Estados financieros detallados de Kaltura, Inc. (KLTR): 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
Kaltura, Inc. registró ingresos de $180.9M en el último ejercicio fiscal, con un CAGR de 5 años del 8.5%.
Márgenes de los últimos 12 meses: margen bruto 72.0%, margen operativo -0.9%, margen neto -6.9%. El flujo de caja libre creció a un CAGR del 39.0% en 5 años.
Al precio actual de $1.43, KLTR presenta beneficios negativos (P/E no significativo) y un ROE del -164.67%. La capitalización bursátil es de $215M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $97.3M | $120.4M | $165.0M | $168.8M | $175.2M | $178.7M | $180.9M |
| Coste de Ventas | $35.6M | $47.7M | $62.3M | $61.9M | $62.9M | $59.6M | $53.2M |
| Beneficio Bruto | $61.7M | $72.8M | $102.7M | $106.9M | $112.2M | $119.1M | $127.7M |
| I+D | $24.2M | $29.6M | $48.4M | $57.4M | $52.4M | $49.4M | $46.0M |
| Generales y Administrativos | $40.3M | $51.7M | $85.3M | $104.7M | $97.5M | $93.8M | $85.7M |
| Gastos Operativos | $64.5M | $81.3M | $135.4M | $163.3M | $150.9M | $143.2M | $135.0M |
| Beneficio Operativo | -$2.8M | -$8.5M | -$32.7M | -$56.4M | -$38.7M | -$24.1M | -$7.8M |
| EBITDA | -$5.2M | $3.3M | -$46.4M | -$55.6M | -$29.6M | -$15.9M | -$2.1M |
| Gastos por Intereses | $4.7M | $4.6M | $20.1M | $3.3M | $3.7M | $3.1M | $2.4M |
| Beneficio Antes de Impuestos | -$14.0M | -$55.2M | -$52.8M | -$60.6M | -$37.5M | -$23.7M | -$9.0M |
| Impuestos | $1.6M | $3.6M | $6.6M | $7.9M | $8.9M | $7.7M | $3.1M |
| Beneficio Neto | -$15.6M | -$58.8M | -$59.4M | -$68.5M | -$46.4M | -$31.3M | -$12.1M |
| BPA | $-0.12 | $-0.47 | $-0.53 | $-0.53 | $-0.34 | $-0.21 | $-0.08 |
| BPA Diluido | $-0.12 | $-0.47 | $-0.53 | $-0.53 | $-0.34 | $-0.21 | $-0.08 |
| Acciones en Circulación (Diluidas) | $126.3M | $126.3M | $127.6M | $130.4M | $138.2M | $147.9M | $152.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $43.9M | $45.5M | $44.6M | $46.9M |
| Beneficio Bruto | $30.7M | $33.0M | $31.9M | $34.5M |
| Beneficio Operativo | -$700000 | $1.4M | -$1.5M | -$775000 |
| EBITDA | $212000 | $1.1M | $501000 | $785000 |
| Beneficio Neto | -$2.6M | -$575000 | -$3.8M | -$5.5M |
| BPA | $-0.02 | $-0.00 | $-0.03 | $-0.04 |
| BPA Diluido | $-0.02 | $-0.00 | $-0.03 | $-0.04 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $26.5M | $27.7M | $143.9M | $44.6M | $36.7M | $33.1M | $27.5M |
| Inversiones a Corto | 0 | 0 | 0 | $41.3M | $32.7M | $48.3M | $24.4M |
| Cuentas por Cobrar | $10.8M | $17.1M | $17.5M | $28.8M | $23.3M | $20.0M | $16.4M |
| Inventario | $5.0M | $8.2M | $9.1M | 0 | 0 | 0 | 0 |
| Activos Corrientes | $42.6M | $53.5M | $175.6M | $133.0M | $111.7M | $121.6M | $90.7M |
| Inmovilizado Material | $7.8M | $4.1M | $9.5M | $36.0M | $34.0M | $28.5M | $22.7M |
| Fondo de Comercio | $9.4M | $11.1M | $11.1M | $11.1M | $11.1M | $11.1M | $25.4M |
| Activos Intangibles | $1.1M | $2.8M | $1.9M | $1.2M | $689000 | $212000 | $2.1M |
| Activos Totales | $72.8M | $91.0M | $223.3M | $206.2M | $183.7M | $181.3M | $164.7M |
| Cuentas por Pagar | $2.7M | $5.0M | $6.5M | $9.4M | $3.6M | $3.3M | $3.8M |
| Deuda a Corto | $19.5M | $1.0M | $2.8M | $5.8M | $1.6M | $3.1M | $29.0M |
| Pasivos Corrientes | $76.6M | $83.0M | $98.1M | $108.8M | $99.9M | $101.7M | $126.5M |
| Deuda a Largo | $28.2M | $47.2M | $35.8M | $30.0M | $33.0M | $29.2M | 0 |
| Pasivos Totales | $125.6M | $191.5M | $138.0M | $162.8M | $153.4M | $156.9M | $158.4M |
| Reservas | -$204.5M | -$263.3M | -$322.6M | -$391.1M | -$437.5M | -$468.8M | -$480.9M |
| Patrimonio Neto | -$52.8M | -$100.5M | $85.3M | $43.3M | $30.3M | $24.4M | $6.3M |
