Estados financieros detallados de Central Securities Corp. (CET): 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
Central Securities Corp. registró ingresos de $87.0M en el último ejercicio fiscal, con un CAGR de 5 años del 1.7%. El beneficio neto alcanzó $265.2M, con un CAGR a 5 años del 29.2%.
Márgenes de los últimos 12 meses: margen bruto 94.8%, margen operativo 188.5%, margen neto 188.5%. El flujo de caja libre creció a un CAGR del 7.6% en 5 años.
Al precio actual de $55.18, CET cotiza a un P/E de 7.55 y un ROE del 11.99%. La capitalización bursátil es de $1.6B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $118.0M | $174.8M | -$28.5M | $257.0M | $79.9M | $360.3M | -$152.6M | $57.4M | $296.2M | $87.0M |
| Coste de Ventas | $4.1M | $4.3M | $4.4M | $4.6M | $4.7M | $5.6M | $4.6M | $4.8M | $5.7M | $5.7M |
| Beneficio Bruto | $113.9M | $170.6M | -$32.9M | $252.4M | $75.2M | $354.7M | -$157.3M | $52.6M | $296.2M | $81.2M |
| I+D | 0 | 0 | 0 | $6 | 0 | $3 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $5.2M | $5.5M | $5.6M | $5.8M | $6.0M | $6.5M | $5.8M | $6.6M | $8.0M | $7.5M |
| Gastos Operativos | $5.4M | $5.6M | $5.8M | $6.0M | $6.2M | $6.7M | $6.0M | $6.8M | $296.2M | -$184.0M |
| Beneficio Operativo | $112.6M | $169.2M | -$34.3M | $251.0M | $73.7M | $353.6M | -$158.7M | $223.6M | $288.0M | $265.2M |
| EBITDA | $112.6M | $169.2M | -$34.3M | $251.0M | $73.7M | $354.0M | -$158.7M | $223.9M | $288.1M | $265.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $112.6M | $169.2M | -$34.3M | $251.0M | $73.7M | $353.6M | -$158.7M | $223.6M | $288.0M | $265.2M |
| Impuestos | $3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $112.6M | $169.2M | -$34.3M | $251.0M | $73.7M | $353.6M | -$158.7M | $223.6M | $288.0M | $265.2M |
| BPA | $4.53 | $6.73 | $-1.34 | $9.70 | $2.81 | $13.47 | $-5.81 | $7.88 | $10.14 | $9.15 |
| BPA Diluido | $4.53 | $6.73 | $-1.34 | $9.70 | $2.81 | $12.97 | $-5.81 | $7.88 | $10.14 | $9.15 |
| Acciones en Circulación (Diluidas) | $24.9M | $25.1M | $25.5M | $25.9M | $26.2M | $27.3M | $27.3M | $28.4M | $28.4M | $29.0M |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Ingresos | $31.3M | $48.9M | $38.0M | $77.2M |
| Beneficio Bruto | $28.3M | $46.3M | $35.0M | $74.3M |
| Beneficio Operativo | $109.6M | $104.5M | $160.7M | $56.5M |
| EBITDA | $109.7M | $104.6M | $160.8M | $56.6M |
| Beneficio Neto | $109.6M | $104.5M | $160.7M | $56.5M |
| BPA | $3.79 | $3.61 | $5.54 | $1.91 |
| BPA Diluido | $3.79 | $3.61 | $5.54 | $1.91 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.5M | $2.7M | $230919 | $660845 | $970842 | $612861 | $641277 | $895639 | $267953 | $49910 |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $27.9M | 0 | 0 | $81.5M | $90.6M | $57.2M |
| Cuentas por Cobrar | $604500 | $467900 | $410246 | $418260 | $640683 | $692482 | $908904 | $954643 | $2.7M | $836208 |
| Inventario | $48.1M | $58.1M | $51.2M | $67.2M | $29.6M | $17.6M | $88.7M | $83.4M | 0 | 0 |
| Activos Corrientes | $3.1M | $3.1M | $641165 | $1.1M | $1.6M | $1.3M | $1.6M | $1.9M | $90.9M | $58.1M |
| Inmovilizado Material | $11539 | 0 | 0 | $960382 | $584839 | $197874 | $2.7M | $3.9M | $3.5M | $3.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $674.8M | $827.5M | $765.5M | $995.7M | $1.04B | $1.33B | $1.14B | $1.32B | $1.57B | $1.79B |
| Cuentas por Pagar | 0 | $990062 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | 0 | $990062 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Largo | 0 | 0 | 0 | $960382 | 0 | $197874 | $2.9M | $3.2M | $2.9M | $2.7M |
| Pasivos Totales | $150000 | $1.1M | $118925 | $960382 | $584839 | $197874 | $3.0M | $3.4M | $3.4M | $3.1M |
| Reservas | $382089 | $600181 | $395.3M | $611.9M | $642.1M | $897.7M | $672.8M | $845.4M | $1.07B | $1.26B |
| Patrimonio Neto | $674.7M | $826.3M | $765.3M | $994.6M | $1.04B | $1.33B | $1.13B | $1.32B | $1.57B | $1.79B |
| Deuda Total | 0 | 0 | 0 | $960382 | $584839 | $197874 | $2.9M | $3.2M | $2.9M | $2.7M |
| Deuda Neta | -$2.5M | -$2.7M | -$230919 | $299537 | -$28.3M | -$414987 | $2.3M | -$79.3M | -$87.9M | -$54.5M |
