Estados financieros detallados de Innoviz Technologies Ltd. (INVZ): 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 6.5%, margen operativo -153.5%, margen neto -153.1%.
Al precio actual de $0.31, INVZ presenta beneficios negativos (P/E no significativo) y un ROE del -118.08%. La capitalización bursátil es de $89M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $62000 | $1.6M | -$9.4M | $5.5M | $6.0M | $20.9M | $24.3M | $55.1M |
| Coste de Ventas | $53000 | $2.0M | $6.4M | $10.5M | $14.8M | $32.5M | $25.4M | $42.2M |
| Beneficio Bruto | $9000 | -$411000 | -$15.8M | -$5.0M | -$8.8M | -$11.6M | -$1.2M | $12.9M |
| I+D | $48.3M | $59.4M | $57.0M | $93.3M | $95.1M | $92.7M | $73.8M | $56.5M |
| Generales y Administrativos | $8.0M | $9.7M | $9.2M | $59.3M | $29.5M | $28.3M | $26.9M | $24.2M |
| Gastos Operativos | $56.3M | $69.0M | $66.2M | $152.6M | $124.6M | $121.0M | $100.8M | $80.6M |
| Beneficio Operativo | -$56.3M | -$69.5M | -$82.0M | -$157.7M | -$133.3M | -$132.6M | -$101.9M | -$67.7M |
| EBITDA | -$55.6M | -$67.8M | -$79.3M | -$149.3M | -$119.1M | -$113.6M | -$86.8M | -$61.8M |
| Gastos por Intereses | $107000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$56.4M | -$67.3M | -$81.3M | -$153.3M | -$126.5M | -$122.8M | -$94.6M | -$67.6M |
| Impuestos | $32000 | $10000 | $183000 | $284000 | $325000 | $642000 | $167000 | $171000 |
| Beneficio Neto | -$56.4M | -$67.3M | -$81.5M | -$153.6M | -$126.9M | -$123.5M | -$94.8M | -$67.8M |
| BPA | $-0.43 | $-15.61 | $-4.29 | $-1.49 | $-0.94 | $-0.84 | $-0.57 | $-0.34 |
| BPA Diluido | $-0.43 | $-15.61 | $-4.29 | $-1.49 | $-0.94 | $-0.84 | $-0.57 | $-0.34 |
| Acciones en Circulación (Diluidas) | $129.8M | $4.3M | $19.0M | $102.9M | $135.2M | $147.5M | $221.4M | $199.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $15.3M | $12.7M | $7.1M | $18.1M |
| Beneficio Bruto | $2.3M | $2.1M | -$1.6M | $697000 |
| Beneficio Operativo | -$15.8M | -$20.9M | -$26.5M | -$18.4M |
| EBITDA | -$14.0M | -$19.1M | -$24.8M | -$17.2M |
| Beneficio Neto | -$15.4M | -$21.3M | -$26.2M | -$18.5M |
| BPA | $-0.08 | $-0.10 | $-0.12 | $-0.08 |
| BPA Diluido | $-0.08 | $-0.10 | $-0.12 | $-0.08 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $18.6M | $72.8M | $50.0M | $23.6M | $55.7M | $26.3M | $25.4M | $8.7M |
| Inversiones a Corto | 0 | $34.7M | 0 | $242.1M | $122.4M | $119.1M | $42.6M | $63.5M |
| Cuentas por Cobrar | $59000 | $1.0M | $2.5M | $901000 | $2.4M | $7.4M | $6.2M | $10.0M |
| Inventario | $1.1M | $1.3M | $2.2M | $4.3M | $4.2M | $1.9M | $1.9M | $3.3M |
| Activos Corrientes | $22.9M | $111.8M | $57.9M | $274.4M | $187.6M | $160.5M | $82.6M | $90.2M |
| Inmovilizado Material | $7.2M | $11.3M | $13.2M | $14.5M | $57.4M | $51.3M | $46.6M | $44.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $30.7M | $123.9M | $72.6M | $327.2M | $255.4M | $219.2M | $132.0M | $138.5M |
| Cuentas por Pagar | $9.4M | $7.1M | $7.8M | $5.8M | $8.4M | $8.0M | $8.8M | $8.6M |
| Deuda a Corto | $219000 | $246000 | $275000 | 0 | 0 | 0 | 0 | $5.9M |
| Pasivos Corrientes | $21.9M | $14.7M | $17.8M | $21.7M | $32.4M | $37.2M | $27.8M | $31.4M |
| Deuda a Largo | $366000 | $2.3M | $2.2M | 0 | 0 | 0 | 0 | $29.3M |
| Pasivos Totales | $23.5M | $269.6M | $296.3M | $28.4M | $63.4M | $65.9M | $53.1M | $60.7M |
| Reservas | -$82.6M | -$149.9M | -$231.4M | -$385.0M | -$511.8M | -$635.3M | -$730.0M | -$797.8M |
| Patrimonio Neto | $7.2M | -$145.7M | -$223.7M | $298.8M | $192.0M | $153.3M | $78.9M | $77.7M |
| Deuda Total | $585000 | $2.6M | $2.5M | 0 | $33.9M | $32.5M | $29.6M | $64.6M |
| Deuda Neta | -$18.0M | -$104.9M | -$47.5M | -$265.7M | -$144.2M | -$112.9M | -$38.4M | -$7.6M |
