Estados financieros detallados de GasLog Partners LP (GLOP-PA): 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
GasLog Partners LP registró ingresos de $278.2M en el último ejercicio fiscal, con un CAGR de 5 años del -3.6%.
Márgenes de los últimos 12 meses: margen bruto 42.0%, margen operativo 37.0%, margen neto 12.4%. El flujo de caja libre creció a un CAGR del 3.6% en 5 años.
Al precio actual de $25.53, GLOP-PA cotiza a un P/E de 37.00 y un ROE del 3.21%. La capitalización bursátil es de $409M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $282.3M | $371.1M | $383.2M | $378.7M | $333.7M | $326.1M | $371.0M | $397.8M | $356.3M | $278.2M |
| Coste de Ventas | $121.0M | $157.1M | $168.8M | $173.4M | $168.3M | $167.7M | $166.6M | $177.2M | $183.8M | $186.0M |
| Beneficio Bruto | $161.3M | $214.0M | $214.4M | $205.3M | $165.4M | $158.5M | $204.4M | $220.6M | $172.5M | $92.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $11.7M | $14.5M | $19.4M | $19.4M | $19.0M | $13.4M | $17.5M | $22.8M | $16.4M | $13.8M |
| Gastos Operativos | $12.6M | $15.3M | $19.8M | $19.4M | $19.0M | $13.4M | $17.5M | $24.0M | $16.4M | $13.8M |
| Beneficio Operativo | $148.7M | $198.7M | $194.7M | $185.9M | $146.4M | $145.1M | $186.9M | $196.6M | $156.1M | $78.4M |
| EBITDA | $203.8M | $281.0M | $282.2M | $118.5M | $190.9M | $128.5M | $254.1M | $294.7M | $260.7M | $183.6M |
| Gastos por Intereses | $49.6M | $65.1M | $72.7M | $72.0M | $51.0M | $37.3M | $47.6M | $67.1M | $4.8M | $5.0M |
| Beneficio Antes de Impuestos | $92.5M | $134.7M | $128.0M | -$34.8M | $56.9M | $5.7M | $119.0M | $138.7M | $150.9M | -$20.2M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $77.3M | $94.1M | $102.6M | -$37.4M | $56.9M | $5.7M | $119.0M | $138.7M | $150.9M | -$20.2M |
| BPA | $2.31 | $1.83 | $1.83 | $-1.43 | $0.55 | $-0.47 | $1.77 | $2.70 | $2.94 | $-0.39 |
| BPA Diluido | $2.31 | $1.83 | $1.82 | $-1.43 | $0.52 | $-0.47 | $1.71 | $2.70 | $2.94 | $-0.39 |
| Acciones en Circulación (Diluidas) | $33.5M | $47.2M | $43.9M | $47.2M | $50.6M | $50.6M | $54.2M | $51.4M | $51.4M | $51.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $60.9M | $66.8M | $68.6M | $89.5M |
| Beneficio Bruto | $15.3M | $24.8M | $30.9M | $49.2M |
| Beneficio Operativo | $11.9M | $21.3M | $27.6M | $45.1M |
| EBITDA | $36.7M | $45.4M | $47.4M | $64.3M |
| Beneficio Neto | -$13.0M | -$15.0M | $19.1M | $44.4M |
| BPA | $-0.25 | $-0.29 | $0.37 | $0.86 |
| BPA Diluido | $-0.25 | $-0.29 | $0.37 | $0.86 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $64.2M | $142.5M | $133.4M | $96.9M | $103.7M | $145.5M | $198.1M | $11.9M | $7.8M | $5.2M |
| Inversiones a Corto | $1.5M | 0 | $10.0M | 0 | 0 | 0 | $25.0M | 0 | 0 | 0 |
| Cuentas por Cobrar | $4.2M | $3.9M | $28.4M | $7.1M | $16.3M | $11.2M | $11.2M | $24.4M | $13.4M | $17.0M |
| Inventario | $3.4M | $2.6M | $3.4M | $3.4M | $3.0M | $3.0M | $2.9M | $2.9M | $2.7M | $4.6M |
| Activos Corrientes | $62.4M | $151.3M | $181.0M | $109.4M | $125.7M | $161.1M | $243.0M | $60.2M | $38.3M | $29.7M |
