Estados financieros detallados de Dave Inc. (DAVE): 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
Dave Inc. registró ingresos de $554.2M en el último ejercicio fiscal, con un CAGR de 5 años del 35.4%.
Márgenes de los últimos 12 meses: margen bruto 83.3%, margen operativo 34.5%, margen neto 34.6%.
Al precio actual de $365.83, DAVE cotiza a un P/E de 21.90 y un ROE del 84.35%. La capitalización bursátil es de $4.9B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $76.2M | $121.8M | $153.0M | $204.8M | $259.1M | $347.1M | $554.2M |
| Coste de Ventas | $15.2M | $21.6M | $23.5M | $31.9M | $61.4M | $65.1M | $73.8M |
| Beneficio Bruto | $61.0M | $100.2M | $129.6M | $172.9M | $197.7M | $282.0M | $480.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $32.2M | $60.2M | $101.0M | $172.5M | $150.0M | $159.2M | $169.3M |
| Gastos Operativos | $59.2M | $100.2M | $135.9M | $307.3M | $239.9M | $247.4M | $293.8M |
| Beneficio Operativo | $1.8M | 0 | -$6.4M | -$134.4M | -$42.2M | $34.6M | $186.6M |
| EBITDA | $3.0M | -$5.1M | -$14.3M | -$112.6M | -$31.1M | $76.0M | $182.2M |
| Gastos por Intereses | $852000 | $17000 | $2.5M | $9.2M | $11.8M | $8.0M | $7.0M |
| Beneficio Antes de Impuestos | $1.3M | -$6.8M | -$19.9M | -$129.0M | -$48.4M | $60.4M | $168.0M |
| Impuestos | $545000 | $145000 | $97000 | -$67000 | $120000 | $2.5M | -$27.8M |
| Beneficio Neto | $787000 | -$7.0M | -$20.0M | -$128.9M | -$48.5M | $57.9M | $195.9M |
| BPA | $0.00 | $-0.60 | $-1.72 | $-10.92 | $-4.07 | $4.62 | $14.65 |
| BPA Diluido | $0.00 | $-0.60 | $-1.72 | $-10.92 | $-4.07 | $4.19 | $13.53 |
| Acciones en Circulación (Diluidas) | $11.6M | $11.6M | $11.6M | $11.8M | $11.9M | $13.8M | $14.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $150.7M | $163.7M | $158.4M | $170.8M |
| Beneficio Bruto | $130.8M | $144.0M | $137.7M | $123.7M |
| Beneficio Operativo | $45.9M | $64.5M | $59.6M | $52.2M |
| EBITDA | $62.1M | $68.0M | $73.5M | $91.2M |
| Beneficio Neto | $92.1M | $65.9M | $57.9M | $6.7M |
| BPA | $6.84 | $4.88 | $4.31 | $0.53 |
| BPA Diluido | $6.34 | $4.57 | $4.02 | $0.49 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $6.4M | $4.8M | $32.0M | $22.9M | $41.8M | $49.7M | $80.5M |
| Inversiones a Corto | $25.3M | $17.7M | $8.2M | $169.1M | $114.2M | $40.6M | $40.8M |
| Cuentas por Cobrar | $29.0M | $38.7M | $49.0M | $104.2M | $112.8M | $175.9M | $297.3M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $62.2M | $69.4M | $100.2M | $308.6M | $276.9M | $282.3M | $436.7M |
| Inmovilizado Material | $2.2M | $1.9M | $3.4M | $1.8M | $1.9M | $1.2M | $669000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $2.1M | $4.5M | $7.8M | $10.2M | $13.2M | $13.6M | $13.7M |
| Activos Totales | $67.1M | $76.4M | $147.2M | $321.5M | $294.0M | $299.3M | $487.4M |
| Cuentas por Pagar | $6.5M | $8.5M | $13.0M | $11.4M | $5.5M | $6.8M | $8.4M |
| Deuda a Corto | 0 | $3.9M | $35.7M | 0 | 0 | 0 | $75.0M |
| Pasivos Corrientes | $9.6M | $24.2M | $68.6M | $36.4M | $25.6M | $35.1M | $114.0M |
| Deuda a Largo | $696000 | $708000 | $35.0M | $177.3M | $180.5M | $75.0M | 0 |
| Pasivos Totales | $11.8M | $26.6M | $108.4M | $214.9M | $207.0M | $116.2M | $134.7M |
| Reservas | -$5.9M | -$12.9M | -$32.9M | -$161.8M | -$210.3M | -$152.4M | $43.4M |
| Patrimonio Neto | $55.3M | $49.8M | $38.7M | $106.6M | $87.1M | $183.1M | $352.7M |
| Deuda Total | $2.6M | $6.1M | $73.6M | $178.1M | $181.3M | $75.6M | $75.2M |
