años del 5.2%.
Márgenes de los últimos 12 meses: margen bruto 74.7%, margen operativo -11.8%, margen neto -0.4%.
Al precio actual de $1.33, BLND presenta beneficios negativos (P/E no significativo) y un ROE del -1.22%. La capitalización bursátil es de $322M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $50.7M | $96.0M | $234.5M | $235.2M | $156.8M | $162.0M | $123.6M |
| Coste de Ventas | $19.5M | $34.3M | $118.5M | $145.6M | $75.7M | $71.5M | $32.4M |
| Beneficio Bruto | $31.1M | $61.7M | $116.0M | $89.7M | $81.1M | $90.5M | $91.2M |
| I+D | $48.6M | $55.5M | $92.2M | $138.1M | $81.6M | $46.1M | $32.8M |
| Generales y Administrativos | $64.2M | $81.5M | $212.9M | $224.4M | $130.8M | $86.6M | $79.2M |
| Gastos Operativos | $112.8M | $137.0M | $313.2M | $835.8M | $237.4M | $140.2M | $112.0M |
| Beneficio Operativo | -$81.7M | -$75.3M | -$197.2M | -$746.2M | -$156.2M | -$49.6M | -$20.9M |
| EBITDA | -$76.7M | -$68.2M | -$182.9M | -$726.8M | -$143.2M | -$31.7M | $2.9M |
| Gastos por Intereses | 0 | 0 | $11.3M | $24.8M | $30.8M | $6.7M | 0 |
| Beneficio Antes de Impuestos | -$81.4M | -$74.6M | -$208.0M | -$766.1M | -$179.8M | -$43.3M | -$878000 |
| Impuestos | $13000 | $26000 | -$38.9M | -$2.2M | $94000 | $109000 | $249000 |
| Beneficio Neto | -$81.5M | -$74.6M | -$171.3M | -$768.6M | -$185.3M | -$49.6M | -$8.1M |
| BPA | $-0.37 | $-0.34 | $-0.74 | $-3.28 | $-0.76 | $-0.24 | $-0.10 |
| BPA Diluido | $-0.37 | $-0.34 | $-0.74 | $-3.28 | $-0.76 | $-0.24 | $-0.10 |
| Acciones en Circulación (Diluidas) | $219.6M | $219.6M | $230.3M | $234.2M | $245.2M | $253.9M | $258.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $32.9M | $32.4M | $30.8M | $33.8M |
| Beneficio Bruto | $24.5M | $24.4M | $23.4M | $24.9M |
| Beneficio Operativo | -$4.9M | -$4.5M | -$4.4M | -$1.6M |
| EBITDA | $12.5M | -$1.7M | -$3.5M | -$1.4M |
| Beneficio Neto | $12.5M | -$3.5M | -$8.0M | -$1.5M |
| BPA | $0.03 | $-0.03 | $-0.05 | $-0.03 |
| BPA Diluido | $0.03 | $-0.03 | $-0.05 | $-0.03 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.6M | $41.1M | $213.1M | $124.2M | $31.0M | $42.2M | $43.6M |
| Inversiones a Corto | $104.6M | $110.6M | $334.1M | $229.9M | $106.0M | $56.2M | $24.7M |
| Cuentas por Cobrar | $10.8M | $24.2M | $39.4M | $24.0M | $19.9M | $19.9M | $14.1M |
| Inventario | $3.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $144.8M | $186.1M | $613.0M | $396.1M | $169.8M | $135.2M | $97.9M |
| Inmovilizado Material | $3.0M | $17.3M | $20.9M | $17.4M | $12.5M | $13.8M | $24.4M |
| Fondo de Comercio | 0 | 0 | $287.2M | 0 | 0 | 0 | 0 |
| Activos Intangibles | $4.1M | $1.2M | $173.0M | $2.1M | $2.1M | $2.1M | 0 |
| Activos Totales | $161.3M | $215.7M | $1.11B | $432.8M | $206.1M | $178.0M | $170.0M |
| Cuentas por Pagar | $3.1M | $3.4M | $6.2M | $1.3M | $2.2M | $2.4M | $1.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $21.7M | $35.0M | $60.0M | $35.5M | $31.6M | $38.9M | $39.5M |
| Deuda a Largo | 0 | 0 | $213.8M | $216.8M | $138.3M | 0 | $159.5M |
| Pasivos Totales | $26.3M | $52.4M | $301.9M | $268.8M | $179.1M | $182.0M | $200.6M |
| Reservas | -$198.2M | -$272.9M | -$442.8M | -$1.16B | -$1.34B | -$1.38B | -$1.39B |
| Patrimonio Neto | $135.0M | $163.3M | $774.6M | $123.2M | -$19.2M | -$56.4M | -$30.6M |
| Deuda Total | 0 | $16.6M | $232.3M | $232.0M | $149.7M | $3.8M | $161.0M |
| Deuda Neta | -$127.3M | -$135.1M | -$314.9M | -$122.2M | $12.8M | -$94.6M | $92.7M |
