Estados financieros detallados de The Descartes Systems Group Inc. (DSGX): 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
The Descartes Systems Group Inc. registró ingresos de $745.0M en el último ejercicio fiscal, con un CAGR de 5 años del 16.4%. El beneficio neto alcanzó $167.4M, con un CAGR a 5 años del 26.3%.
Márgenes de los últimos 12 meses: margen bruto 70.3%, margen operativo 32.6%, margen neto 24.3%. El flujo de caja libre creció a un CAGR del 15.9% en 5 años.
Al precio actual de $79.04, DSGX cotiza a un P/E de 36.23 y un ROE del 11.71%. La capitalización bursátil es de $6.8B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $203.8M | $237.4M | $275.2M | $325.8M | $348.7M | $424.7M | $486.0M | $572.9M | $651.0M | $745.0M |
| Coste de Ventas | $56.1M | $63.7M | $75.0M | $85.7M | $89.9M | $101.8M | $113.3M | $138.3M | $158.6M | $253.7M |
| Beneficio Bruto | $147.7M | $173.7M | $200.2M | $240.1M | $258.8M | $322.9M | $372.7M | $434.6M | $492.4M | $491.3M |
| I+D | $35.6M | $41.8M | $47.9M | $53.5M | $54.1M | $62.6M | $70.4M | $84.4M | $95.5M | $107.6M |
| Generales y Administrativos | $48.0M | $58.6M | $66.9M | $75.0M | $75.1M | $91.3M | $106.3M | $125.5M | $138.9M | $155.0M |
| Gastos Operativos | $117.0M | $137.9M | $158.7M | $187.8M | $187.4M | $219.4M | $242.3M | $291.8M | $311.3M | $250.7M |
| Beneficio Operativo | $30.7M | $35.9M | $41.4M | $52.3M | $71.4M | $103.4M | $130.4M | $142.8M | $181.1M | $240.6M |
| EBITDA | $65.7M | $73.6M | $86.4M | $114.2M | $136.2M | $165.5M | $196.8M | $219.4M | $263.6M | $329.6M |
| Gastos por Intereses | $611000 | $1.3M | $2.1M | $4.4M | $1.2M | $1.1M | $1.2M | $1.4M | $1.0M | $988218 |
| Beneficio Antes de Impuestos | $31.5M | $34.7M | $39.5M | $48.0M | $70.4M | $102.6M | $133.7M | $151.2M | $191.6M | $221.9M |
| Impuestos | $7.7M | $7.9M | $8.2M | $11.0M | $18.3M | $16.3M | $31.5M | $35.2M | $48.4M | $54.5M |
| Beneficio Neto | $23.8M | $26.9M | $31.3M | $37.0M | $52.1M | $86.3M | $102.2M | $115.9M | $143.3M | $167.4M |
| BPA | $0.31 | $0.35 | $0.41 | $0.45 | $0.62 | $1.02 | $1.21 | $1.36 | $1.68 | $1.95 |
| BPA Diluido | $0.31 | $0.35 | $0.40 | $0.45 | $0.61 | $1.00 | $1.18 | $1.34 | $1.64 | $1.91 |
| Acciones en Circulación (Diluidas) | $76.5M | $77.1M | $77.8M | $82.9M | $85.8M | $86.2M | $86.5M | $86.8M | $87.3M | $87.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Ingresos | $185.8M | $192.8M | $195.2M | $200.2M |
| Beneficio Bruto | $123.3M | $149.5M | $134.0M | $138.0M |
| Beneficio Operativo | $61.6M | $60.1M | $65.0M | $66.4M |
| EBITDA | $79.9M | $84.0M | $84.0M | $86.0M |
| Beneficio Neto | $43.5M | $45.6M | $48.9M | $49.8M |
| BPA | $0.51 | $0.54 | $0.57 | $0.58 |
| BPA Diluido | $0.50 | $0.53 | $0.56 | $0.57 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $38.1M | $35.1M | $27.3M | $44.4M | $133.7M | $213.4M | $276.4M | $321.0M | $236.1M | $354.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $29.1M | $32.0M | $35.8M | $42.4M | $52.0M | $41.7M | $45.2M | $51.6M | $70.9M | $90.7M |
