Estados financieros detallados de Invesco Mortgage Capital Inc. (IVR): 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 79.3%, margen operativo 91.7%, margen neto 38.7%. El flujo de caja libre creció a un CAGR del -1.6% en 5 años.
Al precio actual de $6.46, IVR cotiza a un P/E de 4.03 y un ROE del 13.99%. La capitalización bursátil es de $600M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $333.0M | $405.9M | $424.5M | $408.1M | -$1.65B | $50.3M | -$437.5M | $189.8M | $329.3M | $339.7M |
| Coste de Ventas | $34.5M | 0 | $40.7M | 0 | 0 | $21.1M | 0 | $12.3M | $250.2M | $219.9M |
| Beneficio Bruto | $298.4M | $405.9M | $383.8M | $408.1M | -$1.65B | $29.3M | -$377.6M | $177.5M | $79.1M | $119.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $41.8M | $44.7M | $47.8M | $46.2M | $10.9M | $29.2M | $8.4M | $19.7M | $7.2M | $7.3M |
| Gastos Operativos | $7.3M | $405.9M | -$26.1M | $408.1M | -$1.65B | $109.4M | $25.3M | $19.7M | $19.2M | $18.6M |
| Beneficio Operativo | $255.4M | $359.9M | -$70.5M | 0 | 0 | -$80.2M | -$331.4M | $222.8M | $59.9M | $101.3M |
| EBITDA | 0 | $341.9M | 0 | 0 | 0 | -$79.3M | -$331.7M | $222.8M | $310.4M | $321.1M |
| Gastos por Intereses | $157.4M | $196.6M | $338.9M | $472.3M | $82.3M | $10.7M | $51.6M | $228.2M | $249.7M | $219.9M |
| Beneficio Antes de Impuestos | $257.7M | $353.1M | -$70.5M | $364.1M | -$1.67B | -$90.0M | -$402.9M | -$15.9M | $59.9M | $101.3M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $254.4M | $348.6M | -$70.8M | $364.1M | -$1.67B | -$90.0M | -$402.9M | -$15.9M | $59.9M | $101.3M |
| BPA | $20.70 | $28.70 | $-10.30 | $24.16 | $-98.93 | $-4.80 | $-12.21 | $-0.85 | $0.65 | $1.32 |
| BPA Diluido | $19.80 | $27.50 | $-10.30 | $24.16 | $-98.93 | $-4.80 | $-12.21 | $-0.85 | $0.65 | $1.32 |
| Acciones en Circulación (Diluidas) | $13.0M | $12.3M | $11.2M | $13.2M | $17.4M | $27.5M | $34.2M | $44.1M | $53.5M | $66.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $113.2M | $108.3M | $24.7M | $64.2M |
| Beneficio Bruto | $57.9M | $105.5M | $21.7M | $60.9M |
| Beneficio Operativo | $53.5M | $108.1M | $32.7M | $90.3M |
| EBITDA | $53.6M | $108.1M | $32.7M | $90.3M |
| Beneficio Neto | $53.5M | $51.5M | -$19.9M | $35.0M |
| BPA | $0.74 | $0.78 | $-0.26 | $0.34 |
| BPA Diluido | $0.74 | $0.78 | $-0.26 | $0.34 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $161.8M | $88.4M | $135.6M | $172.5M | $392.6M | $357.1M | $175.5M | $77.0M | $73.4M | $56.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $177.3M | $73.2M | $80.1M | $100.5M | $16.9M | $23.5M | $24.3M | $26.6M | $25.4M | $27.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $518.8M | $161.6M | $215.7M | $273.1M | 0 | $627.1M | $303.8M | $237.4M | $210.9M | $198.7M |
| 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 | $15.71B | $18.66B | $17.81B | $22.35B | $8.63B | $8.44B | $5.10B | $5.28B | $5.69B | $6.48B |
| Cuentas por Pagar | $22.6M | $20.0M | $39.3M | $45.6M | 0 | $1.9M | $1.4M | $17.1M | $34.3M | $1.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $7.23B | $7.00B | $4.24B | $4.46B | $4.89B | $5.62B |
| Pasivos Corrientes | $94.1M | $93.6M | $300.4M | $287.9M | $7.26B | $7.04B | $4.29B | $4.50B | $4.95B | $5.62B |
| Deuda a Largo | $2.05B | $1.79B | $1.65B | $1.65B | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $13.44B | $16.00B | $15.53B | $19.41B | $7.27B | $7.04B | $4.29B | $4.50B | $4.96B | $5.68B |
| Reservas | -$718.3M | -$579.3M | -$882.1M | -$814.5M | -$2.64B | -$2.88B | -$3.41B | -$3.52B | -$3.57B | -$3.58B |
| Patrimonio Neto | $2.24B | $2.63B | $2.29B | $2.93B | $1.37B | $1.40B | $804.1M | $782.7M | $730.7M | $797.5M |
| Deuda Total | $2.05B | $1.79B | $1.65B | $1.65B | $7.23B | $7.00B | $4.24B | $4.46B | $4.89B | $5.62B |
| Deuda Neta | $1.89B | $1.70B | $1.51B | $1.48B | $6.84B | $6.64B | $4.06B | $4.38B | $4.82B | $5.56B |
