Estados financieros detallados de 36Kr Holdings Inc. (KRKR): 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
36Kr Holdings Inc. registró ingresos de $227.9M en el último ejercicio fiscal, con un CAGR de 5 años del -10.0%.
Márgenes de los últimos 12 meses: margen bruto 57.7%, margen operativo 4.5%, margen neto 4.9%.
Al precio actual de $3.15, KRKR cotiza a un P/E de 75.55 y un ROE del 9.05%. La capitalización bursátil es de $6M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $120.5M | $299.1M | $655.6M | $386.8M | $316.8M | $322.5M | $340.2M | $231.1M | $227.9M |
| Coste de Ventas | $60.7M | $140.3M | $380.3M | $261.4M | $128.8M | $137.8M | $158.2M | $118.7M | $96.4M |
| Beneficio Bruto | $59.8M | $158.8M | $275.3M | $125.4M | $187.9M | $184.6M | $182.0M | $112.3M | $131.5M |
| I+D | $6.4M | $22.1M | $35.8M | $38.2M | $47.5M | $55.0M | $41.7M | $14.4M | $12.7M |
| Generales y Administrativos | $42.3M | $91.1M | $262.4M | $353.1M | $234.5M | $174.1M | $234.6M | $175.7M | $108.8M |
| Gastos Operativos | $48.7M | $113.2M | $298.2M | $392.7M | $278.7M | $225.7M | $275.1M | $189.6M | $121.3M |
| Beneficio Operativo | $11.0M | $45.6M | -$22.9M | -$267.3M | -$90.8M | -$41.1M | -$93.1M | -$77.3M | $10.2M |
| EBITDA | $11.5M | $50.5M | -$18.1M | -$250.2M | -$72.7M | -$25.6M | -$79.8M | -$67.1M | $20.6M |
| Gastos por Intereses | $185000 | $97000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $11.8M | $55.3M | -$6.0M | -$275.6M | -$90.5M | $23.0M | -$89.3M | -$140.7M | $11.4M |
| Impuestos | $3.9M | $14.8M | $19.9M | $3.8M | $102000 | $361000 | -$42000 | $64000 | $21000 |
| Beneficio Neto | $7.9M | $39.5M | -$27.6M | -$280.2M | -$89.6M | $21.9M | -$90.0M | -$136.6M | $11.2M |
| BPA | $0.68 | $1.05 | $-0.64 | $-44.86 | $-2.18 | $0.53 | $-2.16 | $-3.27 | $0.28 |
| BPA Diluido | $0.68 | $1.05 | $-0.64 | $-44.86 | $-2.18 | $0.53 | $-2.16 | $-3.27 | $0.28 |
| Acciones en Circulación (Diluidas) | $11.6M | $37.5M | $40.7M | $40.8M | $41.0M | $41.4M | $41.7M | $41.7M | $42.4M |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $45.6M | $49.0M | $177.4M | $60.8M | $97.0M | $142.5M | $41.5M | $36.8M | $114.2M |
| Inversiones a Corto | $102.3M | $145.5M | $86.4M | $148.3M | $119.1M | $42.3M | $75.5M | $54.9M | $2.0M |
| Cuentas por Cobrar | $64.9M | $193.3M | $543.2M | $304.9M | $183.8M | $198.4M | $139.5M | $65.7M | $62.1M |
| Inventario | $4.8M | $10.3M | $40.7M | 0 | $39.5M | $100000 | 0 | 0 | 0 |
| Activos Corrientes | $218.1M | $399.4M | $849.2M | $530.5M | $442.5M | $399.4M | $272.5M | $175.4M | $190.0M |
| Inmovilizado Material | $532000 | $15.5M | $16.0M | $31.3M | $17.0M | $33.3M | $41.8M | $24.4M | $23.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | $255000 | $356000 | $471000 | $808000 | $1.2M | $2.1M | $1.5M | $1.2M |
| Activos Totales | $221.7M | $415.4M | $910.8M | $578.5M | $501.7M | $571.4M | $459.0M | $276.2M | $297.7M |
