Estados financieros detallados de Kayne Anderson BDC, Inc. (KBDC): 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 77.3%, margen operativo 68.4%, margen neto 37.8%.
Al precio actual de $13.05, KBDC cotiza a un P/E de 11.69 y un ROE del 0.03%. La capitalización bursátil es de $866M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $28.8M | $68.6M | $132.4M | $181.6M | $235.8M |
| Coste de Ventas | $4.2M | $18.2M | $49.6M | $57.8M | $37.0M |
| Beneficio Bruto | $24.6M | $50.4M | $82.8M | $123.8M | $198.8M |
| I+D | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $1.8M | $2.5M | $2.9M | $4.3M | $3.8M |
| Gastos Operativos | $2.3M | $4.6M | $5.7M | -$8.9M | $27.1M |
| Beneficio Operativo | $22.3M | $45.8M | $77.1M | $132.7M | $171.7M |
| EBITDA | $22.3M | $45.8M | $77.1M | $132.7M | $171.7M |
| Gastos por Intereses | $4.2M | $18.2M | $49.6M | $57.8M | $76.4M |
| Beneficio Antes de Impuestos | $22.3M | $45.8M | $77.1M | $132.7M | $95.4M |
| Impuestos | 0 | 0 | 0 | $717000 | $1.7M |
| Beneficio Neto | $22.3M | $45.8M | $77.1M | $131.9M | $93.7M |
| BPA | $0.34 | $0.70 | $1.19 | $2.07 | $1.33 |
| BPA Diluido | $0.34 | $0.70 | $1.19 | $2.07 | $1.33 |
| Acciones en Circulación (Diluidas) | $65.0M | $65.0M | $65.0M | $63.8M | $70.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $46.4M | $61.3M | $46.1M | $43.5M |
| Beneficio Bruto | $27.1M | $51.7M | $37.5M | $36.0M |
| Beneficio Operativo | $25.0M | $42.9M | $36.5M | $30.3M |
| EBITDA | $25.0M | $42.9M | $36.5M | $30.3M |
| Beneficio Neto | $24.6M | $22.0M | $17.2M | $10.7M |
| BPA | $0.35 | $0.32 | $0.26 | $0.16 |
| BPA Diluido | $0.35 | $0.32 | $0.26 | $0.16 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10000 | $2.0M | $8.5M | $34.1M | $22.4M | $18.0M |
| Inversiones a Corto | 0 | 0 | 0 | $12.8M | 0 | 0 |
| Cuentas por Cobrar | 0 | $2.1M | $10.6M | $13.0M | $15.5M | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | 0 | $4.2M | $19.1M | $1.48B | $37.9M | $31.0M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $417609 | $586.5M | $1.19B | $1.42B | $2.08B | $2.29B |
| Cuentas por Pagar | 0 | $4.6M | $16.4M | $22.1M | $28.4M | $27.2M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | 0 | $4.6M | $16.4M | $22.1M | $28.4M | $37.7M |
| Deuda a Largo | 0 | $266.3M | $571.6M | $689.3M | $848.1M | $1.12B |
| Pasivos Totales | $1.2M | $274.5M | $602.4M | $740.6M | $896.3M | $1.18B |
| Reservas | -$808150 | $11.2M | $17.5M | $13.0M | $33.9M | $1.9M |
| Patrimonio Neto | -$798150 | $312.0M | $592.0M | $683.1M | $1.19B | $1.11B |
| Deuda Total | 0 | $266.3M | $571.6M | $689.3M | $848.1M | $1.12B |
| Deuda Neta | -$10000 | $264.3M | $563.1M | $642.4M | $825.8M | $1.10B |
| Capital Circulante | 0 | -$447000 | $2.7M | $1.46B | $9.5M | -$6.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $16.4M | $18.0M | $14.3M | $14.52B |
| Activos Totales | $2.34B | $2.29B | $2.25B | $2.34B |
| Pasivos Totales | $1.20B | $1.18B | $1.17B | $1.28B |
| Patrimonio Neto | $1.14B | $1.11B | $1.08B | $1.06B |
| Deuda Total | $1.14B | $1.12B | $1.12B | $1.22B |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $22.3M | $45.8M | $77.1M | $131.9M | $93.7M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $434000 | $3.2M | $11.5M | -$12.6M | -$13.7M |
| Flujo de Caja Operativo | $9.5M | $46.1M | $79.9M | $105.0M | -$98.7M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$48.0M |
| Dividendos Pagados | -$4.4M | -$23.1M | -$70.0M | -$101.8M | -$123.3M |
| Flujo de Caja Libre | $9.5M | $46.1M | $79.9M | $105.0M | -$98.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$53.7M | $79.8M | $39.8M | -$29.67B |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$53.7M | $79.8M | $39.8M | -$29.67B |
| Dividendos Pagados | -$28.3M | -$27.9M | -$27.2M | -$26.6M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +138.5% | +93.1% | +37.1% | +29.9% |
| Crecimiento Beneficio Neto (anual) | | +105.3% | +68.4% | +71.2% | -29.0% |
| Crecimiento BPA (anual) | | +105.9% | +70.0% | +73.9% | -35.7% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -1.9% | +10.2% |
| Crecimiento FCF (anual) | | +386.7% | +73.2% | +31.5% | -194.0% |
| Margen Bruto | 85.4% | 73.5% | 62.5% | 68.2% | 84.3% |
| Margen Operativo | 77.5% | 66.7% | 58.2% | 73.1% | 72.8% |
| Margen EBITDA | 77.5% | 66.7% | 58.2% | 73.1% | 72.8% |
| Margen Neto | 77.5% | 66.7% | 58.2% | 72.7% | 39.7% |
| Margen FCF | 32.9% | 67.2% | 60.3% | 57.9% | -41.9% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | 0.5% | 1.7% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.15 | $0.71 | $1.23 | $1.65 | $-1.41 |
| Dividendo por Acción | $0.07 | $0.36 | $1.08 | $1.60 | $1.76 |
| Acciones en Circulación (Básicas) | $65.0M | $65.0M | $65.0M | $63.8M | $70.3M |
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 | 0.03% |
| Rentabilidad sobre capital invertido | 0.33% |
| Rentabilidad sobre activos | 3.18% |
| Margen bruto | 77.30% |
| Margen operativo | 68.37% |
| Margen neto | 37.80% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 1137.24 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 47.94 | 23.29 | 13.70 | 7.99 | 10.77 |
| P/VC | 0.00 | 3.40 | 1.79 | 1.55 | 0.89 | 0.91 |
| P/V | 0.00 | 36.86 | 15.46 | 8.01 | 5.81 | 4.27 |
| Margen Bruto | 0.0% | 85.4% | 73.5% | 62.5% | 68.2% | 84.3% |
| Margen Operativo | 0.0% | 77.5% | 66.7% | 58.2% | 73.1% | 72.8% |
| Margen Neto | 0.0% | 77.5% | 66.7% | 58.2% | 72.7% | 39.7% |