Estados financieros detallados de Webull Corporation Class A Ordinary Shares (BULL): 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
Márgenes de los últimos 12 meses: margen bruto 77.5%, margen operativo 12.4%, margen neto 6.3%.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $388.3M | $389.6M | $390.2M | $571.0M |
| Coste de Ventas | 0 | $59.8M | $66.4M | $79.3M | $128.7M |
| Beneficio Bruto | 0 | $328.6M | $323.2M | $310.9M | $442.2M |
| I+D | 0 | $46.8M | $52.2M | $63.8M | $79.2M |
| Generales y Administrativos | $33831 | $209.7M | $243.4M | $254.8M | $301.4M |
| Gastos Operativos | $33831 | $260.0M | $300.2M | $325.3M | $383.8M |
| Beneficio Operativo | -$33831 | $68.6M | $23.0M | -$14.4M | $58.5M |
| EBITDA | -$33831 | $69.2M | $24.9M | -$5.3M | $53.9M |
| Gastos por Intereses | 0 | 0 | 0 | $122778 | $5.5M |
| Beneficio Antes de Impuestos | -$33831 | $65.7M | $20.2M | -$12.1M | $45.2M |
| Impuestos | 0 | $32.2M | $16.1M | $13.8M | $20.8M |
| Beneficio Neto | -$33831 | $50.1M | $6.1M | -$22.7M | $24.8M |
| BPA | $-0.00 | $-0.00 | $-0.73 | $-1.13 | $0.06 |
| BPA Diluido | $-0.00 | $-0.00 | $-0.73 | $-1.13 | $0.06 |
| Acciones en Circulación (Diluidas) | $500.0M | $459.4M | $459.4M | $459.4M | $397.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $156.9M | $165.2M | $159.9M | $198.8M |
| Beneficio Bruto | $121.3M | $130.1M | $121.5M | $154.5M |
| Beneficio Operativo | $24.4M | $17.2M | -$2.4M | $45.5M |
| EBITDA | $39.0M | $8.1M | -$12.8M | $34.7M |
| Beneficio Neto | $36.9M | $3.0M | -$21.7M | $24.4M |
| BPA | $0.08 | $0.01 | $-0.04 | $0.05 |
| BPA Diluido | $0.07 | $0.01 | $-0.04 | $0.04 |
Balance (10 años)
| Año | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $436.2M | $372.3M | $270.7M | $653.2M |
| Inversiones a Corto | $485890 | $45.5M | $108.3M | $172.3M |
| Cuentas por Cobrar | $59.5M | $101.4M | $575.0M | $1.29B |
| Inventario | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.03B | $1.18B | $1.93B | $3.68B |
| Inmovilizado Material | $44.4M | $46.2M | $99.9M | $100.3M |
| Fondo de Comercio | 0 | $5.2M | $5.2M | $30.3M |
| Activos Intangibles | $18.0M | $21.4M | $19.4M | $55.4M |
| Activos Totales | $1.09B | $1.26B | $2.07B | $3.88B |
| Cuentas por Pagar | $82.9M | $640.2M | $1.39B | $2.69B |
| Deuda a Corto | $5.2M | 0 | 0 | 0 |
| Pasivos Corrientes | $563.1M | $680.5M | $1.45B | $2.78B |
| Deuda a Largo | 0 | 0 | 0 | $65.0M |
| Pasivos Totales | $578.2M | $3.02B | $4.32B | $2.86B |
| Reservas | -$1.44B | -$1.76B | -$2.24B | -$2.18B |
| Patrimonio Neto | $513.5M | -$1.76B | -$2.26B | $1.02B |
| Deuda Total | $17.4M | $13.1M | $15.4M | $77.5M |
| Deuda Neta | -$419.3M | -$404.8M | -$363.6M | -$748.0M |
| Capital Circulante | $462.5M | $502.2M | $485.6M | $907.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $654.8M | $653.2M | $677.2M | $701.6M |
| Activos Totales | $3.49B | $3.88B | $3.71B | $4.11B |
| Pasivos Totales | $2.49B | $2.86B | $2.70B | $3.07B |
| Patrimonio Neto | $998.9M | $1.02B | $1.02B | $1.04B |
| Deuda Total | $112.8M | $77.5M | $76.5M | $78.7M |
Flujo de Caja (10 años)
| Año | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $50.1M | $5.8M | -$23.2M | $24.4M |
| Amortizaciones | $1.4M | $2.8M | $3.5M | $3.2M |
| Compensación en Acciones | $30.0M | $29.4M | $32.6M | $43.9M |
| Cambio en Capital Circulante | -$108.0M | $433.3M | $178.9M | $495.5M |
| Flujo de Caja Operativo | -$31.2M | $470.6M | $185.2M | $566.4M |
| Inversiones (CapEx) | -$31.6M | -$4.5M | -$2.4M | -$4.9M |
| Adquisiciones | -$109163 | -$5.5M | 0 | $50.4M |
| Recompra de Acciones | -$55.0M | 0 | 0 | -$20.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$62.8M | $466.1M | $182.8M | $561.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | 0 | 0 | 0 |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.4M | $4.4M | $17.2M | $17.1M |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +0.3% | +0.2% | +46.3% |
| Crecimiento Beneficio Neto (anual) | | +148122.9% | -87.9% | -473.9% | +209.2% |
| Crecimiento BPA (anual) | | -2800.0% | -25072.4% | -54.8% | +105.3% |
| Cambio en Acciones (anual) | | -8.1% | +0.0% | +0.0% | -13.6% |
| Crecimiento FCF (anual) | | +842.6% | -60.8% | +207.2% |
| Margen Bruto | | 84.6% | 83.0% | 79.7% | 77.5% |
| Margen Operativo | | 17.7% | 5.9% | -3.7% | 10.2% |
| Margen EBITDA | | 17.8% | 6.4% | -1.3% | 9.4% |
| Margen Neto | | 12.9% | 1.6% | -5.8% | 4.3% |
| Margen FCF | -16.2% | 119.6% | 46.8% | 98.3% |
| Tasa Impositiva Efectiva | -0.0% | 49.0% | 80.0% | -114.7% | 46.1% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.14 | $1.01 | $0.40 | $1.41 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $500.0M | $459.4M | $459.4M | $459.4M | $397.0M |
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
| Margen bruto | 77.46% |
| Margen operativo | 12.44% |
| Margen neto | 6.26% |
Salud financiera
| Deuda / Patrimonio | 0.08 |
| Ratio corriente | 51.17 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -99400.00 | -3510.34 | -14.84 | -10.29 | 129.50 |
| P/VC | 0.00 | 9.11 | -2.82 | -2.37 | 3.04 |
| P/V | 0.00 | 12.04 | 12.77 | 13.69 | 5.40 |
| Margen Bruto | 0.0% | 84.6% | 83.0% | 79.7% | 77.5% |
| Margen Operativo | 0.0% | 17.7% | 5.9% | -3.7% | 10.2% |
| Margen Neto | 0.0% | 12.9% | 1.6% | -5.8% | 4.3% |