Estados financieros detallados de First Bank (FRBA): 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 Bank registró ingresos de $246.8M en el último ejercicio fiscal, con un CAGR de 5 años del 20.9%. El beneficio neto alcanzó $43.7M, con un CAGR a 5 años del 17.6%.
Márgenes de los últimos 12 meses: margen bruto 55.4%, margen operativo 22.9%, margen neto 17.3%. El flujo de caja libre creció a un CAGR del 21.0% en 5 años.
Al precio actual de $17.81, FRBA cotiza a un P/E de 10.35 y un ROE del 9.57%. La capitalización bursátil es de $448M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $40.0M | $53.3M | $76.2M | $88.2M | $95.6M | $98.9M | $112.4M | $173.3M | $229.4M | $246.8M |
| Coste de Ventas | $12.1M | $14.2M | $21.2M | $29.8M | $29.2M | $9.0M | $17.8M | $77.4M | $100.8M | $110.5M |
| Beneficio Bruto | $27.8M | $39.1M | $54.9M | $58.4M | $66.4M | $89.9M | $94.6M | $95.9M | $128.7M | $136.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $11.7M | $15.0M | $21.1M | $24.3M | $26.7M | $27.5M | $29.5M | $37.3M | $44.1M | $54.9M |
| Gastos Operativos | $18.3M | $24.7M | $33.3M | $39.4M | $40.4M | $43.2M | $46.7M | $68.7M | $73.5M | $79.0M |
| Beneficio Operativo | $9.5M | $14.4M | $21.6M | $19.0M | $26.0M | $46.7M | $47.9M | $27.2M | $55.1M | $57.3M |
| EBITDA | $10.1M | $15.1M | $23.0M | $20.7M | $27.9M | $48.3M | $49.4M | $30.0M | $59.5M | $61.5M |
| Gastos por Intereses | $9.4M | $11.5M | $17.8M | $25.8M | $19.6M | $9.2M | $14.9M | $69.5M | $99.6M | $98.6M |
| Beneficio Antes de Impuestos | $9.5M | $14.4M | $21.6M | $19.0M | $26.0M | $46.7M | $47.9M | $27.2M | $55.1M | $57.3M |
| Impuestos | $3.1M | $7.4M | $4.0M | $5.6M | $6.5M | $11.3M | $11.6M | $6.3M | $12.9M | $13.6M |
| Beneficio Neto | $6.4M | $7.0M | $17.6M | $13.4M | $19.4M | $35.4M | $36.3M | $20.9M | $42.2M | $43.7M |
| BPA | $0.61 | $0.49 | $0.97 | $0.70 | $0.98 | $1.81 | $1.86 | $0.95 | $1.68 | $1.75 |
| BPA Diluido | $0.61 | $0.48 | $0.95 | $0.69 | $0.97 | $1.79 | $1.84 | $0.95 | $1.67 | $1.74 |
| Acciones en Circulación (Diluidas) | $10.6M | $14.6M | $18.6M | $19.4M | $20.0M | $19.8M | $19.7M | $22.1M | $25.3M | $25.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $63.6M | $64.5M | $58.2M | $59.4M |
| Beneficio Bruto | $35.0M | $35.6M | $30.8M | $34.7M |
| Beneficio Operativo | $15.3M | $16.6M | $9.9M | $14.6M |
| EBITDA | $16.3M | $17.6M | $11.0M | $14.6M |
| Beneficio Neto | $11.7M | $12.3M | $7.6M | $10.9M |
| BPA | $0.47 | $0.50 | $0.31 | $0.44 |
| BPA Diluido | $0.47 | $0.49 | $0.30 | $0.43 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $32.7M | $47.5M | $36.4M | $47.9M | $99.8M | $155.8M | $113.6M | $215.2M | $258.4M | $302.2M |
| Inversiones a Corto | $47.1M | $62.4M | $51.3M | $47.5M | $61.7M | $94.6M | $99.0M | $94.1M | $67.7M | $97.5M |
| Cuentas por Cobrar | $2.6M | $3.8M | $4.3M | $4.8M | $6.8M | $5.7M | $8.2M | $14.8M | $14.3M | $14.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $82.4M | $113.7M | $91.9M | $100.2M | $168.4M | $256.0M | $220.7M | $324.1M | $340.3M | $421.8M |
