Estados financieros detallados de Investcorp Credit Management BDC, Inc. (ICMB): 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
Investcorp Credit Management BDC, Inc. registró ingresos de $3.3M en el último ejercicio fiscal, con un CAGR de 5 años del -34.1%.
Márgenes de los últimos 12 meses: margen bruto -130.6%, margen operativo -252.4%, margen neto -265.8%. El flujo de caja libre creció a un CAGR del -10.4% en 5 años.
Al precio actual de $0.86, ICMB presenta beneficios negativos (P/E no significativo) y un ROE del -14.27%. La capitalización bursátil es de $12M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| Ingresos | $28.2M | $22.3M | $34.4M | $34.5M | $26.7M | $24.4M | $26.7M | $23.2M | $23.2M | $3.3M |
| Coste de Ventas | $8.0M | $10.4M | $44.1M | 0 | 0 | 0 | 0 | 0 | 0 | $7.7M |
| Beneficio Bruto | $20.2M | $11.9M | -$9.7M | $34.5M | $26.7M | $24.4M | $26.7M | $23.2M | $23.2M | -$4.3M |
| I+D | $1 | $1 | -$1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $3.9M | $4.0M | $4.4M | $10.5M | $8.8M | $7.9M | $7.8M | $8.1M | $8.1M | $3.8M |
| Gastos Operativos | $4.6M | $4.1M | $4.7M | $10.5M | $8.8M | $7.9M | $7.8M | $8.1M | $8.1M | $4.1M |
| Beneficio Operativo | -$4.6M | -$4.1M | -$5.5M | $24.0M | $17.9M | $16.5M | $18.9M | $15.1M | $15.1M | -$8.4M |
| EBITDA | $29.0M | $25.1M | $12.4M | $52.4M | $20.7M | 0 | $19.7M | $15.1M | $15.1M | -$8.4M |
| Gastos por Intereses | $4.7M | $6.3M | $8.9M | $9.5M | $7.4M | $6.6M | $8.4M | $8.6M | 0 | $7.7M |
| Beneficio Antes de Impuestos | $23.6M | $18.2M | -$14.4M | -$24.5M | -$2.0M | $2.9M | $3.5M | $12.7M | $12.7M | -$8.4M |
| Impuestos | -$4.6M | $2.6M | $158028 | $144709 | $268992 | $270618 | $294330 | $630150 | $630150 | $447781 |
| Beneficio Neto | $23.6M | $15.6M | -$14.5M | -$24.7M | -$2.3M | $2.6M | $3.2M | $12.1M | $12.1M | -$8.8M |
| BPA | $1.72 | $1.14 | $-1.07 | $-1.79 | $-0.17 | $0.18 | $0.22 | $0.84 | $0.84 | $-0.61 |
| BPA Diluido | $1.72 | $1.14 | $-1.07 | $-1.79 | $-0.17 | $0.18 | $0.22 | $0.84 | $0.84 | $-0.61 |
| Acciones en Circulación (Diluidas) | $13.7M | $13.7M | $13.6M | $13.7M | $13.9M | $14.3M | $14.4M | $14.4M | $14.4M | $14.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2025-Q4 | 2026-Q1 |
|---|
| Ingresos | $1.7M | $14.0M | -$6.3M | -$6.1M |
| Beneficio Bruto | -$319245 | $12.0M | -$8.2M | -$7.8M |
| Beneficio Operativo | -$1.2M | $10.6M | -$9.3M | -$8.5M |
| EBITDA | -$1.2M | $10.6M | -$9.3M | -$8.5M |
| Beneficio Neto | -$1.3M | $10.4M | -$9.4M | -$8.6M |
| BPA | $-0.09 | $0.61 | $-0.65 | $-0.60 |
| BPA Diluido | $-0.09 | $0.61 | $-0.65 | $-0.60 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10.6M | $5.6M | $19.7M | $14.9M | $5.8M | $2.6M | $1.1M | $771483 | $771483 | $4.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.6M | $12.0M | $3.9M | $5.5M | $8.4M | $3.1M | $2.2M | $2.4M | $2.4M | 0 |
