Estados financieros detallados de Koppers Holdings Inc. (KOP): 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
Koppers Holdings Inc. registró ingresos de $1.88B en el último ejercicio fiscal, con un CAGR de 5 años del 2.4%. El beneficio neto alcanzó $56.0M, con un CAGR a 5 años del -14.4%.
Márgenes de los últimos 12 meses: margen bruto 21.0%, margen operativo -3.0%, margen neto -4.6%. El flujo de caja libre creció a un CAGR del 3.1% en 5 años.
Al precio actual de $46.72, KOP presenta beneficios negativos (P/E no significativo) y un ROE del -16.91%. La capitalización bursátil es de $899M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.42B | $1.48B | $1.71B | $1.64B | $1.67B | $1.68B | $1.98B | $2.15B | $2.09B | $1.88B |
| Coste de Ventas | $1.13B | $1.15B | $1.38B | $1.31B | $1.31B | $1.34B | $1.64B | $1.73B | $1.67B | $1.43B |
| Beneficio Bruto | $288.3M | $321.4M | $335.1M | $330.7M | $360.4M | $334.1M | $344.6M | $424.5M | $422.6M | $447.8M |
| I+D | $6.6M | $9.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $131.0M | $133.3M | $161.6M | 0 | 0 | 0 | 0 | 0 | 0 | $154.9M |
| Gastos Operativos | $183.9M | $183.1M | $212.4M | $205.7M | $203.7M | $177.6M | $206.9M | $229.3M | $274.4M | $228.5M |
| Beneficio Operativo | $86.4M | $112.1M | $110.4M | $125.0M | $156.7M | $156.5M | $137.7M | $195.2M | $148.2M | $219.3M |
| EBITDA | $142.2M | $152.6M | $161.9M | $186.1M | $217.3M | $185.2M | $191.3M | $250.4M | $243.3M | $220.9M |
| Gastos por Intereses | $50.8M | $42.5M | $56.3M | $61.7M | $48.9M | $40.5M | $44.8M | $71.0M | $76.2M | $66.1M |
| Beneficio Antes de Impuestos | $38.5M | $60.3M | $54.8M | $63.7M | $110.1M | $119.6M | $95.4M | $124.6M | $69.3M | $81.2M |
| Impuestos | $11.4M | $29.0M | $26.0M | 0 | $21.0M | $34.5M | $31.6M | $34.8M | $20.7M | $25.2M |
| Beneficio Neto | $29.3M | $29.1M | $23.4M | $66.6M | $122.0M | $85.2M | $63.4M | $89.2M | $52.4M | $56.0M |
| BPA | $1.42 | $1.40 | $1.12 | $3.22 | $5.81 | $4.00 | $3.05 | $4.28 | $2.54 | $2.82 |
| BPA Diluido | $1.39 | $1.32 | $1.10 | $3.16 | $5.71 | $3.90 | $3.00 | $4.14 | $2.46 | $2.74 |
| Acciones en Circulación (Diluidas) | $21.1M | $22.0M | $21.3M | $21.1M | $21.4M | $21.9M | $21.3M | $21.5M | $21.3M | $20.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $485.3M | $432.7M | $455.3M | $520.1M |
| Beneficio Bruto | $117.0M | $110.8M | $59.9M | $109.0M |
| Beneficio Operativo | $51.8M | $54.0M | $18.2M | -$180.0M |
| EBITDA | $61.0M | $74.2M | $42.3M | -$147.1M |
| Beneficio Neto | $23.8M | $29.7M | $7.1M | -$147.5M |
| BPA | $1.21 | $1.52 | $0.36 | $-7.71 |
| BPA Diluido | $1.17 | $1.47 | $0.35 | $-7.71 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $20.8M | $60.3M | $40.6M | $32.3M | $38.5M | $45.5M | $33.3M | $66.5M | $43.9M | $38.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $149.5M | $160.9M | $192.5M | $162.8M | $175.1M | $182.8M | $215.7M | $202.4M | $191.8M | $158.7M |
| Inventario | $228.7M | $236.9M | $284.7M | $288.5M | $295.8M | $313.8M | $355.7M | $395.7M | $404.6M | $411.2M |