| Capital Circulante | $3.1M | $2.1M | $641165 | $1.1M | $1.6M | $1.3M | $1.6M | $1.9M | $90.9M | $58.1M |
Balance (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Caja y Equivalentes | $267953 | $118588 | $49910 | $17676 |
| Activos Totales | $1.57B | $1.67B | $1.79B | $1.84B |
| Pasivos Totales | $3.4M | $4.4M | $3.1M | $3.9M |
| Patrimonio Neto | $1.57B | $1.67B | $1.79B | $1.84B |
| Deuda Total | $2.9M | $2.8M | $5.5M | $2.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $112.6M | $169.2M | -$34.3M | $251.0M | $73.7M | $353.6M | -$158.7M | $223.6M | $288.0M | $265.2M |
| Amortizaciones | $8896 | $6308 | $4402 | $3733 | $7317 | $7231 | $7392 | $71367 | $162858 | $187317 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | -$62470 | $1.1M | -$982974 | -$6297 | -$607611 | -$430467 | -$355928 | -$52113 | -$1.6M | $1.8M |
| Flujo de Caja Operativo | $22.9M | $18.0M | $24.6M | $22.5M | $32.7M | $57.4M | $41.3M | $38.1M | $37.3M | $47.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | $4 | $4 | -$1.2M | -$28561 | -$5875 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$5.1M | -$1.7M | -$4.0M | -$428000 | -$5.4M | 0 | -$2.7M | -$5.8M | 0 | -$935350 |
| Dividendos Pagados | -$16.0M | -$16.1M | -$23.0M | -$21.6M | -$27.0M | -$57.8M | -$38.5M | -$30.8M | -$37.9M | -$46.3M |
| Flujo de Caja Libre | $22.9M | $18.0M | $24.6M | $22.5M | $32.7M | $57.4M | $41.3M | $36.9M | $37.3M | $47.1M |
Flujo de Caja (Trimestral)
| Año | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $2.7M | $16.3M | $10.0M | $25.5M |
| Inversiones (CapEx) | -$14659 | 0 | -$5878 | 0 |
| Flujo de Caja Libre | $2.7M | $16.3M | $10.0M | $25.5M |
| Dividendos Pagados | -$32.2M | -$7.2M | -$39.1M | -$9.2M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +48.1% | -116.3% | +1002.1% | -68.9% | +351.0% | -142.4% | +137.6% | +416.3% | -70.6% |
| Crecimiento Beneficio Neto (anual) | | +50.2% | -120.3% | +832.3% | -70.6% | +379.6% | -144.9% | +240.9% | +28.8% | -7.9% |
| Crecimiento BPA (anual) | | +48.6% | -119.9% | +823.9% | -71.0% | +379.4% | -143.1% | +235.6% | +28.7% | -9.8% |
| Cambio en Acciones (anual) | | +1.1% | +1.4% | +1.5% | +1.4% | +3.9% | +0.2% | +3.9% | +0.0% | +2.1% |
| Crecimiento FCF (anual) | | -21.6% | +36.8% | -8.5% | +45.4% | +75.7% | -28.2% | -10.7% | +1.1% | +26.3% |
| Margen Bruto | 96.5% | 97.6% | 115.6% | 98.2% | 94.1% | 98.5% | 103.0% | 91.6% | 100.0% | 93.4% |
| Margen Operativo | 95.4% | 96.8% | 120.3% | 97.7% | 92.3% | 98.1% | 103.9% | 389.8% | 97.2% | 305.0% |
| Margen EBITDA | 95.4% | 96.8% | 120.3% | 97.7% | 92.3% | 98.2% | 103.9% | 390.2% | 97.3% | 305.2% |
| Margen Neto | 95.4% | 96.8% | 120.3% | 97.7% | 92.3% | 98.1% | 103.9% | 389.8% | 97.2% | 305.0% |
| Margen FCF | 19.4% | 10.3% | -86.4% | 8.8% | 40.9% | 15.9% | -27.0% | 64.3% | 12.6% | 54.1% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.92 | $0.71 | $0.96 | $0.87 | $1.25 | $2.11 | $1.51 | $1.30 | $1.31 | $1.62 |
| Dividendo por Acción | $0.64 | $0.64 | $0.90 | $0.84 | $1.03 | $2.12 | $1.41 | $1.08 | $1.34 | $1.60 |
| Acciones en Circulación (Básicas) | $24.9M | $25.1M | $25.5M | $25.9M | $26.2M | $26.2M | $27.3M | $28.4M | $28.4M | $29.0M |
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 | 11.99% |
| Rentabilidad sobre capital invertido | 11.81% |
| Rentabilidad sobre activos | 11.81% |
| Margen bruto | 94.83% |
| Margen operativo | 188.50% |
| Margen neto | 188.50% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 0.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 282.81 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 4.81 | 4.07 | -18.53 | 3.41 | 11.62 | 3.31 | -5.75 | 4.79 | 4.51 | 5.54 |
| P/VC | 0.80 | 0.83 | 0.83 | 0.86 | 0.83 | 0.88 | 0.80 | 0.81 | 0.83 | 0.82 |
| P/V | 4.59 | 3.94 | -22.22 | 3.33 | 10.72 | 3.25 | -5.97 | 18.69 | 4.38 | 16.90 |
| Margen Bruto | 96.5% | 97.6% | 115.6% | 98.2% | 94.1% | 98.5% | 103.0% | 91.6% | 100.0% | 93.4% |
| Margen Operativo | 95.4% | 96.8% | 120.3% | 97.7% | 92.3% | 98.1% | 103.9% | 389.8% | 97.2% | 305.0% |
| Margen Neto | 95.4% | 96.8% | 120.3% | 97.7% | 92.3% | 98.1% | 103.9% | 389.8% | 97.2% | 305.0% |