| Inmovilizado Material | $1.42B | $1.95B | $2.32B | $2.29B | $2.21B | $1.97B | $1.77B | $1.60B | $1.41B | $1.17B |
| 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 | $1.49B | $2.11B | $2.70B | $2.40B | $2.33B | $2.13B | $2.02B | $1.67B | $1.45B | $1.20B |
| Cuentas por Pagar | $3.3M | $5.3M | $7.6M | $16.6M | $13.6M | $9.5M | $9.3M | $9.3M | $7.7M | $2.8M |
| Deuda a Corto | $45.1M | $121.2M | $440.4M | $109.8M | $104.9M | $99.3M | $90.4M | $28.8M | $42.7M | $38.7M |
| Pasivos Corrientes | $78.0M | $148.2M | $512.6M | $186.7M | $185.2M | $175.5M | $177.2M | $80.3M | $84.3M | $81.0M |
| Deuda a Largo | $768.6M | $1.28B | $925.4M | $1.24B | $1.18B | $986.5M | $831.6M | 0 | 0 | $26.2M |
| Pasivos Totales | $846.8M | $1.20B | $1.44B | $1.43B | $1.38B | $1.21B | $1.05B | $145.8M | $149.4M | $107.5M |
| Reservas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Patrimonio Neto | $642.4M | $910.2M | $1.18B | $966.0M | $953.8M | $919.5M | $960.9M | $1.52B | $1.30B | $1.09B |
| Deuda Total | $813.8M | $1.40B | $1.37B | $1.35B | $1.29B | $1.14B | $984.5M | $93.9M | $107.6M | $91.1M |
| Deuda Neta | $742.1M | $1.26B | $1.22B | $1.25B | $1.18B | $996.1M | $761.4M | $82.0M | $99.8M | $85.9M |
| Capital Circulante | -$15.6M | $3.1M | -$331.6M | -$77.4M | -$59.5M | -$14.4M | $65.8M | -$20.1M | -$46.0M | -$51.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $3.3M | $5.2M | $3.0M | $3.1M |
| Activos Totales | $1.29B | $1.20B | $1.19B | $1.15B |
| Pasivos Totales | $121.8M | $107.5M | $108.9M | $89.2M |
| Patrimonio Neto | $1.17B | $1.09B | $1.08B | $1.06B |
| Deuda Total | $75.1M | $91.1M | $54.9M | $44.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $77.3M | $148.1M | $115.5M | -$34.8M | $56.9M | $5.7M | $119.0M | $138.7M | $150.9M | -$20.2M |
| Amortizaciones | $61.8M | $67.7M | $81.6M | $89.3M | $83.1M | $85.5M | $87.5M | $98.5M | $104.9M | $105.1M |
| Compensación en Acciones | 0 | $850000 | $1.0M | $1.2M | $1.9M | $378000 | $760000 | $1.4M | 0 | 0 |
| Cambio en Capital Circulante | $5.7M | $21.3M | -$20.9M | $27.8M | -$11.3M | $2.4M | $2.6M | -$35.3M | $8.9M | $8.1M |
| Flujo de Caja Operativo | $144.1M | $180.1M | $185.1M | $239.1M | $166.6M | $233.4M | $277.7M | $262.4M | $265.3M | $186.7M |
| Inversiones (CapEx) | -$5.3M | -$4.8M | -$24.2M | -$13.9M | -$23.6M | -$19.4M | -$2.5M | -$20.7M | -$8.5M | -$16.3M |
| Adquisiciones | 0 | 0 | 0 | $7.5M | 0 | $117.6M | 0 | 0 | $148.2M | $51.5M |
| Recompra de Acciones | 0 | 0 | 0 | -$22.9M | -$996000 | -$18.4M | -$49.2M | 0 | 0 | -$51.5M |
| Dividendos Pagados | -$65.6M | -$282.4M | -$118.1M | -$138.0M | -$69.6M | -$31.9M | -$29.1M | -$292.3M | -$226.4M | -$130.2M |
| Flujo de Caja Libre | $138.8M | $175.4M | $160.9M | $225.1M | $143.0M | $213.9M | $275.2M | $241.7M | $256.8M | $170.4M |
Flujo de Caja (Trimestral)
| Año | 2022-Q2 | 2022-Q3 | 2022-Q4 | 2023-Q1 |
|---|
| Flujo de Caja Operativo | $63.6M | $63.5M | $84.8M | $66.8M |
| Inversiones (CapEx) | -$248000 | -$399000 | -$930083 | -$3.4M |
| Flujo de Caja Libre | $63.3M | $63.1M | $83.9M | $63.3M |