| Inventario | -$306.7M | -$320.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $1.6M | $12.0M | $23.6M | $20.4M | $21.8M | $3.1M | $11.7M | $14.7M | $14.7M | $4.6M |
| 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 | $296.0M | $314.5M | $336.9M | $296.8M | $267.7M | $246.4M | $231.8M | $206.9M | $206.9M | $188.8M |
| Cuentas por Pagar | $16.1M | $16.3M | $26.4M | $3.5M | $3.0M | $4.0M | $1.8M | $1.5M | $1.5M | $1.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $16.1M | $16.3M | $26.4M | $3.5M | $5.9M | $4.0M | $8.6M | $7.2M | $7.2M | $3.0M |
| Deuda a Largo | 0 | 0 | $165.5M | $182.3M | $165.4M | $146.8M | $135.5M | $122.0M | $122.0M | $123.1M |
| Pasivos Totales | $126.1M | $143.0M | $193.9M | $188.7M | $171.3M | $152.9M | $144.1M | $129.2M | $129.2M | $127.5M |
| Reservas | -$2.3M | $3.0M | -$55.3M | -$92.7M | -$104.3M | -$110.1M | -$115.6M | -$125.9M | -$125.9M | -$141.8M |
| Patrimonio Neto | $169.9M | $171.5M | $143.1M | $108.1M | $96.4M | $93.5M | $87.7M | $77.6M | $77.6M | $61.3M |
| Deuda Total | $101.4M | $117.9M | $165.5M | $182.3M | $165.4M | $146.8M | $135.5M | $122.0M | $122.0M | $123.1M |
| Deuda Neta | $90.8M | $112.2M | $145.8M | $167.5M | $159.6M | $144.3M | $134.4M | $121.3M | $121.3M | $118.5M |
| Capital Circulante | -$14.5M | -$4.3M | -$2.8M | $16.9M | $15.9M | -$843589 | $3.1M | $7.5M | $7.5M | $1.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2025-Q4 | 2026-Q1 |
|---|
| Caja y Equivalentes | $3.9M | $4.6M | $4.6M | $2.7M |
| Activos Totales | $210.6M | $188.8M | $188.8M | $164.6M |
| Pasivos Totales | $137.9M | $127.5M | $127.5M | $111.9M |
| Patrimonio Neto | $72.7M | $61.3M | $61.3M | $52.7M |
| Deuda Total | $127.6M | $123.1M | $123.1M | $108.1M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| Beneficio Neto | $23.6M | $15.6M | -$14.5M | -$24.7M | -$2.3M | $2.6M | $3.2M | -$4.1M | $12.1M | -$8.8M |
| Amortizaciones | -$22.6M | -$10.4M | $2.6M | $28.5M | $2.9M | -$10.7M | $764443 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | -$999666 | $14.1M | $12.6M | -$21.8M | -$3.4M | $5.8M | $3.1M | $5.0M | -$296372 | $854265 |
| Flujo de Caja Operativo | $40.7M | -$8.2M | -$14.0M | -$10.6M | $20.2M | $21.2M | $20.7M | $7.3M | -$13.5M | $11.7M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | $4 | -$4 | -$2 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$390178 | -$358573 | 0 | 0 | 0 | 0 | 0 | 0 | -$39178 |
| Dividendos Pagados | -$17.8M | -$13.7M | -$13.6M | -$13.5M | -$9.9M | -$8.5M | -$8.6M | -$11.2M | -$5.7M | -$9.1M |
| Flujo de Caja Libre | $40.7M | -$8.2M | -$14.0M | -$10.6M | $20.2M | $21.2M | $20.7M | $7.3M | -$13.5M | $11.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | -$5.5M | $12.0M | -$5.6M | $10.8M |