| Deuda Total | $51.8M | $50.0M | $38.7M | $58.8M | $54.8M | $50.0M | $46.3M |
| Deuda Neta | $25.3M | $22.3M | -$105.2M | -$27.1M | -$14.5M | -$31.3M | -$5.5M |
| Capital Circulante | -$33.9M | -$29.5M | $77.6M | $24.2M | $11.8M | $19.9M | -$35.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $45.0M | $27.5M | $58.4M | $26.0M |
| Activos Totales | $172.6M | $164.7M | $159.8M | $168.8M |
| Pasivos Totales | $154.9M | $158.4M | $155.1M | $167.1M |
| Patrimonio Neto | $17.7M | $6.3M | $4.6M | $1.7M |
| Deuda Total | $47.8M | $46.3M | $44.5M | $43.5M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$15.6M | -$58.8M | -$59.4M | -$68.5M | -$46.4M | -$31.3M | -$12.1M |
| Amortizaciones | $4.5M | $7.7M | $2.4M | $2.7M | $4.7M | $5.1M | $4.5M |
| Compensación en Acciones | $2.3M | $5.1M | $17.1M | $23.6M | $30.0M | $26.3M | $16.5M |
| Cambio en Capital Circulante | $133000 | $5.8M | -$5.8M | -$17.0M | -$6.6M | $2.1M | -$4.7M |
| Flujo de Caja Operativo | $370000 | $5.8M | -$22.1M | -$46.8M | -$8.3M | $12.2M | $14.5M |
| Inversiones (CapEx) | -$2.7M | -$3.1M | -$6.0M | -$6.0M | -$4.1M | -$521000 | -$661000 |
| Adquisiciones | 0 | $383000 | 0 | 0 | 0 | 0 | -$7.1M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$3.0M | -$26.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.4M | $2.7M | -$28.1M | -$52.8M | -$12.4M | $11.7M | $13.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $9.3M | $3.6M | $656000 | -$2.0M |
| Inversiones (CapEx) | -$111000 | -$127000 | -$329000 | $147000 |
| Flujo de Caja Libre | $9.2M | $3.5M | $327000 | -$1.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.1M | $3.8M | $3.8M | $3.7M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +23.7% | +37.0% | +2.3% | +3.8% | +2.0% | +1.2% |
| Crecimiento Beneficio Neto (anual) | | -277.4% | -1.0% | -15.4% | +32.3% | +32.5% | +61.4% |
| Crecimiento BPA (anual) | | -291.7% | -12.8% | +0.0% | +35.8% | +38.2% | +62.4% |
| Cambio en Acciones (anual) | | +0.0% | +1.0% | +2.1% | +6.0% | +7.0% | +3.4% |
| Crecimiento FCF (anual) | | +213.3% | -1150.8% | -87.9% | +76.5% | +194.4% | +18.5% |
| Margen Bruto | 63.4% | 60.4% | 62.2% | 63.3% | 64.1% | 66.6% | 70.6% |
| Margen Operativo | -2.9% | -7.0% | -19.8% | -33.4% | -22.1% | -13.5% | -4.3% |
| Margen EBITDA | -5.3% | 2.7% | -28.1% | -32.9% | -16.9% | -8.9% | -1.2% |
| Margen Neto | -16.0% | -48.8% | -36.0% | -40.6% | -26.5% | -17.5% | -6.7% |
| Margen FCF | -2.4% | 2.2% | -17.0% | -31.3% | -7.1% | 6.6% | 7.7% |
| Tasa Impositiva Efectiva | -11.5% | -6.4% | -12.4% | -13.0% | -23.8% | -32.3% | -34.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.02 | $0.02 | $-0.22 | $-0.41 | $-0.09 | $0.08 | $0.09 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $126.3M | $126.3M | $127.4M | $130.4M | $138.2M | $147.9M | $152.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -164.67% |
| Rentabilidad sobre capital invertido | -2.44% |
| Rentabilidad sobre activos | -7.41% |
| Margen bruto | 71.96% |
| Margen operativo | -0.86% |
| Margen neto | -6.92% |
Salud financiera
| Deuda / Patrimonio | 25.72 |
| Ratio corriente | 0.56 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -100.00 | -25.53 | -6.36 | -3.25 | -5.74 | -10.48 | -20.76 |
| P/VC | -28.71 | -15.08 | 5.03 | 5.17 | 8.89 | 13.34 | 39.61 |
| P/V | 15.57 | 12.59 | 2.60 | 1.33 | 1.54 | 1.82 | 1.39 |
| Margen Bruto | 63.4% | 60.4% | 62.2% | 63.3% | 64.1% | 66.6% | 70.6% |
| Margen Operativo | -2.9% | -7.0% | -19.8% | -33.4% | -22.1% | -13.5% | -4.3% |
| Margen Neto | -16.0% | -48.8% | -36.0% | -40.6% | -26.5% | -17.5% | -6.7% |