Estados financieros detallados de BrainsWay Ltd. (BWAY): 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
BrainsWay Ltd. registró ingresos de $52.2M en el último ejercicio fiscal, con un CAGR de 5 años del 18.8%.
Márgenes de los últimos 12 meses: margen bruto 75.3%, margen operativo 12.2%, margen neto 14.6%.
Al precio actual de $13.46, BWAY cotiza a un P/E de 54.41 y un ROE del 12.69%. La capitalización bursátil es de $528M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $11.5M | $11.1M | $16.4M | $23.1M | $22.1M | $29.7M | $27.2M | $31.8M | $41.0M | $52.2M |
| Coste de Ventas | $2.4M | $2.6M | $3.6M | $5.1M | $5.1M | $6.6M | $7.1M | $8.3M | $10.4M | $12.8M |
| Beneficio Bruto | $9.1M | $8.6M | $12.8M | $18.0M | $17.0M | $23.1M | $20.0M | $23.5M | $30.6M | $39.4M |
| I+D | $3.8M | $5.3M | $6.2M | $7.9M | $5.8M | $6.4M | $7.7M | $6.7M | $7.2M | $9.6M |
| Generales y Administrativos | $6.9M | $9.3M | $11.3M | $17.7M | $16.0M | $21.7M | $25.1M | $21.6M | $22.0M | $25.5M |
| Gastos Operativos | $11.2M | $15.2M | $17.9M | $26.4M | $21.8M | $28.1M | $32.7M | $28.4M | $29.2M | $35.1M |
| Beneficio Operativo | -$2.1M | -$6.6M | -$5.1M | -$8.5M | -$4.8M | -$5.0M | -$12.7M | -$5.0M | $1.4M | $4.3M |
| EBITDA | -$1.3M | -$5.6M | -$4.4M | -$6.7M | -$3.5M | -$4.7M | -$11.5M | -$2.6M | $5.4M | $11.5M |
| Gastos por Intereses | $61000 | $134000 | $395000 | $506000 | $106000 | $141000 | $68000 | $298000 | $1.4M | $2.2M |
| Beneficio Antes de Impuestos | -$2.4M | -$6.9M | -$6.3M | -$9.9M | -$5.1M | -$6.4M | -$13.0M | -$3.9M | $3.5M | $7.7M |
| Impuestos | 0 | $169000 | $209000 | $422000 | $237000 | $43000 | $315000 | $251000 | $538000 | $77000 |
| Beneficio Neto | -$2.4M | -$7.1M | -$6.5M | -$10.3M | -$5.4M | -$6.5M | -$13.3M | -$4.2M | $2.9M | $7.6M |
| BPA | $-0.17 | $-0.48 | $-0.39 | $-0.50 | $-0.24 | $-0.21 | $-0.43 | $-0.13 | $0.09 | $0.40 |
| BPA Diluido | $-0.17 | $-0.48 | $-0.39 | $-0.50 | $-0.24 | $-0.21 | $-0.43 | $-0.13 | $0.09 | $0.36 |
| Acciones en Circulación (Diluidas) | $14.5M | $14.8M | $16.6M | $20.5M | $22.5M | $31.2M | $33.0M | $33.2M | $34.8M | $21.2M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $9.2M | $14.5M | $9.0M | $21.7M | $17.0M | $16.9M | $47.6M | $10.5M | $69.3M | $67.7M |
| Inversiones a Corto | 0 | 0 | 0 | $221000 | $221000 | $40.4M | 0 | $35.5M | 0 | $1.4M |
| Cuentas por Cobrar | $2.9M | $2.9M | $4.0M | $6.0M | $5.8M | $6.3M | $4.8M | $3.8M | $4.6M | $4.1M |
| Inventario | $585000 | $271000 | $91000 | $306000 | $442000 | $200000 | $3.8M | $3.7M | $4.4M | $7.1M |
| Activos Corrientes | $13.1M | $17.9M | $13.5M | $28.8M | $24.3M | $65.4M | $58.1M | $55.5M | $79.7M | $84.9M |
| Inmovilizado Material | $6.8M | $7.1M | $7.6M | $15.2M | $9.6M | $9.3M | $5.3M | $5.8M | $11.9M | $12.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $9000 | $18000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $20.0M | $27.0M | $23.6M | $38.7M | $34.0M | $75.7M | $64.5M | $63.0M | $94.3M | $112.9M |
| Cuentas por Pagar | $810000 | $1.6M | $2.2M | $1.3M | $781000 | $1.1M | $1.1M | $758000 | $2.9M | $2.4M |
| Deuda a Corto | $810000 | 0 | $750000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $4.4M | $6.1M | $8.3M | $6.7M | $6.8M | $9.1M | $8.1M | $9.8M | $15.3M | $22.2M |
| Deuda a Largo | 0 | $2.7M | $2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $9.7M | $14.3M | $16.6M | $14.5M | $14.4M | $18.4M | $19.1M | $21.4M | $32.0M | $39.7M |
| Reservas | -$48.0M | -$55.1M | -$61.6M | -$71.9M | -$77.3M | -$83.8M | -$97.1M | -$101.3M | -$98.4M | -$90.7M |
| Patrimonio Neto | $10.3M | $12.7M | $7.0M | $24.2M | $19.6M | $57.3M | $45.4M | $41.6M | $62.3M | $73.2M |
| Deuda Total | $810000 | $2.7M | $2.8M | $414000 | $672000 | $754000 | $488000 | $471000 | $5.6M | $6.8M |
