Estados financieros detallados de Great Lakes Dredge & Dock Corporation (GLDD): 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 Lakes Dredge & Dock Corporation registró ingresos de $888.3M en el último ejercicio fiscal, con un CAGR de 5 años del 3.9%. El beneficio neto alcanzó $73.5M, con un CAGR a 5 años del 2.1%.
Márgenes de los últimos 12 meses: margen bruto 22.9%, margen operativo 14.1%, margen neto 8.3%. El flujo de caja libre creció a un CAGR del 26.0% en 5 años.
Al precio actual de $17.00, GLDD cotiza a un P/E de 15.60 y un ROE del 14.83%. La capitalización bursátil es de $1.1B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $767.6M | $592.2M | $620.8M | $711.5M | $733.6M | $726.1M | $648.8M | $589.6M | $762.7M | $888.3M |
| Coste de Ventas | $552.1M | $526.5M | $500.3M | $557.8M | $562.4M | $580.9M | $617.6M | $511.9M | $602.1M | $684.8M |
| Beneficio Bruto | $86.4M | $65.7M | $120.5M | $153.8M | $171.2M | $145.3M | $31.2M | $77.7M | $160.6M | $203.5M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $55.3M | $57.2M | $55.1M | $59.1M | $62.8M | $62.1M | $51.1M | $57.1M | $70.8M | $78.0M |
| Gastos Operativos | $58.4M | $85.0M | $67.9M | $55.6M | $59.5M | $61.8M | $58.9M | $49.5M | $67.8M | $78.0M |
| Beneficio Operativo | $27.0M | -$19.3M | $52.6M | $98.1M | $111.8M | $83.4M | -$27.7M | $28.2M | $92.8M | $125.5M |
| EBITDA | $78.7M | $35.2M | $100.4M | $133.4M | $149.4M | $127.4M | $17.0M | $73.0M | $136.0M | $160.5M |
| Gastos por Intereses | $23.5M | $28.4M | $33.6M | $27.5M | $26.6M | $21.6M | $14.1M | $12.1M | $17.9M | $16.8M |
| Beneficio Antes de Impuestos | $365000 | -$49.1M | $16.5M | $70.9M | $86.3M | $62.8M | -$43.4M | $18.3M | $75.4M | $100.3M |
| Impuestos | -$177000 | -$33.8M | $5.4M | $15.3M | $20.2M | $13.4M | -$9.4M | $4.4M | $18.1M | $26.9M |
| Beneficio Neto | -$8.2M | -$31.3M | -$6.3M | $49.3M | $66.1M | $49.4M | -$34.1M | $13.9M | $57.3M | $73.5M |
| BPA | $-0.13 | $-0.51 | $-0.10 | $0.78 | $1.02 | $0.75 | $-0.52 | $0.21 | $0.85 | $1.10 |
| BPA Diluido | $-0.13 | $-0.51 | $-0.10 | $0.76 | $1.00 | $0.75 | $-0.52 | $0.21 | $0.84 | $1.08 |
| Acciones en Circulación (Diluidas) | $61.4M | $61.4M | $63.6M | $65.0M | $65.9M | $66.3M | $66.1M | $67.0M | $67.8M | $67.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | $242.9M | $193.8M | $195.2M | $256.5M |
| Beneficio Bruto | $69.5M | $36.6M | $43.8M | $53.6M |
| Beneficio Operativo | $49.9M | $17.1M | $28.1M | $30.3M |
| EBITDA | $60.1M | $28.0M | $39.3M | $59.6M |
| Beneficio Neto | $33.4M | $9.7M | $17.7M | $12.6M |
| BPA | $0.50 | $0.15 | $0.26 | $0.18 |
| BPA Diluido | $0.49 | $0.14 | $0.26 | $0.19 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $11.2M | $15.9M | $34.5M | $187.0M | $216.5M | $145.5M | $6.5M | $22.8M | $10.2M | $13.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $183.1M | $129.8M | $82.7M | $42.3M | $71.1M | $122.8M | $110.8M | $123.5M | $192.2M | $151.3M |
