Estados financieros detallados de Comtech Telecommunications Corp. (CMTL): 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
Comtech Telecommunications Corp. registró ingresos de $499.5M en el último ejercicio fiscal, con un CAGR de 5 años del -4.1%.
Márgenes de los últimos 12 meses: margen bruto 31.4%, margen operativo 0.2%, margen neto -5.5%.
Al precio actual de $1.49, CMTL presenta beneficios negativos (P/E no significativo) y un ROE del -9.10%. La capitalización bursátil es de $45M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $411.0M | $550.4M | $570.6M | $671.8M | $616.7M | $581.7M | $486.2M | $550.0M | $540.4M | $499.5M |
| Coste de Ventas | $239.8M | $332.2M | $346.6M | $424.4M | $389.9M | $367.7M | $306.4M | $365.5M | $383.2M | $371.7M |
| Beneficio Bruto | $171.2M | $218.2M | $223.9M | $247.4M | $226.8M | $214.0M | $179.8M | $184.5M | $157.2M | $127.9M |
| I+D | $42.2M | $54.3M | $53.9M | $56.4M | $52.2M | $49.1M | $52.5M | $48.6M | $24.1M | $17.4M |
| Generales y Administrativos | $94.9M | $116.1M | $113.9M | $128.6M | $117.1M | $111.8M | $114.9M | $120.0M | $110.7M | $143.5M |
| Gastos Operativos | $150.5M | $193.2M | $188.9M | $203.4M | $211.7M | $282.3M | $213.6M | $199.1M | $237.1M | $267.0M |
| Beneficio Operativo | $20.8M | $25.1M | $35.1M | $41.4M | $15.2M | -$68.3M | -$33.8M | -$14.7M | -$79.9M | -$139.1M |
| EBITDA | $22.8M | $62.2M | $69.8M | $68.4M | $47.5M | -$37.8M | -$334000 | $18.7M | -$44.1M | -$76.1M |
| Gastos por Intereses | $7.8M | $11.6M | $10.4M | $9.3M | $6.1M | $6.8M | $5.0M | $16.2M | $22.8M | $45.8M |
| Beneficio Antes de Impuestos | -$8.2M | $25.5M | $24.6M | $28.9M | $9.3M | -$75.0M | -$37.1M | -$30.8M | -$100.3M | -$155.4M |
| Impuestos | -$454000 | $9.7M | -$5.1M | $3.9M | $2.3M | -$1.5M | -$4.0M | -$3.9M | -$295000 | -$80000 |
| Beneficio Neto | -$7.7M | $15.8M | $29.8M | $25.0M | $7.0M | -$73.5M | -$33.1M | -$26.9M | -$100.0M | -$155.3M |
| BPA | $-0.46 | $0.68 | $1.25 | $1.04 | $0.28 | $-2.86 | $-1.25 | $-0.96 | $-4.70 | $-6.95 |
| BPA Diluido | $-0.46 | $0.67 | $1.24 | $1.03 | $0.28 | $-2.86 | $-1.25 | $-0.96 | $-4.70 | $-6.95 |
| Acciones en Circulación (Diluidas) | $17.0M | $23.5M | $24.0M | $24.3M | $24.9M | $25.7M | $26.5M | $28.0M | $28.8M | $29.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $130.4M | $111.0M | $106.8M | $106.0M |
| Beneficio Bruto | $40.7M | $31.7M | $31.2M | $38.8M |
| Beneficio Operativo | $1.9M | -$1.6M | $771000 | -$310000 |
| EBITDA | $29.3M | $4.2M | $5.6M | $7.4M |
| Beneficio Neto | $7.9M | -$15.9M | -$13.6M | -$3.5M |
| BPA | $-0.39 | $-0.67 | $-0.68 | $-0.47 |
| BPA Diluido | $-0.39 | $-0.67 | $-0.68 | $-0.47 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $66.8M | $41.8M | $43.5M | $45.6M | $47.9M | $30.9M | $21.7M | $19.0M | $32.4M | $40.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $151.0M | $125.0M | $147.4M | $145.0M | $126.8M | $158.1M | $123.7M | $163.2M | $195.6M | $144.8M |
| Inventario | $71.4M | $60.6M | $75.1M | $74.8M | $82.3M | $80.4M | $96.3M | $105.8M | $93.1M | $69.0M |
