Estados financieros detallados de DBV Technologies S.A. (DBVT): 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
Márgenes de los últimos 12 meses: margen bruto -122.2%, margen operativo -31.7%, margen neto -30.7%.
Al precio actual de $11.79, DBVT presenta beneficios negativos (P/E no significativo) y un ROE del -119.47%. La capitalización bursátil es de $282M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $7.9M | $11.5M | $12.8M | $14.7M | $11.3M | $5.7M | $4.8M | $15.7M | 0 | 0 |
| Coste de Ventas | $1.4M | $3.4M | $5.0M | 0 | 0 | $10.4M | 0 | 0 | $6.8M | 0 |
| Beneficio Bruto | $7.9M | $11.5M | $12.8M | $14.7M | $11.3M | -$4.7M | $4.8M | $15.7M | -$6.8M | 0 |
| I+D | $82.9M | $126.3M | $123.5M | $112.2M | $101.6M | $70.3M | $75.5M | $60.2M | $89.9M | $116.7M |
| Generales y Administrativos | $48.5M | $61.5M | $82.2M | $70.7M | $45.0M | $23.8M | $25.9M | $31.9M | $23.8M | $36.0M |
| Gastos Operativos | $128.0M | $185.5M | $203.2M | $192.8M | $170.1M | $93.9M | $101.5M | $92.2M | $113.7M | $147.1M |
| Beneficio Operativo | -$122.1M | -$173.9M | -$190.1M | -$171.0M | -$158.8M | -$98.6M | -$96.6M | -$76.4M | -$120.5M | -$147.1M |
| EBITDA | -$126.3M | -$176.9M | -$206.2M | -$168.4M | -$124.8M | -$91.2M | -$83.5M | -$63.3M | -$111.0M | -$139.3M |
| Gastos por Intereses | $17650 | $4.0M | $479764 | $377929 | $724000 | $690000 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$126.3M | -$177.1M | -$190.2M | -$171.4M | $159.6M | -$98.2M | -$96.2M | -$72.7M | -$117.8M | -$146.5M |
| Impuestos | $1.7M | $1199 | $17158 | $610000 | $10000 | -$381000 | $70000 | $7000 | -$4.1M | $491000 |
| Beneficio Neto | -$126.3M | -$177.2M | -$190.3M | -$172.0M | -$159.6M | -$97.8M | -$96.3M | -$72.7M | -$113.7M | -$146.9M |
| BPA | $-4.70 | $-5.95 | $-3.05 | $-2.90 | $-2.95 | $-1.80 | $-1.25 | $-0.75 | $-1.20 | $-1.70 |
| BPA Diluido | $-4.70 | $-5.95 | $-3.05 | $-2.90 | $-2.95 | $-1.80 | $-1.25 | $-0.75 | $-1.20 | $-1.70 |
| Acciones en Circulación (Diluidas) | $24.5M | $24.8M | $54.9M | $53.3M | $54.1M | $55.1M | $77.4M | $95.1M | $96.2M | $86.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | -$4.3M | 0 | 0 | 0 |
| Beneficio Operativo | -$36.9M | -$45.1M | -$47.9M | -$51.3M |
| EBITDA | -$31.5M | -$43.6M | -$45.9M | -$51.3M |
| Beneficio Neto | -$33.0M | -$44.8M | -$47.6M | -$50.4M |
| BPA | $-0.34 | $-0.60 | $-0.55 | $-0.49 |
| BPA Diluido | $-0.34 | $-0.60 | $-0.55 | $-0.49 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $282.9M | $194.1M | $167.8M | $193.3M | $196.4M | $77.3M | $209.2M | $141.4M | $32.5M | $194.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $13.6M | $19.9M | $20.2M | $5.4M | $7.9M | $33.1M | $11.2M | $15.4M | $10.4M | $16.1M |
| Inventario | 0 | $2.9M | $2.1M | $2.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $300.3M | $220.8M | $198.8M | $204.6M | $207.4M | $114.5M | $223.1M | $158.9M | $44.4M | $212.9M |
