Estados financieros detallados de Brazil Potash Corp. (GRO): 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 0.0%, margen operativo 0.0%, margen neto 0.0%.
Al precio actual de $2.32, GRO presenta beneficios negativos (P/E no significativo) y un ROE del -14.69%. La capitalización bursátil es de $142M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $14.1M | $25.8M | $15.6M | $4.3M | $30.0M | $13.0M | $46.1M | $76.7M |
| Gastos Operativos | $14.1M | $25.8M | $15.6M | $4.3M | $32.7M | $13.3M | $46.6M | $76.7M |
| Beneficio Operativo | -$14.1M | -$25.8M | -$15.6M | -$4.3M | -$32.7M | -$13.3M | -$46.6M | -$76.7M |
| EBITDA | -$14.0M | -$25.4M | -$15.7M | -$4.4M | -$32.7M | -$13.4M | -$46.6M | -$71.0M |
| Gastos por Intereses | 0 | $201567 | $301059 | $405249 | 0 | 0 | 0 | $1.4M |
| Beneficio Antes de Impuestos | -$14.0M | -$25.6M | -$16.0M | -$4.9M | -$32.5M | -$13.0M | -$46.2M | -$72.4M |
| Impuestos | $353889 | $225331 | $323956 | $116943 | $155360 | $160838 | $187742 | $491078 |
| Beneficio Neto | -$14.4M | -$25.8M | -$16.3M | -$5.1M | -$32.6M | -$13.2M | -$46.4M | -$72.9M |
| BPA | $-0.40 | $-0.72 | $-0.46 | $-0.11 | $-0.85 | $-0.34 | $-1.28 | $-1.72 |
| BPA Diluido | $-0.40 | $-0.72 | $-0.46 | $-0.11 | $-0.85 | $-0.34 | $-1.28 | $-1.72 |
| Acciones en Circulación (Diluidas) | $35.8M | $35.8M | $35.8M | $35.8M | $38.3M | $38.3M | $36.1M | $42.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | 0 | 0 | 0 | 0 |
| Beneficio Bruto | 0 | 0 | -$4545 | 0 |
| Beneficio Operativo | -$12.0M | -$13.5M | -$5.7M | -$4.6M |
| EBITDA | -$11.9M | -$8.6M | -$22.5M | -$4.6M |
| Beneficio Neto | -$11.9M | -$9.7M | -$23.1M | $10.5M |
| BPA | $-0.29 | $-0.18 | $-0.43 | $0.18 |
| BPA Diluido | $-0.29 | $-0.18 | $-0.43 | $0.13 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $4.9M | $3.1M | $1.6M | $18.9M | $16.0M | $3.1M | $18.9M | $38.1M |
| Inversiones a Corto | $650244 | $168 | $174807 | $218738 | 0 | $180007 | 0 | 0 |
| Cuentas por Cobrar | $115142 | $334080 | $441951 | $3.3M | $227433 | $197469 | $855642 | $340727 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $5.7M | $3.5M | $2.3M | $22.6M | $16.4M | $3.7M | $21.0M | $40.2M |
| Inmovilizado Material | $1.9M | $1.7M | $1.6M | $1.1M | $1.3M | $1.3M | $120.1M | $1.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $178.5M | $180.4M | $171.1M | $165.4M | $180.5M | $175.6M | $141.1M | $231.7M |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | $1.3M | 0 |
| Deuda a Corto | $313360 | $327693 | $1.5M | $14075 | 0 | 0 | 0 | $137040 |
| Pasivos Corrientes | $3.4M | $4.4M | $8.2M | $2.5M | $1.6M | $2.3M | $3.1M | $3.7M |
| Deuda a Largo | $953434 | $646584 | $260046 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $6.8M | $7.5M | $11.0M | $4.6M | $4.1M | $5.2M | $5.6M | $15.4M |
| Reservas | -$68.5M | -$98.4M | -$103.1M | -$87.5M | -$135.0M | -$148.6M | -$158.6M | -$271.5M |
| Patrimonio Neto | $171.8M | $173.0M | $160.1M | $160.8M | $176.4M | $170.4M | $135.4M | $216.4M |
| Deuda Total | $1.3M | $974278 | $1.8M | $14075 | 0 | 0 | $605605 | $759599 |
| Deuda Neta | -$4.2M | -$2.2M | $12279 | -$19.1M | -$16.0M | -$3.2M | -$18.3M | -$37.3M |
| Capital Circulante | $2.2M | -$858738 | -$6.0M | $20.0M | $14.8M | $1.5M | $17.9M | $36.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $13.0M | $38.1M | $31.4M | $107.4M |
| Activos Totales | $211.0M | $231.7M | $237.5M | $323.0M |
| Pasivos Totales | $6.4M | $15.4M | $31.9M | $17.5M |
| Patrimonio Neto | $204.6M | $216.4M | $205.6M | $305.5M |
| Deuda Total | $911986 | $759599 | $714338 | $697206 |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$14.4M | -$25.8M | -$16.3M | -$4.0M | -$32.6M | -$13.2M | -$46.4M | -$72.9M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | $357189 | $24.5M | $4.7M | $35.7M | 0 |
| Cambio en Capital Circulante | -$2.3M | $1.3M | $3.4M | -$6.4M | $31207 | $449075 | -$384933 | $129189 |
| Flujo de Caja Operativo | -$8.4M | -$3.5M | -$2.7M | -$9.6M | -$8.2M | -$8.2M | -$11.3M | -$17.6M |
| Inversiones (CapEx) | -$307729 | -$1871 | -$1473 | -$1.2M | -$3.7M | -$3.9M | -$3.8M | -$31484 |
| Adquisiciones | 0 | $27390 | $2674 | 0 | 0 | 0 | 0 | $8493 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$8.7M | -$3.5M | -$2.7M | -$10.8M | -$11.9M | -$12.1M | -$15.1M | -$17.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$3.2M | -$5.8M | -$3.7M | -$2.6M |
| Inversiones (CapEx) | -$2.1M | -$29749 | -$262477 | -$11125 |
| Flujo de Caja Libre | -$5.2M | -$5.8M | -$4.0M | -$2.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $9.7M | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -79.8% | +36.8% | +69.1% | -545.7% | +59.5% | -251.4% | -57.0% |
| Crecimiento BPA (anual) | | -80.0% | +36.1% | +76.1% | -672.7% | +60.0% | -276.5% | -34.4% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.0% | +7.1% | +0.0% | -5.8% | +17.7% |
| Crecimiento FCF (anual) | | +59.5% | +23.8% | -299.1% | -10.8% | -1.6% | -24.1% | -17.2% |
| Tasa Impositiva Efectiva | -2.5% | -0.9% | -2.0% | -2.4% | -0.5% | -1.2% | -0.4% | -0.7% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.24 | $-0.10 | $-0.08 | $-0.30 | $-0.31 | $-0.32 | $-0.42 | $-0.42 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $35.8M | $35.8M | $35.8M | $35.8M | $38.3M | $38.3M | $36.1M | $42.5M |
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 | -14.69% |
| Rentabilidad sobre capital invertido | -11.17% |
| Rentabilidad sobre activos | -10.60% |
| Margen bruto | 0.00% |
| Margen operativo | 0.00% |
| Margen neto | 0.00% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 42.20 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -33.77 | -18.76 | -29.37 | -122.82 | -15.89 | -39.74 | -6.02 | -1.10 |
| P/VC | 2.82 | 2.80 | 3.02 | 3.01 | 2.94 | 3.04 | 2.05 | 0.37 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |