Estados financieros detallados de 51Talk Online Education Group (COE): 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
51Talk Online Education Group registró ingresos de $95.9M en el último ejercicio fiscal, con un CAGR de 5 años del -21.1%.
Márgenes de los últimos 12 meses: margen bruto 73.4%, margen operativo -12.4%, margen neto -15.3%. El flujo de caja libre creció a un CAGR del -38.2% en 5 años.
Al precio actual de $10.21, COE presenta beneficios negativos (P/E no significativo) y un ROE del 61.87%. La capitalización bursátil es de $60M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $60.2M | $129.9M | $166.5M | $211.3M | $314.4M | $788000 | $15.0M | $27.1M | $50.7M | $95.9M |
| Coste de Ventas | $21.2M | $48.1M | $59.7M | $62.9M | $88.8M | $130000 | $3.2M | $6.3M | $11.2M | $25.0M |
| Beneficio Bruto | $39.0M | $81.8M | $106.8M | $148.4M | $225.6M | $658000 | $11.9M | $20.8M | $39.5M | $70.8M |
| I+D | $22.0M | $34.2M | $26.9M | $22.5M | $24.9M | $135000 | $2.9M | $3.1M | $3.6M | $5.5M |
| Generales y Administrativos | $90.8M | $135.0M | $138.7M | $141.3M | $191.3M | $5.1M | $21.3M | $31.4M | $44.0M | $79.8M |
| Gastos Operativos | $112.8M | $169.2M | $165.6M | $163.8M | $209.6M | $5.2M | $24.2M | $34.5M | $47.6M | $85.3M |
| Beneficio Operativo | -$73.8M | -$87.4M | -$58.8M | -$15.4M | $16.0M | -$4.6M | -$12.4M | -$13.7M | -$8.0M | -$14.5M |
| EBITDA | -$70.7M | -$81.9M | -$53.8M | -$9.0M | $21.9M | -$4.0M | -$12.7M | -$14.8M | -$6.9M | -$15.2M |
| Gastos por Intereses | 0 | 0 | $1.4M | $1.4M | $10102 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$73.9M | -$88.3M | -$60.0M | -$14.2M | $21.9M | -$4.1M | -$12.8M | -$14.9M | -$7.0M | -$15.7M |
| Impuestos | $232725 | $665064 | $564035 | $724331 | -$627707 | $100000 | $60000 | $118000 | $276000 | $1.2M |
| Beneficio Neto | -$74.1M | -$89.0M | -$60.6M | -$14.9M | $21.2M | $18.7M | -$42.6M | -$15.0M | -$7.2M | -$16.8M |
| BPA | $0.00 | $0.00 | $0.00 | $0.00 | $253.20 | $180.60 | $-468.00 | $-144.00 | $-72.00 | $-171.00 |
| BPA Diluido | $0.00 | $0.00 | $0.00 | $0.00 | $237.00 | $175.20 | $-468.00 | $-144.00 | $-72.00 | $-171.00 |
| Acciones en Circulación (Diluidas) | 0 | $83780 | $84595 | $85656 | $94861 | $94427 | $93233 | $94741 | $96422 | $98611 |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $26.3M | $30.8M | $31.3M | $32.4M |
| Beneficio Bruto | $19.3M | $22.3M | $23.0M | $24.0M |
| Beneficio Operativo | -$4.2M | -$5.2M | -$1.4M | -$2.1M |
| EBITDA | -$4.5M | -$5.4M | -$1.4M | -$2.1M |
| Beneficio Neto | -$4.8M | -$6.5M | -$2.3M | -$3.1M |
| BPA | $-48.00 | $-65.40 | $-23.40 | $-30.60 |
| BPA Diluido | $-48.00 | $-65.40 | $-23.40 | $-30.60 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $39.6M | $49.0M | $60.1M | $49.0M | $50.0M | $24.6M | $18.2M | $21.3M | $27.8M | $38.9M |
| Inversiones a Corto | $53.6M | $46.5M | $43.5M | $85.3M | $151.1M | $6.5M | $4.9M | $2.1M | $1.4M | $93000 |
| Cuentas por Cobrar | $1.4M | $318287 | $467364 | $347301 | $1.6M | $226000 | 0 | $530000 | $706000 | $11.5M |
