Estados financieros detallados de Bitcoin Depot Inc. (BTM): 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
Bitcoin Depot Inc. registró ingresos de $614.9M en el último ejercicio fiscal, con un CAGR de 5 años del 20.2%.
Márgenes de los últimos 12 meses: margen bruto 18.4%, margen operativo 7.1%, margen neto -1.0%. El flujo de caja libre creció a un CAGR del 11.0% en 5 años.
Al precio actual de $0.49, BTM presenta beneficios negativos (P/E no significativo) y un ROE del -48.80%. La capitalización bursátil es de $2M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $245.1M | $549.0M | $646.8M | $689.0M | $573.7M | $614.9M |
| Coste de Ventas | $214.0M | $493.0M | $574.5M | $587.9M | $482.3M | $501.6M |
| Beneficio Bruto | $31.1M | $56.0M | $72.3M | $101.0M | $91.4M | $113.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $14.0M | $29.1M | $37.0M | $57.8M | $57.2M | $64.4M |
| Gastos Operativos | $16.3M | $42.2M | $55.8M | $70.6M | $67.2M | $72.1M |
| Beneficio Operativo | $14.8M | $13.8M | $16.5M | $30.5M | $24.2M | $43.8M |
| EBITDA | $17.4M | $26.8M | $35.0M | $26.2M | $34.2M | $51.5M |
| Gastos por Intereses | $731127 | $8.0M | $12.3M | $11.9M | $14.2M | $14.4M |
| Beneficio Antes de Impuestos | $14.4M | $5.8M | $3.9M | $1.5M | $10.0M | $7.0M |
| Impuestos | 0 | -$171164 | $395000 | $49000 | $2.1M | $2.3M |
| Beneficio Neto | $14.4M | $5.9M | $4.0M | -$26.1M | -$11.7M | -$6.2M |
| BPA | $1.17 | $0.48 | $0.32 | $-1.57 | $-0.56 | $-0.81 |
| BPA Diluido | $1.17 | $0.48 | $0.32 | $-1.57 | $-0.56 | $-0.81 |
| Acciones en Circulación (Diluidas) | $12.4M | $12.4M | $12.4M | $16.7M | $20.8M | $71.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | $164.2M | $172.1M | $162.5M | $116.0M |
| Beneficio Bruto | $33.1M | $32.7M | $30.1M | $17.3M |
| Beneficio Operativo | $17.8M | $15.7M | $11.8M | -$1.5M |
| EBITDA | $18.6M | $20.1M | $14.6M | $465000 |
| Beneficio Neto | $4.2M | $6.1M | $5.5M | -$22.0M |
| BPA | $0.20 | $0.16 | $0.08 | $-0.31 |
| BPA Diluido | $0.20 | $0.16 | $0.08 | $-0.31 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $41.2M | $38.0M | $37.5M | $29.8M | $29.5M | $65.6M |
| Inversiones a Corto | 0 | 0 | $539896 | $712000 | $1.5M | $10.9M |
| Cuentas por Cobrar | 0 | $91738 | $263000 | $245000 | $275000 | $639000 |
| Inventario | 0 | 0 | 0 | $712000 | -$1.5M | 0 |
| Activos Corrientes | $41.9M | $47.1M | $40.4M | $37.3M | $34.3M | $80.3M |
| Inmovilizado Material | $11.2M | $45.6M | $39.0M | $25.3M | $29.4M | $29.1M |
| Fondo de Comercio | 0 | $8.7M | $8.7M | $8.7M | $8.7M | $8.7M |
| Activos Intangibles | 0 | $6.9M | $5.4M | $3.8M | $2.3M | $804000 |
| Activos Totales | $53.1M | $108.3M | $93.4M | $77.4M | $80.1M | $130.4M |
| Cuentas por Pagar | $2.2M | $10.0M | $8.1M | $8.3M | $11.6M | $10.7M |
| Deuda a Corto | $875000 | $3.2M | $8.1M | $4.0M | $6.0M | $7.0M |
| Pasivos Corrientes | $8.2M | $37.6M | $46.8M | $46.0M | $40.6M | $63.7M |
| Deuda a Largo | $21.8M | $33.5M | $29.5M | $17.1M | $49.5M | $53.5M |
| Pasivos Totales | $33.8M | $89.4M | $84.0M | $68.0M | $96.6M | $118.6M |
| Reservas | 0 | -$10965 | 0 | -$32.7M | -$44.3M | -$49.2M |
| Patrimonio Neto | $19.3M | $17.5M | $7.2M | -$15.8M | -$23.6M | $12.7M |
| Deuda Total | $29.4M | $69.3M | $62.6M | $31.3M | $63.5M | $65.4M |
| Deuda Neta | -$11.8M | $31.3M | $24.5M | $862000 | $32.5M | -$11.2M |