| Activos Corrientes | $303.6M | $241.0M | $279.8M | $280.3M | $277.1M | $287.5M | $263.3M | $305.5M | $336.6M | $270.2M |
| Inmovilizado Material | $38.7M | $32.8M | $29.0M | $28.0M | $57.1M | $79.8M | $100.1M | $97.4M | $78.9M | $74.2M |
| Fondo de Comercio | $287.6M | $290.6M | $290.6M | $310.5M | $330.5M | $347.7M | $347.7M | $347.7M | $284.2M | $204.6M |
| Activos Intangibles | $284.7M | $261.9M | $240.8M | $261.9M | $258.0M | $268.7M | $247.3M | $225.9M | $194.8M | $173.1M |
| Activos Totales | $921.2M | $832.1M | $845.2M | $887.7M | $929.6M | $993.1M | $974.3M | $996.2M | $912.4M | $740.8M |
| Cuentas por Pagar | $33.5M | $29.4M | $43.9M | $24.3M | $23.4M | $36.2M | $44.6M | $64.2M | $42.5M | $26.0M |
| Deuda a Corto | $11.1M | $15.5M | $17.2M | 0 | 0 | 0 | 0 | $4.4M | $4.0M | $4.0M |
| Pasivos Corrientes | $184.1M | $144.2M | $165.3M | $145.3M | $159.7M | $203.6M | $193.5M | $212.0M | $183.5M | $158.2M |
| Deuda a Largo | $240.0M | $176.2M | $148.1M | $165.0M | $149.5M | $201.0M | $130.0M | $160.0M | $170.5M | $210.0M |
| Pasivos Totales | $450.8M | $351.9M | $339.5M | $352.6M | $380.3M | $492.4M | $402.5M | $445.7M | $426.1M | $446.9M |
| Reservas | $383.6M | $385.1M | $405.2M | $420.3M | $417.3M | $333.0M | $278.7M | $238.9M | $103.6M | -$6.9M |
| Patrimonio Neto | $470.4M | $480.1M | $505.7M | $535.1M | $549.3M | $500.7M | $571.8M | $550.5M | $486.3M | $294.0M |
| Deuda Total | $258.6M | $195.8M | $167.9M | $165.8M | $181.9M | $249.4M | $183.1M | $214.8M | $212.7M | $250.7M |
| Deuda Neta | $191.8M | $154.0M | $124.4M | $120.2M | $134.0M | $218.5M | $161.5M | $195.9M | $180.2M | $210.7M |
| Capital Circulante | $119.5M | $96.8M | $114.5M | $135.0M | $117.4M | $83.9M | $69.9M | $93.5M | $153.0M | $111.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $40.0M | $43.6M | $32.8M | $28.5M |
| Activos Totales | $740.8M | $734.1M | $703.8M | $693.5M |
| Pasivos Totales | $446.9M | $455.1M | $438.2M | $430.2M |
| Patrimonio Neto | $294.0M | $279.0M | $265.6M | $263.3M |
| Deuda Total | $250.7M | $258.3M | $252.6M | $251.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.7M | $15.8M | $29.8M | $25.0M | $7.0M | -$73.5M | -$33.1M | -$26.9M | -$100.0M | -$155.3M |
| Amortizaciones | $23.2M | $37.2M | $34.7M | $30.2M | $32.2M | $30.4M | $31.7M | $33.3M | $33.3M | $33.5M |
| Compensación en Acciones | $4.1M | $8.5M | $8.6M | $11.4M | $9.3M | $10.0M | $15.2M | $13.9M | $6.1M | $3.1M |
| Cambio en Capital Circulante | -$5.5M | $2.9M | -$24.8M | -$17.7M | $5.2M | -$2.7M | -$7.1M | -$22.5M | -$60.5M | $8.7M |
| Flujo de Caja Operativo | $15.0M | $66.7M | $50.3M | $68.0M | $52.8M | -$40.6M | $2.0M | -$4.4M | -$54.5M | -$8.3M |
| Inversiones (CapEx) | -$5.7M | -$8.2M | -$8.6M | -$8.8M | -$7.2M | -$16.0M | -$19.6M | -$18.3M | -$13.1M | -$8.6M |
| Adquisiciones | -$280.5M | 0 | 0 | -$35.9M | -$13.0M | $554000 | 0 | 0 | $33.2M | 0 |
