Estados financieros detallados de Commercial Vehicle Group, Inc. (CVGI): 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
Commercial Vehicle Group, Inc. registró ingresos de $649.0M en el último ejercicio fiscal, con un CAGR de 5 años del -2.0%.
Márgenes de los últimos 12 meses: margen bruto 11.2%, margen operativo -0.1%, margen neto -3.4%. El flujo de caja libre creció a un CAGR del 4.5% en 5 años.
Al precio actual de $3.06, CVGI presenta beneficios negativos (P/E no significativo) y un ROE del -17.17%. La capitalización bursátil es de $104M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $662.1M | $755.2M | $897.7M | $901.2M | $717.7M | $971.6M | $782.6M | $835.5M | $723.4M | $649.0M |
| Coste de Ventas | $574.9M | $662.7M | $768.9M | $796.1M | $643.6M | $852.6M | $697.6M | $713.6M | $641.0M | $580.6M |
| Beneficio Bruto | $87.2M | $92.6M | $128.9M | $105.1M | $74.1M | $119.0M | $85.0M | $121.9M | $82.3M | $68.4M |
| I+D | $7.0M | $7.7M | $9.5M | $9.9M | $6.4M | $9.1M | $7.1M | $6.2M | $8.3M | 0 |
| Generales y Administrativos | $60.5M | $59.8M | $60.7M | 0 | 0 | 0 | $60.6M | $81.2M | 0 | $69.0M |
| Gastos Operativos | $61.8M | $61.1M | $62.0M | $64.5M | $97.2M | $69.4M | $60.2M | $82.0M | $83.1M | $69.0M |
| Beneficio Operativo | $25.4M | $31.4M | $66.9M | $40.6M | -$23.2M | $49.6M | $24.8M | $39.9M | -$758000 | -$656000 |
| EBITDA | $45.9M | $46.5M | $79.1M | $53.7M | $24.6M | $68.5M | $42.6M | $58.3M | $26.4M | $12.0M |
| Gastos por Intereses | $19.3M | $19.1M | $14.7M | $16.9M | $20.6M | $11.2M | $9.8M | $10.7M | $9.2M | $13.0M |
| Beneficio Antes de Impuestos | $6.8M | $13.6M | $53.5M | $21.6M | -$44.5M | $32.1M | $4.3M | $58.8M | -$8.2M | -$15.7M |
| Impuestos | $49000 | $15.3M | $9.0M | $5.8M | -$7.5M | $8.4M | $20.9M | $15.2M | $27.5M | $4.7M |
| Beneficio Neto | $6.8M | -$1.7M | $44.5M | $15.8M | -$37.0M | $23.7M | -$22.0M | $49.4M | -$27.9M | -$22.8M |
| BPA | $0.23 | $-0.06 | $1.47 | $0.52 | $-1.20 | $0.75 | $-0.68 | $1.50 | $-0.83 | $-0.68 |
| BPA Diluido | $0.23 | $-0.06 | $1.46 | $0.51 | $-1.20 | $0.72 | $-0.68 | $1.47 | $-0.83 | $-0.68 |
| Acciones en Circulación (Diluidas) | $29.9M | $29.9M | $30.6M | $30.8M | $30.9M | $32.8M | $32.3M | $33.6M | $33.4M | $33.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $152.5M | $154.8M | $171.5M | $195.2M |
| Beneficio Bruto | $16.0M | $15.0M | $19.8M | $24.7M |
| Beneficio Operativo | -$1.1M | -$1.8M | $756000 | $1.6M |
| EBITDA | $1.6M | $1.7M | $10.6M | -$3.8M |
| Beneficio Neto | -$7.1M | -$6.6M | $902000 | -$10.2M |
| BPA | $-0.21 | $-0.20 | $0.03 | $-0.25 |
| BPA Diluido | $-0.21 | $-0.20 | $0.03 | $-0.25 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $130.2M | $52.2M | $70.9M | $39.5M | $50.5M | $35.0M | $31.8M | $37.8M | $26.6M | $33.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $97.8M | $108.6M | $134.6M | $115.1M | $151.1M | $174.5M | $152.6M | $129.3M | $118.7M | $86.3M |