| Inventario | $167000 | $123000 | $95000 | $411000 | $429000 | $868000 | $759000 | $353000 | $712464 | $100374 |
| Activos Corrientes | $72.6M | $74.9M | $72.2M | $100.2M | $203.1M | $292.1M | $358.7M | $418.2M | $352.6M | $479.1M |
| Inmovilizado Material | $10.4M | $12.8M | $12.6M | $26.6M | $24.3M | $21.4M | $18.2M | $17.8M | $20.1M | $21.5M |
| Fondo de Comercio | $263.1M | $350.1M | $378.2M | $523.7M | $565.2M | $608.8M | $675.6M | $760.4M | $924.8M | $1.02B |
| Activos Intangibles | $145.4M | $178.0M | $176.2M | $257.0M | $240.0M | $229.6M | $229.8M | $251.0M | $321.3M | $330.0M |
| Activos Totales | $500.5M | $624.9M | $653.3M | $942.6M | $1.06B | $1.19B | $1.32B | $1.47B | $1.65B | $1.88B |
| Cuentas por Pagar | $4.7M | $7.9M | $5.1M | $7.7M | $8.0M | $10.6M | $10.6M | $17.5M | $20.6M | $20.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $369607 | 0 |
| Pasivos Corrientes | $53.8M | $67.7M | $70.4M | $88.9M | $104.3M | $133.4M | $169.6M | $203.6M | $217.0M | $221.8M |
| Deuda a Largo | 0 | $37.0M | $25.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $69.9M | $126.1M | $119.8M | $120.9M | $152.2M | $185.6M | $216.7M | $236.3M | $262.4M | $275.0M |
| Reservas | -$238.5M | -$211.6M | -$172.8M | -$135.8M | -$83.7M | $2.6M | $104.8M | $220.8M | $364.0M | $523.7M |
| Patrimonio Neto | $430.6M | $498.8M | $533.5M | $821.7M | $911.1M | $999.8M | $1.10B | $1.24B | $1.39B | $1.61B |
| Deuda Total | 0 | $37.0M | $25.5M | $13.4M | $13.1M | $11.4M | $7.3M | $7.0M | $8.3M | $8.3M |
| Deuda Neta | -$38.1M | $1.9M | -$1.8M | -$31.0M | -$120.6M | -$202.0M | -$269.1M | -$314.0M | -$227.9M | -$346.0M |
| Capital Circulante | $18.7M | $7.2M | $1.9M | $11.3M | $98.8M | $158.6M | $189.1M | $214.6M | $135.5M | $257.2M |
Balance (Trimestral)
| Año | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Caja y Equivalentes | $278.7M | $356.5M | $377.0M | $401.1M |
| Activos Totales | $1.82B | $1.90B | $1.92B | $1.96B |
| Pasivos Totales | $269.0M | $276.8M | $290.9M | $312.3M |
| Patrimonio Neto | $1.55B | $1.62B | $1.63B | $1.65B |
| Deuda Total | $12.0M | $8.4M | $8.1M | $7.5M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | $23.8M | $26.9M | $31.3M | $37.0M | $52.1M | $86.3M | $102.2M | $115.9M | $143.3M | $167.4M |
| Amortizaciones | $33.6M | $37.6M | $44.7M | $61.5M | $61.7M | $64.2M | $65.4M | $66.0M | $75.0M | $89.0M |
| Compensación en Acciones | $2.0M | $2.8M | $3.7M | $4.9M | $6.3M | $11.0M | $13.7M | $16.5M | $20.0M | 0 |
| Cambio en Capital Circulante | $10.1M | $4.4M | -$3.8M | -$5.3M | -$3.6M | $12.8M | $7.8M | $15.2M | -$13.9M | -$17.4M |
| Flujo de Caja Operativo | $72.6M | $72.1M | $78.1M | $104.3M | $131.2M | $176.1M | $192.4M | $208.5M | $219.3M | $272.0M |
| Inversiones (CapEx) | -$4.9M | -$5.1M | -$5.2M | -$4.9M | -$3.8M | -$4.8M | -$6.1M | -$5.6M | -$6.7M | -$5.9M |