| Inventario | $37.1M | $34.6M | $28.1M | $30.2M | $34.7M | $30.8M | $29.2M | $33.9M | $29.9M | $27.9M |
| Activos Corrientes | $307.2M | $262.2M | $206.7M | $300.7M | $362.7M | $327.4M | $182.8M | $226.3M | $253.1M | $208.8M |
| Inmovilizado Material | $413.0M | $407.3M | $369.9M | $447.2M | $448.2M | $517.3M | $633.6M | $706.7M | $803.5M | $881.6M |
| Fondo de Comercio | $83.6M | $83.6M | $76.6M | $76.6M | $76.6M | $76.6M | $76.6M | $76.6M | $76.6M | $76.6M |
| Activos Intangibles | $1.5M | $908000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $893.6M | $832.4M | $730.3M | $897.6M | $958.0M | $997.7M | $981.8M | $1.11B | $1.31B | $1.32B |
| Cuentas por Pagar | $103.2M | $65.2M | $71.5M | $76.1M | $71.3M | $85.6M | $94.1M | $83.8M | $101.3M | $109.5M |
| Deuda a Corto | $2.5M | $1.2M | $11.5M | 0 | 0 | 0 | 0 | 0 | $49.1M | $23.9M |
| Pasivos Corrientes | $179.8M | $150.2M | $163.1M | $203.9M | $176.3M | $154.7M | $160.3M | $179.4M | $216.0M | $215.8M |
| Deuda a Largo | $390.4M | $428.1M | $321.9M | $322.8M | $323.7M | $321.0M | $321.5M | $412.1M | $448.2M | $378.2M |
| Pasivos Totales | $645.7M | $611.1M | $515.3M | $618.2M | $611.4M | $598.7M | $613.6M | $725.3M | $857.2M | $807.7M |
| Reservas | -$35.8M | -$67.1M | -$75.0M | -$23.1M | $40.9M | $90.4M | $56.3M | $70.2M | $127.5M | $201.0M |
| Patrimonio Neto | $247.9M | $221.3M | $214.9M | $279.4M | $346.7M | $399.0M | $368.2M | $385.5M | $448.9M | $517.1M |
| Deuda Total | $392.9M | $430.9M | $333.4M | $395.3M | $389.1M | $383.7M | $413.4M | $505.9M | $550.2M | $458.1M |
| Deuda Neta | $381.7M | $415.0M | $299.0M | $208.3M | $172.6M | $238.2M | $406.9M | $483.0M | $540.0M | $444.7M |
| Capital Circulante | $127.4M | $111.9M | $43.6M | $96.8M | $186.4M | $172.7M | $22.5M | $46.9M | $37.1M | -$7.0M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $11.3M | $2.9M | $12.7M | $13.4M |
| Activos Totales | $1.23B | $1.24B | $1.27B | $1.32B |
| Pasivos Totales | $753.5M | $759.8M | $765.6M | $807.7M |
| Patrimonio Neto | $479.9M | $481.9M | $502.1M | $517.1M |
| Deuda Total | $500.0M | $494.0M | $486.6M | $458.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$8.2M | -$18.6M | $11.0M | $55.7M | $66.1M | $49.4M | -$34.1M | $13.9M | $57.3M | $73.5M |
| Amortizaciones | $63.0M | $60.5M | $50.4M | $37.1M | $38.2M | $43.0M | $46.3M | $42.5M | $42.7M | $43.4M |
| Compensación en Acciones | $2.5M | $3.0M | $4.6M | 0 | $6.8M | 0 | 0 | 0 | $8.6M | $11.5M |
| Cambio en Capital Circulante | -$7.8M | $798000 | $60.5M | $83.0M | -$52.6M | -$63.0M | -$14.7M | -$19.5M | -$76.5M | $64.0M |
| Flujo de Caja Operativo | $38.7M | $21.5M | $137.7M | $190.2M | $78.9M | $44.6M | $672000 | $47.4M | $70.1M | $246.7M |
| Inversiones (CapEx) | -$83.8M | -$68.2M | -$49.4M | -$49.4M | -$47.6M | -$116.7M | -$143.0M | -$150.8M | -$125.1M | -$147.2M |
| Adquisiciones | $10.0M | $8.6M | $13.9M | $5.6M | $4.5M | $4.5M | $2.1M | $30.7M | 0 | $2.6M |
