Estados financieros detallados de FinVolution Group (FINV): 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
FinVolution Group registró ingresos de $13.20B en el último ejercicio fiscal, con un CAGR de 5 años del 11.8%. El beneficio neto alcanzó $2.47B, con un CAGR a 5 años del 4.6%.
Márgenes de los últimos 12 meses: margen bruto 76.2%, margen operativo 17.7%, margen neto 14.5%. El flujo de caja libre creció a un CAGR del -4.0% en 5 años.
Al precio actual de $3.34, FINV cotiza a un P/E de 2.86 y un ROE del 4.56%. La capitalización bursátil es de $830M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.22B | $3.93B | $4.54B | $5.96B | $7.56B | $9.54B | $11.28B | $12.60B | $13.07B | $13.20B |
| Coste de Ventas | $388.1M | $974.5M | $985.6M | $1.21B | $1.33B | $1.92B | $2.18B | $2.16B | $2.70B | $2.82B |
| Beneficio Bruto | $827.6M | $2.95B | $3.56B | $4.75B | $6.24B | $7.63B | $9.10B | $10.44B | $10.36B | $10.38B |
| I+D | $114.6M | $164.9M | $318.0M | $390.6M | $370.2M | $434.9M | $491.5M | $511.0M | $496.7M | 0 |
| Generales y Administrativos | $590.8M | $1.21B | $1.09B | $1.16B | $944.0M | $2.10B | $2.09B | $2.28B | $2.43B | 0 |
| Gastos Operativos | $1.81B | $5.30B | $6.06B | $2.11B | $3.93B | $5.01B | $6.58B | $8.05B | $7.83B | $7.50B |
| Beneficio Operativo | -$978.9M | -$2.35B | -$2.50B | $2.65B | $2.31B | $2.61B | $2.52B | $2.38B | $2.54B | $2.88B |
| EBITDA | $248.9M | $1.55B | $1.89B | $2.75B | $2.40B | $2.68B | $2.58B | $2.45B | $2.62B | $3.11B |
| Gastos por Intereses | $18.2M | $15.6M | $60.1M | $235.6M | $228.3M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $549.8M | $1.36B | $2.62B | $2.86B | $2.42B | $2.74B | $2.74B | $2.78B | $2.85B | $3.02B |
| Impuestos | $48.3M | $274.7M | $151.2M | $482.0M | $455.4M | $240.8M | $454.8M | $395.1M | $457.4M | $541.1M |
| Beneficio Neto | $501.5M | $1.08B | $2.47B | $2.37B | $1.97B | $2.51B | $2.27B | $2.34B | $2.38B | $2.47B |
| BPA | $-0.20 | $-12.75 | $8.25 | $7.80 | $6.70 | $8.85 | $8.00 | $8.50 | $9.25 | $9.80 |
| BPA Diluido | $-0.20 | $-12.75 | $7.70 | $7.65 | $6.60 | $8.45 | $7.80 | $8.35 | $9.05 | $9.35 |
| Acciones en Circulación (Diluidas) | $299.6M | $156.0M | $319.9M | $310.5M | $298.3M | $296.5M | $290.9M | $280.6M | $264.0M | $266.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $3.49B | $2.98B | $3.19B | $3.39B |
| Beneficio Bruto | $2.73B | $2.15B | $2.43B | $2.64B |
| Beneficio Operativo | $731.9M | $476.0M | $526.5M | $571.4M |
| EBITDA | $732.2M | $496.5M | $511.1M | $541.6M |
| Beneficio Neto | $624.3M | $418.9M | $412.6M | $440.3M |
| BPA | $2.50 | $1.70 | $1.70 | $1.85 |
| BPA Diluido | $2.30 | $1.60 | $1.65 | $1.75 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $404.7M | $1.89B | $1.62B | $2.32B | $2.63B | $4.42B | $3.64B | $4.97B | $4.67B | $6.20B |
| Inversiones a Corto | $260.0M | $1.96B | $1.69B | $114.6M | $1.97B | $1.20B | $3.43B | $2.96B | $2.83B | $3.02B |
