Estados financieros detallados de VAALCO Energy, Inc. (EGY): 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
VAALCO Energy, Inc. registró ingresos de $359.3M en el último ejercicio fiscal, con un CAGR de 5 años del 35.9%.
Márgenes de los últimos 12 meses: margen bruto 37.6%, margen operativo 9.3%, margen neto -31.1%.
Al precio actual de $6.17, EGY presenta beneficios negativos (P/E no significativo) y un ROE del -25.99%. La capitalización bursátil es de $643M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $59.8M | $77.0M | $104.9M | $96.8M | $77.4M | $199.1M | $354.3M | $455.1M | $479.0M | $359.3M |
| Coste de Ventas | $44.5M | $46.2M | $46.0M | $57.0M | $56.9M | $102.3M | $160.8M | $268.5M | $306.5M | $277.1M |
| Beneficio Bruto | $15.3M | $30.9M | $58.9M | $39.7M | $20.5M | $96.8M | $193.5M | $186.6M | $172.5M | $82.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $9.2M | $10.4M | $11.4M | $14.9M | $10.7M | $14.8M | $10.1M | $23.8M | $29.7M | $33.1M |
| Gastos Operativos | $18.4M | $10.5M | $7.7M | $18.6M | $47.7M | $17.7M | $22.2M | $27.9M | $36.0M | $35.6M |
| Beneficio Operativo | -$4.4M | $20.0M | $51.3M | $21.2M | -$27.3M | $79.1M | $171.3M | $158.7M | $136.5M | $46.6M |
| EBITDA | $523000 | $25.1M | $61.2M | $28.2M | $14.1M | $101.0M | $173.5M | $276.5M | $286.6M | $91.7M |
| Gastos por Intereses | $2.6M | $1.4M | $145000 | 0 | 0 | 0 | $2.0M | $6.5M | $3.7M | $8.2M |
| Beneficio Antes de Impuestos | -$9.0M | $20.6M | $55.5M | $21.0M | -$20.4M | $59.8M | $123.3M | $150.1M | $139.8M | -$26.6M |
| Impuestos | $9.2M | $10.4M | -$43.3M | $23.9M | $27.7M | -$22.2M | $71.4M | $89.8M | $81.3M | $14.8M |
| Beneficio Neto | -$26.6M | $9.7M | $98.2M | $2.6M | -$48.2M | $81.8M | $51.9M | $60.4M | $57.8M | -$41.4M |
| BPA | $-0.45 | $0.16 | $1.66 | $0.04 | $-0.83 | $1.37 | $0.74 | $0.56 | $0.56 | $-0.40 |
| BPA Diluido | $-0.45 | $0.16 | $1.64 | $0.04 | $-0.83 | $1.37 | $0.73 | $0.56 | $0.56 | $-0.40 |
| Acciones en Circulación (Diluidas) | $58.4M | $58.7M | $60.0M | $59.1M | $57.6M | $58.8M | $70.0M | $106.6M | $103.7M | $104.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $61.0M | $91.0M | $62.6M | $135.2M |
| Beneficio Bruto | $31.1M | $17.1M | -$6.4M | $89.7M |
| Beneficio Operativo | $898000 | $2.3M | -$14.4M | $43.6M |
| EBITDA | $20.4M | -$30.4M | -$72.9M | $96.6M |
| Beneficio Neto | $1.1M | -$58.6M | -$93.8M | $42.4M |
| BPA | $0.01 | $-0.56 | $-0.90 | $0.39 |
| BPA Diluido | $0.01 | $-0.56 | $-0.90 | $0.39 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $20.5M | $19.7M | $33.4M | $46.8M | $47.9M | $48.7M | $37.2M | $121.1M | $82.7M | $58.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $10.2M | $7.1M | $14.3M | $18.6M | 0 | $32.8M | $140.4M | $92.6M | $130.7M | $39.9M |
| Inventario | $997000 | $3.3M | $785000 | $1.1M | $3.9M | $1.6M | $3.3M | $4.6M | $9.4M | $1.8M |
| Activos Corrientes | $38.5M | $36.5M | $58.8M | $69.8M | $64.0M | $88.3M | $200.1M | $228.1M | $237.9M | $133.0M |
