Estados financieros detallados de Eton Pharmaceuticals, Inc. (ETON): 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
Eton Pharmaceuticals, Inc. registró ingresos de $80.0M en el último ejercicio fiscal, con un CAGR de 5 años del 359.6%.
Márgenes de los últimos 12 meses: margen bruto 57.9%, margen operativo 15.4%, margen neto 12.0%.
Al precio actual de $56.35, ETON cotiza a un P/E de 121.18 y un ROE del 40.13%. La capitalización bursátil es de $1.5B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | $959000 | $39000 | $21.8M | $21.3M | $31.6M | $39.0M | $80.0M |
| Coste de Ventas | $13000 | $63000 | $453000 | $286000 | $2.6M | $6.9M | $10.6M | $15.6M | $37.2M |
| Beneficio Bruto | -$13000 | -$63000 | $506000 | -$247000 | $19.2M | $14.3M | $21.1M | $23.4M | $42.7M |
| I+D | $3.9M | $5.6M | $11.6M | $14.1M | $6.2M | $4.0M | $3.3M | $3.3M | $7.8M |
| Generales y Administrativos | $3.2M | $4.7M | $7.6M | $12.8M | $14.5M | $18.6M | $18.9M | $22.8M | $35.8M |
| Gastos Operativos | $7.1M | $10.3M | $19.1M | $26.9M | $20.7M | $22.6M | $22.3M | $26.0M | $42.7M |
| Beneficio Operativo | -$7.2M | -$10.3M | -$18.6M | -$27.1M | -$1.5M | -$8.3M | -$1.2M | -$2.6M | $72000 |
| EBITDA | -$7.1M | -$10.3M | -$18.2M | -$26.5M | -$1.5M | -$7.2M | $212000 | -$657000 | $4.3M |
| Gastos por Intereses | 0 | 0 | 0 | $889000 | $1.0M | $955000 | $1.1M | $2.0M | $4.8M |
| Beneficio Antes de Impuestos | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$689000 | -$3.8M | -$4.6M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | $247000 | $15000 | $43000 |
| Beneficio Neto | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$936000 | -$3.8M | -$4.6M |
| BPA | $-0.41 | $-1.99 | $-1.02 | $-1.33 | $-0.08 | $-0.36 | $-0.04 | $-0.15 | $-0.17 |
| BPA Diluido | $-0.41 | $-1.99 | $-1.02 | $-1.33 | $-0.08 | $-0.36 | $-0.04 | $-0.15 | $-0.17 |
| Acciones en Circulación (Diluidas) | $17.5M | $6.4M | $17.8M | $21.0M | $25.2M | $25.1M | $25.6M | $25.9M | $26.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $22.5M | $21.3M | $24.3M | $37.6M |
| Beneficio Bruto | $7.9M | $13.1M | $14.7M | $25.4M |
| Beneficio Operativo | -$1.4M | $2.5M | $2.4M | $12.8M |
| EBITDA | $265999 | $3.6M | $1.9M | $12.8M |
| Beneficio Neto | -$1.9M | $1.5M | $1.6M | $11.6M |
| BPA | $-0.07 | $0.06 | $0.06 | $0.42 |
| BPA Diluido | $-0.07 | $0.05 | $0.05 | $0.35 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $13.2M | $26.7M | $12.1M | $21.3M | $14.4M | $16.3M | $21.4M | $14.9M | $25.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | $473000 | $48000 | $5.5M | $1.9M | $3.4M | $5.4M | $11.8M |
| Inventario | 0 | 0 | $380000 | $1.2M | $550000 | $557000 | $911000 | $15.2M | $15.4M |
| Activos Corrientes | $13.3M | $27.5M | $15.0M | $24.7M | $23.6M | $20.0M | $26.8M | $41.0M | $60.6M |
| Inmovilizado Material | $119000 | $773000 | $1.3M | $1.0M | $219000 | $260000 | $150000 | $209000 | $636000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | $725000 | $575000 | $3.6M | $4.8M | $4.7M | $34.9M | $30.9M |
| Activos Totales | $13.4M | $28.3M | $17.1M | $26.3M | $27.5M | $25.0M | $31.7M | $76.1M | $92.1M |
| Cuentas por Pagar | $539000 | $1.4M | $575000 | $2.3M | $1.8M | $1.8M | $1.8M | $4.2M | $11.0M |
| Deuda a Corto | 0 | 0 | 0 | $280000 | $1.4M | $1.0M | $5.4M | $76000 | $8.8M |
| Pasivos Corrientes | $793000 | $2.0M | $2.0M | $3.8M | $4.6M | $6.5M | $16.2M | $19.9M | $38.5M |
| Deuda a Largo | 0 | 0 | $4.5M | $6.8M | $5.3M | $5.4M | 0 | $29.8M | $21.8M |
| Pasivos Totales | $1.3M | $2.0M | $6.5M | $10.7M | $9.8M | $12.0M | $16.3M | $51.7M | $66.0M |
| Reservas | -$8.6M | -$45.9M | -$64.2M | -$92.2M | -$94.1M | -$103.1M | -$104.1M | -$107.9M | -$112.5M |
| Patrimonio Neto | $12.1M | $26.3M | $10.6M | $15.7M | $17.6M | $13.1M | $15.5M | $24.4M | $26.2M |
| Deuda Total | 0 | 0 | $4.6M | $7.1M | $6.7M | $6.5M | $5.4M | $30.0M | $31.0M |
