Estados financieros detallados de First BanCorp. (FBP): 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
First BanCorp. registró ingresos de $1.26B en el último ejercicio fiscal, con un CAGR de 5 años del 10.3%. El beneficio neto alcanzó $344.9M, con un CAGR a 5 años del 27.5%.
Márgenes de los últimos 12 meses: margen bruto 72.9%, margen operativo 33.2%, margen neto 27.4%. El flujo de caja libre creció a un CAGR del 9.0% en 5 años.
Al precio actual de $27.65, FBP cotiza a un P/E de 9.57 y un ROE del 17.53%. La capitalización bursátil es de $4.2B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $638.7M | $620.6M | $668.6M | $730.6M | $770.1M | $882.0M | $953.9M | $1.12B | $1.19B | $1.26B |
| Coste de Ventas | $189.1M | $240.2M | $158.6M | $148.6M | $263.6M | -$509000 | $95.7M | $293.4M | $349.0M | $340.2M |
| Beneficio Bruto | $449.6M | $380.4M | $510.0M | $581.9M | $506.5M | $882.5M | $858.2M | $830.2M | $843.7M | $916.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $196.1M | $191.0M | $196.4M | $196.9M | $198.1M | $220.3M | $228.9M | $257.6M | $262.8M | $334.1M |
| Gastos Operativos | $319.3M | $318.5M | $319.4M | $342.6M | $390.2M | $454.7M | $410.6M | $432.7M | $452.5M | $499.6M |
| Beneficio Operativo | $130.3M | $62.0M | $190.6M | $239.4M | $116.3M | $427.8M | $447.6M | $397.4M | $391.2M | $416.7M |
| EBITDA | $152.8M | $82.8M | $209.3M | $260.1M | $142.1M | $464.2M | $478.7M | $425.7M | $416.2M | $437.5M |
| Gastos por Intereses | $101.2M | $96.9M | $99.6M | $108.8M | $92.7M | $64.8M | $67.3M | $226.4M | $287.7M | $254.2M |
| Beneficio Antes de Impuestos | $130.3M | $62.0M | $190.6M | $239.4M | $116.3M | $427.8M | $447.6M | $397.4M | $391.2M | $416.7M |
| Impuestos | $37.0M | -$5.0M | -$11.0M | $72.0M | $14.1M | $146.8M | $142.5M | $94.6M | $92.5M | $71.9M |
| Beneficio Neto | $93.2M | $67.0M | $201.6M | $167.4M | $102.3M | $281.0M | $305.1M | $302.9M | $298.7M | $344.9M |
| BPA | $0.44 | $0.30 | $0.92 | $0.76 | $0.46 | $1.32 | $1.60 | $1.72 | $1.82 | $2.16 |
| BPA Diluido | $0.43 | $0.30 | $0.92 | $0.76 | $0.46 | $1.31 | $1.59 | $1.71 | $1.81 | $2.15 |
| Acciones en Circulación (Diluidas) | $215.8M | $216.1M | $216.7M | $217.1M | $217.7M | $211.3M | $192.0M | $177.2M | $165.3M | $160.7M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $292.4M | $709.1M | $578.9M | $546.7M | $1.43B | $2.54B | $478.8M | $662.2M | $1.16B | $657.1M |
| Inversiones a Corto | $1.55B | $1.55B | $1.77B | $2.09B | $4.37B | $6.13B | $5.52B | $5.23B | $4.57B | 0 |
| Cuentas por Cobrar | $278.8M | $314.6M | $383.9M | $50.2M | $69.5M | $61.5M | $69.7M | $77.7M | $71.9M | $71.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $2.12B | $2.57B | $2.73B | $2.69B | $5.87B | $8.74B | $6.07B | $5.97B | $5.80B | $737.5M |
