Estados financieros detallados de Commerce.com, Inc. (CMRC): 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
Commerce.com, Inc. registró ingresos de $342.3M en el último ejercicio fiscal, con un CAGR de 5 años del 17.6%.
Márgenes de los últimos 12 meses: margen bruto 76.7%, margen operativo 0.7%, margen neto -1.7%.
Al precio actual de $3.43, CMRC presenta beneficios negativos (P/E no significativo) y un ROE del -12.79%. La capitalización bursátil es de $283M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Ingresos | $91.9M | $112.1M | $152.4M | $219.9M | $279.1M | $309.4M | $332.9M | $342.3M |
| Coste de Ventas | $21.9M | $27.0M | $34.1M | $48.5M | $70.0M | $74.2M | $77.6M | $72.8M |
| Beneficio Bruto | $69.9M | $85.1M | $118.2M | $171.4M | $209.1M | $235.2M | $255.3M | $269.6M |
| I+D | $42.5M | $43.1M | $48.3M | $64.5M | $88.3M | $83.5M | $80.9M | $73.0M |
| Generales y Administrativos | $65.4M | $82.9M | $108.6M | $156.2M | $210.8M | $199.1M | $191.4M | $192.8M |
| Gastos Operativos | $107.9M | $126.1M | $156.9M | $247.3M | $349.7M | $307.6M | $297.0M | $285.8M |
| Beneficio Operativo | -$38.0M | -$41.0M | -$38.7M | -$75.9M | -$140.6M | -$72.4M | -$41.7M | -$16.2M |
| EBITDA | -$35.5M | -$38.4M | -$31.3M | -$70.3M | -$127.1M | -$43.3M | -$7.1M | $5.5M |
| Gastos por Intereses | $1.5M | $1.6M | $3.1M | $254000 | $868000 | $2.9M | $6.1M | $10.0M |
| Beneficio Antes de Impuestos | -$38.9M | -$42.6M | -$37.5M | -$76.7M | -$139.4M | -$64.7M | -$26.0M | -$18.2M |
| Impuestos | $10000 | $28000 | $25000 | -$34000 | $495000 | 0 | $1.0M | $1.2M |
| Beneficio Neto | -$38.9M | -$42.6M | -$37.6M | -$76.7M | -$139.9M | -$64.7M | -$27.0M | -$19.3M |
| BPA | $-0.68 | $-0.64 | $-0.55 | $-1.08 | $-1.91 | $-0.86 | $-0.35 | $-0.24 |
| BPA Diluido | $-0.68 | $-0.64 | $-0.55 | $-1.08 | $-1.91 | $-0.86 | $-0.35 | $-0.24 |
| Acciones en Circulación (Diluidas) | $56.9M | $66.9M | $69.5M | $70.9M | $73.2M | $75.1M | $77.6M | $80.3M |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $12.8M | $7.8M | $219.4M | $297.6M | $91.6M | $71.7M | $88.9M | $44.3M |
| Inversiones a Corto | $23.4M | 0 | 0 | $102.3M | $211.9M | $198.4M | $89.3M | $96.8M |
| Cuentas por Cobrar | $10.2M | $15.5M | $22.9M | $39.8M | $35.1M | $37.7M | $48.1M | $50.0M |
| Inventario | $3.2M | $3.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $53.1M | $31.7M | $254.1M | $454.5M | $374.2M | $342.0M | $251.2M | $214.4M |
| Inmovilizado Material | $5.2M | $22.3M | $19.0M | $16.9M | $15.0M | $14.6M | $11.1M | $21.1M |
| Fondo de Comercio | 0 | 0 | 0 | $42.4M | $49.7M | $52.1M | $51.9M | $51.9M |
| Activos Intangibles | 0 | 0 | 0 | $35.0M | $27.6M | $27.1M | $17.3M | $11.3M |
| Activos Totales | $59.1M | $56.1M | $276.6M | $555.5M | $474.1M | $444.1M | $340.3M | $308.8M |
| Cuentas por Pagar | $5.5M | $3.9M | $5.8M | $8.2M | $7.0M | $8.0M | $7.0M | $9.9M |
| Deuda a Corto | $946000 | $2.4M | 0 | 0 | 0 | $547000 | 0 | $4.0M |
| Pasivos Corrientes | $27.6M | $33.9M | $45.9M | $62.8M | $78.8M | $70.8M | $88.0M | $108.2M |
| Deuda a Largo | $23.4M | $38.5M | 0 | $335.5M | $337.5M | $339.6M | $216.5M | $153.0M |
| Pasivos Totales | $270.6M | $313.4M | $59.9M | $417.2M | $428.4M | $418.5M | $306.9M | $269.4M |
| Reservas | -$224.7M | -$274.5M | -$313.4M | -$390.1M | -$530.0M | -$594.7M | -$621.7M | -$641.0M |
| Patrimonio Neto | -$211.5M | -$257.3M | $216.8M | $138.3M | $45.7M | $25.5M | $33.4M | $39.4M |