| Deuda Neta | -$13.2M | -$26.7M | -$7.5M | -$14.2M | -$7.7M | -$9.8M | -$16.0M | $15.1M | $5.1M |
| Capital Circulante | $12.5M | $25.5M | $13.0M | $20.9M | $19.0M | $13.5M | $10.6M | $21.1M | $22.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $37.1M | $25.9M | $19.7M | $26.8M |
| Activos Totales | $104.5M | $92.1M | $97.7M | $115.8M |
| Pasivos Totales | $81.4M | $66.0M | $67.1M | $69.2M |
| Patrimonio Neto | $23.1M | $26.2M | $30.6M | $46.6M |
| Deuda Total | $3.3M | $9.2M | $12.2M | $29.0M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.2M | -$12.7M | -$18.3M | -$28.0M | -$2.0M | -$9.0M | -$936000 | -$3.8M | -$4.6M |
| Amortizaciones | $13000 | $63000 | $447000 | $651000 | $462000 | $1.8M | $901000 | $1.1M | $4.0M |
| Compensación en Acciones | $2.6M | $1.9M | $1.9M | $2.6M | $3.4M | $4.2M | $3.1M | $3.2M | $5.5M |
| Cambio en Capital Circulante | $623000 | $99000 | -$2.1M | $1.0M | -$6.2M | $7.7M | $3.5M | -$698000 | -$859000 |
| Flujo de Caja Operativo | -$4.7M | -$8.1M | -$18.0M | -$22.3M | -$4.7M | $4.8M | $6.8M | $969000 | $10.5M |
| Inversiones (CapEx) | -$130000 | -$236000 | -$1.8M | -$50000 | -$3.3M | -$2.8M | -$775000 | -$26000 | -$333000 |
| Adquisiciones | 0 | 0 | 0 | 0 | $700000 | 0 | 0 | -$30.0M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | -$1.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$4.8M | -$8.4M | -$19.9M | -$22.4M | -$8.0M | $2.0M | $6.0M | $943000 | $10.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $12.0M | -$11.6M | $7.4M | $7.3M |
| Inversiones (CapEx) | -$284000 | -$49000 | -$75000 | $5000 |
| Flujo de Caja Libre | $11.7M | -$11.6M | $7.3M | $7.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.1M | $1.1M | $1.5M | $1.5M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | -95.9% | +55879.5% | -2.7% | +48.9% | +23.3% | +104.9% |
| Crecimiento Beneficio Neto (anual) | | -78.0% | -43.8% | -52.7% | +93.0% | -361.4% | +89.6% | -308.4% | -20.4% |
| Crecimiento BPA (anual) | | -385.4% | +48.7% | -30.4% | +94.2% | -363.9% | +89.9% | -311.0% | -13.3% |
| Cambio en Acciones (anual) | | -63.2% | +176.7% | +18.3% | +20.0% | -0.2% | +2.0% | +1.0% | +3.9% |
| Crecimiento FCF (anual) | | -72.9% | -137.1% | -12.7% | +64.4% | +125.5% | +197.1% | -84.4% | +980.7% |
| Margen Bruto | | | 52.8% | -633.3% | 88.0% | 67.4% | 66.6% | 60.0% | 53.5% |
| Margen Operativo | | | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | 0.1% |
| Margen EBITDA | | | -1893.0% | -67846.2% | -6.8% | -34.1% | 0.7% | -1.7% | 5.3% |
| Margen Neto | | | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% |
| Margen FCF | | | -2072.2% | -57425.6% | -36.6% | 9.6% | 19.1% | 2.4% | 12.7% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -35.8% | -0.4% | -0.9% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.28 | $-1.31 | $-1.12 | $-1.07 | $-0.32 | $0.08 | $0.24 | $0.04 | $0.38 |
| Dividendo por Acción | $0.00 | $0.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.5M | $6.4M | $17.8M | $21.0M | $25.2M | $25.1M | $25.6M | $25.9M | $26.9M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 40.13% |
| Rentabilidad sobre capital invertido | 20.41% |
| Rentabilidad sobre activos | 10.96% |
| Margen bruto | 57.87% |
| Margen operativo | 15.44% |
| Margen neto | 12.02% |
Salud financiera
| Deuda / Patrimonio | 0.62 |
| Ratio corriente | 1.52 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.24 | -3.08 | -7.06 | -6.11 | -55.28 | -7.83 | -120.00 | -88.80 | -99.47 |
| P/VC | 9.00 | 1.49 | 12.12 | 10.91 | 6.13 | 5.42 | 7.26 | 14.12 | 17.40 |
| P/V | 0.00 | 0.00 | 133.34 | 4379.78 | 4.95 | 3.34 | 3.55 | 8.84 | 5.69 |
| Margen Bruto | 0.0% | 0.0% | 52.8% | -633.3% | 88.0% | 67.4% | 66.6% | 60.0% | 53.5% |
| Margen Operativo | 0.0% | 0.0% | -1939.6% | -69515.4% | -6.8% | -38.9% | -3.8% | -6.7% | 0.1% |
| Margen Neto | 0.0% | 0.0% | -1910.3% | -71717.9% | -9.0% | -42.4% | -3.0% | -9.8% | -5.8% |