Estados financieros detallados de Donegal Group Inc. (DGICA): 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
Donegal Group Inc. registró ingresos de $978.0M en el último ejercicio fiscal, con un CAGR de 5 años del 4.7%. El beneficio neto alcanzó $79.3M, con un CAGR a 5 años del 8.5%.
Márgenes de los últimos 12 meses: margen bruto 27.1%, margen operativo 9.1%, margen neto 7.4%. El flujo de caja libre creció a un CAGR del -7.0% en 5 años.
Al precio actual de $19.00, DGICA cotiza a un P/E de 9.87 y un ROE del 12.39%. La capitalización bursátil es de $700M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $687.3M | $737.4M | $769.1M | $812.2M | $777.8M | $816.5M | $848.2M | $927.3M | $989.6M | $978.0M |
| Coste de Ventas | $531.2M | $602.3M | $697.4M | $628.8M | $578.8M | $649.4M | $706.5M | $763.4M | $764.4M | $717.1M |
| Beneficio Bruto | $156.1M | $135.1M | $71.7M | $183.3M | $199.0M | $167.0M | $141.7M | $163.9M | $225.2M | $260.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gastos Operativos | $114.8M | $123.0M | $119.9M | $126.2M | $135.7M | $136.7M | $145.3M | $158.9M | $162.8M | $163.3M |
| Beneficio Operativo | $41.3M | $12.1M | -$48.2M | $57.1M | $63.3M | $30.3M | -$3.6M | $5.1M | $62.3M | $97.6M |
| EBITDA | $49.6M | $19.8M | -$39.3M | $64.2M | $71.2M | $37.1M | $1.8M | $10.0M | $67.2M | $102.0M |
| Gastos por Intereses | $1.7M | $1.6M | $2.3M | $1.6M | $1.2M | $895605 | $620558 | $619813 | $946020 | $1.4M |
| Beneficio Antes de Impuestos | $41.3M | $12.1M | -$48.2M | $57.1M | $63.3M | $30.3M | -$3.6M | $5.1M | $62.3M | $97.6M |
| Impuestos | $10.5M | $5.0M | -$15.5M | $9.9M | $10.5M | $5.1M | -$1.7M | $637972 | $11.5M | $18.3M |
| Beneficio Neto | $30.8M | $7.1M | -$32.8M | $47.2M | $52.8M | $25.3M | -$2.0M | $4.4M | $50.9M | $79.3M |
| BPA | $1.16 | $0.26 | $-1.16 | $1.68 | $1.80 | $0.82 | $-0.06 | $0.14 | $1.54 | $2.22 |
| BPA Diluido | $1.14 | $0.25 | $-1.16 | $1.64 | $1.83 | $0.81 | $-0.06 | $0.14 | $1.53 | $2.18 |
| Acciones en Circulación (Diluidas) | $27.1M | $28.2M | $28.6M | $28.8M | $29.5M | $31.1M | $32.0M | $33.1M | $33.1M | $31.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $245.9M | $240.1M | $236.0M | $241.1M |
| Beneficio Bruto | $66.0M | $64.6M | $57.7M | $72.4M |
| Beneficio Operativo | $25.0M | $21.0M | $14.1M | $27.5M |
| EBITDA | $26.1M | $21.7M | $15.3M | $28.4M |
| Beneficio Neto | $20.1M | $17.2M | $11.5M | $22.3M |
| BPA | $0.56 | $0.48 | $0.32 | $0.61 |
| BPA Diluido | $0.60 | $0.47 | $0.31 | $0.60 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $24.6M | $37.8M | $52.6M | $49.3M | $103.1M | $57.7M | $25.1M | $23.8M | $52.9M | $26.8M |
| Inversiones a Corto | $524.4M | $550.0M | $543.3M | $579.0M | $576.0M | $545.3M | $581.1M | $621.7M | $642.5M | $494.4M |
| Cuentas por Cobrar | 0 | $180.5M | $519.4M | $532.8M | $581.7M | $657.8M | $647.7M | $642.5M | $620.6M | $597.6M |
| Inventario | $70.45B | $87.13B | -$271.9M | -$265.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $71.68B | $88.46B | $1.12B | $1.16B | 0 | $1.44B | $1.41B | $1.46B | $1.49B | $1.29B |