| Adquisiciones | -$71.3M | -$111.9M | -$67.9M | -$292.1M | -$48.4M | -$90.3M | -$115.6M | -$142.7M | -$290.2M | -$154.9M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$911573 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $67.7M | $67.1M | $72.8M | $99.4M | $127.5M | $171.3M | $186.3M | $202.9M | $212.5M | $266.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Flujo de Caja Operativo | $72.7M | $77.4M | $75.8M | $80.9M |
| Inversiones (CapEx) | -$1.2M | -$1.5M | -$2.6M | -$2.0M |
| Flujo de Caja Libre | $71.5M | $75.9M | $73.2M | $78.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | +16.5% | +15.9% | +18.4% | +7.0% | +21.8% | +14.4% | +17.9% | +13.6% | +14.4% |
| Crecimiento Beneficio Neto (anual) | | +12.8% | +16.4% | +18.3% | +40.8% | +65.6% | +18.5% | +13.4% | +23.6% | +16.8% |
| Crecimiento BPA (anual) | | +12.9% | +17.1% | +9.8% | +37.8% | +64.5% | +18.6% | +12.4% | +23.5% | +16.1% |
| Cambio en Acciones (anual) | | +0.8% | +0.9% | +6.5% | +3.5% | +0.5% | +0.3% | +0.4% | +0.6% | +0.3% |
| Crecimiento FCF (anual) | | -0.9% | +8.6% | +36.4% | +28.3% | +34.4% | +8.8% | +8.9% | +4.8% | +25.3% |
| Margen Bruto | 72.5% | 73.2% | 72.7% | 73.7% | 74.2% | 76.0% | 76.7% | 75.9% | 75.6% | 65.9% |
| Margen Operativo | 15.1% | 15.1% | 15.1% | 16.0% | 20.5% | 24.4% | 26.8% | 24.9% | 27.8% | 32.3% |
| Margen EBITDA | 32.3% | 31.0% | 31.4% | 35.1% | 39.1% | 39.0% | 40.5% | 38.3% | 40.5% | 44.2% |
| Margen Neto | 11.7% | 11.3% | 11.4% | 11.4% | 14.9% | 20.3% | 21.0% | 20.2% | 22.0% | 22.5% |
| Margen FCF | 33.2% | 28.2% | 26.5% | 30.5% | 36.6% | 40.3% | 38.3% | 35.4% | 32.6% | 35.7% |
| Tasa Impositiva Efectiva | 24.3% | 22.6% | 20.8% | 23.0% | 26.0% | 15.9% | 23.5% | 23.3% | 25.2% | 24.6% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $0.88 | $0.87 | $0.94 | $1.20 | $1.49 | $1.99 | $2.16 | $2.34 | $2.43 | $3.04 |
| 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) | $75.8M | $76.3M | $76.8M | $81.7M | $84.4M | $84.6M | $84.8M | $85.1M | $85.4M | $85.9M |
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 | 11.71% |
| Rentabilidad sobre capital invertido | 11.04% |
| Rentabilidad sobre activos | 9.62% |
| Margen bruto | 70.34% |
| Margen operativo | 32.62% |
| Margen neto | 24.25% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.02 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 70.48 | 81.00 | 75.76 | 99.58 | 101.34 | 71.34 | 60.35 | 64.40 | 68.95 | 38.34 |
| P/VC | 3.85 | 4.34 | 4.47 | 4.45 | 5.82 | 6.16 | 5.63 | 6.02 | 7.15 | 3.99 |
| P/V | 8.13 | 9.11 | 8.67 | 11.23 | 15.20 | 14.49 | 12.74 | 13.01 | 15.20 | 8.62 |
| Margen Bruto | 72.5% | 73.2% | 72.7% | 73.7% | 74.2% | 76.0% | 76.7% | 75.9% | 75.6% | 65.9% |
| Margen Operativo | 15.1% | 15.1% | 15.1% | 16.0% | 20.5% | 24.4% | 26.8% | 24.9% | 27.8% | 32.3% |
| Margen Neto | 11.7% | 11.3% | 11.4% | 11.4% | 14.9% | 20.3% | 21.0% | 20.2% | 22.0% | 22.5% |