| Capital Circulante | $33.7M | $9.5M | -$6.5M | -$8.8M | -$6.3M | $16.7M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $35.0M | $48.0M | $59.3M | $65.6M |
| Activos Totales | $89.7M | $109.1M | $125.3M | $130.4M |
| Pasivos Totales | $94.3M | $104.4M | $104.3M | $118.6M |
| Patrimonio Neto | -$17.2M | $2.2M | $18.5M | $12.7M |
| Deuda Total | $62.4M | $71.8M | $72.2M | $65.4M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $14.4M | $5.9M | $3.5M | $1.5M | $7.8M | $5.1M |
| Amortizaciones | $2.2M | $13.0M | $18.8M | $12.8M | $10.1M | $643000 |
| Compensación en Acciones | 0 | $504981 | $1.2M | $4.1M | $3.4M | $4.9M |
| Cambio en Capital Circulante | -$1.6M | -$5.4M | $5.9M | $5.0M | -$762000 | $19.0M |
| Flujo de Caja Operativo | $18.3M | $23.3M | $31.3M | $41.1M | $22.5M | $34.0M |
| Inversiones (CapEx) | -$1.4M | -$7.9M | -$1.1M | -$22000 | -$10.8M | -$5.5M |
| Adquisiciones | 0 | -$11.4M | 0 | 0 | 0 | $88000 |
| Recompra de Acciones | 0 | 0 | 0 | -$279000 | -$158000 | 0 |
| Dividendos Pagados | -$1.4M | -$7.6M | -$11.4M | -$15.0M | -$37.2M | -$10.1M |
| Flujo de Caja Libre | $16.9M | $15.3M | $30.1M | $41.1M | $11.8M | $28.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | $16.2M | $10.2M | $6.6M | $945000 |
| Inversiones (CapEx) | -$385000 | -$389000 | $774000 | -$774000 |
| Flujo de Caja Libre | $15.9M | $9.8M | $7.4M | $171000 |
| Dividendos Pagados | -$2.5M | -$7.6M | -$10.1M | $15000 |
| Compensación en Acciones | $368000 | $704000 | $2.2M | $1.6M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +124.0% | +17.8% | +6.5% | -16.7% | +7.2% |
| Crecimiento Beneficio Neto (anual) | | -58.7% | -33.0% | -755.8% | +55.2% | +47.1% |
| Crecimiento BPA (anual) | | -59.0% | -33.3% | -590.6% | +64.3% | -44.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +34.9% | +24.8% | +243.5% |
| Crecimiento FCF (anual) | | -9.2% | +96.4% | +36.3% | -71.3% | +141.6% |
| Margen Bruto | 12.7% | 10.2% | 11.2% | 14.7% | 15.9% | 18.4% |
| Margen Operativo | 6.0% | 2.5% | 2.6% | 4.4% | 4.2% | 7.1% |
| Margen EBITDA | 7.1% | 4.9% | 5.4% | 3.8% | 6.0% | 8.4% |
| Margen Neto | 5.9% | 1.1% | 0.6% | -3.8% | -2.0% | -1.0% |
| Margen FCF | 6.9% | 2.8% | 4.7% | 6.0% | 2.1% | 4.6% |
| Tasa Impositiva Efectiva | 0.0% | -3.0% | 10.0% | 3.2% | 21.5% | 32.7% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.37 | $1.24 | $2.44 | $2.46 | $0.57 | $0.40 |
| Dividendo por Acción | $0.12 | $0.62 | $0.92 | $0.90 | $1.79 | $0.14 |
| Acciones en Circulación (Básicas) | $12.4M | $12.4M | $12.4M | $16.7M | $20.8M | $71.5M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- 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
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | -48.80% |
| Rentabilidad sobre capital invertido | 38.45% |
| Rentabilidad sobre activos | -4.74% |
| Margen bruto | 18.43% |
| Margen operativo | 7.12% |
| Margen neto | -1.01% |
Salud financiera
| Deuda / Patrimonio | 5.16 |
| Ratio corriente | 1.26 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 8.72 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 59.05 | 143.94 | 221.16 | -14.40 | -20.25 | -11.15 |
| P/VC | 44.25 | 48.67 | 121.24 | -23.84 | -9.98 | 50.95 |
| P/V | 3.48 | 1.56 | 1.35 | 0.55 | 0.41 | 1.05 |
| Margen Bruto | 12.7% | 10.2% | 11.2% | 14.7% | 15.9% | 18.4% |
| Margen Operativo | 6.0% | 2.5% | 2.6% | 4.4% | 4.2% | 7.1% |
| Margen Neto | 5.9% | 1.1% | 0.6% | -3.8% | -2.0% | -1.0% |