| Inmovilizado Material | $6.7M | $7.3M | $4.7M | $4.6M | $4.4M | $3.0M | $2.8M | $2.6M | $2.5M | $2.3M |
| Fondo de Comercio | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M | $5.6M |
| Activos Intangibles | $958010 | $958010 | $958010 | $958010 | $958010 | $69.0M | $74.1M | $76.0M | $74.3M | $69.6M |
| Activos Totales | $1.62B | $1.74B | $1.83B | $1.92B | $2.16B | $2.26B | $2.24B | $2.27B | $2.34B | $2.39B |
| Cuentas por Pagar | $4.4M | $4.1M | $4.9M | $2.1M | $3.2M | $3.9M | $3.5M | $8.8M | $4.3M | $3.5M |
| Deuda a Corto | $69.0M | $59.0M | 0 | $35.0M | $85.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Pasivos Corrientes | $70.11B | $69.94B | $64.9M | $35.09B | 0 | $1.70B | $1.75B | $1.78B | $1.78B | $1.74B |
| Deuda a Largo | $74.0M | $64.0M | $5.0M | $5.0M | $5.0M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $1.18B | $1.29B | $1.43B | $1.47B | $1.64B | $1.72B | $1.76B | $1.79B | $1.79B | $1.75B |
| Reservas | $244.9M | $236.9M | $192.8M | $223.3M | $258.4M | $263.7M | $240.6M | $217.8M | $245.1M | $297.7M |
| Patrimonio Neto | $438.6M | $448.7M | $398.9M | $451.0M | $517.8M | $531.0M | $483.6M | $479.7M | $545.8M | $640.4M |
| Deuda Total | $74.0M | $64.0M | $65.0M | $40.0M | $90.0M | $35.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Deuda Neta | -$475.0M | -$523.8M | -$530.9M | -$588.3M | -$589.1M | -$568.0M | -$571.2M | -$610.4M | -$660.4M | -$486.2M |
| Capital Circulante | $1.57B | $18.52B | $1.05B | -$33.92B | 0 | -$260.7M | -$337.3M | -$322.2M | -$289.9M | -$448.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $38.6M | $26.8M | $35.5M | $23.7M |
| Activos Totales | $2.42B | $2.39B | $2.45B | $2.48B |
| Pasivos Totales | $1.79B | $1.75B | $1.80B | $1.82B |
| Patrimonio Neto | $627.4M | $640.4M | $649.1M | $666.1M |
| Deuda Total | $35.0M | $35.0M | $35.0M | $35.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $30.8M | $7.1M | -$32.8M | $14.2M | $52.8M | $25.3M | -$2.0M | $4.4M | $50.9M | $79.3M |
| Amortizaciones | $6.6M | $6.1M | $6.6M | $5.6M | $6.7M | $5.8M | $4.8M | $4.3M | $3.9M | $3.1M |
| Compensación en Acciones | $2.5M | $2.0M | $1.7M | $1.4M | 0 | 0 | $818853 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $24.7M | $74.1M | $87.8M | $45.9M | $44.4M | $52.1M | $54.0M | $23.0M | $17.7M | -$11.6M |
| Flujo de Caja Operativo | $60.0M | $81.0M | $63.8M | $76.4M | $101.1M | $76.7M | $67.1M | $28.6M | $67.4M | $70.2M |
| Inversiones (CapEx) | -$384207 | -$1.1M | -$105525 | -$149603 | -$89702 | 0 | 0 | -$44701 | 0 | -$425 |
| Adquisiciones | $39.77B | $38.64B | $20.50B | $33.9M | 0 | 0 | $28290 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$14.1M | -$14.8M | -$15.7M | -$16.1M | -$17.0M | -$19.1M | -$20.5M | -$21.9M | -$22.7M | -$25.7M |
| Flujo de Caja Libre | $59.6M | $79.9M | $63.7M | $76.2M | $101.0M | $76.7M | $67.1M | $28.6M | $67.4M | $70.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $22.4M | $10.0M | $20.2M | $5.9M |
| Inversiones (CapEx) | 0 | -$323 | 0 | 0 |
| Flujo de Caja Libre | $22.4M | $10.0M | $20.2M | $5.9M |
