Estados financieros detallados de Farmers National Banc Corp. (FMNB): 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
Farmers National Banc Corp. registró ingresos de $271.8M en el último ejercicio fiscal, con un CAGR de 5 años del 12.9%. El beneficio neto alcanzó $54.6M, con un CAGR a 5 años del 5.4%.
Márgenes de los últimos 12 meses: margen bruto 66.4%, margen operativo 25.3%, margen neto 20.8%. El flujo de caja libre creció a un CAGR del 2.8% en 5 años.
Al precio actual de $15.68, FMNB cotiza a un P/E de 10.91 y un ROE del 9.53%. La capitalización bursátil es de $697M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $95.7M | $104.6M | $117.3M | $130.0M | $148.5M | $154.7M | $177.9M | $255.2M | $269.4M | $271.8M |
| Coste de Ventas | $8.2M | $10.2M | $16.3M | $22.1M | $25.2M | $13.4M | $19.0M | $84.7M | $107.3M | $98.4M |
| Beneficio Bruto | $87.5M | $94.3M | $101.0M | $108.0M | $123.3M | $141.3M | $158.9M | $170.5M | $162.1M | $173.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $35.4M | $38.1M | $39.5M | $39.2M | $41.4M | $41.3M | $47.0M | $59.2M | $5.8M | $79.4M |
| Gastos Operativos | $59.5M | $61.2M | $62.7M | $64.9M | $73.0M | $79.2M | $86.0M | $111.8M | $106.7M | $108.4M |
| Beneficio Operativo | $28.0M | $33.2M | $38.3M | $43.1M | $50.3M | $62.1M | $72.8M | $58.7M | $55.4M | $65.0M |
| EBITDA | $31.7M | $36.3M | $41.3M | $45.9M | $53.4M | $65.7M | $77.7M | $66.0M | $61.8M | $71.8M |
| Gastos por Intereses | $4.4M | $6.9M | $13.3M | $19.6M | $16.1M | $8.5M | $17.9M | $75.5M | $99.4M | $91.3M |
| Beneficio Antes de Impuestos | $28.0M | $33.2M | $38.3M | $43.1M | $50.3M | $62.1M | $72.8M | $58.7M | $55.4M | $65.0M |
| Impuestos | $7.5M | $10.4M | $5.7M | $7.3M | $8.4M | $10.3M | $12.2M | $8.8M | $9.5M | $10.5M |
| Beneficio Neto | $20.6M | $22.7M | $32.6M | $35.8M | $41.9M | $51.8M | $60.6M | $49.9M | $45.9M | $54.6M |
| BPA | $0.76 | $0.82 | $1.18 | $1.29 | $1.48 | $1.78 | $1.79 | $1.34 | $1.23 | $1.46 |
| BPA Diluido | $0.76 | $0.82 | $1.16 | $1.28 | $1.47 | $1.77 | $1.79 | $1.33 | $1.22 | $1.45 |
| Acciones en Circulación (Diluidas) | $27.0M | $27.6M | $28.0M | $27.9M | $28.4M | $29.3M | $33.9M | $37.5M | $37.5M | $37.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $70.8M | $69.7M | $72.8M | $72.8M |
| Beneficio Bruto | $46.3M | $45.0M | $49.3M | $49.3M |
| Beneficio Operativo | $14.6M | $17.7M | $20.0M | $20.0M |
| EBITDA | $16.3M | $19.5M | $22.0M | $22.0M |
| Beneficio Neto | $12.5M | $14.6M | $16.3M | $16.3M |
| BPA | $0.33 | $0.39 | $0.36 | $0.36 |
| BPA Diluido | $0.33 | $0.39 | $0.36 | $0.36 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $19.7M | $17.8M | $18.0M | $23.2M | $20.5M | $29.1M | $21.4M | $28.9M | $20.4M | $20.5M |
| Inversiones a Corto | $370.0M | $393.3M | $402.2M | $432.2M | $575.6M | $1.43B | $1.27B | $1.30B | $631.5M | $1.34B |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $389.7M | $410.7M | $420.2M | $455.5M | $596.1M | $1.46B | $1.29B | $1.33B | $651.9M | $92.4M |