| Inventario | $71.1M | $99.0M | $92.4M | $82.9M | $91.2M | $141.0M | $142.5M | $117.3M | $128.2M | $118.6M |
| Activos Corrientes | $308.9M | $274.6M | $314.7M | $256.0M | $310.5M | $370.7M | $339.6M | $327.7M | $303.3M | $263.3M |
| Inmovilizado Material | $66.0M | $64.6M | $65.1M | $108.6M | $92.8M | $89.2M | $94.2M | $100.1M | $98.8M | $103.4M |
| Fondo de Comercio | $7.7M | $8.0M | $7.6M | $27.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $15.5M | $14.5M | $12.8M | $25.3M | $21.8M | $18.3M | $14.6M | $6.6M | $3.9M | $3.4M |
| Activos Totales | $428.8M | $384.4M | $418.1M | $435.8M | $454.4M | $507.7M | $470.3M | $483.2M | $424.6M | $391.7M |
| Cuentas por Pagar | $60.6M | $86.6M | $86.6M | $63.1M | $112.4M | $101.9M | $122.1M | $75.2M | $77.0M | $74.2M |
| Deuda a Corto | 0 | $3.2M | $9.1M | $3.3M | $12.0M | $18.6M | $10.9M | $15.3M | $8.4M | $10.4M |
| Pasivos Corrientes | $106.3M | $123.7M | $132.7M | $106.6M | $164.9M | $162.1M | $175.8M | $145.2M | $125.8M | $108.4M |
| Deuda a Largo | $233.2M | $163.8M | $154.7M | $153.1M | $144.1M | $185.6M | $141.5M | $126.2M | $127.1M | $104.0M |
| Pasivos Totales | $361.1M | $309.6M | $303.1M | $307.1M | $359.0M | $381.0M | $350.2M | $310.3M | $289.0M | $258.4M |
| Reservas | -$113.4M | -$115.1M | -$70.6M | -$60.3M | -$97.4M | -$73.6M | -$95.6M | -$46.2M | -$74.1M | -$96.8M |
| Patrimonio Neto | $67.7M | $74.7M | $115.0M | $128.7M | $95.4M | $126.7M | $120.0M | $172.9M | $135.6M | $133.4M |
| Deuda Total | $233.2M | $166.9M | $163.8M | $193.4M | $180.5M | $223.0M | $179.3M | $173.4M | $166.3M | $144.5M |
| Deuda Neta | $103.0M | $114.7M | $92.8M | $153.9M | $130.0M | $188.0M | $147.5M | $135.6M | $139.7M | $111.3M |
| Capital Circulante | $202.7M | $150.9M | $182.0M | $149.4M | $145.7M | $208.5M | $163.7M | $182.6M | $177.5M | $155.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $31.3M | $33.3M | $28.7M | $36.0M |
| Activos Totales | $400.3M | $391.7M | $412.5M | $454.5M |
| Pasivos Totales | $263.7M | $258.4M | $281.6M | $318.4M |
| Patrimonio Neto | $136.5M | $133.4M | $131.0M | $136.1M |
| Deuda Total | $147.7M | $144.5M | $102.1M | $146.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $6.8M | -$1.7M | $44.5M | $15.8M | -$37.0M | $23.7M | -$22.0M | $49.4M | -$27.9M | -$22.8M |
| Amortizaciones | $16.5M | $15.3M | $15.4M | $15.5M | $18.5M | $18.5M | $18.2M | $17.6M | $17.4M | $14.7M |
| Compensación en Acciones | $2.6M | $2.5M | $3.1M | $2.8M | $3.5M | $6.3M | $5.8M | $3.8M | $3.9M | $3.8M |
| Cambio en Capital Circulante | $22.0M | -$27.4M | -$35.6M | -$2.3M | $24.9M | -$90.0M | $40.1M | -$14.6M | -$26.3M | $48.5M |
| Flujo de Caja Operativo | $49.4M | $2.3M | $41.0M | $36.7M | $34.4M | -$29.8M | $68.9M | $38.3M | -$33.5M | $44.6M |
| Inversiones (CapEx) | -$11.4M | -$13.5M | -$14.2M | -$24.0M | -$7.1M | -$17.7M | -$19.7M | -$19.7M | -$18.5M | -$10.7M |
| Adquisiciones | $37000 | $2.7M | $49000 | -$34.0M | 0 | 0 | 0 | 0 | $45.0M | 0 |