| Dividendos Pagados | -$6.6M | -$6.6M | -$6.7M | -$7.0M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +7.3% | +4.3% | +5.6% | -4.2% | +5.0% | +3.9% | +9.3% | +6.7% | -1.2% |
| Crecimiento Beneficio Neto (anual) | | -76.9% | -560.4% | +243.9% | +12.0% | -52.2% | -107.8% | +325.9% | +1049.3% | +56.0% |
| Crecimiento BPA (anual) | | -77.6% | -546.2% | +244.8% | +7.1% | -54.4% | -107.5% | +328.4% | +1000.0% | +44.2% |
| Cambio en Acciones (anual) | | +4.1% | +1.4% | +0.6% | +2.4% | +5.6% | +2.8% | +3.6% | -0.2% | -5.5% |
| Crecimiento FCF (anual) | | +34.0% | -20.3% | +19.7% | +32.6% | -24.1% | -12.5% | -57.4% | +136.0% | +4.1% |
| Margen Bruto | 22.7% | 18.3% | 9.3% | 22.6% | 25.6% | 20.5% | 16.7% | 17.7% | 22.8% | 26.7% |
| Margen Operativo | 6.0% | 1.6% | -6.3% | 7.0% | 8.1% | 3.7% | -0.4% | 0.5% | 6.3% | 10.0% |
| Margen EBITDA | 7.2% | 2.7% | -5.1% | 7.9% | 9.2% | 4.5% | 0.2% | 1.1% | 6.8% | 10.4% |
| Margen Neto | 4.5% | 1.0% | -4.3% | 5.8% | 6.8% | 3.1% | -0.2% | 0.5% | 5.1% | 8.1% |
| Margen FCF | 8.7% | 10.8% | 8.3% | 9.4% | 13.0% | 9.4% | 7.9% | 3.1% | 6.8% | 7.2% |
| Tasa Impositiva Efectiva | 25.5% | 41.3% | 32.1% | 17.4% | 16.5% | 16.8% | 46.1% | 12.6% | 18.4% | 18.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $2.20 | $2.83 | $2.23 | $2.65 | $3.43 | $2.47 | $2.10 | $0.86 | $2.04 | $2.25 |
| Dividendo por Acción | $0.52 | $0.53 | $0.55 | $0.56 | $0.58 | $0.61 | $0.64 | $0.66 | $0.69 | $0.82 |
| Acciones en Circulación (Básicas) | $26.5M | $27.4M | $28.3M | $28.6M | $29.3M | $31.0M | $32.0M | $33.0M | $33.0M | $30.7M |
Qué mirar en Seguros
Las aseguradoras ganan de 2 formas: suscribiendo bien (combined ratio) e invirtiendo el float. Buffett construyó Berkshire así.
- Op Margin 5y (proxy Combined Ratio) — Proxy del combined ratio cuando FMP no lo expone. ≥10% medio 5y = disciplina de suscripción (CR <100%)
- Crecimiento Book Value / Acción — Cómo Buffett mide Berkshire. El valor real que acumulan los accionistas
- Debt / Equity — Aseguradoras apalancadas quiebran rápido en catástrofes
- P/B (Price / Book) — Aseguradoras se valoran por múltiplo de libros. Aquí se cruza con el ROE (calidad × valoración)
- Dividend growth streak — Años consecutivos subiendo dividendo por acción — aseguradoras sólidas acumulan décadas
Rentabilidad
| Rentabilidad sobre capital | 12.39% |
| Rentabilidad sobre capital invertido | 11.61% |
| Rentabilidad sobre activos | 3.32% |
| Margen bruto | 27.07% |
| Margen operativo | 9.10% |
| Margen neto | 7.38% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 0.74 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.70 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 15.07 | 66.54 | -11.77 | 8.82 | 7.82 | 17.43 | -231.65 | 99.93 | 10.05 | 9.00 |
| P/VC | 1.06 | 1.06 | 0.97 | 0.94 | 0.80 | 0.83 | 0.94 | 0.96 | 0.94 | 0.96 |
| P/V | 0.67 | 0.64 | 0.50 | 0.52 | 0.53 | 0.54 | 0.54 | 0.50 | 0.52 | 0.63 |
| Margen Bruto | 22.7% | 18.3% | 9.3% | 22.6% | 25.6% | 20.5% | 16.7% | 17.7% | 22.8% | 26.7% |
| Margen Operativo | 6.0% | 1.6% | -6.3% | 7.0% | 8.1% | 3.7% | -0.4% | 0.5% | 6.3% | 10.0% |
| Margen Neto | 4.5% | 1.0% | -4.3% | 5.8% | 6.8% | 3.1% | -0.2% | 0.5% | 5.1% | 8.1% |