| Inmovilizado Material | $3.3M | $5.9M | $11.0M | $11.9M | $10.7M | $9.9M | $10.6M | $21.6M | $21.4M | $18.4M |
| Fondo de Comercio | 0 | $10.5M | $16.1M | $16.3M | $16.3M | $17.8M | $17.8M | $44.2M | $44.2M | $44.2M |
| Activos Intangibles | $224000 | $917000 | $1.5M | $2.1M | $1.7M | $2.1M | $1.6M | $10.8M | $8.8M | $7.1M |
| Activos Totales | $1.07B | $1.45B | $1.71B | $2.01B | $2.35B | $2.52B | $2.73B | $3.61B | $3.78B | $3.96B |
| Cuentas por Pagar | $636000 | $988000 | $1.0M | $1.1M | $561000 | $399000 | $1.2M | $2.8M | $3.8M | $4.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $896.2M | $1.17B | $1.39B | $1.64B | $1.90B | $2.12B | $2.30B | $2.97B | $3.06B | $3.21B |
| Deuda a Largo | $86.2M | $116.6M | $115.2M | $127.4M | $190.6M | $124.9M | $120.7M | $234.4M | $276.9M | $271.1M |
| Pasivos Totales | $984.5M | $1.29B | $1.52B | $1.79B | $2.11B | $2.26B | $2.44B | $3.24B | $3.37B | $3.51B |
| Reservas | $13.6M | $19.7M | $35.2M | $46.4M | $63.4M | $95.9M | $127.5M | $140.6M | $176.8M | $214.5M |
| Patrimonio Neto | $88.8M | $163.2M | $194.8M | $226.4M | $238.1M | $266.7M | $289.6M | $370.9M | $409.2M | $443.5M |
| Deuda Total | $86.2M | $116.6M | $115.2M | $127.4M | $190.6M | $124.9M | $120.7M | $234.4M | $276.9M | $271.1M |
| Deuda Neta | $6.3M | $6.7M | $27.6M | $32.1M | $29.1M | -$125.5M | -$91.9M | -$74.9M | -$49.2M | -$128.6M |
| Capital Circulante | -$813.8M | -$1.06B | -$1.30B | -$1.54B | -$1.74B | -$1.86B | -$2.07B | -$2.65B | -$2.72B | -$2.79B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $311.5M | $302.2M | $309.6M | $36.9M |
| Activos Totales | $4.03B | $3.96B | $3.97B | $4.09B |
| Pasivos Totales | $3.60B | $3.51B | $3.52B | $3.63B |
| Patrimonio Neto | $431.9M | $443.5M | $449.4M | $453.2M |
| Deuda Total | $336.1M | $271.1M | $256.0M | $276.0M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $6.4M | $7.0M | $17.6M | $13.4M | $19.4M | $35.4M | $36.3M | $20.9M | $42.2M | $43.7M |
| Amortizaciones | $628000 | $714000 | $1.4M | $1.7M | $1.9M | $1.6M | $1.6M | $2.8M | $4.3M | $4.2M |
| Compensación en Acciones | $317000 | $433000 | $788000 | $927000 | $1.0M | $1.0M | $1.2M | $1.6M | $2.0M | $2.1M |
| Cambio en Capital Circulante | $205000 | $1.5M | -$71000 | -$2.0M | -$1.8M | $3.7M | $869000 | -$7.3M | -$12.0M | $15.1M |
| Flujo de Caja Operativo | $9.2M | $16.5M | $36.9M | $16.1M | $24.5M | $28.0M | $36.9M | $143.8M | $27.6M | $65.6M |
| Inversiones (CapEx) | -$459000 | -$428000 | -$1.8M | -$1.0M | -$359000 | -$189000 | -$1.9M | -$3.1M | -$2.9M | -$2.9M |
| Adquisiciones | 0 | $11.8M | $8.0M | $30.8M | 0 | $86.5M | 0 | -$16.2M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$113000 | -$8.2M | -$4.1M | -$3.5M | -$5.5M | -$1.3M | -$8.5M |
| Dividendos Pagados | 0 | -$1.1M | -$2.2M | -$2.3M | -$2.4M | -$2.9M | -$4.7M | -$5.3M | -$6.0M | -$6.0M |