| Dividendos Pagados | -$7.4M | -$7.3M | -$7.2M | -$6.7M |
| Compensación en Acciones | $203000 | $149000 | 0 | $146000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +31.5% | +3.2% | -1.2% | -11.9% | -2.3% | +13.8% | +7.2% | -10.5% | -21.9% |
| Crecimiento Beneficio Neto (anual) | | +21.8% | +9.0% | -136.5% | +252.0% | -89.9% | +1978.0% | +16.6% | +8.8% | -113.4% |
| Crecimiento BPA (anual) | | -20.8% | +0.0% | -178.1% | +138.5% | -185.5% | +476.6% | +52.5% | +8.9% | -113.3% |
| Cambio en Acciones (anual) | | +41.0% | -6.9% | +7.6% | +7.1% | -0.1% | +7.3% | -5.3% | +0.0% | +0.0% |
| Crecimiento FCF (anual) | | +26.4% | -8.2% | +39.9% | -36.5% | +49.6% | +28.6% | -12.2% | +6.3% | -33.6% |
| Margen Bruto | 57.1% | 57.7% | 56.0% | 54.2% | 49.6% | 48.6% | 55.1% | 55.5% | 48.4% | 33.1% |
| Margen Operativo | 52.7% | 53.5% | 50.8% | 49.1% | 43.9% | 44.5% | 50.4% | 49.4% | 43.8% | 28.2% |
| Margen EBITDA | 72.2% | 75.7% | 73.7% | 31.3% | 57.2% | 39.4% | 68.5% | 74.1% | 73.2% | 66.0% |
| Margen Neto | 27.4% | 25.4% | 26.8% | -9.9% | 17.0% | 1.8% | 32.1% | 34.9% | 42.4% | -7.2% |
| Margen FCF | 49.1% | 47.2% | 42.0% | 59.4% | 42.9% | 65.6% | 74.2% | 60.8% | 72.1% | 61.3% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $4.15 | $3.72 | $3.66 | $4.76 | $2.83 | $4.23 | $5.07 | $4.71 | $5.00 | $3.32 |
| Dividendo por Acción | $1.96 | $5.99 | $2.69 | $2.92 | $1.37 | $0.63 | $0.54 | $5.69 | $4.41 | $2.54 |
| Acciones en Circulación (Básicas) | $33.4M | $47.1M | $43.8M | $47.2M | $48.1M | $50.6M | $52.5M | $51.4M | $51.4M | $51.4M |
Qué mirar en empresas de Energy
- FCF yield (>8%) — Caja generada / capitalización. En energía el FCF importa más que el EPS.
- ROIC medio 5a (≥10%) — Incluir años buenos y malos para filtrar las realmente disciplinadas.
- FCF positivo en 8 de los últimos 10 años (≥8/10) — Nombres disciplinados (XOM, CVX, EOG) sobreviven los crashes de 2014-16 y 2020.
- Cobertura del dividendo (FCF / div) (≥1,2x) — Dividendo cubierto por FCF, no por deuda. <1x = recorte probable.
- Deuda Neta / EBITDA (<2x en pico) — Mirarlo con EBITDA en valle, no en pico.
- Capex / Ingresos (10-20% saludable) — Energía necesita reinversión agresiva para mantener reservas.
Rentabilidad
| Rentabilidad sobre capital | 3.21% |
| Rentabilidad sobre capital invertido | 9.55% |
| Rentabilidad sobre activos | 3.06% |
| Margen bruto | 42.03% |
| Margen operativo | 37.03% |
| Margen neto | 12.36% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 0.71 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 10.84 | 14.26 | 11.93 | -17.71 | 29.09 | -56.02 | 13.68 | 9.07 | 8.52 | -65.64 |
| P/VC | 1.30 | 1.35 | 0.81 | 1.24 | 0.81 | 1.45 | 1.32 | 0.83 | 0.99 | 1.20 |
| P/V | 2.97 | 3.31 | 2.50 | 3.16 | 2.30 | 4.08 | 3.43 | 3.16 | 3.61 | 4.72 |
| Margen Bruto | 57.1% | 57.7% | 56.0% | 54.2% | 49.6% | 48.6% | 55.1% | 55.5% | 48.4% | 33.1% |
| Margen Operativo | 52.7% | 53.5% | 50.8% | 49.1% | 43.9% | 44.5% | 50.4% | 49.4% | 43.8% | 28.2% |
| Margen Neto | 27.4% | 25.4% | 26.8% | -9.9% | 17.0% | 1.8% | 32.1% | 34.9% | 42.4% | -7.2% |