| Inmovilizado Material | $150.8M | $141.9M | $147.8M | $150.0M | $158.2M | $146.4M | $142.9M | $142.0M | $133.4M | $126.9M |
| Fondo de Comercio | $28.1M | $28.1M | $28.1M | $28.1M | $38.6M | $38.6M | $38.6M | $38.6M | $38.6M | $38.6M |
| Activos Intangibles | $44.9M | $39.5M | $38.1M | $7.6M | $40.9M | $29.9M | $21.1M | $13.4M | $7.0M | $3.5M |
| Activos Totales | $11.92B | $12.26B | $12.24B | $12.61B | $18.79B | $20.79B | $18.63B | $18.91B | $19.29B | $19.13B |
| Cuentas por Pagar | $118.8M | $145.9M | $129.9M | $180.6M | $276.7M | $214.9M | $231.6M | 0 | 0 | 0 |
| Deuda a Corto | $670.0M | $300.0M | $150.1M | $100.0M | $300.0M | $300.0M | $550.1M | 0 | 0 | $107.6M |
| Pasivos Corrientes | $9.62B | $9.47B | $9.27B | $9.63B | $15.89B | $18.30B | $16.93B | $16.56B | $16.87B | $107.6M |
| Deuda a Largo | $886.2M | $923.6M | $924.1M | $754.1M | $623.8M | $383.8M | $383.8M | $661.7M | $561.7M | $200.0M |
| Pasivos Totales | $10.14B | $10.39B | $10.20B | $10.38B | $16.52B | $18.68B | $17.31B | $17.41B | $17.62B | $17.17B |
| Reservas | $830.9M | $895.2M | $1.09B | $1.22B | $1.22B | $1.43B | $1.48B | $1.65B | $1.81B | $2.27B |
| Patrimonio Neto | $1.79B | $1.87B | $2.04B | $2.23B | $2.28B | $2.10B | $1.33B | $1.50B | $1.67B | $1.97B |
| Deuda Total | $1.56B | $1.22B | $1.07B | $854.1M | $923.8M | $683.8M | $933.9M | $661.7M | $561.7M | $364.4M |
| Deuda Neta | -$286.0M | -$1.03B | -$1.27B | -$1.78B | -$4.88B | -$7.99B | -$5.07B | -$5.23B | -$5.16B | -$292.8M |
| Capital Circulante | -$7.50B | -$6.90B | -$6.54B | -$6.94B | -$10.03B | -$9.56B | -$10.86B | -$10.59B | -$11.07B | $629.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $93.2M | $67.0M | $201.6M | $167.4M | $102.3M | $281.0M | $305.1M | $302.9M | $298.7M | $344.9M |
| Amortizaciones | $22.5M | $20.8M | $18.6M | $20.7M | $26.0M | $36.4M | $31.1M | $28.2M | $25.0M | 0 |
| Compensación en Acciones | $6.9M | $7.3M | $5.8M | $3.9M | $5.1M | $5.5M | $5.4M | $7.8M | $8.7M | 0 |
| Cambio en Capital Circulante | -$23.7M | -$3.3M | $14.3M | $27.0M | $7.5M | $16.8M | $8.4M | -$44.9M | $266000 | $4.9M |
| Flujo de Caja Operativo | $199.4M | $236.0M | $288.3M | $294.3M | $297.7M | $399.7M | $440.5M | $363.0M | $404.1M | $445.1M |
| Inversiones (CapEx) | -$10.4M | -$9.4M | -$20.5M | -$22.5M | -$16.1M | -$13.3M | -$20.5M | -$22.6M | -$10.0M | -$11.0M |
| Adquisiciones | 0 | 0 | 0 | 0 | $406.6M | -$3.4M | 0 | 0 | 0 | $25000 |
| Recompra de Acciones | -$1.1M | -$2.5M | -$2.8M | -$2.0M | -$206000 | -$252.6M | -$277.8M | -$203.2M | -$102.4M | -$153.7M |
| Dividendos Pagados | -$223000 | -$2.7M | -$9.2M | -$33.0M | -$46.1M | -$67.5M | -$87.8M | -$99.7M | -$105.6M | -$115.5M |
