Estados financieros detallados de Cheetah Mobile Inc. (CMCM): 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
Cheetah Mobile Inc. registró ingresos de $1.15B en el último ejercicio fiscal, con un CAGR de 5 años del -5.8%.
Márgenes de los últimos 12 meses: margen bruto 70.5%, margen operativo -12.1%, margen neto -21.0%.
Al precio actual de $2.98, CMCM presenta beneficios negativos (P/E no significativo) y un ROE del -14.17%. La capitalización bursátil es de $2M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $4.56B | $4.97B | $4.98B | $3.59B | $1.55B | $784.6M | $884.1M | $669.5M | $806.9M | $1.15B |
| Coste de Ventas | $1.54B | $1.78B | $1.54B | $1.24B | $475.4M | $257.7M | $252.6M | $231.9M | $261.7M | $316.4M |
| Beneficio Bruto | $3.02B | $3.19B | $3.44B | $2.35B | $1.08B | $527.0M | $631.5M | $437.6M | $545.2M | $834.0M |
| I+D | $905.9M | $684.9M | $668.9M | $787.3M | $455.2M | $211.6M | $181.0M | $178.2M | $243.4M | $346.2M |
| Generales y Administrativos | $2.21B | $2.06B | $2.34B | $2.15B | $1.15B | $562.1M | $691.2M | $472.1M | $586.8M | $629.3M |
| Gastos Operativos | $3.03B | $2.75B | $2.97B | $3.46B | $1.61B | $756.5M | $857.1M | $647.4M | $829.6M | $971.9M |
| Beneficio Operativo | -$12.4M | $446.9M | $467.2M | -$1.11B | -$531.1M | -$229.6M | -$225.6M | -$209.8M | -$284.4M | -$137.9M |
| EBITDA | $153.8M | $583.2M | $547.3M | -$499.8M | -$462.6M | -$178.7M | -$172.6M | -$174.6M | -$232.9M | $9.4M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$68.9M | $1.43B | $1.27B | -$365.7M | $508.2M | -$339.6M | -$545.8M | -$637.6M | -$554.3M | -$226.7M |
| Impuestos | -$12.2M | $57.6M | $117.0M | $7.9M | $97.1M | $13.6M | -$25.1M | -$43.8M | $47.3M | $8.5M |
| Beneficio Neto | -$80.5M | $1.33B | $1.13B | -$343.8M | $416.7M | -$351.1M | -$513.5M | -$602.9M | -$617.6M | -$257.7M |
| BPA | $-21.00 | $360.00 | $292.50 | $-682.00 | $724.00 | $-617.50 | $-905.00 | $-1024.50 | $-1027.00 | $-409.00 |
| BPA Diluido | $-21.00 | $360.00 | $285.00 | $-682.00 | $714.00 | $-617.50 | $-904.50 | $-1023.50 | $-1027.00 | $-409.00 |
| Acciones en Circulación (Diluidas) | $554901 | $570061 | $576186 | $547616 | $559778 | $572021 | $577472 | $589046 | $601221 | $613389 |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $287.4M | $308.9M | $259.0M | $266.1M |
| Beneficio Bruto | $214.4M | $205.4M | $166.6M | $168.6M |
| Beneficio Operativo | $3.9M | -$104.2M | -$28.3M | -$33.6M |
| EBITDA | $3.9M | $43.0M | -$28.3M | -$33.6M |
| Beneficio Neto | -$11.0M | -$190.7M | -$17.5M | -$94.9M |
| BPA | $-21.00 | $-304.00 | $-31.50 | $-154.50 |
| BPA Diluido | $-17.50 | $-304.00 | $-31.50 | $-155.00 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.41B | $2.32B | $2.78B | $983.0M | $1.30B | $1.58B | $1.52B | $2.02B | $1.83B | $1.51B |
| Inversiones a Corto | $361.5M | $1.40B | $930.6M | $1.37B | $360.8M | $262.8M | $156.2M | $1.0M | $335000 | $9.5M |
| Cuentas por Cobrar | $645.2M | $1.25B | $1.41B | $1.06B | $449.9M | $271.6M | $482.9M | $410.7M | $1.73B | $1.50B |
