Estados financieros detallados de Compugen Ltd. (CGEN): 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
Compugen Ltd. registró ingresos de $72.8M en el último ejercicio fiscal, con un CAGR de 5 años del 105.2%.
Márgenes de los últimos 12 meses: margen bruto 86.9%, margen operativo 40.9%, margen neto 47.6%.
Al precio actual de $2.41, CGEN cotiza a un P/E de 6.42 y un ROE del 42.57%. La capitalización bursátil es de $228M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $712000 | 0 | $17.8M | 0 | $2.0M | $6.0M | $7.5M | $33.5M | $27.9M | $72.8M |
| Coste de Ventas | $223000 | $1.6M | $1.0M | $989000 | $60000 | $680000 | $975000 | $2.0M | $7.9M | $9.3M |
| Beneficio Bruto | $489000 | -$1.6M | $16.8M | -$989000 | $1.9M | $5.3M | $6.5M | $31.5M | $19.9M | $63.5M |
| I+D | $24.5M | $28.6M | $30.3M | $19.8M | $22.8M | $28.7M | $30.6M | $34.5M | $24.8M | $22.8M |
| Generales y Administrativos | $8.5M | $8.8M | $9.7M | $9.1M | $10.7M | $11.7M | $11.3M | $10.0M | $10.0M | $9.4M |
| Gastos Operativos | $33.1M | $37.4M | $40.0M | $28.9M | $33.4M | $40.4M | $41.9M | $44.4M | $34.8M | $32.2M |
| Beneficio Operativo | -$32.6M | -$37.4M | -$23.2M | -$28.9M | -$31.5M | -$35.1M | -$35.4M | -$13.0M | -$14.9M | $31.3M |
| EBITDA | -$31.1M | -$35.5M | -$21.8M | -$27.0M | -$28.9M | -$33.7M | -$33.1M | -$9.3M | -$9.2M | $35.9M |
| Gastos por Intereses | $705000 | $508000 | $620000 | $32000 | $42000 | $25000 | $27000 | $31000 | $34000 | 0 |
| Beneficio Antes de Impuestos | -$31.5M | -$37.1M | -$22.6M | -$28.1M | -$29.7M | -$34.2M | -$33.6M | -$9.8M | -$9.7M | $35.4M |
| Impuestos | $20000 | 0 | 0 | -$722000 | 0 | 0 | $58000 | $9.0M | $4.5M | $54000 |
| Beneficio Neto | -$31.5M | -$37.1M | -$22.6M | -$27.3M | -$29.7M | -$34.2M | -$33.7M | -$18.8M | -$14.2M | $35.3M |
| BPA | $-0.62 | $-0.72 | $-0.41 | $-0.43 | $-0.37 | $-0.41 | $-0.39 | $-0.21 | $-0.16 | $0.38 |
| BPA Diluido | $-0.62 | $-0.72 | $-0.41 | $-0.43 | $-0.37 | $-0.41 | $-0.39 | $-0.21 | $-0.16 | $0.38 |
| Acciones en Circulación (Diluidas) | $50.9M | $51.2M | $55.3M | $63.6M | $79.6M | $84.2M | $86.6M | $87.6M | $89.5M | $93.8M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $61.5M | $30.4M | $45.7M | $9.8M | $7.1M | $7.8M | $11.1M | $13.9M | $18.2M | $90.6M |
| Inversiones a Corto | 0 | 0 | 0 | $34.0M | $116.6M | $109.2M | $72.3M | $36.8M | $85.0M | $55.0M |
| Cuentas por Cobrar | $82000 | $51000 | $167000 | $341000 | $2.0M | $188000 | $317000 | $61.3M | $269000 | $294000 |
| Inventario | -$2.1M | -$1.7M | -$1.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $62.7M | $31.2M | $46.6M | $45.0M | $129.1M | $123.2M | $86.1M | $114.6M | $106.0M | $148.0M |
| Inmovilizado Material | $6.0M | $4.6M | $3.4M | $5.6M | $4.5M | $3.9M | $3.4M | $2.5M | $3.7M | $3.2M |
| 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 | $71.1M | $38.7M | $53.2M | $53.8M | $138.3M | $132.2M | $94.2M | $121.3M | $115.0M | $156.9M |
| Cuentas por Pagar | $1.3M | $3.4M | $2.9M | $1.1M | $1.4M | $4.6M | $1.8M | $3.5M | $1.8M | $2.4M |
| Deuda a Corto | 0 | 0 | 0 | $600000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $4.7M | $6.2M | $10.0M | $6.8M | $10.5M | $17.1M | $11.9M | $26.3M | $20.2M | $22.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $7.6M | $9.4M | $15.9M | $15.4M | $18.5M | $25.5M | $16.5M | $55.8M | $60.1M | $54.1M |
| Reservas | -$271.0M | -$308.2M | -$330.8M | -$358.2M | -$387.9M | -$422.1M | -$455.8M | -$474.5M | -$488.8M | -$453.4M |
| Patrimonio Neto | $63.5M | $29.3M | $37.2M | $38.3M | $119.8M | $106.7M | $77.7M | $65.6M | $54.9M | $102.7M |
| Deuda Total | 0 | 0 | 0 | $3.6M | $3.2M | $2.8M | $1.9M | $1.4M | $2.9M | $3.0M |