| Inmovilizado Material | $28.0M | $23.2M | $52.7M | $101.6M | $59.6M | $104.6M | $588.7M | $552.1M | $635.2M | $671.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $81.0M | $79.6M | $166.3M | $211.5M | $141.2M | $263.1M | $855.6M | $823.2M | $955.0M | $913.4M |
| Cuentas por Pagar | $19.1M | $11.6M | $8.1M | $15.9M | $16.7M | $18.8M | $59.9M | $22.2M | $11.8M | $44.7M |
| Deuda a Corto | $7.5M | $6.7M | 0 | $12.0M | 0 | 0 | 0 | $12.5M | 0 | 0 |
| Pasivos Corrientes | $55.6M | $46.6M | $41.0M | $63.8M | $52.6M | $84.3M | $162.1M | $127.5M | $181.7M | $191.8M |
| Deuda a Largo | $6.9M | $2.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $60.0M |
| Pasivos Totales | $81.4M | $69.3M | $56.5M | $101.8M | $79.8M | $118.8M | $389.5M | $344.4M | $453.4M | $469.7M |
| Reservas | -$39.3M | -$29.7M | $68.6M | $70.8M | $22.7M | $104.5M | $147.0M | $177.5M | $209.8M | $141.9M |
| Patrimonio Neto | -$358000 | $10.3M | $109.8M | $109.7M | $61.5M | $144.3M | $466.1M | $478.8M | $501.6M | $443.5M |
| Deuda Total | $14.4M | $9.0M | 0 | $33.4M | $22.6M | $10.2M | $89.1M | $90.8M | $98.2M | $128.4M |
| Deuda Neta | -$6.0M | -$10.7M | -$33.4M | -$13.5M | -$25.3M | -$38.4M | $51.9M | -$30.3M | $15.5M | $69.5M |
| Capital Circulante | -$17.1M | -$10.1M | $17.8M | $6.0M | $11.4M | $4.0M | $38.0M | $100.7M | $56.2M | -$58.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $24.0M | $58.9M | $48.0M | $30.4M |
| Activos Totales | $950.4M | $913.4M | $920.7M | $968.6M |
| Pasivos Totales | $444.6M | $469.9M | $575.8M | $588.2M |
| Patrimonio Neto | $505.9M | $443.5M | $344.9M | $380.3M |
| Deuda Total | $147.7M | $128.4M | $240.3M | $65.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$26.6M | $9.7M | $98.2M | $2.6M | -$48.2M | $81.8M | $51.9M | $60.4M | $58.5M | -$41.4M |
| Amortizaciones | $8.3M | $6.8M | $6.0M | $7.3M | $9.6M | $21.1M | $48.1M | $115.3M | $143.0M | $110.0M |
| Compensación en Acciones | $192000 | $1.1M | $2.3M | $3.5M | $114000 | $2.5M | $2.2M | $3.3M | $4.4M | $6.2M |
| Cambio en Capital Circulante | -$9.3M | -$8.2M | -$6.1M | $6.9M | $7.4M | -$12.6M | $1.1M | $40.9M | -$70.6M | $95.4M |
| Flujo de Caja Operativo | -$3.5M | $6.7M | $37.2M | $26.5M | $27.4M | $50.1M | $128.8M | $223.6M | $113.7M | $212.7M |
| Inversiones (CapEx) | -$8.7M | -$1.8M | -$14.1M | -$10.3M | -$24.3M | -$39.1M | -$159.9M | -$97.2M | -$103.0M | -$255.9M |
| Adquisiciones | -$4.9M | $64000 | 0 | 0 | 0 | 0 | $36.7M | 0 | 0 | 0 |
| Recompra de Acciones | -$51000 | -$20000 | -$58000 | -$3.9M | -$992000 | -$1.4M | -$3.8M | -$23.6M | -$6.8M | -$709000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | -$9.4M | -$26.8M | -$26.2M | -$26.5M |
| Flujo de Caja Libre | -$12.2M | $4.8M | $23.0M | $16.1M | $3.1M | $11.1M | -$31.1M | $126.4M | $10.7M | -$43.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $16.4M | $145.2M | -$39.2M | $34.5M |
| Inversiones (CapEx) | -$48.3M | -$100.1M | -$78.1M | -$181.6M |
| Flujo de Caja Libre | -$31.9M | $45.0M | -$117.3M | -$147.2M |
| Dividendos Pagados | -$6.7M | -$6.7M | -$6.7M | -$13.4M |
| Compensación en Acciones | $1.7M | $1.5M | 0 | $3.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +28.8% | +36.2% | -7.8% | -20.0% | +157.2% | +78.0% | +28.4% | +5.3% | -25.0% |