| Capital Circulante | $123.1M | $151.1M | $553.0M | $360.6M | $138.3M | $96.2M | $58.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $55.0M | $43.6M | $39.4M | $23.3M |
| Activos Totales | $189.6M | $170.0M | $161.3M | $143.6M |
| Pasivos Totales | $47.3M | $200.5M | $217.2M | $48.8M |
| Patrimonio Neto | $142.3M | -$30.5M | -$55.9M | $94.8M |
| Deuda Total | $1.6M | $1.5M | $165.6M | $2.0M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$81.5M | -$74.6M | -$169.1M | -$763.8M | -$179.9M | -$43.4M | -$26.0M |
| Amortizaciones | $4.8M | $6.3M | $13.8M | $14.4M | $5.8M | $4.8M | $3.8M |
| Compensación en Acciones | $9.9M | $10.1M | $70.8M | $109.7M | $46.0M | $28.1M | $29.0M |
| Cambio en Capital Circulante | $4.1M | -$11.2M | -$13.1M | -$4.5M | -$4.3M | $1.9M | -$2.7M |
| Flujo de Caja Operativo | -$58.9M | -$65.0M | -$127.5M | -$190.4M | -$127.6M | -$13.0M | $11.5M |
| Inversiones (CapEx) | -$620000 | -$1.3M | -$1.9M | -$2.1M | -$587000 | -$9.8M | -$11.6M |
| Adquisiciones | 0 | 0 | -$400.0M | 0 | 0 | $9.1M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$391000 | 0 | 0 | -$24.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$59.6M | -$66.3M | -$129.4M | -$192.5M | -$128.2M | -$22.9M | -$81000 |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$3.5M | $980000 | $7.4M | $15.3M |
| Inversiones (CapEx) | -$2.3M | -$1.0M | -$1.1M | -$1.9M |
| Flujo de Caja Libre | -$5.8M | -$21000 | $6.2M | $13.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $7.8M | $7.5M | 0 | $13.8M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +89.5% | +144.2% | +0.3% | -33.3% | +3.3% | -23.7% |
| Crecimiento Beneficio Neto (anual) | | +8.4% | -129.6% | -348.6% | +75.9% | +73.2% | +83.8% |
| Crecimiento BPA (anual) | | +8.1% | -117.6% | -343.2% | +76.8% | +68.4% | +58.3% |
| Cambio en Acciones (anual) | | +0.0% | +4.9% | +1.7% | +4.7% | +3.6% | +2.0% |
| Crecimiento FCF (anual) | | -11.4% | -95.1% | -48.8% | +33.4% | +82.1% | +99.6% |
| Margen Bruto | 61.4% | 64.3% | 49.5% | 38.1% | 51.7% | 55.9% | 73.8% |
| Margen Operativo | -161.3% | -78.4% | -84.1% | -317.3% | -99.6% | -30.6% | -16.9% |
| Margen EBITDA | -151.3% | -71.1% | -78.0% | -309.0% | -91.3% | -19.6% | 2.4% |
| Margen Neto | -160.7% | -77.7% | -73.1% | -326.8% | -118.2% | -30.6% | -6.5% |
| Margen FCF | -117.5% | -69.1% | -55.2% | -81.8% | -81.7% | -14.1% | -0.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | 18.7% | 0.3% | -0.1% | -0.3% | -28.4% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.27 | $-0.30 | $-0.56 | $-0.82 | $-0.52 | $-0.09 | $-0.00 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $219.6M | $219.6M | $230.3M | $234.2M | $245.2M | $253.9M | $258.9M |
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 | -1.22% |
| Rentabilidad sobre capital invertido | -13.56% |
| Rentabilidad sobre activos | -0.32% |
| Margen bruto | 74.75% |
| Margen operativo | -11.82% |
| Margen neto | -0.35% |
Salud financiera
| Deuda / Patrimonio | 0.02 |
| Ratio corriente | 1.62 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -56.49 | -61.47 | -9.92 | -0.44 | -3.36 | -17.54 | -30.40 |
| P/VC | 34.00 | 28.10 | 2.18 | 2.74 | -32.49 | -18.97 | -25.77 |
| P/V | 90.57 | 47.79 | 7.21 | 1.43 | 3.99 | 6.60 | 6.37 |
| Margen Bruto | 61.4% | 64.3% | 49.5% | 38.1% | 51.7% | 55.9% | 73.8% |
| Margen Operativo | -161.3% | -78.4% | -84.1% | -317.3% | -99.6% | -30.6% | -16.9% |
| Margen Neto | -160.7% | -77.7% | -73.1% | -326.8% | -118.2% | -30.6% | -6.5% |