Estados financieros detallados de Global Business Travel Group, Inc. (GBTG): 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
Global Business Travel Group, Inc. registró ingresos de $2.72B en el último ejercicio fiscal, con un CAGR de 5 años del 27.9%.
Márgenes de los últimos 12 meses: margen bruto 58.5%, margen operativo 3.7%, margen neto 2.8%.
Al precio actual de $9.47, GBTG cotiza a un P/E de 59.19 y un ROE del 5.51%. La capitalización bursátil es de $4.9B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.90B | $2.12B | $793.0M | $763.0M | $1.85B | $2.29B | $2.42B | $2.72B |
| Coste de Ventas | $813.0M | $880.0M | $529.0M | $477.0M | $832.0M | $958.0M | $967.0M | $1.08B |
| Beneficio Bruto | $1.09B | $1.24B | $264.0M | $286.0M | $1.02B | $1.33B | $1.46B | $1.63B |
| I+D | 0 | $339.0M | $277.0M | $264.0M | $388.0M | $405.0M | $442.0M | $527.0M |
| Generales y Administrativos | $863.0M | $541.0M | $380.0M | $414.0M | $650.0M | $699.0M | $708.0M | $732.0M |
| Gastos Operativos | $1.04B | $1.03B | $1.01B | $846.0M | $1.22B | $1.34B | $1.34B | $1.45B |
| Beneficio Operativo | $98.0M | $206.0M | -$747.0M | -$560.0M | -$198.0M | -$8.0M | $115.0M | $182.0M |
| EBITDA | $182.0M | $349.0M | -$584.0M | -$446.0M | -$7.0M | $190.0M | $222.0M | $434.0M |
| Gastos por Intereses | 0 | $15.0M | $27.0M | $53.0M | $98.0M | $141.0M | $115.0M | $95.0M |
| Beneficio Antes de Impuestos | $40.0M | $198.0M | -$759.0M | -$661.0M | -$290.0M | -$145.0M | -$68.0M | $151.0M |
| Impuestos | $18.0M | $60.0M | -$145.0M | -$186.0M | -$61.0M | -$9.0M | $66.0M | $40.0M |
| Beneficio Neto | $19.0M | $134.0M | 0 | 0 | -$25.0M | -$63.0M | -$138.0M | $109.0M |
| BPA | $0.15 | $1.04 | $0.00 | $-6.89 | $-4.41 | $-0.14 | $-0.30 | $0.21 |
| BPA Diluido | $0.15 | $1.04 | $0.00 | $-6.89 | $-0.51 | $-0.14 | $-0.30 | $0.21 |
| Acciones en Circulación (Diluidas) | $128.8M | $128.8M | $419.2M | $419.2M | $419.2M | $458.1M | $462.7M | $523.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $674.0M | $792.0M | $840.0M | $870.0M |
| Beneficio Bruto | $404.0M | $450.0M | $490.0M | $514.0M |
| Beneficio Operativo | $12.0M | $36.0M | $47.0M | $24.0M |
| EBITDA | $35.0M | $141.0M | $98.0M | $80.0M |
| Beneficio Neto | -$62.0M | $83.0M | $52.0M | $15.0M |
| BPA | $-0.13 | $0.16 | $0.10 | $0.03 |
| BPA Diluido | $-0.13 | $0.16 | $0.10 | $0.03 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $496.0M | $584.0M | $516.0M | $303.0M | $476.0M | $536.0M | $434.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $665.0M | $144.0M | $442.0M | $838.0M | $835.0M | $679.0M | $1.01B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.28B | $869.0M | $1.03B | $1.23B | $1.36B | $1.28B | $1.57B |
| Inmovilizado Material | $225.0M | $249.0M | $275.0M | $276.0M | $282.0M | $291.0M | $374.0M |
| Fondo de Comercio | $1.02B | $1.03B | $1.36B | $1.19B | $1.21B | $1.20B | $1.67B |
| Activos Intangibles | $408.0M | $348.0M | $746.0M | $636.0M | $552.0M | $480.0M | $851.0M |
| Activos Totales | $3.09B | $2.76B | $4.01B | $4.18B | $3.75B | $3.62B | $4.92B |
| Cuentas por Pagar | $278.0M | $96.0M | $137.0M | $253.0M | $302.0M | $263.0M | $515.0M |
| Deuda a Corto | $3.0M | $7.0M | $24.0M | $22.0M | $7.0M | $19.0M | $58.0M |
| Pasivos Corrientes | $708.0M | $570.0M | $721.0M | $773.0M | $831.0M | $780.0M | $1.38B |
| Deuda a Largo | $234.0M | $617.0M | $1.02B | $1.22B | $1.35B | $1.36B | $1.36B |
| Pasivos Totales | $1.41B | $1.77B | $2.52B | $2.81B | $2.54B | $2.57B | $3.25B |
| Reservas | $26.0M | -$592.0M | -$1.06B | -$175.0M | -$1.44B | -$1.57B | -$1.47B |
| Patrimonio Neto | $1.68B | $981.0M | $1.49B | $152.0M | $1.21B | $1.05B | $1.61B |
| Deuda Total | $237.0M | $702.0M | $1.10B | $1.30B | $1.43B | $1.46B | $1.51B |
| Deuda Neta | -$259.0M | $118.0M | $589.0M | $999.0M | $958.0M | $926.0M | $1.07B |