| Inventario | 0 | 0 | 0 | $44020 | $296174 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $102.7M | $108.5M | $138.8M | $170.1M | $247.6M | $151.2M | $26.6M | $29.8M | $40.1M | $60.4M |
| Inmovilizado Material | $6.0M | $7.5M | $5.1M | $11.0M | $18.2M | $1.7M | $794000 | $861000 | $3.3M | $5.2M |
| Fondo de Comercio | $608168 | $646837 | $613897 | $603561 | $646380 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $666637 | $1.5M | $1.7M | $1.4M | $3.1M | $116000 | $104000 | $92000 | $80000 | $68000 |
| Activos Totales | $111.7M | $120.0M | $146.9M | $200.4M | $338.2M | $187.1M | $27.6M | $31.2M | $43.9M | $66.1M |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | $2.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $120.8M | $218.2M | $274.1M | $345.7M | $462.0M | $297.0M | $20.5M | $39.1M | $56.9M | $95.4M |
| Deuda a Largo | 0 | 0 | $10.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $126.0M | $222.4M | $286.8M | $349.9M | $470.9M | $300.5M | $21.1M | $39.3M | $58.7M | $97.3M |
| Reservas | -$168.9M | -$268.6M | -$304.5M | -$314.3M | -$314.1M | -$288.6M | -$331.2M | -$346.4M | -$353.6M | -$370.4M |
| Patrimonio Neto | -$14.3M | -$102.4M | -$139.9M | -$149.6M | -$132.7M | -$113.4M | $6.6M | -$8.3M | -$15.0M | -$31.4M |
| Deuda Total | 0 | 0 | $10.0M | $10.2M | $14.8M | $1.6M | $734000 | $631000 | $2.7M | $2.9M |
| Deuda Neta | -$93.2M | -$95.5M | -$93.5M | -$124.1M | -$186.3M | -$29.5M | -$22.3M | -$22.8M | -$26.5M | -$36.0M |
| Capital Circulante | -$18.2M | -$109.7M | -$135.3M | -$175.5M | -$214.4M | -$145.8M | $6.1M | -$9.3M | -$16.8M | -$35.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $33.5M | $38.9M | $35.4M | $40.0M |
| Activos Totales | $64.9M | $66.1M | $65.3M | $69.6M |
| Pasivos Totales | $88.7M | $97.3M | $98.8M | $106.4M |
| Patrimonio Neto | -$23.9M | -$31.4M | -$33.6M | -$36.9M |
| Deuda Total | $3.3M | $2.9M | $2.9M | $2.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$74.1M | -$89.0M | -$60.6M | -$14.9M | $22.5M | -$4.2M | -$12.8M | -$15.0M | -$7.3M | -$16.9M |
| Amortizaciones | $2.4M | $4.4M | $4.8M | $3.8M | $2.9M | $97000 | $103000 | $99000 | $137000 | $434000 |
| Compensación en Acciones | $6.9M | $5.4M | $4.1M | $2.4M | $4.1M | $219000 | $712000 | $910000 | $934000 | $1.3M |
| Cambio en Capital Circulante | $68.7M | $87.6M | $54.7M | $65.9M | $81.8M | -$1.1M | $13.8M | $14.6M | $12.1M | $25.8M |
| Flujo de Caja Operativo | $4.1M | $8.4M | $4.3M | $56.9M | $110.1M | -$105.0M | -$45.7M | $559000 | $5.8M | $11.8M |
| Inversiones (CapEx) | -$5.8M | -$6.8M | -$3.1M | -$1.6M | -$4.5M | -$118000 | -$5000 | -$287000 | -$308000 | -$2.3M |
| Adquisiciones | 0 | 0 | 0 | 0 | $1.1M | 0 | -$20.5M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$859107 | -$3.5M | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.6M | $1.6M | $1.2M | $55.3M | $105.6M | -$105.1M | -$45.7M | $272000 | $5.5M | $9.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | 0 | 0 | $11.8M | 0 |
| Inversiones (CapEx) | 0 | 0 | -$2.3M | 0 |