| Deuda Neta | -$8.4M | -$11.8M | -$6.1M | -$21.5M | -$16.5M | -$56.6M | -$47.1M | -$45.5M | -$63.7M | -$62.3M |
| Capital Circulante | $8.7M | $11.8M | $5.1M | $22.1M | $17.5M | $56.4M | $49.9M | $45.7M | $64.3M | $62.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$2.4M | -$7.1M | -$6.5M | -$10.3M | -$5.4M | -$6.5M | -$13.3M | -$4.2M | $2.9M | $7.6M |
| Amortizaciones | $649000 | $1.1M | $1.2M | $1.6M | $1.6M | $1.7M | $1.5M | $1.3M | $1.8M | $1.5M |
| Compensación en Acciones | -$420000 | $1.0M | $710000 | $1.3M | $799000 | $1.9M | $1.5M | $381000 | $1.4M | $1.2M |
| Cambio en Capital Circulante | -$580000 | $1.1M | -$204000 | -$2.2M | $179000 | $1.1M | -$1.5M | $1.6M | $2.4M | $8.2M |
| Flujo de Caja Operativo | -$2.4M | -$3.5M | -$3.8M | -$7.2M | -$1.4M | $884000 | -$9.8M | $1.3M | $10.3M | $18.2M |
| Inversiones (CapEx) | -$408000 | -$985000 | -$2.0M | -$3.3M | -$2.5M | -$2.2M | 0 | -$2.4M | -$3.8M | -$1.8M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | $40.0M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$52000 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.8M | -$4.5M | -$5.7M | -$10.6M | -$3.9M | -$1.4M | -$9.8M | -$1.1M | $6.5M | $16.4M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -3.3% | +47.1% | +40.9% | -4.5% | +34.5% | -8.4% | +17.0% | +29.0% | +27.3% | |
| Crecimiento Beneficio Neto (anual) | -194.3% | +8.2% | -59.4% | +47.9% | -20.0% | -106.6% | +68.6% | +169.6% | +161.3% | |
| Crecimiento BPA (anual) | -182.4% | +18.7% | -28.2% | +52.0% | +12.5% | -104.8% | +69.8% | +166.2% | +365.1% | |
| Cambio en Acciones (anual) | +1.8% | +12.7% | +23.2% | +9.5% | +38.8% | +5.9% | +0.5% | +4.9% | -39.0% | |
| Crecimiento FCF (anual) | -58.4% | -29.0% | -83.7% | +63.0% | +65.3% | -620.8% | +88.7% | +689.7% | +152.2% | |
| Margen Bruto | 78.9% | 76.7% | 78.1% | 77.8% | 77.1% | 77.7% | 73.8% | 73.9% | 74.6% | 75.4% |
| Margen Operativo | -18.0% | -59.3% | -31.2% | -36.7% | -21.9% | -16.9% | -46.7% | -15.6% | 3.4% | 8.3% |
| Margen EBITDA | -11.7% | -49.9% | -26.8% | -29.1% | -15.7% | -15.8% | -42.1% | -8.1% | 13.1% | 21.9% |
| Margen Neto | -20.8% | -63.3% | -39.5% | -44.7% | -24.4% | -21.8% | -49.1% | -13.2% | 7.1% | 14.6% |
| Margen FCF | -24.4% | -39.9% | -35.0% | -45.7% | -17.7% | -4.6% | -35.9% | -3.5% | 15.9% | 31.4% |
| Tasa Impositiva Efectiva | -0.0% | -2.5% | -3.3% | -4.3% | -4.6% | -0.7% | -2.4% | -6.4% | 15.6% | 1.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.19 | $-0.30 | $-0.35 | $-0.51 | $-0.17 | $-0.04 | $-0.30 | $-0.03 | $0.19 | $0.77 |
| 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) | $14.5M | $14.8M | $16.6M | $20.5M | $22.5M | $31.2M | $33.0M | $33.2M | $34.0M | $19.1M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 12.69% |
| Rentabilidad sobre capital invertido | 7.71% |
| Rentabilidad sobre activos | 7.76% |
| Margen bruto | 75.33% |
| Margen operativo | 12.18% |
| Margen neto | 14.61% |
Salud financiera
| Deuda / Patrimonio | 0.09 |
| Ratio corriente | 3.59 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.87 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -32.65 | -11.56 | -14.23 | -9.76 | -15.71 | -18.33 | -2.88 | -24.92 | 54.88 | 23.77 |
| P/VC | 7.83 | 6.44 | 13.28 | 4.13 | 4.31 | 2.09 | 0.90 | 2.58 | 2.57 | 2.48 |
| P/V | 6.99 | 7.35 | 5.63 | 4.33 | 3.84 | 4.04 | 1.50 | 3.38 | 3.91 | 3.47 |
| Margen Bruto | 78.9% | 76.7% | 78.1% | 77.8% | 77.1% | 77.7% | 73.8% | 73.9% | 74.6% | 75.4% |
| Margen Operativo | -18.0% | -59.3% | -31.2% | -36.7% | -21.9% | -16.9% | -46.7% | -15.6% | 3.4% | 8.3% |
| Margen Neto | -20.8% | -63.3% | -39.5% | -44.7% | -24.4% | -21.8% | -49.1% | -13.2% | 7.1% | 14.6% |
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Explorar sector: Healthcare · Medical - Specialties
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