| Activos Corrientes | $438.1M | $506.7M | $540.3M | $519.5M | $564.5M | $628.1M | $636.8M | $699.0M | $680.6M | $668.7M |
| Inmovilizado Material | $280.8M | $328.0M | $417.9M | $471.1M | $511.6M | $580.3M | $643.6M | $722.2M | $750.6M | $753.8M |
| Fondo de Comercio | $186.4M | $188.2M | $296.5M | $296.1M | $297.8M | $296.0M | $294.0M | $294.4M | $317.1M | $329.4M |
| Activos Intangibles | $141.9M | $129.6M | $188.0M | $168.4M | $149.8M | $131.5M | $116.1M | $102.2M | $119.0M | $106.7M |
| Activos Totales | $1.09B | $1.20B | $1.48B | $1.56B | $1.60B | $1.66B | $1.71B | $1.84B | $1.89B | $1.89B |
| Cuentas por Pagar | $144.2M | $141.9M | $177.2M | $162.8M | $154.1M | $171.9M | $207.4M | $202.9M | $179.1M | $122.4M |
| Deuda a Corto | $42.6M | $11.4M | $11.6M | $10.2M | $10.1M | $2.0M | 0 | $5.0M | $4.9M | $4.9M |
| Pasivos Corrientes | $293.1M | $281.2M | $298.7M | $296.2M | $292.1M | $285.7M | $324.0M | $325.9M | $325.8M | $227.1M |
| Deuda a Largo | $619.8M | $665.6M | $978.8M | $891.0M | $765.8M | $781.5M | $817.7M | $835.4M | $925.9M | $914.3M |
| Pasivos Totales | $1.05B | $1.09B | $1.41B | $1.41B | $1.25B | $1.25B | $1.31B | $1.33B | $1.40B | $1.31B |
| Reservas | -$24.7M | $7.4M | $27.2M | $93.8M | $215.8M | $300.9M | $360.2M | $444.0M | $490.3M | $539.4M |
| Patrimonio Neto | $30.4M | $99.9M | $56.2M | $147.3M | $341.7M | $406.6M | $399.4M | $498.9M | $488.7M | $574.0M |
| Deuda Total | $662.4M | $677.0M | $990.4M | $1.01B | $878.4M | $875.1M | $904.5M | $930.7M | $1.02B | $1.02B |
| Deuda Neta | $641.6M | $616.7M | $949.8M | $982.4M | $839.9M | $829.6M | $871.2M | $864.2M | $978.0M | $984.5M |
| Capital Circulante | $145.0M | $225.5M | $241.6M | $223.3M | $272.4M | $342.4M | $312.8M | $373.1M | $354.8M | $441.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $37.9M | $38.0M | $42.8M | $40.7M |
| Activos Totales | $1.89B | $1.89B | $1.88B | $1.72B |
| Pasivos Totales | $1.35B | $1.31B | $1.33B | $1.34B |
| Patrimonio Neto | $545.6M | $574.0M | $549.5M | $387.0M |
| Deuda Total | $1.03B | $1.02B | $1.02B | $1.00B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $27.7M | $30.5M | $29.2M | $67.4M | $122.0M | $85.4M | $63.2M | $89.2M | $48.6M | $56.0M |
| Amortizaciones | $52.9M | $49.8M | $50.8M | $55.1M | $54.1M | $57.7M | $56.1M | $57.0M | $67.5M | $73.6M |
| Compensación en Acciones | $8.9M | $10.6M | $12.5M | $12.1M | $11.3M | $13.0M | $13.2M | $17.3M | $20.8M | $13.8M |
| Cambio en Capital Circulante | $21.7M | $3.6M | -$16.7M | $14.0M | $8.7M | -$44.8M | -$45.2M | -$26.4M | -$44.2M | -$41.4M |
| Flujo de Caja Operativo | $119.5M | $101.8M | $78.3M | $115.3M | $127.8M | $103.0M | $102.3M | $146.1M | $119.4M | $122.5M |
| Inversiones (CapEx) | -$49.9M | -$67.5M | -$109.7M | -$37.2M | -$69.8M | -$125.0M | -$105.3M | -$120.5M | -$77.4M | -$55.0M |
| Adquisiciones | -$3.8M | $1.5M | -$268.2M | $400000 | 0 | 0 | -$14.7M | 0 | -$99.3M | 0 |