| Deuda Total | $24.4M | $59.3M | $15.8M | $348.4M | $350.1M | $350.3M | $220.6M | $165.5M |
| Deuda Neta | -$11.8M | $51.5M | -$203.6M | -$51.5M | $46.6M | $80.2M | $42.4M | $24.4M |
| Capital Circulante | $25.5M | -$2.2M | $208.2M | $391.7M | $295.5M | $271.2M | $163.2M | $106.2M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$38.9M | -$42.6M | -$37.6M | -$76.7M | -$139.9M | -$64.7M | -$27.0M | -$8.4M |
| Amortizaciones | $1.8M | $2.6M | $3.1M | $6.2M | $11.4M | $12.5M | $13.8M | $14.4M |
| Compensación en Acciones | $2.1M | $3.2M | $11.1M | $25.4M | $42.3M | $41.2M | $35.4M | $23.6M |
| Cambio en Capital Circulante | $4.2M | -$4.1M | -$1.1M | $754000 | -$20.7M | -$29.8M | $9.5M | $10.3M |
| Flujo de Caja Operativo | -$30.6M | -$40.0M | -$26.5M | -$40.3M | -$89.4M | -$24.2M | $26.3M | $27.4M |
| Inversiones (CapEx) | -$3.3M | -$5.6M | -$2.0M | -$3.3M | -$5.2M | -$4.2M | -$3.7M | -$8.6M |
| Adquisiciones | 0 | 0 | 0 | -$81.1M | -$696000 | -$7.9M | -$100000 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | -$12.8M | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$33.9M | -$45.5M | -$28.5M | -$43.6M | -$94.6M | -$28.4M | $22.5M | $18.8M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +22.0% | +35.9% | +44.3% | +26.9% | +10.9% | +7.6% | +2.8% | |
| Crecimiento Beneficio Neto (anual) | -9.5% | +11.8% | -104.1% | -82.5% | +53.8% | +58.2% | +28.4% | |
| Crecimiento BPA (anual) | +5.9% | +14.1% | -96.4% | -76.9% | +55.0% | +59.3% | +31.4% | |
| Cambio en Acciones (anual) | +17.5% | +3.9% | +2.0% | +3.2% | +2.6% | +3.3% | +3.5% | |
| Crecimiento FCF (anual) | -34.3% | +37.4% | -53.0% | -116.8% | +69.9% | +179.3% | -16.6% | |
| Margen Bruto | 76.1% | 75.9% | 77.6% | 77.9% | 74.9% | 76.0% | 76.7% | 78.7% |
| Margen Operativo | -41.3% | -36.6% | -25.4% | -34.5% | -50.4% | -23.4% | -12.5% | -4.7% |
| Margen EBITDA | -38.7% | -34.2% | -20.6% | -32.0% | -45.6% | -14.0% | -2.1% | 1.6% |
| Margen Neto | -42.3% | -38.0% | -24.7% | -34.9% | -50.1% | -20.9% | -8.1% | -5.6% |
| Margen FCF | -36.9% | -40.6% | -18.7% | -19.8% | -33.9% | -9.2% | 6.8% | 5.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.1% | -0.1% | 0.0% | -0.4% | -0.0% | -3.9% | -6.4% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.60 | $-0.68 | $-0.41 | $-0.61 | $-1.29 | $-0.38 | $0.29 | $0.23 |
| Dividendo por Acción | $0.00 | $0.00 | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $56.9M | $66.9M | $69.5M | $70.9M | $73.2M | $75.1M | $77.6M | $80.3M |
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 | -12.79% |
| Rentabilidad sobre capital invertido | 1.09% |
| Rentabilidad sobre activos | -1.78% |
| Margen bruto | 76.73% |
| Margen operativo | 0.68% |
| Margen neto | -1.67% |
Salud financiera
| Deuda / Patrimonio | 3.19 |
| Ratio corriente | 2.03 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -106.28 | -112.92 | -116.64 | -32.75 | -4.58 | -11.31 | -17.49 | -17.17 |
| P/VC | -19.45 | -18.78 | 20.57 | 18.14 | 14.01 | 28.64 | 14.23 | 8.41 |
| P/V | 44.76 | 43.11 | 29.27 | 11.41 | 2.29 | 2.36 | 1.43 | 0.97 |
| Margen Bruto | 76.1% | 75.9% | 77.6% | 77.9% | 74.9% | 76.0% | 76.7% | 78.7% |
| Margen Operativo | -41.3% | -36.6% | -25.4% | -34.5% | -50.4% | -23.4% | -12.5% | -4.7% |
| Margen Neto | -42.3% | -38.0% | -24.7% | -34.9% | -50.1% | -20.9% | -8.1% | -5.6% |
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Explorar sector: Technology · Software - Application
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