Estados financieros detallados de Great Elm Capital Corp. (GECC): 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
Great Elm Capital Corp. registró ingresos de $44.5M en el último ejercicio fiscal, con un CAGR de 5 años del 14.2%.
Márgenes de los últimos 12 meses: margen bruto 187.3%, margen operativo 227.1%, margen neto 253.2%.
Al precio actual de $5.32, GECC presenta beneficios negativos (P/E no significativo) y un ROE del -32.53%. La capitalización bursátil es de $61M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $8.7M | $29.7M | $27.8M | $27.0M | $22.9M | $25.3M | $24.4M | $41.9M | $23.4M | $44.5M |
| Coste de Ventas | $1.4M | $2.8M | $5.1M | $6.8M | $8.0M | $8.9M | $9.4M | $10.1M | $13.4M | $10.5M |
| Beneficio Bruto | -$2000 | -$206000 | -$4.8M | -$4.0M | -$27.7M | -$5.1M | -$14.8M | $31.8M | $10.0M | $34.0M |
| I+D | -$13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | -$13 | $3.2M | $3.5M | $2.6M | $3.1M | $3.6M | $4.1M | $4.6M | $4.6M | $1.6M |
| Gastos Operativos | $34.8M | $2.5M | $4.2M | $3.6M | $4.2M | $5.2M | $820000 | $6.5M | $6.4M | $46.8M |
| Beneficio Operativo | $6.0M | -$2.8M | -$9.0M | -$7.5M | -$32.0M | -$10.3M | -$15.6M | $25.3M | $3.6M | -$12.8M |
| EBITDA | $1.4M | -$2.8M | -$9.0M | -$7.5M | -$32.0M | -$10.3M | -$15.6M | $25.3M | $3.6M | -$12.8M |
| Gastos por Intereses | 0 | $2.8M | $5.1M | $6.8M | $8.0M | $8.9M | $9.4M | $10.1M | $14.9M | $18.4M |
| Beneficio Antes de Impuestos | -$17.4M | -$2.8M | -$9.0M | -$7.5M | -$32.0M | -$10.3M | -$15.3M | $25.6M | $3.6M | -$31.2M |
| Impuestos | -$17.4M | $124000 | $180000 | $209000 | $17000 | $48000 | $252000 | $287000 | 0 | $579000 |
| Beneficio Neto | -$17.8M | -$2.8M | -$9.0M | -$7.5M | -$32.0M | -$10.3M | -$15.6M | $25.3M | $3.6M | -$31.8M |
| BPA | $-6.33 | $-1.42 | $-5.07 | $-4.42 | $-14.41 | $-2.52 | $-2.49 | $3.33 | $0.36 | $-2.57 |
| BPA Diluido | $-6.08 | $-1.42 | $-5.07 | $-4.42 | $-14.41 | $-2.52 | $-2.49 | $3.33 | $0.36 | $-2.57 |
| Acciones en Circulación (Diluidas) | $2.9M | $1.9M | $1.8M | $1.7M | $2.2M | $4.1M | $6.3M | $7.6M | $9.8M | $12.4M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $66.8M | $2.9M | $4.2M | $4.6M | $52.6M | $9.1M | $587000 | $953000 | 0 | $1.8M |
| Inversiones a Corto | 0 | 0 | $78.1M | 0 | 0 | 0 | 0 | 0 | $8.4M | 0 |
| Cuentas por Cobrar | $14.9M | $5.9M | $14.7M | $3.0M | $3.3M | $4.3M | $4.9M | $4.0M | $8.8M | 0 |
| Inventario | -$236.4M | -$239.9M | -$281.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $81.9M | $8.9M | $97.0M | $7.7M | $56.1M | $13.8M | $8.8M | $4.9M | $8.9M | $1.8M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | $236.5M | $239.9M | $281.6M | $291.0M | $283.3M | $426.3M | $310.1M | $246.8M | $342.0M | $340.8M |
| Cuentas por Pagar | $21.8M | $66.2M | $84.1M | $74.4M | $77.8M | $203.6M | $70.1M | $4.1M | $11.8M | $33.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $29.0M | $69.5M | $87.9M | $74.4M | $77.8M | $203.6M | $70.1M | $4.1M | $11.8M | $37.5M |
| Deuda a Largo | $34.5M | $31.2M | $76.3M | $119.8M | $115.7M | $142.0M | $153.2M | $140.2M | $189.7M | $189.3M |
| Pasivos Totales | $128000 | $107.6M | $171.4M | $204.2M | $203.7M | $351.8M | $225.3M | $148.1M | $205.9M | $227.8M |
| Reservas | $173.0M | -$66.2M | -$88.2M | -$106.3M | -$151.1M | -$171.0M | -$199.4M | -$185.1M | -$196.1M | -$246.0M |
| Patrimonio Neto | $236.5M | $132.3M | $110.1M | $86.9M | $79.6M | $74.6M | $84.8M | $98.7M | $136.1M | $112.9M |
| Deuda Total | $163000 | $31.2M | $76.3M | $119.8M | $115.7M | $142.0M | $153.2M | $140.2M | $189.7M | $189.3M |