| Capital Circulante | $1.0M | $97.1M | $40.1M | $252.8M | $155.1M | $123.2M | $54.8M | $58.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $7.9M | $8.7M | $4.4M | $25.7M |
| Activos Totales | $151.1M | $138.5M | $122.2M | $119.7M |
| Pasivos Totales | $61.4M | $60.7M | $62.5M | $71.0M |
| Patrimonio Neto | $89.7M | $77.7M | $59.7M | $48.7M |
| Deuda Total | $35.0M | $64.6M | $34.5M | $35.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$56.4M | -$67.3M | -$81.5M | -$153.6M | -$126.9M | -$123.5M | -$94.8M | -$67.8M |
| Amortizaciones | $660000 | $1.7M | $2.7M | $4.0M | $7.5M | $9.2M | $7.2M | $5.9M |
| Compensación en Acciones | $1.4M | $2.2M | $18.0M | $64.7M | 0 | $22.3M | 0 | 0 |
| Cambio en Capital Circulante | $14.0M | -$5.0M | -$509000 | $4.2M | $6.6M | -$169000 | -$10.5M | -$217000 |
| Flujo de Caja Operativo | -$39.4M | -$69.2M | -$61.9M | -$82.5M | -$93.4M | -$93.1M | -$77.0M | -$47.8M |
| Inversiones (CapEx) | -$6.9M | -$5.8M | -$5.1M | -$3.8M | -$22.6M | -$6.6M | -$4.4M | -$4.2M |
| Adquisiciones | $7000 | 0 | 0 | 0 | $54000 | 0 | $75000 | $2.9M |
| 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 | -$46.2M | -$75.1M | -$67.1M | -$86.3M | -$116.0M | -$99.6M | -$81.4M | -$52.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$13.7M | -$9.0M | -$14.5M | -$14.4M |
| Inversiones (CapEx) | -$286000 | -$1.0M | -$1.4M | -$862000 |
| Flujo de Caja Libre | -$14.0M | -$10.0M | -$15.8M | -$15.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $3.9M | 0 | 0 | $4.0M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +2440.3% | -694.5% | +158.4% | +10.2% | +246.4% | +16.2% | +127.0% |
| Crecimiento Beneficio Neto (anual) | | -19.3% | -21.1% | -88.4% | +17.4% | +2.7% | +23.2% | +28.5% |
| Crecimiento BPA (anual) | | -3530.2% | +72.5% | +65.3% | +36.9% | +10.6% | +32.1% | +40.4% |
| Cambio en Acciones (anual) | | -96.7% | +340.9% | +441.0% | +31.5% | +9.1% | +50.1% | -9.7% |
| Crecimiento FCF (anual) | | -62.4% | +10.7% | -28.7% | -34.4% | +14.1% | +18.3% | +36.1% |
| Margen Bruto | 14.5% | -26.1% | 168.4% | -91.9% | -145.4% | -55.6% | -4.8% | 23.4% |
| Margen Operativo | -90743.5% | -4410.0% | 875.5% | -2884.2% | -2212.9% | -635.2% | -420.0% | -123.0% |
| Margen EBITDA | -89679.0% | -4303.7% | 847.1% | -2731.7% | -1976.0% | -544.3% | -357.7% | -112.1% |
| Margen Neto | -90967.7% | -4273.1% | 870.5% | -2809.3% | -2105.4% | -591.4% | -390.5% | -123.1% |
| Margen FCF | -74567.7% | -4766.7% | 716.2% | -1579.0% | -1924.6% | -477.3% | -335.3% | -94.4% |
| Tasa Impositiva Efectiva | -0.1% | -0.0% | -0.2% | -0.2% | -0.3% | -0.5% | -0.2% | -0.3% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.36 | $-17.41 | $-3.53 | $-0.84 | $-0.86 | $-0.68 | $-0.37 | $-0.26 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $129.8M | $4.3M | $19.0M | $102.9M | $135.2M | $147.5M | $221.4M | $199.9M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -118.08% |
| Rentabilidad sobre capital invertido | -96.78% |
| Rentabilidad sobre activos | -67.98% |
| Margen bruto | 6.54% |
| Margen operativo | -153.51% |
| Margen neto | -153.10% |
Salud financiera
| Deuda / Patrimonio | 0.73 |
| Ratio corriente | 1.73 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -7.09 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -22.79 | -0.63 | -3.33 | -4.26 | -4.18 | -3.01 | -2.95 | -2.51 |
| P/VC | 176.92 | -0.29 | -1.21 | 2.18 | 2.77 | 2.43 | 4.71 | 2.19 |
| P/V | 20520.09 | 26.83 | -29.01 | 119.31 | 88.19 | 17.87 | 15.33 | 3.10 |
| Margen Bruto | 14.5% | -26.1% | 168.4% | -91.9% | -145.4% | -55.6% | -4.8% | 23.4% |
| Margen Operativo | -90743.5% | -4410.0% | 875.5% | -2884.2% | -2212.9% | -635.2% | -420.0% | -123.0% |
| Margen Neto | -90967.7% | -4273.1% | 870.5% | -2809.3% | -2105.4% | -591.4% | -390.5% | -123.1% |