| Inmovilizado Material | $13.8M | $25.1M | $27.6M | $48.6M | $34.9M | $24.9M | $17.6M | $17.9M | $16.8M | $14.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $105904 | $173137 | $41006 | $48000 | $41000 | $22000 | $10000 | $58000 | $40000 | $22000 |
| Activos Totales | $317.2M | $250.3M | $234.8M | $271.7M | $272.2M | $146.3M | $246.5M | $183.0M | $65.7M | $233.7M |
| Cuentas por Pagar | $15.1M | $23.8M | $39.0M | $24.0M | $20.3M | $11.4M | $14.5M | $23.3M | $22.0M | $40.9M |
| Deuda a Corto | $813036 | $3.9M | $3.5M | $4.3M | $4.4M | $3.5M | $8.9M | $883000 | $846000 | $16.3M |
| Pasivos Corrientes | $32.0M | $50.6M | $59.5M | $54.0M | $52.7M | $31.4M | $29.5M | $37.3M | $31.1M | $58.0M |
| Deuda a Largo | $4.5M | $2.6M | $1.7M | $810000 | $543000 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $49.3M | $67.4M | $69.0M | $78.5M | $66.8M | $47.3M | $52.1M | $42.8M | $38.3M | $64.9M |
| Reservas | -$126.3M | -$207.9M | -$227.0M | -$799.0M | -$958.5M | -$98.1M | -$259.6M | -$238.9M | -$286.4M | -$393.1M |
| Patrimonio Neto | $267.9M | $182.9M | $165.8M | $193.2M | $205.5M | $99.0M | $194.5M | $140.2M | $27.4M | $168.8M |
| Deuda Total | $5.3M | $6.5M | $5.2M | $27.1M | $15.5M | $10.7M | $10.0M | $6.6M | $7.8M | $21.7M |
| Deuda Neta | -$277.7M | -$187.6M | -$162.6M | -$166.1M | -$180.9M | -$66.6M | -$199.2M | -$134.8M | -$24.7M | -$172.5M |
| Capital Circulante | $268.3M | $170.2M | $139.3M | $150.6M | $154.7M | $83.1M | $193.6M | $121.6M | $13.3M | $154.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $69.8M | $194.2M | $229.2M | $174.9M |
| Activos Totales | $110.5M | $233.7M | $266.4M | $223.2M |
| Pasivos Totales | $57.6M | $64.9M | $58.5M | $62.8M |
| Patrimonio Neto | $52.9M | $168.8M | $207.9M | $160.4M |
| Deuda Total | $16.0M | $21.7M | $16.3M | $21.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$126.3M | -$207.9M | -$227.0M | -$172.0M | -$159.6M | -$97.8M | -$96.3M | -$72.7M | -$113.9M | -$146.9M |
| Amortizaciones | $1.5M | $4.1M | $3.9M | $2.6M | $10.5M | $8.4M | $13.2M | -$14.0M | -$925000 | $3.2M |
| Compensación en Acciones | $37.9M | $43.3M | $35.4M | $17.2M | -$1.1M | $3.1M | $5.0M | $6.0M | $4.6M | $5.4M |
| Cambio en Capital Circulante | $21.0M | -$968444 | -$445595 | $3.4M | -$15.6M | -$22.8M | $22.3M | $953000 | $5.8M | $1.3M |
| Flujo de Caja Operativo | -$65.7M | -$160.9M | -$186.7M | -$148.3M | -$165.6M | -$108.2M | -$55.7M | -$79.7M | -$104.5M | -$121.2M |
| Inversiones (CapEx) | -$9.1M | -$10.6M | -$6.5M | -$5.6M | -$2.8M | -$918000 | -$754000 | -$677000 | -$2.3M | -$533642 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | $511006 | $7611 | 0 | 0 | 0 |
| Recompra de Acciones | -$56643 | -$29333 | -$572359 | 0 | -$563000 | 0 | 0 | -$154000 | -$47000 | 0 |
