Estados financieros detallados de Civeo Corporation (CVEO): 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
Civeo Corporation registró ingresos de $638.8M en el último ejercicio fiscal, con un CAGR de 5 años del 3.8%.
Márgenes de los últimos 12 meses: margen bruto 18.4%, margen operativo 2.0%, margen neto -1.9%. El flujo de caja libre creció a un CAGR del -54.3% en 5 años.
Al precio actual de $33.62, CVEO presenta beneficios negativos (P/E no significativo) y un ROE del -7.82%. La capitalización bursátil es de $368M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $397.2M | $382.3M | $466.7M | $527.6M | $529.7M | $594.5M | $697.1M | $700.8M | $682.1M | $638.8M |
| Coste de Ventas | $259.6M | $257.3M | $330.4M | $366.8M | $382.1M | $436.5M | $517.1M | $530.3M | $532.7M | $487.8M |
| Beneficio Bruto | $137.6M | $125.0M | $136.3M | $160.7M | $147.6M | $158.0M | $180.0M | $170.5M | $149.5M | $151.1M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $55.3M | $63.4M | $69.1M | $59.6M | $53.7M | $60.6M | $70.0M | $72.6M | $73.3M | $75.3M |
| Gastos Operativos | $187.2M | $191.4M | $195.7M | $183.6M | $294.8M | $151.9M | $163.0M | $131.0M | $148.1M | $147.0M |
| Beneficio Operativo | -$95.8M | -$98.0M | -$88.1M | -$49.1M | -$147.2M | $6.1M | $17.0M | $39.5M | $1.3M | $4.1M |
| EBITDA | $38.0M | $29.1M | $38.9M | $82.1M | -$30.2M | $101.9M | $110.0M | $128.7M | $70.1M | $77.6M |
| Gastos por Intereses | $22.7M | $21.4M | $26.3M | $27.4M | $16.7M | $13.0M | $11.5M | $13.2M | $8.0M | $11.4M |
| Beneficio Antes de Impuestos | -$115.9M | -$118.7M | -$113.2M | -$69.1M | -$143.4M | $5.9M | $10.7M | $40.4M | -$5.9M | -$6.5M |
| Impuestos | -$20.1M | -$13.5M | -$31.4M | -$10.7M | -$10.6M | $3.4M | $4.4M | $10.6M | $12.5M | $13.6M |
| Beneficio Neto | -$96.4M | -$105.7M | -$82.2M | -$58.3M | -$134.2M | $1.4M | $4.0M | $30.2M | -$17.1M | -$20.1M |
| BPA | $-10.81 | $-9.88 | $-6.28 | $-4.19 | $-9.64 | $-0.04 | $-0.21 | $2.02 | $-1.19 | $-1.59 |
| BPA Diluido | $-10.81 | $-9.88 | $-6.28 | $-4.19 | $-9.64 | $-0.04 | $-0.21 | $2.01 | $-1.19 | $-1.59 |
| Acciones en Circulación (Diluidas) | $8.9M | $10.7M | $13.1M | $13.9M | $14.1M | $14.2M | $14.0M | $15.0M | $14.3M | $12.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $170.5M | $161.6M | $172.7M | $180.0M |
| Beneficio Bruto | $23.8M | $36.7M | $40.2M | $25.5M |
| Beneficio Operativo | $5.7M | -$135000 | $2.8M | $5.1M |
| EBITDA | $27.0M | $18.6M | $20.4M | $21.1M |
| Beneficio Neto | -$455000 | -$6.5M | -$3.8M | -$2.5M |
| BPA | $-0.04 | $-0.56 | $-0.34 | $-0.23 |
| BPA Diluido | $-0.04 | $-0.56 | $-0.34 | $-0.23 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.8M | $32.6M | $12.4M | $3.3M | $6.2M | $6.3M | $8.0M | $3.3M | $5.2M | $14.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $56.3M | $66.8M | $70.2M | $99.5M | $89.8M | $114.9M | $119.8M | $143.2M | $89.0M | $90.5M |
| Inventario | $3.1M | $7.2M | $4.3M | $5.9M | $6.2M | $6.5M | $6.9M | $7.0M | $7.5M | $6.2M |