| Flujo de Caja Libre | 0 | 0 | $9.5M | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.5M | $2.6M | -$5.8M | $529000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +115.6% | +28.2% | +26.9% | +48.8% | -99.7% | +1809.6% | +80.2% | +87.0% | +89.1% |
| Crecimiento Beneficio Neto (anual) | | -20.0% | +31.9% | +75.4% | +242.3% | -11.8% | -327.1% | +64.7% | +51.9% | -132.9% |
| Crecimiento BPA (anual) | | | | | | -28.7% | -359.1% | +69.2% | +50.0% | -137.5% |
| Cambio en Acciones (anual) | | | +1.0% | +1.3% | +10.7% | -0.5% | -1.3% | +1.6% | +1.8% | +2.3% |
| Crecimiento FCF (anual) | | +200.0% | -27.5% | +4529.7% | +91.1% | -199.5% | +56.5% | +100.6% | +1930.9% | +72.3% |
| Margen Bruto | 64.8% | 63.0% | 64.1% | 70.2% | 71.7% | 83.5% | 78.8% | 76.7% | 78.0% | 73.9% |
| Margen Operativo | -122.4% | -67.3% | -35.3% | -7.3% | 5.1% | -582.7% | -82.1% | -50.4% | -15.9% | -15.1% |
| Margen EBITDA | -117.4% | -63.1% | -32.3% | -4.3% | 7.0% | -506.9% | -84.3% | -54.6% | -13.6% | -15.9% |
| Margen Neto | -123.1% | -68.5% | -36.4% | -7.1% | 6.8% | 2377.9% | -282.8% | -55.4% | -14.3% | -17.6% |
| Margen FCF | -2.7% | 1.3% | 0.7% | 26.2% | 33.6% | -13343.5% | -303.7% | 1.0% | 10.9% | 9.9% |
| Tasa Impositiva Efectiva | -0.3% | -0.8% | -0.9% | -5.1% | -2.9% | -2.4% | -0.5% | -0.8% | -3.9% | -8.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | | $19.65 | $14.12 | $645.40 | $1113.53 | $-1113.53 | $-490.23 | $2.87 | $57.29 | $96.54 |
| Dividendo por Acción | | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | 0 | $83780 | $84595 | $85656 | $88764 | $91245 | $93233 | $94741 | $96422 | $98611 |
Qué mirar en empresas de Consumer Defensive
- Margen bruto (estable 5a) (Estable ≥35%) — Pricing power de marca — Coca-Cola no pierde margen ni en crisis.
- ROE / ROIC estables (ROE ≥15% estable) — Defensivas tienen ROE alto consistente — los 'stalwarts' de Lynch.
- FCF / Beneficio Neto (≥90%) — Conversión de beneficios a caja — los mejores superan 95%.
- Crecimiento del dividendo 10a (≥6%/año) — Los Dividend Aristocrats suben 25+ años — señal de moat.
- Payout Ratio (<75%) — >80% = dividendo en riesgo. <60% cómodo.
- Deuda Neta / EBITDA (<2,5x) — Una defensiva con mucha deuda pierde su esencia.
Rentabilidad
| Rentabilidad sobre capital | 61.87% |
| Rentabilidad sobre capital invertido | 45.38% |
| Rentabilidad sobre activos | -25.43% |
| Margen bruto | 73.39% |
| Margen operativo | -12.42% |
| Margen neto | -15.28% |
Salud financiera
| Deuda / Patrimonio | -0.09 |
| Ratio corriente | 0.62 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -0.05 | -0.04 | -0.23 | 0.43 | 0.03 | -0.01 | -0.06 | -0.28 | -0.19 |
| P/VC | 0.00 | -0.04 | -0.02 | -0.02 | -0.07 | -0.00 | 0.09 | -0.09 | -0.13 | -0.10 |
| P/V | 0.00 | 0.03 | 0.01 | 0.02 | 0.03 | 0.56 | 0.04 | 0.03 | 0.04 | 0.03 |
| Margen Bruto | 64.8% | 63.0% | 64.1% | 70.2% | 71.7% | 83.5% | 78.8% | 76.7% | 78.0% | 73.9% |
| Margen Operativo | -122.4% | -67.3% | -35.3% | -7.3% | 5.1% | -582.7% | -82.1% | -50.4% | -15.9% | -15.1% |
| Margen Neto | -123.1% | -68.5% | -36.4% | -7.1% | 6.8% | 2377.9% | -282.8% | -55.4% | -14.3% | -17.6% |