| Deuda Neta | -$29.2M | -$16.3M | $33.4M | -$13.8M | $25.4M | -$14.7M | -$46.1M |
| Capital Circulante | $52.6M | $45.2M | $31.6M | $272.2M | $251.3M | $247.2M | $322.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $49.9M | $80.5M | $133.3M | $209.6M |
| Activos Totales | $433.3M | $487.4M | $530.5M | $570.8M |
| Pasivos Totales | $141.9M | $134.7M | $326.7M | $362.9M |
| Patrimonio Neto | $291.3M | $352.7M | $203.8M | $207.9M |
| Deuda Total | $75.3M | $75.2M | $268.2M | $268.5M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $787000 | -$7.0M | -$20.0M | -$128.9M | -$48.5M | $57.9M | $195.9M |
| Amortizaciones | $805000 | $1.7M | $3.1M | $7.1M | $5.5M | $7.7M | $7.1M |
| Compensación en Acciones | $446000 | $1.5M | $7.4M | $40.6M | $26.7M | $37.3M | $29.9M |
| Cambio en Capital Circulante | -$32.5M | -$30.7M | $8.2M | -$9.1M | -$11.2M | -$1.8M | -$18.7M |
| Flujo de Caja Operativo | -$10.9M | -$9.1M | -$541000 | -$44.9M | $33.8M | $125.1M | $290.0M |
| Inversiones (CapEx) | -$2.6M | -$4.2M | -$6.5M | -$9.3M | -$8.6M | -$262000 | -$317000 |
| Adquisiciones | $1.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$154000 | 0 | 0 | -$536000 | -$12000 | 0 | -$43.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$13.5M | -$13.4M | -$7.0M | -$54.2M | $25.2M | $124.9M | $289.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $83.2M | $93.3M | $82.0M | $68.4M |
| Inversiones (CapEx) | $1.7M | -$1.8M | -$19000 | -$232000 |
| Flujo de Caja Libre | $84.9M | $91.5M | $82.0M | $68.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $7.2M | $6.9M | $7.1M | $16.3M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +59.8% | +25.6% | +33.9% | +26.5% | +34.0% | +59.7% |
| Crecimiento Beneficio Neto (anual) | | -984.0% | -187.4% | -544.8% | +62.4% | +219.3% | +238.4% |
| Crecimiento BPA (anual) | | | -186.7% | -534.9% | +62.7% | +213.5% | +217.1% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +1.5% | +1.2% | +15.8% | +4.8% |
| Crecimiento FCF (anual) | | +1.1% | +47.5% | -672.1% | +146.4% | +396.1% | +132.0% |
| Margen Bruto | 80.0% | 82.2% | 84.7% | 84.4% | 76.3% | 81.2% | 86.7% |
| Margen Operativo | 2.3% | 0.0% | -4.2% | -65.6% | -16.3% | 10.0% | 33.7% |
| Margen EBITDA | 3.9% | -4.2% | -9.3% | -55.0% | -12.0% | 21.9% | 32.9% |
| Margen Neto | 1.0% | -5.7% | -13.1% | -62.9% | -18.7% | 16.7% | 35.3% |
| Margen FCF | -17.7% | -11.0% | -4.6% | -26.5% | 9.7% | 36.0% | 52.3% |
| Tasa Impositiva Efectiva | 40.9% | -2.1% | -0.5% | 0.1% | -0.2% | 4.1% | -16.6% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.16 | $-1.15 | $-0.60 | $-4.59 | $2.11 | $9.03 | $20.01 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $11.6M | $11.6M | $11.6M | $11.8M | $11.9M | $12.5M | $13.4M |
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 | 84.35% |
| Rentabilidad sobre capital invertido | 42.48% |
| Rentabilidad sobre activos | 39.01% |
| Margen bruto | 83.29% |
| Margen operativo | 34.52% |
| Margen neto | 34.59% |
Salud financiera
| Deuda / Patrimonio | 1.29 |
| Ratio corriente | 4.22 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 4632.28 | -522.67 | -190.70 | -0.85 | -2.06 | 18.81 | 15.11 |
| P/VC | 65.93 | 73.14 | 98.43 | 1.03 | 1.15 | 5.94 | 8.39 |
| P/V | 47.83 | 29.93 | 24.92 | 0.53 | 0.39 | 3.14 | 5.34 |
| Margen Bruto | 80.0% | 82.2% | 84.7% | 84.4% | 76.3% | 81.2% | 86.7% |
| Margen Operativo | 2.3% | 0.0% | -4.2% | -65.6% | -16.3% | 10.0% | 33.7% |
| Margen Neto | 1.0% | -5.7% | -13.1% | -62.9% | -18.7% | 16.7% | 35.3% |