| Inventario | $727.8M | $26.8M | $12.2M | $31.3M | $24.1M | $15.4M | $16.7M | $40.6M | $59.2M | $53.7M |
| Activos Corrientes | $3.17B | $5.40B | $5.57B | $3.99B | $2.94B | $2.60B | $3.12B | $3.47B | $3.78B | $3.23B |
| Inmovilizado Material | $117.4M | $89.1M | $63.9M | $287.0M | $119.7M | $147.0M | $98.3M | $84.3M | $77.9M | $57.1M |
| Fondo de Comercio | $943.9M | $634.2M | $617.8M | 0 | 0 | 0 | 0 | $577.0M | $424.1M | $460.0M |
| Activos Intangibles | $227.3M | $70.2M | $48.4M | $44.5M | $12.6M | $10.1M | $8.4M | $218.6M | $190.7M | $54.1M |
| Activos Totales | $5.54B | $7.45B | $8.29B | $7.01B | $5.63B | $4.98B | $5.14B | $5.63B | $5.50B | $4.68B |
| Cuentas por Pagar | $194.9M | $164.5M | $175.8M | $119.9M | $114.6M | $135.7M | $133.8M | $170.2M | $219.6M | $211.7M |
| Deuda a Corto | $379.5M | $336.3M | 0 | 0 | 0 | 0 | 0 | $5.0M | $49.2M | 0 |
| Pasivos Corrientes | $2.07B | $2.17B | $1.84B | $1.69B | $1.57B | $1.35B | $1.78B | $2.73B | $3.08B | $2.55B |
| Deuda a Largo | $118.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $2.34B | $2.94B | $2.70B | $2.02B | $1.83B | $1.62B | $2.03B | $2.97B | $3.30B | $2.73B |
| Reservas | $237.3M | $1.56B | $2.71B | $1.94B | $868.8M | $505.1M | -$9.4M | -$613.1M | -$1.23B | -$1.49B |
| Patrimonio Neto | $3.01B | $4.29B | $5.48B | $4.93B | $3.76B | $3.28B | $3.03B | $2.46B | $1.90B | $1.61B |
| Deuda Total | $498.3M | $336.3M | 0 | $58.5M | $18.8M | $48.1M | $41.5M | $36.0M | $74.8M | $15.2M |
| Deuda Neta | -$1.27B | -$3.38B | -$3.71B | -$2.29B | -$1.64B | -$1.80B | -$1.63B | -$1.99B | -$1.76B | -$1.50B |
| Capital Circulante | $1.10B | $3.23B | $3.73B | $2.31B | $1.37B | $1.24B | $1.35B | $738.8M | $697.9M | $684.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.60B | $1.51B | $1.28B | $1.27B |
| Activos Totales | $4.98B | $4.68B | $4.42B | $4.64B |
| Pasivos Totales | $2.80B | $2.73B | $2.50B | $2.84B |
| Patrimonio Neto | $1.82B | $1.61B | $1.56B | $1.43B |
| Deuda Total | 0 | $15.2M | 0 | $2.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$80.5M | $1.35B | $1.17B | -$314.0M | $416.7M | -$351.1M | -$513.5M | -$602.9M | -$601.6M | -$235.2M |
| Amortizaciones | $163.4M | $136.3M | $80.1M | $65.5M | $68.5M | $50.8M | $53.0M | $35.3M | $51.5M | $147.2M |
| Compensación en Acciones | $306.1M | $73.3M | $85.1M | $127.4M | $81.0M | $7.2M | $7.9M | $33.6M | $26.1M | $19.8M |
| Cambio en Capital Circulante | -$130.7M | -$40.3M | -$355.7M | -$155.7M | $186.5M | $191.3M | -$320.4M | $606.0M | -$114.2M | -$256.2M |
| Flujo de Caja Operativo | $393.6M | $625.6M | $345.6M | -$239.5M | -$46.1M | $102.8M | -$424.2M | $550.5M | -$238.3M | -$172.3M |
| Inversiones (CapEx) | -$117.7M | -$25.9M | -$65.4M | -$102.2M | -$59.3M | -$46.8M | -$6.8M | -$9.7M | -$22.8M | -$12.8M |
| Adquisiciones | -$366.8M | -$77.4M | 0 | -$28.4M | 0 | 0 | 0 | -$238.1M | 0 | -$31.4M |