| Inmovilizado Material | $23.2M | $22.3M | $21.2M | $23.8M | $25.6M | $37.5M | $30.8M | $44.4M | $52.3M | 0 |
| Fondo de Comercio | $37.2M | $38.2M | $38.2M | $38.2M | $45.8M | $94.2M | $94.6M | $167.4M | $167.4M | $167.4M |
| Activos Intangibles | $8.0M | $7.2M | $5.8M | $4.4M | $3.8M | $8.4M | $7.0M | $22.8M | $20.8M | $17.9M |
| Activos Totales | $1.97B | $2.16B | $2.33B | $2.45B | $3.07B | $4.14B | $4.08B | $5.08B | $5.12B | $5.25B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $198.5M | $289.6M | $244.8M | $77.0M | $2.5M | 0 | $95.0M | $355.0M | $305.0M | $281.0M |
| Pasivos Corrientes | $1.72B | $1.89B | $2.04B | $2.09B | $2.61B | $3.55B | $3.66B | $4.53B | $4.57B | $282.4M |
| Deuda a Largo | $15.0M | $7.0M | $6.0M | $45.1M | $76.4M | $87.8M | $88.2M | $88.7M | $86.2M | $86.7M |
| Pasivos Totales | $1.75B | $1.92B | $2.07B | $2.15B | $2.72B | $3.67B | $3.79B | $4.67B | $4.71B | $4.76B |
| Reservas | $42.5M | $59.2M | $83.6M | $108.9M | $138.1M | $173.9M | $212.4M | $236.8M | $257.2M | $286.2M |
| Patrimonio Neto | $213.2M | $242.1M | $262.3M | $299.3M | $350.1M | $472.4M | $292.3M | $404.4M | $406.0M | $485.7M |
| Deuda Total | $213.5M | $296.6M | $250.8M | $122.2M | $78.9M | $87.8M | $183.2M | $443.7M | $391.1M | $367.7M |
| Deuda Neta | -$176.2M | -$114.6M | -$169.4M | -$333.3M | -$517.2M | -$1.37B | -$1.11B | -$884.9M | -$260.8M | -$996.2M |
| Capital Circulante | -$1.33B | -$1.48B | -$1.62B | -$1.63B | -$2.02B | -$2.09B | -$2.37B | -$3.20B | -$3.92B | -$190.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $23.8M | $20.5M | $38.2M | $164.8M |
| Activos Totales | $5.24B | $5.25B | $7.18B | $7.14B |
| Pasivos Totales | $4.77B | $4.76B | $6.41B | $6.36B |
| Patrimonio Neto | $465.9M | $485.7M | $766.9M | $784.0M |
| Deuda Total | $321.6M | $367.7M | $446.5M | $455.4M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $20.6M | $22.7M | $32.6M | $35.8M | $41.9M | $51.8M | $60.6M | $49.9M | $45.9M | $54.6M |
| Amortizaciones | $3.7M | $3.1M | $3.0M | $2.8M | $3.1M | $3.5M | $4.9M | $7.3M | $6.4M | $6.8M |
| Compensación en Acciones | $892000 | $2.4M | $1.7M | $1.4M | $1.4M | $1.2M | $1.8M | $2.6M | $2.6M | $2.5M |
| Cambio en Capital Circulante | -$7.3M | -$2.1M | -$2.1M | -$4.5M | -$6.4M | -$8.1M | $7.9M | -$3.2M | $4.4M | -$10.8M |
| Flujo de Caja Operativo | $24.5M | $30.6M | $38.8M | $38.8M | $49.1M | $54.9M | $81.5M | $62.9M | $66.6M | $60.0M |
| Inversiones (CapEx) | -$788000 | -$956000 | -$450000 | -$1.5M | -$3.7M | -$1.4M | -$2.6M | -$3.9M | -$11.7M | -$7.9M |
| Adquisiciones | -$1.1M | $16.2M | 0 | 0 | -$2.2M | $83.8M | -$1.0M | -$13.2M | -$600000 | 0 |
| Recompra de Acciones | -$168000 | 0 | -$1.2M | -$2.8M | -$14.2M | -$164000 | 0 | -$11.5M | -$880000 | 0 |
| Dividendos Pagados | -$4.3M | -$6.0M | -$8.3M | -$10.5M | -$12.7M | -$14.1M | -$22.0M | -$25.4M | -$25.4M | -$25.5M |