| Dividendos Pagados | -$0 | -$0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$74.7M | -$171.5M | -$193.2M | -$153.9M | -$168.4M | -$109.2M | -$56.5M | -$80.3M | -$106.8M | -$121.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$32.4M | -$35.2M | -$49.1M | -$83.1M |
| Inversiones (CapEx) | -$117000 | -$379000 | -$400000 | $10000 |
| Flujo de Caja Libre | -$32.6M | -$35.6M | -$49.5M | -$83.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $516000 | $1.9M | $2.3M | $4.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +45.3% | +11.3% | +14.8% | -23.3% | -49.4% | -15.1% | +224.7% | -100.0% | |
| Crecimiento Beneficio Neto (anual) | | -40.2% | -7.4% | +9.6% | +7.2% | +38.7% | +1.6% | +24.5% | -56.4% | -29.2% |
| Crecimiento BPA (anual) | | -26.6% | +48.7% | +4.9% | -1.7% | +39.0% | +30.6% | +40.0% | -60.0% | -41.7% |
| Cambio en Acciones (anual) | | +1.2% | +121.7% | -2.8% | +1.4% | +1.9% | +40.5% | +22.9% | +1.1% | -10.2% |
| Crecimiento FCF (anual) | | -129.5% | -12.7% | +20.3% | -9.4% | +35.2% | +48.3% | -42.3% | -33.0% | -13.4% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -82.0% | 100.0% | 100.0% | | |
| Margen Operativo | -1540.6% | -1510.0% | -1483.6% | -1162.8% | -1408.7% | -1727.6% | -1994.9% | -486.0% | | |
| Margen EBITDA | -1593.1% | -1535.7% | -1608.7% | -1145.1% | -1107.0% | -1597.0% | -1723.1% | -402.3% | | |
| Margen Neto | -1593.9% | -1538.3% | -1484.7% | -1169.5% | -1415.0% | -1713.5% | -1987.5% | -462.4% | | |
| Margen FCF | -942.8% | -1489.1% | -1507.9% | -1046.7% | -1493.7% | -1912.4% | -1165.4% | -510.7% | | |
| Tasa Impositiva Efectiva | -1.3% | -0.0% | -0.0% | -0.4% | 0.0% | 0.4% | -0.1% | -0.0% | 3.5% | -0.3% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.06 | $-6.93 | $-3.52 | $-2.89 | $-3.11 | $-1.98 | $-0.73 | $-0.84 | $-1.11 | $-1.40 |
| 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) | $24.5M | $24.7M | $54.9M | $53.3M | $54.1M | $55.1M | $77.4M | $95.1M | $96.2M | $86.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -119.47% |
| Rentabilidad sobre capital invertido | -97.30% |
| Rentabilidad sobre activos | -78.97% |
| Margen bruto | -122.19% |
| Margen operativo | -3166.43% |
| Margen neto | -3074.92% |
Salud financiera
| Deuda / Patrimonio | 0.14 |
| Ratio corriente | 3.72 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -37.37 | -20.67 | -10.52 | -18.45 | -8.88 | -8.89 | -12.24 | -12.73 | -2.58 | -11.28 |
| P/VC | 16.03 | 16.64 | 10.63 | 14.77 | 6.90 | 8.90 | 6.09 | 6.48 | 10.85 | 9.81 |
| P/V | 541.88 | 264.16 | 137.47 | 194.03 | 125.69 | 154.44 | 244.42 | 57.76 | 0.00 | 0.00 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -82.0% | 100.0% | 100.0% | 0.0% | 0.0% |
| Margen Operativo | -1540.6% | -1510.0% | -1483.6% | -1162.8% | -1408.7% | -1727.6% | -1994.9% | -486.0% | 0.0% | 0.0% |
| Margen Neto | -1593.9% | -1538.3% | -1484.7% | -1169.5% | -1415.0% | -1713.5% | -1987.5% | -462.4% | 0.0% | 0.0% |