| Capital Circulante | $576.0M | $299.0M | $310.0M | $461.0M | $529.0M | $501.0M | $188.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $427.0M | $434.0M | $442.0M | $518.0M |
| Activos Totales | $4.76B | $4.92B | $5.08B | $5.08B |
| Pasivos Totales | $3.23B | $3.25B | $3.42B | $3.39B |
| Patrimonio Neto | $1.53B | $1.61B | $1.61B | $1.64B |
| Deuda Total | $1.48B | $1.51B | $1.61B | $1.60B |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $19.0M | $138.0M | -$619.0M | -$475.0M | -$229.0M | -$136.0M | -$134.0M | $111.0M |
| Amortizaciones | $84.0M | $141.0M | $148.0M | $154.0M | $182.0M | $194.0M | $178.0M | $192.0M |
| Compensación en Acciones | $4.0M | $6.0M | $3.0M | $3.0M | $39.0M | $75.0M | $77.0M | $76.0M |
| Cambio en Capital Circulante | -$27.0M | -$51.0M | $326.0M | -$38.0M | -$345.0M | $75.0M | $68.0M | -$35.0M |
| Flujo de Caja Operativo | $137.0M | $227.0M | -$250.0M | -$512.0M | -$394.0M | $162.0M | $272.0M | $233.0M |
| Inversiones (CapEx) | -$66.0M | -$62.0M | -$47.0M | -$44.0M | -$94.0M | -$113.0M | -$107.0M | -$129.0M |
| Adquisiciones | -$424.0M | -$25.0M | 0 | $20.0M | 0 | 0 | 0 | -$104.0M |
| Recompra de Acciones | -$12.0M | -$58.0M | 0 | 0 | 0 | 0 | -$55.0M | -$73.0M |
| Dividendos Pagados | 0 | -$58.0M | 0 | -$1.0M | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $71.0M | $165.0M | -$297.0M | -$556.0M | -$488.0M | $49.0M | $165.0M | $104.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $71.0M | $52.0M | -$15.0M | $142.0M |
| Inversiones (CapEx) | -$33.0M | -$39.0M | -$37.0M | -$39.0M |
| Flujo de Caja Libre | $38.0M | $13.0M | -$52.0M | $103.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $19.0M | $18.0M | $17.0M | $19.0M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +11.6% | -62.6% | -3.8% | +142.6% | +23.7% | +5.8% | +12.2% |
| Crecimiento Beneficio Neto (anual) | | +605.3% | -100.0% | | | -152.0% | -119.0% | +179.0% |
| Crecimiento BPA (anual) | | +593.3% | -100.0% | | +36.0% | +96.8% | -114.3% | +170.0% |
| Cambio en Acciones (anual) | | +0.0% | +225.6% | +0.0% | +0.0% | +9.3% | +1.0% | +13.2% |
| Crecimiento FCF (anual) | | +132.4% | -280.0% | -87.2% | +12.2% | +110.0% | +236.7% | -37.0% |
| Margen Bruto | 57.2% | 58.5% | 33.3% | 37.5% | 55.1% | 58.2% | 60.1% | 60.1% |
| Margen Operativo | 5.2% | 9.7% | -94.2% | -73.4% | -10.7% | -0.3% | 4.7% | 6.7% |
| Margen EBITDA | 9.6% | 16.5% | -73.6% | -58.5% | -0.4% | 8.3% | 9.2% | 16.0% |
| Margen Neto | 1.0% | 6.3% | 0.0% | 0.0% | -1.4% | -2.8% | -5.7% | 4.0% |
| Margen FCF | 3.7% | 7.8% | -37.5% | -72.9% | -26.4% | 2.1% | 6.8% | 3.8% |
| Tasa Impositiva Efectiva | 45.0% | 30.3% | 19.1% | 28.1% | 21.0% | 6.2% | -97.1% | 26.5% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.55 | $1.28 | $-0.71 | $-1.33 | $-1.16 | $0.11 | $0.36 | $0.20 |
| Dividendo por Acción | $0.00 | $0.45 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $128.8M | $128.8M | $419.2M | $419.2M | $419.2M | $458.1M | $462.7M | $523.6M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | 5.51% |
| Rentabilidad sobre capital invertido | 3.25% |
| Rentabilidad sobre activos | 1.73% |
| Margen bruto | 58.50% |
| Margen operativo | 3.75% |
| Margen neto | 2.77% |
Salud financiera
| Deuda / Patrimonio | 0.98 |
| Ratio corriente | 1.20 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.04 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 64.33 | 9.28 | 0.00 | -1.43 | -1.53 | -46.07 | -30.93 | 36.43 |
| P/VC | 0.00 | 0.74 | 4.45 | 2.77 | 18.61 | 2.45 | 4.09 | 2.49 |
| P/V | 0.65 | 0.59 | 5.50 | 5.42 | 1.53 | 1.29 | 1.77 | 1.47 |
| Margen Bruto | 57.2% | 58.5% | 33.3% | 37.5% | 55.1% | 58.2% | 60.1% | 60.1% |
| Margen Operativo | 5.2% | 9.7% | -94.2% | -73.4% | -10.7% | -0.3% | 4.7% | 6.7% |
| Margen Neto | 1.0% | 6.3% | 0.0% | 0.0% | -1.4% | -2.8% | -5.7% | 4.0% |