| Recompra de Acciones | -$179.0M | 0 | -$221.7M | -$175000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | -$500.6M | -$1.44B | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $275.9M | $599.7M | $280.2M | -$341.7M | -$105.4M | $56.0M | -$431.0M | $540.8M | -$261.1M | -$185.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | -$172.3M | 0 | 0 |
| Inversiones (CapEx) | 0 | -$12.8M | 0 | 0 |
| Flujo de Caja Libre | 0 | -$185.1M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.7M | $9.6M | $3.5M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +9.0% | +0.1% | -28.0% | -56.7% | -49.5% | +12.7% | -24.3% | +20.5% | +42.6% |
| Crecimiento Beneficio Neto (anual) | | +1757.6% | -15.4% | -130.5% | +221.2% | -184.3% | -46.2% | -17.4% | -2.4% | +58.3% |
| Crecimiento BPA (anual) | | +1814.3% | -18.8% | -333.2% | +206.2% | -185.3% | -46.6% | -13.2% | -0.2% | +60.2% |
| Cambio en Acciones (anual) | | +2.7% | +1.1% | -5.0% | +2.2% | +2.2% | +1.0% | +2.0% | +2.1% | +2.0% |
| Crecimiento FCF (anual) | | +117.4% | -53.3% | -222.0% | +69.2% | +153.1% | -869.8% | +225.5% | -148.3% | +29.1% |
| Margen Bruto | 66.2% | 64.2% | 69.1% | 65.4% | 69.4% | 67.2% | 71.4% | 65.4% | 67.6% | 72.5% |
| Margen Operativo | -0.3% | 9.0% | 9.4% | -31.0% | -34.2% | -29.3% | -25.5% | -31.3% | -35.2% | -12.0% |
| Margen EBITDA | 3.4% | 11.7% | 11.0% | -13.9% | -29.8% | -22.8% | -19.5% | -26.1% | -28.9% | 0.8% |
| Margen Neto | -1.8% | 26.8% | 22.7% | -9.6% | 26.8% | -44.8% | -58.1% | -90.1% | -76.5% | -22.4% |
| Margen FCF | 6.0% | 12.1% | 5.6% | -9.5% | -6.8% | 7.1% | -48.8% | 80.8% | -32.4% | -16.1% |
| Tasa Impositiva Efectiva | 17.7% | 4.0% | 9.2% | -2.2% | 19.1% | -4.0% | 4.6% | 6.9% | -8.5% | -3.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $497.20 | $1051.99 | $486.28 | $-624.01 | $-188.29 | $97.89 | $-746.41 | $918.06 | $-434.37 | $-301.77 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $914.14 | $2564.90 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $554901 | $570037 | $561235 | $547602 | $559778 | $572021 | $577151 | $588364 | $601221 | $613389 |
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
| Rentabilidad sobre capital | -14.17% |
| Rentabilidad sobre capital invertido | -6.67% |
| Rentabilidad sobre activos | -5.47% |
| Margen bruto | 70.50% |
| Margen operativo | -12.14% |
| Margen neto | -21.02% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 1.28 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.12 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.80 | 1.08 | 0.72 | -0.19 | 0.08 | -0.07 | -0.01 | -0.02 | -0.03 | -0.10 |
| P/VC | 0.06 | 0.05 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 |
| P/V | 0.04 | 0.04 | 0.02 | 0.02 | 0.02 | 0.03 | 0.01 | 0.01 | 0.03 | 0.02 |
| Margen Bruto | 66.2% | 64.2% | 69.1% | 65.4% | 69.4% | 67.2% | 71.4% | 65.4% | 67.6% | 72.5% |
| Margen Operativo | -0.3% | 9.0% | 9.4% | -31.0% | -34.2% | -29.3% | -25.5% | -31.3% | -35.2% | -12.0% |
| Margen Neto | -1.8% | 26.8% | 22.7% | -9.6% | 26.8% | -44.8% | -58.1% | -90.1% | -76.5% | -22.4% |