| Recompra de Acciones | 0 | -$694.0M | -$855.0M | -$935.0M | 0 | -$2.8M | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$19.4M | -$18.9M | -$9.5M | -$9.8M | -$10.0M | -$10.3M | -$11.0M | -$8.7M | -$268000 | -$158000 |
| Flujo de Caja Libre | $9.3M | $58.5M | $41.7M | $59.2M | $45.5M | -$56.7M | -$17.6M | -$22.7M | -$67.6M | -$16.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $11.4M | $8.1M | $4.9M | $6.1M |
| Inversiones (CapEx) | -$2.0M | -$3.3M | -$4.4M | -$5.4M |
| Flujo de Caja Libre | $9.4M | $4.8M | $442000 | $673000 |
| Dividendos Pagados | -$1000 | -$24000 | -$4000 | -$4000 |
| Compensación en Acciones | $600000 | $1.1M | $412000 | $1.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +33.9% | +3.7% | +17.7% | -8.2% | -5.7% | -16.4% | +13.1% | -1.7% | -7.6% |
| Crecimiento Beneficio Neto (anual) | | +304.5% | +88.1% | -15.9% | -72.0% | -1146.7% | +55.0% | +18.6% | -271.7% | -55.3% |
| Crecimiento BPA (anual) | | +247.8% | +83.8% | -16.8% | -73.1% | -1121.4% | +56.3% | +23.2% | -389.6% | -47.9% |
| Cambio en Acciones (anual) | | +38.4% | +2.3% | +1.1% | +2.5% | +3.2% | +3.2% | +5.6% | +2.8% | +2.1% |
| Crecimiento FCF (anual) | | +528.9% | -28.7% | +42.1% | -23.1% | -224.5% | +68.9% | -29.1% | -197.1% | +75.1% |
| Margen Bruto | 41.7% | 39.6% | 39.2% | 36.8% | 36.8% | 36.8% | 37.0% | 33.5% | 29.1% | 25.6% |
| Margen Operativo | 5.1% | 4.6% | 6.1% | 6.2% | 2.5% | -11.7% | -6.9% | -2.7% | -14.8% | -27.8% |
| Margen EBITDA | 5.5% | 11.3% | 12.2% | 10.2% | 7.7% | -6.5% | -0.1% | 3.4% | -8.2% | -15.2% |
| Margen Neto | -1.9% | 2.9% | 5.2% | 3.7% | 1.1% | -12.6% | -6.8% | -4.9% | -18.5% | -31.1% |
| Margen FCF | 2.3% | 10.6% | 7.3% | 8.8% | 7.4% | -9.7% | -3.6% | -4.1% | -12.5% | -3.4% |
| Tasa Impositiva Efectiva | 5.5% | 37.9% | -20.9% | 13.4% | 24.6% | 2.0% | 10.9% | 12.8% | 0.3% | 0.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.55 | $2.49 | $1.73 | $2.44 | $1.83 | $-2.21 | $-0.66 | $-0.81 | $-2.35 | $-0.57 |
| Dividendo por Acción | $1.14 | $0.80 | $0.40 | $0.40 | $0.40 | $0.40 | $0.42 | $0.31 | $0.01 | $0.01 |
| Acciones en Circulación (Básicas) | $16.8M | $23.4M | $23.8M | $24.1M | $24.8M | $25.7M | $26.5M | $28.0M | $28.8M | $29.4M |
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 | -9.10% |
| Rentabilidad sobre capital invertido | 0.14% |
| Rentabilidad sobre activos | -3.61% |
| Margen bruto | 31.36% |
| Margen operativo | 0.17% |
| Margen neto | -5.52% |
Salud financiera
| Deuda / Patrimonio | 0.96 |
| Ratio corriente | 1.61 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -29.20 | 26.47 | 26.88 | 28.62 | 58.64 | -8.73 | -9.13 | -10.58 | -0.69 | -0.31 |
| P/VC | 0.48 | 0.88 | 1.58 | 1.34 | 0.74 | 1.28 | 0.53 | 0.52 | 0.19 | 0.22 |
| P/V | 0.55 | 0.77 | 1.40 | 1.07 | 0.66 | 1.10 | 0.62 | 0.52 | 0.17 | 0.13 |
| Margen Bruto | 41.7% | 39.6% | 39.2% | 36.8% | 36.8% | 36.8% | 37.0% | 33.5% | 29.1% | 25.6% |
| Margen Operativo | 5.1% | 4.6% | 6.1% | 6.2% | 2.5% | -11.7% | -6.9% | -2.7% | -14.8% | -27.8% |
| Margen Neto | -1.9% | 2.9% | 5.2% | 3.7% | 1.1% | -12.6% | -6.8% | -4.9% | -18.5% | -31.1% |