Estados financieros detallados de Galiano Gold Inc. (GAU): 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
Márgenes de los últimos 12 meses: margen bruto 48.7%, margen operativo 48.9%, margen neto 12.2%.
Al precio actual de $2.03, GAU cotiza a un P/E de 7.39 y un ROE del 29.16%. La capitalización bursátil es de $530M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $185.2M | $256.2M | $161.9M | -$129.2M | 0 | 0 | 0 | 0 | $231.3M | $328.4M |
| Coste de Ventas | $150.9M | $193.6M | $129.0M | $100278 | 0 | 0 | 0 | $143000 | $153.5M | $199.7M |
| Beneficio Bruto | $34.3M | $62.6M | $32.9M | -$129.3M | 0 | 0 | 0 | -$143000 | $77.9M | $128.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $12.4M | $14.6M | $14.0M | $12.0M | $14.8M | $13.5M | $11.1M | $15.1M | $18.6M | $29.5M |
| Gastos Operativos | $21.1M | $15.3M | $14.4M | $12.0M | -$49.3M | $60.6M | -$39.4M | -$20.3M | $28.3M | $92.2M |
| Beneficio Operativo | $13.2M | $48.0M | $19.7M | -$141.3M | $49.3M | -$60.6M | $39.4M | $20.1M | $49.6M | $36.5M |
| EBITDA | $64.3M | $111.8M | -$71.1M | -$171.7M | -$14.6M | -$68.7M | $41.0M | $26.2M | $37.4M | $83.5M |
| Gastos por Intereses | $13.5M | $17.2M | $9.8M | $12000 | 0 | $32000 | $25000 | $17000 | $5.3M | $6.8M |
| Beneficio Antes de Impuestos | -$1.8M | $30.4M | -$128.7M | -$171.8M | $57.4M | -$68.9M | $40.8M | $26.1M | $8.5M | $30.5M |
| Impuestos | $11.4M | $24.1M | $12.5M | 0 | 0 | 0 | 0 | 0 | 0 | $61.3M |
| Beneficio Neto | -$13.2M | $5.8M | -$141.4M | -$171.8M | $57.4M | -$68.9M | $40.8M | $26.1M | $6.1M | -$29.3M |
| BPA | $-0.07 | $0.03 | $-0.64 | $-0.21 | $0.26 | $-0.31 | $0.17 | $0.12 | $0.02 | $-0.11 |
| BPA Diluido | $-0.07 | $0.03 | $-0.64 | $-0.21 | $0.26 | $-0.31 | $0.17 | $0.12 | $0.02 | $-0.11 |
| Acciones en Circulación (Diluidas) | $199.0M | $204.4M | $220.1M | $225.9M | $224.9M | $224.7M | $224.9M | $225.2M | $255.8M | $258.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $114.2M | $159.7M | $164.2M | $156.6M |
| Beneficio Bruto | $48.1M | $84.6M | $91.5M | $65.6M |
| Beneficio Operativo | $37.6M | $76.7M | $86.1M | $90.4M |
| EBITDA | $12.2M | $66.1M | $99.2M | $106.3M |
| Beneficio Neto | -$38.6M | $16.8M | $32.2M | $61.9M |
| BPA | $-0.15 | $0.06 | $0.12 | $0.24 |
| BPA Diluido | $-0.15 | $0.06 | $0.12 | $0.23 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $59.7M | $49.3M | $10.4M | $31.1M | $62.2M | $53.5M | $56.1M | $55.3M | $105.8M | $108.3M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.5M |
| Cuentas por Cobrar | $24.3M | $7.2M | $2.6M | $4.3M | 0 | $7.4M | $1.7M | $1.1M | $8.4M | $10.9M |
| Inventario | $32.4M | $33.9M | 0 | 0 | 0 | 0 | 0 | 0 | $42.8M | $70.8M |
| Activos Corrientes | $119.7M | $93.9M | $13.1M | $35.8M | $65.5M | $61.7M | $58.6M | $57.1M | $165.6M | $202.2M |
| Inmovilizado Material | $541.2M | $610.8M | $114000 | $679000 | $591000 | $2.1M | $332000 | $225000 | $329.4M | $388.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $662.7M | $708.8M | $312.6M | $144.5M | $203.6M | $136.2M | $179.9M | $213.3M | $500.4M | $599.1M |
| Cuentas por Pagar | $46.9M | $47.9M | $3.2M | $1.6M | $2.5M | $2.5M | $4.3M | $8.7M | $10.6M | $22.2M |
| Deuda a Corto | $469000 | $36.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $47.4M | $84.4M | $3.5M | $2.3M | $3.6M | $2.6M | $5.8M | $12.0M | $110.8M | $220.6M |
| Deuda a Largo | $154.5M | $119.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $246.3M | $278.8M | $3.8M | $3.2M | $4.7M | $3.4M | $6.2M | $12.4M | $252.6M | $377.4M |
| Reservas | -$186.4M | -$180.4M | -$319.3M | -$487.2M | -$429.8M | -$498.7M | -$457.9M | -$431.8M | -$425.7M | -$455.0M |
| Patrimonio Neto | $416.4M | $429.4M | $308.8M | $141.3M | $198.9M | $132.8M | $173.7M | $200.9M | $243.5M | $218.9M |
| Deuda Total | $155.0M | $158.3M | 0 | $597000 | $515000 | $419000 | $314000 | $203000 | $38.9M | $37.1M |
| Deuda Neta | $95.3M | $109.0M | -$10.4M | -$30.5M | -$61.6M | -$53.1M | -$55.8M | -$55.1M | -$66.9M | -$75.8M |