| Recompra de Acciones | -$171000 | -$328000 | -$1.2M | 0 | -$3.9M | 0 | 0 | 0 | -$1.3M | -$11.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$45.1M | -$46.7M | $88.2M | $140.7M | $31.3M | -$72.0M | -$142.3M | -$103.4M | -$55.1M | $99.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | $60.9M | $56.9M | $49.1M | $79.7M |
| Inversiones (CapEx) | -$21.2M | -$60.6M | -$35.9M | -$29.5M |
| Flujo de Caja Libre | $39.6M | -$3.7M | $13.2M | $50.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.9M | $3.4M | 0 | $3.4M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -22.9% | +4.8% | +14.6% | +3.1% | -1.0% | -10.7% | -9.1% | +29.4% | +16.5% |
| Crecimiento Beneficio Neto (anual) | | -282.3% | +79.9% | +884.0% | +34.0% | -25.2% | -168.9% | +140.8% | +311.8% | +28.3% |
| Crecimiento BPA (anual) | | -292.3% | +80.4% | +880.0% | +30.8% | -26.5% | -169.3% | +140.4% | +304.8% | +29.4% |
| Cambio en Acciones (anual) | | -0.0% | +3.7% | +2.3% | +1.3% | +0.7% | -0.4% | +1.4% | +1.3% | -0.1% |
| Crecimiento FCF (anual) | | -3.5% | +288.9% | +59.5% | -77.7% | -330.0% | -97.6% | +27.3% | +46.7% | +280.6% |
| Margen Bruto | 11.3% | 11.1% | 19.4% | 21.6% | 23.3% | 20.0% | 4.8% | 13.2% | 21.1% | 22.9% |
| Margen Operativo | 3.5% | -3.3% | 8.5% | 13.8% | 15.2% | 11.5% | -4.3% | 4.8% | 12.2% | 14.1% |
| Margen EBITDA | 10.2% | 5.9% | 16.2% | 18.7% | 20.4% | 17.6% | 2.6% | 12.4% | 17.8% | 18.1% |
| Margen Neto | -1.1% | -5.3% | -1.0% | 6.9% | 9.0% | 6.8% | -5.2% | 2.4% | 7.5% | 8.3% |
| Margen FCF | -5.9% | -7.9% | 14.2% | 19.8% | 4.3% | -9.9% | -21.9% | -17.5% | -7.2% | 11.2% |
| Tasa Impositiva Efectiva | -48.5% | 68.7% | 33.0% | 21.5% | 23.4% | 21.3% | 21.6% | 24.1% | 24.0% | 26.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.74 | $-0.76 | $1.39 | $2.16 | $0.48 | $-1.09 | $-2.15 | $-1.54 | $-0.81 | $1.47 |
| 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) | $60.7M | $61.4M | $62.2M | $63.6M | $64.7M | $65.6M | $66.1M | $66.5M | $67.1M | $66.9M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Rentabilidad
| Rentabilidad sobre capital | 14.83% |
| Rentabilidad sobre capital invertido | 8.11% |
| Rentabilidad sobre activos | 5.55% |
| Margen bruto | 22.91% |
| Margen operativo | 14.13% |
| Margen neto | 8.27% |
Salud financiera
| Deuda / Patrimonio | 0.89 |
| Ratio corriente | 0.97 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -32.31 | -10.59 | -66.20 | 14.53 | 12.91 | 20.96 | -11.44 | 36.57 | 13.28 | 11.93 |
| P/VC | 1.03 | 1.50 | 1.92 | 2.58 | 2.46 | 2.58 | 1.07 | 1.32 | 1.69 | 1.70 |
| P/V | 0.33 | 0.56 | 0.66 | 1.01 | 1.16 | 1.42 | 0.61 | 0.87 | 0.99 | 0.99 |
| Margen Bruto | 11.3% | 11.1% | 19.4% | 21.6% | 23.3% | 20.0% | 4.8% | 13.2% | 21.1% | 22.9% |
| Margen Operativo | 3.5% | -3.3% | 8.5% | 13.8% | 15.2% | 11.5% | -4.3% | 4.8% | 12.2% | 14.1% |
| Margen Neto | -1.1% | -5.3% | -1.0% | 6.9% | 9.0% | 6.8% | -5.2% | 2.4% | 7.5% | 8.3% |