Estados financieros detallados de Claros Mortgage Trust, Inc. (CMTG): 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
Claros Mortgage Trust, Inc. registró ingresos de $430.5M en el último ejercicio fiscal, con un CAGR de 5 años del 10.0%.
Márgenes de los últimos 12 meses: margen bruto -96.2%, margen operativo -216.1%, margen neto -226.1%.
Al precio actual de $1.44, CMTG presenta beneficios negativos (P/E no significativo) y un ROE del -35.83%. La capitalización bursátil es de $203M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $167.2M | $249.6M | $267.7M | $215.0M | $270.2M | $129.8M | $170.7M | $430.5M |
| Coste de Ventas | $28.1M | 0 | 0 | 0 | 0 | $49.5M | $106.0M | $804.7M |
| Beneficio Bruto | $139.1M | $249.6M | $267.7M | $215.0M | $270.2M | $80.3M | -$48.8M | -$374.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $32.4M | $75.7M | $61.4M | $21.4M | $26.1M | $33.2M | $15.7M | $34.1M |
| Gastos Operativos | $28.3M | $75.7M | $61.4M | $215.0M | $270.2M | $72.9M | $70.0M | $114.9M |
| Beneficio Operativo | $134.7M | $173.9M | $206.3M | 0 | 0 | $107.5M | -$190.4M | -$489.1M |
| EBITDA | $141.1M | 0 | 0 | $177.5M | $120.2M | $185.7M | -$178.5M | -$487.9M |
| Gastos por Intereses | 0 | $139.7M | $172.2M | $196.2M | $261.1M | $494.1M | $467.0M | $338.1M |
| Beneficio Antes de Impuestos | $138.9M | $174.0M | $205.7M | $170.4M | $112.2M | $6.0M | -$221.3M | -$489.1M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $131.5M | $168.8M | $202.4M | $170.6M | $112.1M | $6.0M | -$221.3M | -$489.1M |
| BPA | $0.93 | $1.20 | $1.44 | $1.27 | $0.80 | $0.02 | $-1.60 | $-3.48 |
| BPA Diluido | $0.93 | $1.20 | $1.44 | $1.27 | $0.80 | $0.02 | $-1.60 | $-3.48 |
| Acciones en Circulación (Diluidas) | $140.9M | $140.9M | $140.9M | $134.5M | $139.3M | $138.6M | $139.2M | $140.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $132.8M | $75.2M | $29.8M | $310000 |
| Beneficio Bruto | $27.3M | -$207.4M | -$9.0M | -$40.0M |
| Beneficio Operativo | -$9.5M | -$219.2M | -$39.2M | -$246.8M |
| EBITDA | -$9.3M | -$219.0M | -$38.4M | -$240.1M |
| Beneficio Neto | -$9.5M | -$219.2M | -$54.3M | -$255.4M |
| BPA | $-0.07 | $-1.56 | $-0.39 | $-1.81 |
| BPA Diluido | $-0.07 | $-1.56 | $-0.39 | $-1.81 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $69.4M | $335.0M | $427.5M | $310.2M | $306.5M | $188.2M | $99.1M | $173.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.77B | $6.16B | $6.48B | $6.66B | $7.36B | $6.89B | $5.95B | $3.62B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $3.86B | $6.54B | $6.94B | $6.99B | $7.71B | $7.37B | $6.66B | $3.81B |
| Inmovilizado Material | 0 | 0 | 0 | $406.9M | $401.2M | $523.0M | $127.1M | $730.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $23.0M | $20.4M | 0 |
| Activos Totales | $3.87B | $6.55B | $6.95B | $7.46B | $8.24B | $8.07B | $6.97B | $4.72B |
| Cuentas por Pagar | $4.6M | $5.9M | $3.7M | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $1.43B | $839.8M | $1.04B | $863.8M | $289.4M | $289.9M | $274.6M | $2.11B |
| Pasivos Corrientes | $1.50B | $925.6M | $1.23B | $925.5M | $490.3M | $436.1M | $304.7M | $2.11B |
| Deuda a Largo | 0 | $2.57B | $2.70B | $3.70B | $5.11B | $5.27B | $4.61B | $1.03B |
| Pasivos Totales | $1.98B | $4.12B | $4.47B | $4.85B | $5.79B | $5.77B | $4.96B | $3.19B |
| Reservas | -$7.3M | -$34.3M | -$47.5M | -$161.0M | -$257.2M | -$426.7M | -$733.3M | -$1.22B |
| Patrimonio Neto | $1.85B | $2.38B | $2.45B | $2.57B | $2.46B | $2.30B | $2.01B | $1.53B |
| Deuda Total | $1.43B | $3.41B | $3.73B | $4.57B | $5.40B | $5.56B | $4.89B | $3.15B |
| Deuda Neta | $1.37B | $3.08B | $3.31B | $4.26B | $5.09B | $5.37B | $4.79B | $2.97B |