| Recompra de Acciones | -$300000 | -$5.2M | -$31.8M | -$900000 | -$1.6M | -$11.5M | -$23.6M | -$20.1M | -$50.8M | -$38.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | -$4.2M | -$5.0M | -$5.9M | -$6.4M |
| Flujo de Caja Libre | $69.6M | $34.3M | -$31.4M | $78.1M | $58.0M | -$22.0M | -$3.0M | $25.6M | $42.0M | $67.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $49.6M | $45.1M | $46.3M | $50.0M |
| Inversiones (CapEx) | -$12.0M | -$16.6M | -$11.4M | -$12.3M |
| Flujo de Caja Libre | $37.6M | $28.5M | $34.9M | $37.7M |
| Dividendos Pagados | -$1.5M | -$1.7M | -$2.2M | -$1.6M |
| Compensación en Acciones | $2.4M | $3.1M | $3.9M | $2.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +4.2% | +15.9% | -4.3% | +2.0% | +0.6% | +18.0% | +8.8% | -2.9% | -10.2% |
| Crecimiento Beneficio Neto (anual) | | -0.7% | -19.6% | +184.6% | +83.2% | -30.2% | -25.6% | +40.7% | -41.3% | +6.9% |
| Crecimiento BPA (anual) | | -1.4% | -20.0% | +187.5% | +80.4% | -31.2% | -23.8% | +40.3% | -40.7% | +11.0% |
| Cambio en Acciones (anual) | | +4.5% | -3.1% | -1.2% | +1.5% | +2.6% | -2.8% | +1.1% | -1.2% | -4.2% |
| Crecimiento FCF (anual) | | -50.7% | -191.5% | +348.7% | -25.7% | -137.9% | +86.4% | +953.3% | +64.1% | +60.7% |
| Margen Bruto | 20.4% | 21.8% | 19.6% | 20.2% | 21.6% | 19.9% | 17.4% | 19.7% | 20.2% | 23.8% |
| Margen Operativo | 6.1% | 7.6% | 6.5% | 7.6% | 9.4% | 9.3% | 7.0% | 9.1% | 7.1% | 11.7% |
| Margen EBITDA | 10.0% | 10.3% | 9.5% | 11.4% | 13.0% | 11.0% | 9.7% | 11.6% | 11.6% | 11.8% |
| Margen Neto | 2.1% | 2.0% | 1.4% | 4.1% | 7.3% | 5.1% | 3.2% | 4.1% | 2.5% | 3.0% |
| Margen FCF | 4.9% | 2.3% | -1.8% | 4.8% | 3.5% | -1.3% | -0.2% | 1.2% | 2.0% | 3.6% |
| Tasa Impositiva Efectiva | 29.6% | 48.1% | 47.4% | 0.0% | 19.1% | 28.8% | 33.1% | 27.9% | 29.9% | 31.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.31 | $1.56 | $-1.47 | $3.71 | $2.71 | $-1.00 | $-0.14 | $1.19 | $1.97 | $3.31 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.20 | $0.23 | $0.28 | $0.31 |
| Acciones en Circulación (Básicas) | $20.6M | $20.8M | $20.9M | $20.7M | $21.0M | $21.2M | $21.0M | $20.8M | $20.7M | $19.9M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | -16.91% |
| Rentabilidad sobre capital invertido | -3.40% |
| Rentabilidad sobre activos | -5.05% |
| Margen bruto | 20.95% |
| Margen operativo | -2.96% |
| Margen neto | -4.59% |
Salud financiera
| Deuda / Patrimonio | 2.59 |
| Ratio corriente | 2.33 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 28.38 | 36.36 | 15.21 | 11.87 | 5.36 | 7.83 | 9.25 | 11.97 | 12.76 | 9.60 |
| P/VC | 27.36 | 10.57 | 6.33 | 5.36 | 1.91 | 1.63 | 1.48 | 2.14 | 1.37 | 0.94 |
| P/V | 0.59 | 0.72 | 0.21 | 0.48 | 0.39 | 0.40 | 0.30 | 0.50 | 0.32 | 0.29 |
| Margen Bruto | 20.4% | 21.8% | 19.6% | 20.2% | 21.6% | 19.9% | 17.4% | 19.7% | 20.2% | 23.8% |
| Margen Operativo | 6.1% | 7.6% | 6.5% | 7.6% | 9.4% | 9.3% | 7.0% | 9.1% | 7.1% | 11.7% |
| Margen Neto | 2.1% | 2.0% | 1.4% | 4.1% | 7.3% | 5.1% | 3.2% | 4.1% | 2.5% | 3.0% |