| Flujo de Caja Libre | $23.5M | $29.6M | $38.3M | $37.3M | $45.4M | $53.6M | $78.9M | $59.0M | $54.9M | $52.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $10.7M | $19.6M | $7.6M | $26.5M |
| Inversiones (CapEx) | -$1.7M | -$1.1M | -$507000 | -$568000 |
| Flujo de Caja Libre | $9.0M | $18.6M | $7.1M | $25.9M |
| Dividendos Pagados | -$6.4M | -$6.4M | -$6.4M | -$10.0M |
| Compensación en Acciones | $645000 | $563000 | $662000 | $712000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +9.2% | +12.1% | +10.9% | +14.2% | +4.2% | +15.0% | +43.4% | +5.6% | +0.9% |
| Crecimiento Beneficio Neto (anual) | | +10.5% | +43.4% | +9.8% | +17.1% | +23.8% | +16.9% | -17.6% | -8.0% | +18.8% |
| Crecimiento BPA (anual) | | +7.9% | +43.9% | +9.3% | +14.7% | +20.3% | +0.6% | -25.1% | -8.2% | +18.7% |
| Cambio en Acciones (anual) | | +2.3% | +1.3% | -0.4% | +1.9% | +3.1% | +15.9% | +10.5% | +0.0% | +0.3% |
| Crecimiento FCF (anual) | | +26.0% | +29.4% | -2.6% | +21.6% | +18.0% | +47.4% | -25.2% | -7.0% | -5.0% |
| Margen Bruto | 91.4% | 90.2% | 86.1% | 83.0% | 83.0% | 91.4% | 89.3% | 66.8% | 60.2% | 63.8% |
| Margen Operativo | 29.3% | 31.7% | 32.6% | 33.1% | 33.9% | 40.2% | 40.9% | 23.0% | 20.6% | 23.9% |
| Margen EBITDA | 33.1% | 34.7% | 35.2% | 35.3% | 36.0% | 42.5% | 43.7% | 25.9% | 22.9% | 26.4% |
| Margen Neto | 21.5% | 21.7% | 27.8% | 27.5% | 28.2% | 33.5% | 34.1% | 19.6% | 17.1% | 20.1% |
| Margen FCF | 24.6% | 28.3% | 32.7% | 28.7% | 30.6% | 34.6% | 44.4% | 23.1% | 20.4% | 19.2% |
| Tasa Impositiva Efectiva | 26.7% | 31.5% | 14.9% | 17.0% | 16.7% | 16.5% | 16.8% | 14.9% | 17.1% | 16.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.87 | $1.07 | $1.37 | $1.34 | $1.60 | $1.83 | $2.33 | $1.57 | $1.46 | $1.39 |
| Dividendo por Acción | $0.16 | $0.22 | $0.30 | $0.38 | $0.45 | $0.48 | $0.65 | $0.68 | $0.68 | $0.68 |
| Acciones en Circulación (Básicas) | $27.0M | $27.6M | $27.7M | $27.7M | $28.3M | $29.2M | $33.8M | $37.3M | $37.3M | $37.6M |
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 | 9.53% |
| Rentabilidad sobre capital invertido | 0.83% |
| Rentabilidad sobre activos | 0.84% |
| Margen bruto | 66.38% |
| Margen operativo | 25.27% |
| Margen neto | 20.84% |
Salud financiera
| Deuda / Patrimonio | 0.58 |
| Ratio corriente | 0.46 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 18.68 | 17.99 | 10.80 | 12.65 | 8.97 | 10.42 | 7.89 | 10.78 | 11.56 | 9.12 |
| P/VC | 1.80 | 1.68 | 1.34 | 1.51 | 1.07 | 1.15 | 1.63 | 1.33 | 1.31 | 1.03 |
| P/V | 4.00 | 3.89 | 3.01 | 3.48 | 2.53 | 3.50 | 2.69 | 2.11 | 1.97 | 1.84 |
| Margen Bruto | 91.4% | 90.2% | 86.1% | 83.0% | 83.0% | 91.4% | 89.3% | 66.8% | 60.2% | 63.8% |
| Margen Operativo | 29.3% | 31.7% | 32.6% | 33.1% | 33.9% | 40.2% | 40.9% | 23.0% | 20.6% | 23.9% |
| Margen Neto | 21.5% | 21.7% | 27.8% | 27.5% | 28.2% | 33.5% | 34.1% | 19.6% | 17.1% | 20.1% |