| Cuentas por Cobrar | $346.2M | $1.85B | $5.32B | $9.38B | $4.36B | $4.91B | $6.07B | $2.21B | $8.28B | $3.35B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $205.5M | 0 | 0 |
| Activos Corrientes | $1.11B | $8.24B | $12.53B | $16.88B | $13.48B | $16.40B | $18.90B | $18.21B | $19.07B | $12.56B |
| Inmovilizado Material | $37.6M | $108.2M | $144.0M | $230.1M | $148.8M | $161.5M | $333.8M | $179.0M | $660.6M | $693.8M |
| Fondo de Comercio | 0 | $50.4M | $50.4M | $50.4M | $50.4M | $50.4M | $50.4M | $50.4M | $50.4M | 0 |
| Activos Intangibles | 0 | $63.8M | $68.9M | $64.3M | $98.9M | $98.9M | $98.7M | $98.7M | $137.3M | $350.2M |
| Activos Totales | $2.15B | $8.60B | $13.14B | $18.30B | $14.88B | $18.14B | $21.38B | $21.29B | $23.61B | $25.43B |
| Cuentas por Pagar | $421.7M | $1.11B | $905.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | $25.0M | $235.0M | 0 | 0 | 0 | $5.8M | $5.6M | $170.5M |
| Pasivos Corrientes | $509.0M | $4.29B | $7.03B | $9.95B | $3.86B | $4.00B | $4.93B | $3.66B | $4.42B | $170.5M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.11B |
| Pasivos Totales | $1.38B | $4.92B | $7.16B | $10.29B | $6.45B | $7.43B | $8.94B | $7.42B | $8.05B | $8.58B |
| Reservas | -$369.1M | -$2.40B | $45.7M | $1.97B | $2.65B | $4.69B | $6.50B | $9.12B | $11.06B | $12.06B |
| Patrimonio Neto | $772.2M | $3.62B | $5.92B | $7.95B | $8.36B | $10.66B | $12.37B | $13.75B | $15.20B | $16.56B |
| Deuda Total | 0 | 0 | $25.0M | $320.1M | $43.3M | $33.4M | $177.0M | $41.6M | $34.4M | $1.32B |
| Deuda Neta | -$664.7M | -$3.85B | -$3.29B | -$2.12B | -$4.56B | -$5.59B | -$6.89B | -$7.89B | -$7.47B | -$7.89B |
| Capital Circulante | $596.3M | $3.95B | $5.50B | $6.92B | $9.62B | $12.40B | $13.97B | $14.54B | $14.65B | $12.39B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $30.17B | $6.20B | $6.53B | $4.89B |
| Activos Totales | $187.19B | $25.43B | $25.59B | $26.08B |
| Pasivos Totales | $68.18B | $8.58B | $9.11B | $9.34B |
| Patrimonio Neto | $116.76B | $16.56B | $16.18B | $16.64B |
| Deuda Total | $8.17B | $1.32B | $1.37B | $1.58B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $501.5M | $1.08B | $2.47B | $2.37B | $1.97B | $2.50B | $2.28B | $2.38B | $2.38B | $2.55B |
| Amortizaciones | $12.1M | $22.6M | $42.2M | $107.1M | $96.4M | $69.2M | $65.0M | $69.1M | 0 | $88.9M |
| Compensación en Acciones | 0 | $106.2M | $50.3M | $42.3M | $42.2M | $95.2M | $89.0M | $116.4M | $144.1M | $149.0M |
| Cambio en Capital Circulante | $602.3M | $290.6M | -$703.9M | -$2.20B | $578.8M | -$1.39B | -$2.28B | -$1.27B | $749.8M | -$1.20B |
| Flujo de Caja Operativo | $1.09B | $1.86B | $1.88B | -$215.5M | $2.21B | $630.2M | $268.8M | $1.41B | $2.89B | $1.87B |
| Inversiones (CapEx) | -$29.8M | -$90.9M | -$88.7M | -$48.7M | -$32.0M | -$55.3M | -$52.8M | -$538.1M | -$27.8M | -$93.4M |
| Adquisiciones | $14.0M | -$34.1M | $5.1M | 0 | -$21.0M | 0 | 0 | $4.0M | 0 | -$226.7M |
| Recompra de Acciones | 0 | 0 | -$452.3M | -$42.3M | -$380.0M | -$26.0M | -$340.8M | -$694.5M | -$643.2M | -$767.0M |