| Capital Circulante | $424.7M | $68.0M | -$84.7M | -$14.8M | -$7.26B | -$6.41B | -$3.99B | -$4.26B | -$4.74B | -$5.42B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $58.5M | $56.0M | $52.6M | $73.4M |
| Activos Totales | $5.96B | $6.48B | $6.27B | $7.24B |
| Pasivos Totales | $5.19B | $5.68B | $5.39B | $6.25B |
| Patrimonio Neto | $769.6M | $797.5M | $876.4M | $990.3M |
| Deuda Total | $5.15B | $5.62B | $5.34B | $6.21B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $257.7M | $353.1M | -$70.5M | $364.1M | -$1.67B | -$90.0M | -$402.9M | -$15.9M | $59.9M | $101.3M |
| Amortizaciones | $7.8M | -$23.9M | -$25.2M | -$23.2M | -$23.3M | -$21.4M | -$19.1M | -$9.8M | $587000 | $688000 |
| Compensación en Acciones | $440000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $1.4M | -$6.6M | $20.3M | -$1.9M | $2.2M | -$58000 | $12.0M | -$7.0M | $16.3M | -$7.0M |
| Flujo de Caja Operativo | $295.8M | $290.6M | $304.3M | $343.4M | $170.5M | $152.3M | $196.1M | $237.8M | $183.2M | $157.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$25.0M | $2.92B | -$1.1M | 0 | 0 | 0 | -$1000 | 0 | -$117.3M | -$8.5M |
| Dividendos Pagados | -$204.5M | -$212.7M | -$234.4M | -$271.2M | -$137.5M | -$133.1M | -$140.3M | -$102.2M | -$105.5M | -$106.9M |
| Flujo de Caja Libre | $329.7M | $290.6M | $304.3M | $343.4M | $170.5M | $152.3M | $196.1M | $237.8M | $183.2M | $157.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $37.3M | $59.8M | $26.7M | $42.2M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $37.3M | $59.8M | $26.7M | $42.2M |
| Dividendos Pagados | -$25.8M | -$27.3M | -$48.6M | -$36.4M |
| 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) | | +21.9% | +4.6% | -3.9% | -503.9% | +103.1% | -969.3% | +143.4% | +73.5% | +3.2% |
| Crecimiento Beneficio Neto (anual) | | +37.0% | -120.3% | +614.3% | -559.9% | +94.6% | -347.7% | +96.1% | +477.6% | +69.2% |
| Crecimiento BPA (anual) | | +38.6% | -135.9% | +334.6% | -509.5% | +95.1% | -154.4% | +93.0% | +176.5% | +103.1% |
| Cambio en Acciones (anual) | | -5.5% | -9.1% | +18.3% | +31.3% | +58.4% | +24.2% | +29.0% | +21.3% | +24.0% |
| Crecimiento FCF (anual) | | -11.9% | +4.7% | +12.8% | -50.4% | -10.7% | +28.8% | +21.3% | -23.0% | -14.2% |
| Margen Bruto | 89.6% | 100.0% | 90.4% | 100.0% | 100.0% | 58.1% | 86.3% | 93.5% | 24.0% | 35.3% |
| Margen Operativo | 76.7% | 88.7% | -16.6% | 0.0% | -0.0% | -159.3% | 75.7% | 117.4% | 18.2% | 29.8% |
| Margen EBITDA | 0.0% | 84.2% | 0.0% | 0.0% | -0.0% | -157.5% | 75.8% | 117.4% | 94.3% | 94.5% |
| Margen Neto | 76.4% | 85.9% | -16.7% | 89.2% | 101.6% | -178.8% | 92.1% | -8.4% | 18.2% | 29.8% |
| Margen FCF | 99.0% | 71.6% | 71.7% | 84.1% | -10.3% | 302.6% | -44.8% | 125.3% | 55.6% | 46.2% |
| 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 | $25.31 | $23.62 | $27.20 | $25.95 | $9.81 | $5.54 | $5.74 | $5.40 | $3.42 | $2.37 |
| Dividendo por Acción | $15.70 | $17.29 | $20.95 | $20.50 | $7.91 | $4.84 | $4.11 | $2.32 | $1.97 | $1.61 |
| Acciones en Circulación (Básicas) | $12.9M | $11.2M | $11.2M | $13.2M | $17.4M | $27.5M | $34.1M | $44.1M | $53.5M | $66.3M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | 13.99% |
| Rentabilidad sobre capital invertido | 3.93% |
| Rentabilidad sobre activos | 1.66% |
| Margen bruto | 79.25% |
| Margen operativo | 91.67% |
| Margen neto | 38.68% |
Salud financiera
| Deuda / Patrimonio | 6.27 |
| Ratio corriente | 0.05 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 6.71 | 5.91 | -13.37 | 6.56 | -0.33 | -5.51 | -0.99 | -9.92 | 12.38 | 6.37 |
| P/VC | 0.80 | 0.72 | 0.67 | 0.71 | 0.41 | 0.52 | 0.51 | 0.47 | 0.59 | 0.70 |
| P/V | 5.37 | 4.67 | 3.63 | 5.14 | -0.34 | 14.46 | -0.95 | 1.96 | 1.31 | 1.64 |
| Margen Bruto | 89.6% | 100.0% | 90.4% | 100.0% | 100.0% | 58.1% | 86.3% | 93.5% | 24.0% | 35.3% |
| Margen Operativo | 76.7% | 88.7% | -16.6% | 0.0% | 0.0% | -159.3% | 75.7% | 117.4% | 18.2% | 29.8% |
| Margen Neto | 76.4% | 85.9% | -16.7% | 89.2% | 101.6% | -178.8% | 92.1% | -8.4% | 18.2% | 29.8% |