| Deuda Neta | -$61.5M | -$30.4M | -$45.7M | -$40.3M | -$120.6M | -$114.3M | -$81.4M | -$49.3M | -$100.3M | -$142.7M |
| Capital Circulante | $57.9M | $25.0M | $36.6M | $38.2M | $118.6M | $106.1M | $74.2M | $88.3M | $85.8M | $125.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$31.5M | -$37.1M | -$22.6M | -$27.3M | -$29.7M | -$34.2M | -$33.7M | -$18.8M | -$14.2M | $35.3M |
| Amortizaciones | $1.5M | $1.6M | $1.4M | $989000 | $715000 | $461000 | $482000 | $476000 | $486000 | $475000 |
| Compensación en Acciones | $3.1M | $2.6M | $2.2M | $2.4M | $2.8M | $4.3M | $4.3M | $3.5M | $3.0M | 0 |
| Cambio en Capital Circulante | $7.4M | $2.2M | $5.7M | -$3.8M | -$2.3M | $6.8M | -$5.6M | -$20.7M | $62.0M | -$5.3M |
| Flujo de Caja Operativo | -$19.8M | -$30.7M | -$13.3M | -$27.9M | -$28.3M | -$22.7M | -$34.1M | -$35.9M | $49.6M | $31.6M |
| Inversiones (CapEx) | -$2.6M | -$385000 | -$158000 | -$155000 | -$166000 | -$292000 | -$487000 | -$172000 | -$118000 | -$306000 |
| Adquisiciones | 0 | -$46.7M | $2000 | $382000 | $44000 | 0 | 0 | 0 | 0 | $1000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$22.4M | -$31.0M | -$13.4M | -$28.0M | -$28.5M | -$23.0M | -$34.6M | -$36.1M | $49.5M | $31.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -100.0% | -100.0% | +200.0% | +25.0% | +346.1% | -16.7% | +161.1% | |||
| Crecimiento Beneficio Neto (anual) | -17.6% | +39.0% | -21.0% | -8.6% | -15.2% | +1.5% | +44.3% | +24.1% | +348.4% | |
| Crecimiento BPA (anual) | -16.1% | +43.1% | -4.9% | +14.0% | -10.8% | +4.9% | +46.2% | +23.8% | +337.5% | |
| Cambio en Acciones (anual) | +0.6% | +8.0% | +15.1% | +25.1% | +5.8% | +2.8% | +1.2% | +2.2% | +4.8% | |
| Crecimiento FCF (anual) | -38.5% | +56.7% | -108.5% | -1.6% | +19.3% | -50.5% | -4.2% | +237.2% | -36.7% | |
| Margen Bruto | 68.7% | 94.2% | 97.0% | 88.7% | 87.0% | 94.0% | 71.5% | 87.3% | ||
| Margen Operativo | -4576.3% | -130.5% | -1574.8% | -584.6% | -471.7% | -38.8% | -53.4% | 43.1% | ||
| Margen EBITDA | -4367.8% | -122.7% | -1447.0% | -562.0% | -441.7% | -27.7% | -33.0% | 49.3% | ||
| Margen Neto | -4425.0% | -127.0% | -1484.9% | -570.0% | -449.3% | -56.1% | -51.1% | 48.6% | ||
| Margen FCF | -3148.6% | -75.6% | -1424.3% | -383.0% | -461.3% | -107.8% | 177.6% | 43.1% | ||
| Tasa Impositiva Efectiva | -0.1% | -0.0% | -0.0% | 2.6% | -0.0% | -0.0% | -0.2% | -91.7% | -46.6% | 0.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.44 | $-0.61 | $-0.24 | $-0.44 | $-0.36 | $-0.27 | $-0.40 | $-0.41 | $0.55 | $0.33 |
| 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) | $50.9M | $51.2M | $55.3M | $63.6M | $79.6M | $84.2M | $86.6M | $87.6M | $89.5M | $93.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 42.57% |
| Rentabilidad sobre capital invertido | 26.00% |
| Rentabilidad sobre activos | 25.43% |
| Margen bruto | 86.89% |
| Margen operativo | 40.94% |
| Margen neto | 47.55% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 5.72 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.38 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -8.23 | -3.75 | -5.29 | -13.86 | -32.73 | -10.49 | -1.84 | -9.52 | -9.56 | 4.03 |
| P/VC | 4.08 | 4.72 | 3.22 | 9.90 | 8.05 | 3.39 | 0.80 | 2.67 | 2.49 | 1.39 |
| P/V | 364.28 | 0.00 | 6.74 | 0.00 | 481.92 | 60.35 | 8.26 | 5.24 | 4.92 | 1.96 |
| Margen Bruto | 68.7% | 0.0% | 94.2% | 0.0% | 97.0% | 88.7% | 87.0% | 94.0% | 71.5% | 87.3% |
| Margen Operativo | -4576.3% | 0.0% | -130.5% | 0.0% | -1574.8% | -584.6% | -471.7% | -38.8% | -53.4% | 43.1% |
| Margen Neto | -4425.0% | 0.0% | -127.0% | 0.0% | -1484.9% | -570.0% | -449.3% | -56.1% | -51.1% | 48.6% |
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