| Capital Circulante | $2.37B | $5.61B | $5.71B | $6.07B | $7.22B | $6.93B | $6.36B | $1.69B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $339.5M | $173.2M | $116.8M | $90.3M |
| Activos Totales | $5.44B | $4.72B | $4.16B | $3.84B |
| Pasivos Totales | $3.69B | $3.19B | $2.67B | $2.60B |
| Patrimonio Neto | $1.75B | $1.53B | $1.49B | $1.24B |
| Deuda Total | $3.65B | $3.15B | $2.63B | $2.57B |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $131.5M | $174.0M | $205.7M | $170.4M | $112.2M | $6.0M | -$221.3M | -$489.1M |
| Amortizaciones | $6.4M | 0 | 0 | $7.1M | $8.0M | $708000 | $1.4M | $12.0M |
| Compensación en Acciones | 0 | $25.5M | $5.7M | $8.8M | $7.6M | $16.8M | $18.3M | $14.3M |
| Cambio en Capital Circulante | -$8.9M | -$5.1M | -$945000 | $4.2M | -$13.2M | -$37.3M | -$24.7M | -$76.8M |
| Flujo de Caja Operativo | $111.6M | $129.6M | $140.5M | $213.6M | $111.0M | $111.1M | $84.5M | -$30.5M |
| Inversiones (CapEx) | 0 | 0 | 0 | -$11.5M | -$2.3M | -$2.1M | -$1.3M | -$2.7M |
| Adquisiciones | -$150.4M | 0 | 0 | 0 | -$515000 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$125000 | -$3.7M | -$21.4M | -$3.9M | -$3.5M | -$1.5M |
| Dividendos Pagados | -$109.4M | -$185.4M | -$220.0M | -$204.9M | -$208.1M | -$192.2M | -$120.7M | 0 |
| Flujo de Caja Libre | $111.6M | $129.6M | $140.5M | $202.1M | $108.7M | $109.0M | $83.2M | -$33.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $8.8M | $2.4M | -$6.5M | -$12.1M |
| Inversiones (CapEx) | -$907000 | -$1.6M | -$2.3M | -$2.5M |
| Flujo de Caja Libre | $7.9M | $789000 | -$8.7M | -$14.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.1M | -$11.9M | $2.4M | -$1.5M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +49.3% | +7.2% | -19.7% | +25.7% | -51.9% | +31.5% | +152.2% |
| Crecimiento Beneficio Neto (anual) | | +28.4% | +19.9% | -15.7% | -34.3% | -94.6% | -3771.2% | -121.0% |
| Crecimiento BPA (anual) | | +28.6% | +20.0% | -11.8% | -37.0% | -97.9% | -9567.5% | -117.5% |
| Cambio en Acciones (anual) | | -0.0% | +0.0% | -4.5% | +3.5% | -0.5% | +0.4% | +1.0% |
| Crecimiento FCF (anual) | | +16.1% | +8.4% | +43.8% | -46.2% | +0.3% | -23.7% | -139.9% |
| Margen Bruto | 83.2% | 100.0% | 100.0% | 100.0% | 100.0% | 61.9% | -28.6% | -86.9% |
| Margen Operativo | 80.6% | 69.7% | 77.1% | 0.0% | 0.0% | 82.8% | -111.5% | -113.6% |
| Margen EBITDA | 84.4% | 0.0% | 0.0% | 82.5% | 44.5% | 143.0% | -104.6% | -113.3% |
| Margen Neto | 78.6% | 67.6% | 75.6% | 79.3% | 41.5% | 4.6% | -129.6% | -113.6% |
| Margen FCF | 66.7% | 51.9% | 52.5% | 94.0% | 40.2% | 84.0% | 48.7% | -7.7% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.79 | $0.92 | $1.00 | $1.50 | $0.78 | $0.79 | $0.60 | $-0.24 |
| Dividendo por Acción | $0.78 | $1.32 | $1.56 | $1.52 | $1.49 | $1.39 | $0.87 | $0.00 |
| Acciones en Circulación (Básicas) | $140.9M | $140.9M | $140.9M | $134.5M | $139.3M | $138.6M | $139.2M | $140.6M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | -35.83% |
| Rentabilidad sobre capital invertido | -13.42% |
| Rentabilidad sobre activos | -14.04% |
| Margen bruto | -96.21% |
| Margen operativo | -216.13% |
| Margen neto | -226.11% |
Salud financiera
| Deuda / Patrimonio | 2.07 |
| Ratio corriente | 2.02 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 18.22 | 14.17 | 11.81 | 12.91 | 18.39 | 806.51 | -2.82 | -0.88 |
| P/VC | 1.29 | 1.00 | 0.98 | 0.86 | 0.83 | 0.82 | 0.31 | 0.28 |
| P/V | 14.33 | 9.59 | 8.95 | 10.26 | 7.58 | 14.55 | 3.69 | 1.00 |
| Margen Bruto | 83.2% | 100.0% | 100.0% | 100.0% | 100.0% | 61.9% | -28.6% | -86.9% |
| Margen Operativo | 80.6% | 69.7% | 77.1% | 0.0% | 0.0% | 82.8% | -111.5% | -113.6% |
| Margen Neto | 78.6% | 67.6% | 75.6% | 79.3% | 41.5% | 4.6% | -129.6% | -113.6% |