| Deuda Neta | -$66.6M | $28.3M | -$6.0M | $115.2M | $63.1M | $132.9M | $152.6M | $139.3M | $181.2M | $187.5M |
| Capital Circulante | $52.8M | -$60.7M | $9.1M | -$66.8M | -$21.7M | -$189.8M | -$61.3M | $817000 | -$2.9M | -$35.6M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$17.9M | -$2.8M | -$9.0M | -$7.5M | -$32.0M | -$10.3M | -$15.6M | $25.3M | $3.6M | -$31.8M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M | $2.8M |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $11.5M | $1.6M | $2.3M | $3.8M | -$36000 | -$4.7M | -$8.0M | $6.2M | -$74000 | $26000 |
| Flujo de Caja Operativo | $8.7M | -$24.3M | -$30.5M | -$24.5M | $27.4M | -$58.5M | -$41.8M | $15.4M | -$82.7M | -$2.8M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$1.1M | -$24.3M | 0 | -$5.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$8.0M | -$12.8M | -$12.7M | -$12.8M | -$5.0M | -$9.9M | -$13.0M | -$10.6M | -$15.1M | -$19.2M |
| Flujo de Caja Libre | $8.7M | -$24.3M | -$30.5M | -$24.5M | $27.4M | -$58.5M | -$41.8M | $15.4M | -$82.7M | -$2.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +239.9% | -6.6% | -2.6% | -15.3% | +10.3% | -3.3% | +71.7% | -44.2% | +90.2% | |
| Crecimiento Beneficio Neto (anual) | +84.5% | -227.0% | +16.2% | -323.4% | +67.8% | -51.7% | +262.6% | -86.0% | -994.7% | |
| Crecimiento BPA (anual) | +77.6% | -257.0% | +12.8% | -226.0% | +82.5% | +1.2% | +233.7% | -89.2% | -813.9% | |
| Cambio en Acciones (anual) | -33.6% | -8.6% | -3.8% | +29.9% | +83.6% | +53.5% | +21.6% | +29.5% | +25.6% | |
| Crecimiento FCF (anual) | -378.2% | -25.4% | +19.6% | +211.9% | -313.6% | +28.6% | +136.8% | -637.3% | +96.6% | |
| Margen Bruto | -0.0% | -0.7% | -17.3% | -14.6% | -121.0% | -20.2% | -60.4% | 75.9% | 42.8% | 76.4% |
| Margen Operativo | 68.3% | -9.3% | -32.4% | -27.9% | -139.6% | -40.7% | -63.8% | 60.4% | 15.2% | -28.8% |
| Margen EBITDA | 16.1% | -9.3% | -32.4% | -27.9% | -139.6% | -40.7% | -63.8% | 60.4% | 15.2% | -28.8% |
| Margen Neto | -203.3% | -9.3% | -32.4% | -27.9% | -139.6% | -40.7% | -63.8% | 60.4% | 15.2% | -71.5% |
| Margen FCF | 99.8% | -81.7% | -109.7% | -90.5% | 119.6% | -231.6% | -170.9% | 36.7% | -353.5% | -6.3% |
| Tasa Impositiva Efectiva | 100.0% | -4.5% | -2.0% | -2.8% | -0.1% | -0.5% | -1.6% | 1.1% | 0.0% | -1.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $2.98 | $-12.50 | $-17.15 | $-14.33 | $12.35 | $-14.36 | $-6.68 | $2.02 | $-8.40 | $-0.23 |
| Dividendo por Acción | $2.72 | $6.58 | $7.18 | $7.48 | $2.25 | $2.44 | $2.08 | $1.40 | $1.53 | $1.56 |
| Acciones en Circulación (Básicas) | $2.8M | $1.9M | $1.8M | $1.7M | $2.2M | $4.1M | $6.3M | $7.6M | $9.8M | $12.4M |
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 | -32.53% |
| Rentabilidad sobre capital invertido | -12.58% |
| Rentabilidad sobre activos | -13.68% |
| Margen bruto | 187.29% |
| Margen operativo | 227.10% |
| Margen neto | 253.22% |
Salud financiera
| Deuda / Patrimonio | 1.47 |
| Ratio corriente | 1.46 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -11.06 | -41.57 | -9.29 | -10.56 | -1.50 | -7.33 | -3.33 | 3.20 | 30.53 | -2.74 |
| P/VC | 0.83 | 0.87 | 0.76 | 0.92 | 0.60 | 1.01 | 0.61 | 0.82 | 0.79 | 0.77 |
| P/V | 22.51 | 3.86 | 3.01 | 2.95 | 2.09 | 2.98 | 2.12 | 1.93 | 4.63 | 1.96 |
| Margen Bruto | -0.0% | -0.7% | -17.3% | -14.6% | -121.0% | -20.2% | -60.4% | 75.9% | 42.8% | 76.4% |
| Margen Operativo | 68.3% | -9.3% | -32.4% | -27.9% | -139.6% | -40.7% | -63.8% | 60.4% | 15.2% | -28.8% |
| Margen Neto | -203.3% | -9.3% | -32.4% | -27.9% | -139.6% | -40.7% | -63.8% | 60.4% | 15.2% | -71.5% |
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