| Recompra de Acciones | -$714000 | -$1.4M | -$1.1M | 0 | 0 | -$1.3M | -$1.3M | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $37.9M | -$11.2M | $26.8M | $12.7M | $27.2M | -$47.5M | $49.2M | $18.6M | -$52.0M | $34.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.7M | $12.3M | -$1.6M | $1.7M |
| Inversiones (CapEx) | -$1.8M | -$3.6M | -$2.7M | -$3.1M |
| Flujo de Caja Libre | -$3.5M | $8.7M | -$4.2M | -$1.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.0M | $998000 | $927000 | $1.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +14.1% | +18.9% | +0.4% | -20.4% | +35.4% | -19.5% | +6.8% | -13.4% | -10.3% |
| Crecimiento Beneficio Neto (anual) | | -125.1% | +2710.7% | -64.6% | -334.8% | +164.1% | -192.6% | +324.9% | -156.4% | +18.3% |
| Crecimiento BPA (anual) | | -124.7% | +2683.5% | -64.6% | -330.8% | +162.5% | -190.7% | +320.6% | -155.3% | +18.1% |
| Cambio en Acciones (anual) | | +0.2% | +2.2% | +0.8% | +0.4% | +6.0% | -1.4% | +3.9% | -0.5% | +1.3% |
| Crecimiento FCF (anual) | | -129.5% | +339.6% | -52.5% | +113.7% | -274.4% | +203.7% | -62.3% | -379.7% | +165.4% |
| Margen Bruto | 13.2% | 12.3% | 14.4% | 11.7% | 10.3% | 12.2% | 10.9% | 14.6% | 11.4% | 10.5% |
| Margen Operativo | 3.8% | 4.2% | 7.4% | 4.5% | -3.2% | 5.1% | 3.2% | 4.8% | -0.1% | -0.1% |
| Margen EBITDA | 6.9% | 6.2% | 8.8% | 6.0% | 3.4% | 7.1% | 5.4% | 7.0% | 3.6% | 1.9% |
| Margen Neto | 1.0% | -0.2% | 5.0% | 1.8% | -5.2% | 2.4% | -2.8% | 5.9% | -3.9% | -3.5% |
| Margen FCF | 5.7% | -1.5% | 3.0% | 1.4% | 3.8% | -4.9% | 6.3% | 2.2% | -7.2% | 5.2% |
| Tasa Impositiva Efectiva | 0.7% | 112.5% | 16.8% | 26.8% | 16.7% | 26.1% | 488.6% | 25.8% | -333.6% | -30.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.27 | $-0.37 | $0.88 | $0.41 | $0.88 | $-1.45 | $1.52 | $0.55 | $-1.56 | $1.00 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $29.5M | $29.9M | $30.3M | $30.6M | $30.9M | $31.5M | $32.3M | $33.0M | $33.4M | $33.8M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -17.17% |
| Rentabilidad sobre capital invertido | -0.18% |
| Rentabilidad sobre activos | -5.07% |
| Margen bruto | 11.22% |
| Margen operativo | -0.08% |
| Margen neto | -3.42% |
Salud financiera
| Deuda / Patrimonio | 1.08 |
| Ratio corriente | 1.98 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.89 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 24.04 | -187.87 | 3.88 | 12.21 | -7.21 | 10.75 | -10.01 | 4.67 | -2.99 | -2.12 |
| P/VC | 2.41 | 4.28 | 1.50 | 1.51 | 2.81 | 2.00 | 1.83 | 1.34 | 0.61 | 0.37 |
| P/V | 0.25 | 0.42 | 0.19 | 0.22 | 0.37 | 0.26 | 0.28 | 0.28 | 0.11 | 0.08 |
| Margen Bruto | 13.2% | 12.3% | 14.4% | 11.7% | 10.3% | 12.2% | 10.9% | 14.6% | 11.4% | 10.5% |
| Margen Operativo | 3.8% | 4.2% | 7.4% | 4.5% | -3.2% | 5.1% | 3.2% | 4.8% | -0.1% | -0.1% |
| Margen Neto | 1.0% | -0.2% | 5.0% | 1.8% | -5.2% | 2.4% | -2.8% | 5.9% | -3.9% | -3.5% |