Estados financieros detallados de Tekla Life Sciences Investors (HQL): 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
Tekla Life Sciences Investors registró ingresos de $86.4M en el último ejercicio fiscal, con un CAGR de 5 años del 17.2%. El beneficio neto alcanzó $85.6M, con un CAGR a 5 años del -7.0%.
Márgenes de los últimos 12 meses: margen bruto 90.7%, margen operativo 331.9%, margen neto 331.9%.
Al precio actual de $19.28, HQL cotiza a un P/E de 2.80 y un ROE del 36.89%. La capitalización bursátil es de $586M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6.3M | $69.8M | $2.0M | $2.4M | $39.1M | $45.0M | $31.9M | $39.4M | $86.7M | $86.4M |
| Coste de Ventas | $4.9M | $4.6M | 0 | 0 | $5.2M | $6.1M | $5.5M | $5.2M | $5.4M | $5.0M |
| Beneficio Bruto | $1.3M | $65.2M | $2.0M | $2.4M | $33.9M | $38.9M | $26.3M | $18.3M | $86.7M | $86.4M |
| I+D | -$2 | $1 | 0 | 0 | $3 | 0 | -$3 | 0 | 0 | 0 |
| Generales y Administrativos | -$2 | $991511 | $5.6M | $5.3M | $751317 | $844018 | $1.1M | $903138 | $1.3M | $743171 |
| Gastos Operativos | $13.3M | $1.3M | $5.6M | $5.3M | $1.0M | $1.2M | $1.4M | $1.2M | $1.4M | $791573 |
| Beneficio Operativo | -$3.8M | -$3.9M | -$3.6M | -$2.9M | $123.1M | $64.5M | -$104.6M | -$5.2M | $85.3M | $85.6M |
| EBITDA | 0 | $68.6M | 0 | 0 | $123.1M | $68.7M | -$101.6M | $50.0M | $87.2M | $85.6M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$11.9M | $68.6M | $28.7M | -$70.5M | $123.1M | $64.5M | -$104.6M | $22.4M | $85.3M | $85.6M |
| Impuestos | 0 | $3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$11.9M | $68.6M | $28.7M | -$70.5M | $123.1M | $64.5M | -$104.6M | $22.4M | $85.3M | $85.6M |
| BPA | $-1.00 | $3.21 | $1.28 | $-3.04 | $5.16 | $2.66 | $-4.07 | $0.79 | $3.04 | $2.96 |
| BPA Diluido | $-0.57 | $3.21 | $1.28 | $-3.04 | $5.16 | $2.66 | $-4.07 | $0.79 | $3.04 | $2.96 |
| Acciones en Circulación (Diluidas) | $20.7M | $21.4M | $22.4M | $23.2M | $23.8M | $24.3M | $25.7M | $28.3M | $28.1M | $28.9M |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Ingresos | $1.9M | $18.2M | $11.6M | $48.1M |
| Beneficio Bruto | $1.9M | $15.7M | $9.2M | $45.0M |
| Beneficio Operativo | -$1.3M | -$47.2M | $132.8M | $65.3M |
| EBITDA | $35.0M | -$47.2M | $132.8M | $65.3M |
| Beneficio Neto | $35.0M | -$47.2M | $132.8M | $65.3M |
| BPA | $1.22 | $-1.64 | $4.60 | $2.15 |
| BPA Diluido | $1.22 | $-1.64 | $4.60 | $2.15 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10069 | $615306 | 0 | $1.1M | -$5.0M | $990 | $445 | $477 | $1 | $75538 |
| Inversiones a Corto | $9.9M | 0 | 0 | 0 | $5.0M | 0 | 0 | $15.2M | $17.2M | 0 |
| Cuentas por Cobrar | $10.2M | $18129 | $11.2M | $4.4M | $73897 | $150341 | $623472 | $5.0M | $231106 | $1.1M |
| Inventario | 0 | $10.2M | 0 | $17.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $20.1M | $633439 | $11.2M | $5.1M | $73897 | $144663 | $623917 | $5.0M | $281608 | $1.3M |
| 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 | $417.6M | $468.3M | $478.5M | $387.0M | $484.2M | $534.2M | $414.7M | $402.6M | $460.6M | $515.4M |
| Cuentas por Pagar | $2.1M | $1.3M | $2.3M | $2.8M | 0 | $150341 | $5.1M | 0 | $1791 | $720901 |
| Deuda a Corto | 0 | 0 | 0 | 0 | $13943 | $10.0M | $11.1M | 0 | 0 | 0 |
| Pasivos Corrientes | $2.7M | $1.3M | $2.3M | $2.8M | $581242 | $10.7M | $5.1M | 0 | $888610 | $720901 |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $2.7M | $2.0M | $3.0M | $2.8M | $595185 | $10.7M | $16.8M | $666959 | $888610 | $1.7M |
| Reservas | -$2.7M | -$22500 | $141.7M | $38.4M | $127.0M | $150.7M | $9.5M | -$1.5M | $44.1M | $77.6M |