| Flujo de Caja Libre | $189.1M | $226.5M | $267.8M | $271.8M | $281.7M | $386.4M | $420.0M | $340.4M | $394.1M | $434.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -2.8% | +7.7% | +9.3% | +5.4% | +14.5% | +8.1% | +17.8% | +6.2% | +5.3% | |
| Crecimiento Beneficio Neto (anual) | -28.2% | +201.1% | -17.0% | -38.9% | +174.8% | +8.6% | -0.7% | -1.4% | +15.4% | |
| Crecimiento BPA (anual) | -31.8% | +206.7% | -17.4% | -39.5% | +187.0% | +21.2% | +7.5% | +5.8% | +18.7% | |
| Cambio en Acciones (anual) | +0.2% | +0.3% | +0.2% | +0.2% | -2.9% | -9.1% | -7.7% | -6.7% | -2.7% | |
| Crecimiento FCF (anual) | +19.8% | +18.2% | +1.5% | +3.6% | +37.2% | +8.7% | -19.0% | +15.8% | +10.1% | |
| Margen Bruto | 70.4% | 61.3% | 76.3% | 79.7% | 65.8% | 100.1% | 90.0% | 73.9% | 70.7% | 72.9% |
| Margen Operativo | 20.4% | 10.0% | 28.5% | 32.8% | 15.1% | 48.5% | 46.9% | 35.4% | 32.8% | 33.2% |
| Margen EBITDA | 23.9% | 13.3% | 31.3% | 35.6% | 18.4% | 52.6% | 50.2% | 37.9% | 34.9% | 34.8% |
| Margen Neto | 14.6% | 10.8% | 30.2% | 22.9% | 13.3% | 31.9% | 32.0% | 27.0% | 25.0% | 27.4% |
| Margen FCF | 29.6% | 36.5% | 40.1% | 37.2% | 36.6% | 43.8% | 44.0% | 30.3% | 33.0% | 34.5% |
| Tasa Impositiva Efectiva | 28.4% | -8.0% | -5.8% | 30.1% | 12.1% | 34.3% | 31.8% | 23.8% | 23.6% | 17.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.88 | $1.05 | $1.24 | $1.25 | $1.29 | $1.83 | $2.19 | $1.92 | $2.38 | $2.70 |
| Dividendo por Acción | $0.00 | $0.01 | $0.04 | $0.15 | $0.21 | $0.32 | $0.46 | $0.56 | $0.64 | $0.72 |
| Acciones en Circulación (Básicas) | $212.8M | $214.0M | $215.7M | $216.6M | $216.9M | $210.1M | $190.8M | $176.5M | $164.5M | $160.0M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 17.53% |
| Rentabilidad sobre capital invertido | 1.80% |
| Rentabilidad sobre activos | 1.80% |
| Margen bruto | 72.93% |
| Margen operativo | 33.16% |
| Margen neto | 27.45% |
Salud financiera
| Deuda / Patrimonio | 0.19 |
| Ratio corriente | 6.85 |
| Piotroski F-Score | 9 |
| Altman Z-Score | 0.46 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 15.02 | 17.00 | 9.35 | 13.93 | 20.04 | 10.44 | 7.95 | 9.56 | 10.21 | 9.60 |
| P/VC | 0.79 | 0.58 | 0.91 | 1.03 | 0.88 | 1.38 | 1.83 | 1.94 | 1.83 | 1.69 |
| P/V | 2.20 | 1.76 | 2.77 | 3.14 | 2.60 | 3.28 | 2.54 | 2.58 | 2.56 | 2.64 |
| Margen Bruto | 70.4% | 61.3% | 76.3% | 79.7% | 65.8% | 100.1% | 90.0% | 73.9% | 70.7% | 72.9% |
| Margen Operativo | 20.4% | 10.0% | 28.5% | 32.8% | 15.1% | 48.5% | 46.9% | 35.4% | 32.8% | 33.2% |
| Margen Neto | 14.6% | 10.8% | 30.2% | 22.9% | 13.3% | 31.9% | 32.0% | 27.0% | 25.0% | 27.4% |
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Explorar sector: Financial Services · Banks - Regional
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