| Inversiones (CapEx) | $1 | 0 | -$1 | 0 |
| Flujo de Caja Libre | -$5.5M | $12.0M | -$5.6M | $10.8M |
| Dividendos Pagados | 0 | -$4.0M | -$5.1M | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -20.8% | +54.1% | +0.2% | -22.6% | -8.5% | +9.2% | -12.9% | +0.0% | -85.7% |
| Crecimiento Beneficio Neto (anual) | | -33.7% | -193.1% | -69.6% | +90.6% | +211.8% | +25.0% | +273.6% | +0.0% | -173.2% |
| Crecimiento BPA (anual) | | -33.7% | -193.9% | -67.3% | +90.5% | +205.9% | +22.2% | +281.8% | +0.0% | -172.6% |
| Cambio en Acciones (anual) | | +0.0% | -0.4% | +0.8% | +1.2% | +2.8% | +0.6% | +0.0% | +0.1% | +0.1% |
| Crecimiento FCF (anual) | | -120.2% | -69.5% | +24.4% | +291.5% | +5.0% | -2.4% | -64.9% | -285.8% | +186.1% |
| Margen Bruto | 71.7% | 53.4% | -28.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -130.6% |
| Margen Operativo | -16.4% | -18.5% | -16.0% | 69.6% | 66.9% | 67.6% | 70.8% | 65.0% | 65.0% | -252.4% |
| Margen EBITDA | 102.7% | 112.4% | 36.1% | 152.2% | 77.7% | 0.0% | 73.7% | 65.0% | 65.0% | -252.4% |
| Margen Neto | 83.6% | 70.0% | -42.3% | -71.5% | -8.7% | 10.6% | 12.1% | 52.0% | 52.0% | -265.8% |
| Margen FCF | 144.4% | -36.9% | -40.6% | -30.6% | 75.7% | 86.8% | 77.6% | 31.3% | -58.2% | 350.0% |
| Tasa Impositiva Efectiva | -19.6% | 14.2% | -1.1% | -0.6% | -13.2% | 9.5% | 8.3% | 5.0% | 5.0% | -5.3% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| FCF por Acción | $2.98 | $-0.60 | $-1.02 | $-0.77 | $1.45 | $1.48 | $1.44 | $0.51 | $-0.94 | $0.81 |
| Dividendo por Acción | $1.30 | $1.00 | $0.99 | $0.98 | $0.71 | $0.59 | $0.60 | $0.78 | $0.40 | $0.63 |
| Acciones en Circulación (Básicas) | $13.7M | $13.7M | $13.6M | $13.7M | $13.9M | $14.3M | $14.4M | $14.4M | $14.4M | $14.4M |
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 | -14.27% |
| Rentabilidad sobre capital invertido | -5.18% |
| Rentabilidad sobre activos | -5.38% |
| Margen bruto | -130.62% |
| Margen operativo | -252.36% |
| Margen neto | -265.81% |
Salud financiera
| Deuda / Patrimonio | 2.05 |
| Ratio corriente | 1.11 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -0.25 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 |
|---|
| P/E | 5.77 | 7.75 | -7.06 | -1.95 | -31.76 | 23.56 | 16.45 | 4.02 | 3.61 | -4.43 |
| P/VC | 0.80 | 0.71 | 0.72 | 0.44 | 0.78 | 0.65 | 0.59 | 0.63 | 0.56 | 0.63 |
| P/V | 4.82 | 5.42 | 2.99 | 1.39 | 2.81 | 2.48 | 1.95 | 2.09 | 1.88 | 11.70 |
| Margen Bruto | 71.7% | 53.4% | -28.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -130.6% |
| Margen Operativo | -16.4% | -18.5% | -16.0% | 69.6% | 66.9% | 67.6% | 70.8% | 65.0% | 65.0% | -252.4% |
| Margen Neto | 83.6% | 70.0% | -42.3% | -71.5% | -8.7% | 10.6% | 12.1% | 52.0% | 52.0% | -265.8% |