| Crecimiento Beneficio Neto (anual) | | +136.4% | +917.8% | -97.4% | -1979.9% | +269.9% | -36.6% | +16.3% | -4.3% | -171.6% |
| Crecimiento BPA (anual) | | +135.6% | +937.5% | -97.6% | -2175.0% | +265.1% | -46.0% | -24.3% | -0.5% | -171.8% |
| Cambio en Acciones (anual) | | +0.6% | +2.2% | -1.4% | -2.6% | +2.0% | +19.1% | +52.3% | -2.6% | +0.3% |
| Crecimiento FCF (anual) | | +139.9% | +375.6% | -30.0% | -80.6% | +254.1% | -380.9% | +507.0% | -91.5% | -503.1% |
| Margen Bruto | 25.5% | 40.1% | 56.2% | 41.1% | 26.5% | 48.6% | 54.6% | 41.0% | 36.0% | 22.9% |
| Margen Operativo | -7.3% | 25.9% | 48.9% | 21.9% | -35.2% | 39.7% | 48.3% | 34.9% | 28.5% | 13.0% |
| Margen EBITDA | 0.9% | 32.6% | 58.3% | 29.1% | 18.2% | 50.8% | 49.0% | 60.8% | 59.8% | 25.5% |
| Margen Neto | -44.4% | 12.5% | 93.6% | 2.6% | -62.2% | 41.1% | 14.6% | 13.3% | 12.1% | -11.5% |
| Margen FCF | -20.3% | 6.3% | 22.0% | 16.7% | 4.0% | 5.6% | -8.8% | 27.8% | 2.2% | -12.0% |
| Tasa Impositiva Efectiva | -102.5% | 50.3% | -78.0% | 113.5% | -135.7% | -37.1% | 57.9% | 59.8% | 58.2% | -55.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.21 | $0.08 | $0.38 | $0.27 | $0.05 | $0.19 | $-0.44 | $1.19 | $0.10 | $-0.42 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.25 | $0.25 | $0.25 |
| Acciones en Circulación (Básicas) | $58.4M | $58.7M | $59.2M | $59.1M | $57.6M | $58.2M | $69.6M | $106.4M | $103.7M | $104.1M |
Qué mirar en empresas de Energy
- FCF yield (>8%) — Caja generada / capitalización. En energía el FCF importa más que el EPS.
- ROIC medio 5a (≥10%) — Incluir años buenos y malos para filtrar las realmente disciplinadas.
- FCF positivo en 8 de los últimos 10 años (≥8/10) — Nombres disciplinados (XOM, CVX, EOG) sobreviven los crashes de 2014-16 y 2020.
- Cobertura del dividendo (FCF / div) (≥1,2x) — Dividendo cubierto por FCF, no por deuda. <1x = recorte probable.
- Deuda Neta / EBITDA (<2x en pico) — Mirarlo con EBITDA en valle, no en pico.
- Capex / Ingresos (10-20% saludable) — Energía necesita reinversión agresiva para mantener reservas.
Rentabilidad
| Rentabilidad sobre capital | -25.99% |
| Rentabilidad sobre capital invertido | 4.24% |
| Rentabilidad sobre activos | -11.23% |
| Margen bruto | 37.60% |
| Margen operativo | 9.27% |
| Margen neto | -31.11% |
Salud financiera
| Deuda / Patrimonio | 0.17 |
| Ratio corriente | 0.44 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 1.19 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.31 | 4.36 | 0.89 | 55.50 | -2.13 | 2.34 | 6.16 | 8.02 | 7.84 | -9.10 |
| P/VC | -169.61 | 3.98 | 0.79 | 1.20 | 1.66 | 1.30 | 0.68 | 1.00 | 0.90 | 0.85 |
| P/V | 1.02 | 0.53 | 0.83 | 1.36 | 1.32 | 0.94 | 0.90 | 1.05 | 0.95 | 1.05 |
| Margen Bruto | 25.5% | 40.1% | 56.2% | 41.1% | 26.5% | 48.6% | 54.6% | 41.0% | 36.0% | 22.9% |
| Margen Operativo | -7.3% | 25.9% | 48.9% | 21.9% | -35.2% | 39.7% | 48.3% | 34.9% | 28.5% | 13.0% |
| Margen Neto | -44.4% | 12.5% | 93.6% | 2.6% | -62.2% | 41.1% | 14.6% | 13.3% | 12.1% | -11.5% |