| Dividendos Pagados | 0 | 0 | 0 | -$390.7M | -$263.6M | -$317.6M | -$372.5M | -$430.4M | -$441.3M | -$510.2M |
| Flujo de Caja Libre | $1.06B | $1.77B | $1.80B | -$264.2M | $2.17B | $575.0M | $216.1M | $875.3M | $2.87B | $1.77B |
Flujo de Caja (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | $8.6M | $871.7M | $435.0M | $226.0M |
| Inversiones (CapEx) | 0 | 0 | -$435.0M | 0 |
| Flujo de Caja Libre | $8.6M | $871.7M | 0 | $226.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $39.3M | $37.9M | 0 | $38.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +223.0% | +15.7% | +31.2% | +26.8% | +26.2% | +18.2% | +11.7% | +3.7% | +1.0% |
| Crecimiento Beneficio Neto (anual) | | +116.0% | +128.0% | -3.9% | -16.9% | +27.2% | -9.7% | +3.3% | +1.8% | +3.8% |
| Crecimiento BPA (anual) | | -6275.0% | +164.7% | -5.5% | -14.1% | +32.1% | -9.6% | +6.2% | +8.8% | +5.9% |
| Cambio en Acciones (anual) | | -47.9% | +105.1% | -2.9% | -3.9% | -0.6% | -1.9% | -3.5% | -5.9% | +1.1% |
| Crecimiento FCF (anual) | | +67.6% | +1.3% | -114.7% | +923.3% | -73.6% | -62.4% | +305.1% | +227.4% | -38.1% |
| Margen Bruto | 68.1% | 75.2% | 78.3% | 79.7% | 82.5% | 79.9% | 80.6% | 82.8% | 79.3% | 78.6% |
| Margen Operativo | -80.5% | -59.9% | -55.1% | 44.4% | 30.5% | 27.4% | 22.3% | 18.9% | 19.4% | 21.8% |
| Margen EBITDA | 20.5% | 39.5% | 41.6% | 46.2% | 31.8% | 28.1% | 22.9% | 19.5% | 20.1% | 23.5% |
| Margen Neto | 41.2% | 27.6% | 54.3% | 39.8% | 26.1% | 26.3% | 20.1% | 18.6% | 18.2% | 18.7% |
| Margen FCF | 87.1% | 45.2% | 39.5% | -4.4% | 28.8% | 6.0% | 1.9% | 6.9% | 21.9% | 13.4% |
| Tasa Impositiva Efectiva | 8.8% | 20.2% | 5.8% | 16.9% | 18.8% | 8.8% | 16.6% | 14.2% | 16.1% | 17.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.53 | $11.37 | $5.61 | $-0.85 | $7.29 | $1.94 | $0.74 | $3.12 | $10.85 | $6.65 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $1.26 | $0.88 | $1.07 | $1.28 | $1.53 | $1.67 | $1.91 |
| Acciones en Circulación (Básicas) | $299.6M | $156.0M | $319.9M | $305.2M | $295.4M | $284.2M | $282.5M | $280.3M | $263.3M | $252.0M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 4.56% |
| Rentabilidad sobre capital invertido | 7.20% |
| Rentabilidad sobre activos | 7.27% |
| Margen bruto | 76.24% |
| Margen operativo | 17.66% |
| Margen neto | 14.53% |
Salud financiera
| Deuda / Patrimonio | 0.09 |
| Ratio corriente | 31.93 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -451.29 | -3.67 | 3.00 | 2.37 | 2.60 | 3.54 | 4.28 | 4.09 | 5.36 | 3.73 |
| P/VC | 35.02 | 2.01 | 1.34 | 0.71 | 0.62 | 0.84 | 0.78 | 0.71 | 0.86 | 0.56 |
| P/V | 22.24 | 1.86 | 1.74 | 0.94 | 0.68 | 0.93 | 0.86 | 0.77 | 1.00 | 0.70 |
| Margen Bruto | 68.1% | 75.2% | 78.3% | 79.7% | 82.5% | 79.9% | 80.6% | 82.8% | 79.3% | 78.6% |
| Margen Operativo | -80.5% | -59.9% | -55.1% | 44.4% | 30.5% | 27.4% | 22.3% | 18.9% | 19.4% | 21.8% |
| Margen Neto | 41.2% | 27.6% | 54.3% | 39.8% | 26.1% | 26.3% | 20.1% | 18.6% | 18.2% | 18.7% |