| Capital Circulante | $72.3M | $9.5M | $9.6M | $33.5M | $61.9M | $59.0M | $52.8M | $45.1M | $54.8M | -$18.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $116.4M | $108.3M | $114.9M | $80.0M |
| Activos Totales | $585.2M | $599.1M | $651.2M | $719.5M |
| Pasivos Totales | $383.3M | $377.4M | $389.8M | $388.2M |
| Patrimonio Neto | $201.4M | $218.9M | $254.4M | $317.3M |
| Deuda Total | $41.1M | $37.1M | $32.3M | $74.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$13.2M | $6.6M | -$141.2M | -$167.9M | $57.4M | -$68.9M | $40.8M | $26.1M | $8.5M | -$29.3M |
| Amortizaciones | $53.0M | $64.2M | $40.3M | $100278 | $163000 | $148000 | $146000 | $143000 | $23.7M | $65.8M |
| Compensación en Acciones | $983000 | $2.7M | $1.6M | $1.8M | $2.2M | $3.2M | $1.6M | $6.2M | $6.9M | $10.3M |
| Cambio en Capital Circulante | -$18.7M | $9.8M | -$29.9M | -$3.8M | $1.5M | -$7.2M | $7.1M | $1.9M | -$4.3M | -$14.7M |
| Flujo de Caja Operativo | $55.0M | $123.2M | $33.4M | -$8.7M | -$6.4M | -$12.9M | $1.8M | -$3.6M | $55.7M | $158.0M |
| Inversiones (CapEx) | -$132.4M | -$123.8M | -$53.9M | -$39000 | -$76000 | -$1.5M | -$4000 | -$35000 | -$66.9M | -$114.9M |
| Adquisiciones | 0 | 0 | -$4.8M | $10.0M | $37.5M | $5.0M | 0 | 0 | $107.1M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$958000 | -$2.3M | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$77.4M | -$577000 | -$20.5M | -$8.8M | -$6.5M | -$14.4M | $1.8M | -$3.7M | -$11.2M | $43.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $40.4M | $55.8M | $46.6M | $31.6M |
| Inversiones (CapEx) | -$35.3M | -$31.6M | -$35.1M | -$36.0M |
| Flujo de Caja Libre | $5.2M | $24.3M | $11.5M | -$4.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.7M | -$7.8M | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +38.4% | -36.8% | -179.8% | +100.0% | | | | | +42.0% |
| Crecimiento Beneficio Neto (anual) | | +143.7% | -2547.6% | -21.5% | +133.4% | -220.1% | +159.2% | -36.1% | -76.5% | -578.8% |
| Crecimiento BPA (anual) | | +145.2% | -2233.3% | +67.2% | +223.8% | -219.2% | +154.8% | -29.4% | -79.7% | -550.8% |
| Cambio en Acciones (anual) | | +2.7% | +7.7% | +2.6% | -0.4% | -0.1% | +0.1% | +0.1% | +13.6% | +1.0% |
| Crecimiento FCF (anual) | | +99.3% | -3449.9% | +57.1% | +26.3% | -122.8% | +112.3% | -306.1% | -204.0% | +486.1% |
| Margen Bruto | 18.5% | 24.4% | 20.3% | 100.1% | | | | | 33.7% | 39.2% |
| Margen Operativo | 7.1% | 18.7% | 12.2% | 109.4% | | | | | 21.4% | 11.1% |
| Margen EBITDA | 34.7% | 43.6% | -43.9% | 132.9% | | | | | 16.1% | 25.4% |
| Margen Neto | -7.1% | 2.3% | -87.3% | 133.0% | | | | | 2.6% | -8.9% |
| Margen FCF | -41.8% | -0.2% | -12.7% | 6.8% | | | | | -4.8% | 13.1% |
| Tasa Impositiva Efectiva | -643.3% | 79.2% | -9.7% | -0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 201.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.39 | $-0.00 | $-0.09 | $-0.04 | $-0.03 | $-0.06 | $0.01 | $-0.02 | $-0.04 | $0.17 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $199.0M | $203.3M | $220.1M | $225.9M | $223.7M | $224.7M | $224.9M | $224.9M | $250.7M | $258.4M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | 29.16% |
| Rentabilidad sobre capital invertido | 24.38% |
| Rentabilidad sobre activos | 10.05% |
| Margen bruto | 48.75% |
| Margen operativo | 48.91% |
| Margen neto | 12.16% |
Salud financiera
| Deuda / Patrimonio | 0.24 |
| Ratio corriente | 1.23 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -46.08 | 23.97 | -1.00 | -4.52 | 4.35 | -2.26 | 3.06 | 7.83 | 50.41 | -23.00 |
| P/VC | 1.46 | 0.34 | 0.46 | 1.52 | 1.27 | 1.18 | 0.67 | 1.05 | 1.27 | 2.99 |
| P/V | 3.29 | 0.57 | 0.87 | -1.66 | 0.00 | 0.00 | 0.00 | 0.00 | 1.33 | 1.99 |
| Margen Bruto | 18.5% | 24.4% | 20.3% | 100.1% | 0.0% | 0.0% | 0.0% | 0.0% | 33.7% | 39.2% |
| Margen Operativo | 7.1% | 18.7% | 12.2% | 109.4% | 0.0% | 0.0% | 0.0% | 0.0% | 21.4% | 11.1% |
| Margen Neto | -7.1% | 2.3% | -87.3% | 133.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% | -8.9% |