| Flujo de Caja Libre | $8.7M | $16.1M | $35.1M | $15.0M | $24.1M | $27.9M | $35.0M | $140.7M | $24.7M | $62.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $17.2M | $16.8M | $11.0M | $7.7M |
| Inversiones (CapEx) | -$931000 | -$547000 | -$271000 | -$320000 |
| Flujo de Caja Libre | $16.3M | $16.3M | $10.7M | $7.4M |
| Dividendos Pagados | -$1.5M | -$1.5M | -$2.2M | -$2.3M |
| Compensación en Acciones | $519000 | $469000 | $546000 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +33.4% | +42.9% | +15.7% | +8.4% | +3.5% | +13.7% | +54.2% | +32.4% | +7.6% |
| Crecimiento Beneficio Neto (anual) | | +9.2% | +151.5% | -23.6% | +44.6% | +82.2% | +2.4% | -42.4% | +102.2% | +3.3% |
| Crecimiento BPA (anual) | | -19.7% | +98.0% | -27.8% | +40.0% | +84.7% | +2.8% | -48.9% | +76.8% | +4.2% |
| Cambio en Acciones (anual) | | +37.8% | +27.4% | +4.4% | +3.2% | -0.9% | -0.5% | +11.9% | +14.5% | -0.7% |
| Crecimiento FCF (anual) | | +85.1% | +118.1% | -57.2% | +60.7% | +15.3% | +25.6% | +302.4% | -82.4% | +153.5% |
| Margen Bruto | 69.7% | 73.3% | 72.1% | 66.2% | 69.5% | 90.9% | 84.2% | 55.3% | 56.1% | 55.2% |
| Margen Operativo | 23.8% | 27.0% | 28.4% | 21.6% | 27.2% | 47.3% | 42.6% | 15.7% | 24.0% | 23.2% |
| Margen EBITDA | 25.4% | 28.4% | 30.2% | 23.5% | 29.2% | 48.9% | 44.0% | 17.3% | 25.9% | 24.9% |
| Margen Neto | 16.0% | 13.1% | 23.1% | 15.2% | 20.4% | 35.8% | 32.3% | 12.1% | 18.4% | 17.7% |
| Margen FCF | 21.8% | 30.2% | 46.1% | 17.0% | 25.3% | 28.2% | 31.1% | 81.2% | 10.8% | 25.4% |
| Tasa Impositiva Efectiva | 32.6% | 51.5% | 18.7% | 29.3% | 25.1% | 24.2% | 24.2% | 23.1% | 23.4% | 23.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.82 | $1.10 | $1.89 | $0.77 | $1.21 | $1.41 | $1.77 | $6.38 | $0.98 | $2.50 |
| Dividendo por Acción | $0.00 | $0.08 | $0.12 | $0.12 | $0.12 | $0.15 | $0.24 | $0.24 | $0.24 | $0.24 |
| Acciones en Circulación (Básicas) | $10.4M | $14.2M | $18.2M | $19.1M | $19.9M | $19.6M | $19.5M | $21.9M | $25.1M | $24.9M |
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 | 9.57% |
| Rentabilidad sobre capital invertido | 1.08% |
| Rentabilidad sobre activos | 1.04% |
| Margen bruto | 55.39% |
| Margen operativo | 22.93% |
| Margen neto | 17.31% |
Salud financiera
| Deuda / Patrimonio | 0.61 |
| Ratio corriente | 0.39 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 19.02 | 27.96 | 12.49 | 15.79 | 9.57 | 8.02 | 7.40 | 15.47 | 8.38 | 9.41 |
| P/VC | 1.36 | 1.19 | 1.13 | 0.93 | 0.78 | 1.07 | 0.93 | 0.87 | 0.86 | 0.93 |
| P/V | 3.03 | 3.65 | 2.90 | 2.39 | 1.95 | 2.88 | 2.39 | 1.86 | 1.54 | 1.66 |
| Margen Bruto | 69.7% | 73.3% | 72.1% | 66.2% | 69.5% | 90.9% | 84.2% | 55.3% | 56.1% | 55.2% |
| Margen Operativo | 23.8% | 27.0% | 28.4% | 21.6% | 27.2% | 47.3% | 42.6% | 15.7% | 24.0% | 23.2% |
| Margen Neto | 16.0% | 13.1% | 23.1% | 15.2% | 20.4% | 35.8% | 32.3% | 12.1% | 18.4% | 17.7% |