| Patrimonio Neto | $415.0M | $466.4M | $475.5M | $383.7M | $483.6M | $523.4M | $397.9M | $401.9M | $459.7M | $513.7M |
| Deuda Total | 0 | 0 | 0 | 0 | $26030 | $1.3M | $11.1M | 0 | 0 | 0 |
| Deuda Neta | -$9.9M | -$615310 | 0 | -$1.1M | -$4.9M | $1.3M | $11.1M | -$15.2M | -$1 | -$75538 |
| Capital Circulante | $17.5M | -$676956 | $8.8M | $2.3M | -$507345 | -$10.6M | -$4.5M | $5.0M | -$607002 | $531598 |
Balance (Trimestral)
| Año | 2024-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Caja y Equivalentes | $1 | $1 | $75538 | 0 |
| Activos Totales | $460.6M | $411.3M | $515.4M | $563.2M |
| Pasivos Totales | $888610 | $15.4M | $1.7M | $2.4M |
| Patrimonio Neto | $459.7M | $395.9M | $513.7M | $560.8M |
| Deuda Total | 0 | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 |
|---|
| Beneficio Neto | $40499 | -$11912 | $68555 | $28664 | -$70478 | $123053 | $64530 | -$104603 | $22.4M | $85.6M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$203409 |
| Flujo de Caja Operativo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.3M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$31.6M |
| Flujo de Caja Libre | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$2.3M |
Flujo de Caja (Trimestral)
| Año | 2023-Q3 | 2025-Q1 | 2025-Q3 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | 0 | -$1.0M | -$1.3M | -$1.2M |
| Inversiones (CapEx) | 0 | -$4 | 0 | 0 |
| Flujo de Caja Libre | 0 | -$1.0M | -$1.3M | -$1.2M |
| Dividendos Pagados | 0 | 0 | -$31.6M | -$18.2M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +1009.6% | -97.2% | +22.9% | +1500.9% | +15.2% | -29.2% | +23.6% | +120.1% | -0.3% |
| Crecimiento Beneficio Neto (anual) | | +675.7% | -58.2% | -345.9% | +274.6% | -47.6% | -262.1% | +121.4% | +281.6% | +0.3% |
| Crecimiento BPA (anual) | | +421.0% | -60.1% | -337.5% | +269.7% | -48.4% | -253.0% | +119.4% | +284.8% | -2.6% |
| Cambio en Acciones (anual) | | +3.0% | +4.9% | +3.5% | +2.9% | +1.7% | +5.9% | +10.2% | -0.8% | +2.9% |
| Margen Bruto | 21.3% | 93.4% | 100.0% | 100.0% | 86.7% | 86.5% | 82.6% | 46.4% | 100.0% | 100.0% |
| Margen Operativo | -60.3% | -5.6% | -181.6% | -118.0% | 314.9% | 143.3% | -328.3% | -13.3% | 98.4% | 99.1% |
| Margen EBITDA | 0.0% | 98.2% | 0.0% | 0.0% | 315.0% | 152.5% | -318.9% | 126.8% | 100.6% | 99.1% |
| Margen Neto | -189.3% | 98.2% | 1443.4% | -2887.8% | 314.9% | 143.3% | -328.3% | 56.8% | 98.4% | 99.1% |
| Margen FCF | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -2.7% |
| 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 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-0.08 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.10 |
| Acciones en Circulación (Básicas) | $11.9M | $21.4M | $22.4M | $23.2M | $23.8M | $24.3M | $25.7M | $28.3M | $28.1M | $28.9M |
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 | 36.89% |
| Rentabilidad sobre capital invertido | 35.24% |
| Rentabilidad sobre activos | 35.18% |
| Margen bruto | 90.69% |
| Margen operativo | 331.92% |
| Margen neto | 331.92% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 2.58 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -18.73 | 6.69 | 15.90 | -4.97 | 3.41 | 7.82 | -3.36 | 15.78 | 4.96 | 5.24 |
| P/VC | 0.54 | 0.98 | 0.96 | 0.91 | 0.87 | 0.96 | 0.88 | 0.88 | 0.92 | 0.87 |
| P/V | 35.46 | 6.57 | 229.61 | 143.41 | 10.73 | 11.21 | 11.01 | 8.96 | 4.88 | 5.18 |
| Margen Bruto | 21.3% | 93.4% | 100.0% | 100.0% | 86.7% | 86.5% | 82.6% | 46.4% | 100.0% | 100.0% |
| Margen Operativo | -60.3% | -5.6% | -181.6% | -118.0% | 314.9% | 143.3% | -328.3% | -13.3% | 98.4% | 99.1% |
| Margen Neto | -189.3% | 98.2% | 1443.4% | -2887.8% | 314.9% | 143.3% | -328.3% | 56.8% | 98.4% | 99.1% |