| Activos Corrientes | $82.6M | $132.2M | $107.8M | $131.4M | $119.2M | $157.2M | $153.5M | $175.2M | $110.5M | $131.2M |
| Inmovilizado Material | $789.7M | $693.8M | $658.9M | $615.2M | $509.5M | $408.3M | $317.6M | $282.8M | $214.3M | $259.0M |
| Fondo de Comercio | 0 | 0 | $114.2M | $110.2M | $8.7M | $8.2M | $7.7M | $7.7M | $7.0M | $7.5M |
| Activos Intangibles | $28.0M | $22.8M | $119.4M | $111.8M | $99.7M | $93.6M | $81.7M | $78.0M | $66.5M | $70.4M |
| Activos Totales | $910.4M | $853.9M | $1.00B | $969.9M | $740.9M | $672.7M | $566.2M | $548.1M | $405.1M | $477.4M |
| Cuentas por Pagar | $21.1M | $27.8M | $28.3M | $37.0M | $42.1M | $49.3M | $51.1M | $58.7M | $40.0M | $44.3M |
| Deuda a Corto | $15.5M | $16.6M | $33.3M | $40.6M | $39.0M | $34.8M | $28.4M | $3.8M | $3.6M | 0 |
| Pasivos Corrientes | $60.4M | $75.6M | $86.7M | $110.0M | $116.8M | $136.9M | $128.3M | $114.2M | $92.6M | $84.9M |
| Deuda a Largo | $337.8M | $278.0M | $342.9M | $321.8M | $214.0M | $142.6M | $102.5M | $65.6M | $43.3M | $182.8M |
| Pasivos Totales | $434.5M | $377.5M | $466.3M | $479.1M | $365.5M | $309.6M | $262.5M | $225.0M | $168.1M | $303.0M |
| Reservas | -$472.8M | -$579.1M | -$710.6M | -$771.6M | -$907.7M | -$913.0M | -$930.1M | -$919.0M | -$980.7M | -$1.06B |
| Patrimonio Neto | $475.5M | $476.2M | $535.4M | $490.1M | $374.7M | $361.5M | $300.1M | $320.2M | $236.4M | $174.4M |
| Deuda Total | $353.3M | $294.6M | $376.2M | $378.1M | $272.9M | $192.9M | $143.7M | $79.2M | $55.8M | $194.0M |
| Deuda Neta | $351.5M | $261.9M | $363.9M | $374.8M | $266.7M | $186.6M | $135.8M | $75.9M | $50.5M | $179.5M |
| Capital Circulante | $22.1M | $56.6M | $21.1M | $21.4M | $2.4M | $20.3M | $25.3M | $61.0M | $17.8M | $46.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $12.0M | $14.4M | $16.5M | $20.6M |
| Activos Totales | $491.1M | $477.4M | $491.6M | $487.9M |
| Pasivos Totales | $308.5M | $303.0M | $330.9M | $328.4M |
| Patrimonio Neto | $182.5M | $174.4M | $160.7M | $159.4M |
| Deuda Total | $198.0M | $194.0M | $226.3M | $221.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$95.8M | -$105.3M | -$81.8M | -$58.3M | -$132.8M | $2.5M | $6.3M | $30.2M | -$18.4M | -$20.1M |
| Amortizaciones | $131.3M | $126.4M | $125.8M | $123.8M | $96.5M | $83.1M | $87.2M | $75.1M | $68.0M | $72.6M |
| Compensación en Acciones | $5.3M | $7.3M | $11.0M | $10.1M | $6.1M | $4.1M | $3.8M | $4.5M | $2.9M | $3.1M |
| Cambio en Capital Circulante | -$13.6M | $1.2M | -$1.6M | -$14.3M | $19.9M | -$8.8M | -$13.9M | -$1.6M | $31.8M | -$28.9M |
| Flujo de Caja Operativo | $62.1M | $56.8M | $54.4M | $74.5M | $117.4M | $88.5M | $91.8M | $96.6M | $83.5M | $22.3M |
| Inversiones (CapEx) | -$19.8M | -$11.2M | -$17.1M | -$29.8M | -$10.1M | -$15.6M | -$25.4M | -$31.6M | -$26.1M | -$20.2M |
| Adquisiciones | 0 | 0 | -$171.3M | -$16.4M | 0 | 0 | 0 | 0 | 0 | -$72.2M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$4.6M | -$44.8M | -$11.6M | -$29.6M | -$53.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$7.4M | -$14.4M | -$3.4M |
| Flujo de Caja Libre | $42.3M | $45.6M | $37.3M | $44.7M | $107.3M | $73.0M | $66.4M | $64.9M | $57.4M | $2.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $13.8M | $19.3M | -$9.7M | $11.6M |
| Inversiones (CapEx) | -$5.6M | -$4.8M | -$4.1M | -$3.7M |
| Flujo de Caja Libre | $8.2M | $14.5M | -$13.9M | $7.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.1M | $800000 | $252000 | $598000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -3.8% | +22.1% | +13.0% | +0.4% | +12.2% | +17.3% | +0.5% | -2.7% | -6.3% |
| Crecimiento Beneficio Neto (anual) | | -9.7% | +22.2% | +29.1% | -130.1% | +101.0% | +196.1% | +654.5% | -156.6% | -17.6% |
| Crecimiento BPA (anual) | | +8.6% | +36.4% | +33.3% | -130.1% | +99.6% | -425.0% | +1061.9% | -158.9% | -33.6% |
| Cambio en Acciones (anual) | | +19.9% | +22.5% | +6.2% | +1.5% | +0.7% | -1.6% | +7.2% | -4.8% | -11.5% |
| Crecimiento FCF (anual) | | +7.8% | -18.3% | +19.8% | +140.2% | -32.0% | -9.1% | -2.1% | -11.6% | -96.3% |
| Margen Bruto | 34.6% | 32.7% | 29.2% | 30.5% | 27.9% | 26.6% | 25.8% | 24.3% | 21.9% | 23.7% |
| Margen Operativo | -24.1% | -25.6% | -18.9% | -9.3% | -27.8% | 1.0% | 2.4% | 5.6% | 0.2% | 0.6% |
| Margen EBITDA | 9.6% | 7.6% | 8.3% | 15.6% | -5.7% | 17.1% | 15.8% | 18.4% | 10.3% | 12.1% |
| Margen Neto | -24.3% | -27.7% | -17.6% | -11.1% | -25.3% | 0.2% | 0.6% | 4.3% | -2.5% | -3.1% |
| Margen FCF | 10.7% | 11.9% | 8.0% | 8.5% | 20.3% | 12.3% | 9.5% | 9.3% | 8.4% | 0.3% |
| Tasa Impositiva Efectiva | 17.3% | 11.4% | 27.7% | 15.5% | 7.4% | 57.5% | 41.0% | 26.3% | -210.4% | -211.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $4.75 | $4.27 | $2.85 | $3.21 | $7.59 | $5.13 | $4.74 | $4.33 | $4.02 | $0.17 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.49 | $1.01 | $0.27 |
| Acciones en Circulación (Básicas) | $8.9M | $10.7M | $13.1M | $13.9M | $14.1M | $14.2M | $14.0M | $14.9M | $14.3M | $12.6M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Rentabilidad
| Rentabilidad sobre capital | -7.82% |
| Rentabilidad sobre capital invertido | -123.65% |
| Rentabilidad sobre activos | -2.71% |
| Margen bruto | 18.42% |
| Margen operativo | 1.96% |
| Margen neto | -1.93% |
Salud financiera
| Deuda / Patrimonio | 1.39 |
| Ratio corriente | 1.89 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -1.05 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.44 | -3.32 | -2.73 | -3.69 | -1.44 | -479.25 | -148.10 | 11.31 | -19.09 | -14.38 |
| P/VC | 0.50 | 0.74 | 0.42 | 0.44 | 0.52 | 0.75 | 1.45 | 1.06 | 1.37 | 1.66 |
| P/V | 0.59 | 0.92 | 0.48 | 0.41 | 0.37 | 0.46 | 0.62 | 0.49 | 0.48 | 0.45 |
| Margen Bruto | 34.6% | 32.7% | 29.2% | 30.5% | 27.9% | 26.6% | 25.8% | 24.3% | 21.9% | 23.7% |
| Margen Operativo | -24.1% | -25.6% | -18.9% | -9.3% | -27.8% | 1.0% | 2.4% | 5.6% | 0.2% | 0.6% |
| Margen Neto | -24.3% | -27.7% | -17.6% | -11.1% | -25.3% | 0.2% | 0.6% | 4.3% | -2.5% | -3.1% |