| Cuentas por Pagar | $10.5M | $20.3M | $139.3M | $64.6M | $56.3M | $53.5M | $60.4M | $59.8M | $46.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $5.0M | $9.9M | $9.9M | $10.0M | $19.9M |
| Pasivos Corrientes | $44.8M | $84.7M | $266.9M | $177.1M | $193.9M | $210.3M | $170.1M | $146.2M | $157.1M |
| Deuda a Largo | 0 | 0 | 0 | $12.4M | $586000 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $633.4M | $901.0M | $266.9M | $189.6M | $194.5M | $226.0M | $197.1M | $157.9M | $168.5M |
| Reservas | -$425.3M | -$486.0M | -$1.36B | -$1.64B | -$1.73B | -$1.71B | -$1.80B | -$1.93B | -$1.92B |
| Patrimonio Neto | -$411.7M | -$485.6M | $637.2M | $380.8M | $299.4M | $338.1M | $252.0M | $118.0M | $128.9M |
| Deuda Total | 0 | 0 | 0 | $27.6M | $21.9M | $56.3M | $45.7M | $29.6M | $39.5M |
| Deuda Neta | -$148.0M | -$194.4M | -$263.7M | -$181.6M | -$194.2M | -$128.4M | -$71.2M | -$62.1M | -$76.7M |
| Capital Circulante | $173.3M | $314.7M | $582.4M | $353.3M | $248.6M | $189.1M | $102.4M | $29.2M | $32.9M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $5.1M | -$80.6M | -$850.4M | -$280.2M | -$89.6M | $21.9M | -$90.0M | -$140.8M | $11.4M |
| Amortizaciones | $487000 | $1.6M | $4.2M | $5.6M | $2.7M | $1.9M | 0 | $10.2M | $10.4M |
| Compensación en Acciones | $4.9M | $5.1M | $91.2M | $39.3M | $15.0M | $13.9M | $4.7M | -$178000 | $13000 |
| Cambio en Capital Circulante | -$49.5M | -$114.4M | -$363.8M | $118.3M | $242.0M | $34.7M | -$84.1M | -$508000 | -$6.3M |
| Flujo de Caja Operativo | -$11.4M | -$45.6M | -$158.9M | -$17.1M | $195.0M | -$5.0M | -$122.2M | -$33.0M | $19.0M |
| Inversiones (CapEx) | -$392000 | -$16.7M | -$4.8M | -$2.4M | -$2.2M | -$1.7M | -$5.4M | -$486000 | -$149000 |
| Adquisiciones | -$3.5M | $273000 | -$46.3M | -$431000 | -$433000 | -$1.7M | 0 | $1.3M | $3.2M |
| Recompra de Acciones | 0 | 0 | -$2.3M | -$33.4M | -$5.8M | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$11.8M | -$62.3M | -$163.7M | -$19.5M | $192.8M | -$6.6M | -$127.6M | -$33.5M | $18.9M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +148.2% | +119.2% | -41.0% | -18.1% | +1.8% | +5.5% | -32.1% | -1.4% | |
| Crecimiento Beneficio Neto (anual) | +398.5% | -169.8% | -916.7% | +68.0% | +124.5% | -510.1% | -51.8% | +108.2% | |
| Crecimiento BPA (anual) | +54.4% | -161.0% | -6909.4% | +95.1% | +124.3% | -507.5% | -51.4% | +108.6% | |
| Cambio en Acciones (anual) | +222.6% | +8.6% | +0.1% | +0.6% | +0.9% | +0.8% | -0.0% | +1.6% | |
| Crecimiento FCF (anual) | -426.1% | -162.9% | +88.1% | +1089.9% | -103.4% | -1819.7% | +73.8% | +156.3% | |
| Margen Bruto | 49.6% | 53.1% | 42.0% | 32.4% | 59.3% | 57.3% | 53.5% | 48.6% | 57.7% |
| Margen Operativo | 9.1% | 15.2% | -3.5% | -69.1% | -28.7% | -12.7% | -27.4% | -33.4% | 4.5% |
| Margen EBITDA | 9.5% | 16.9% | -2.8% | -64.7% | -22.9% | -7.9% | -23.5% | -29.0% | 9.0% |
| Margen Neto | 6.6% | 13.2% | -4.2% | -72.5% | -28.3% | 6.8% | -26.5% | -59.1% | 4.9% |
| Margen FCF | -9.8% | -20.8% | -25.0% | -5.0% | 60.9% | -2.1% | -37.5% | -14.5% | 8.3% |
| Tasa Impositiva Efectiva | 33.0% | 26.8% | -330.6% | -1.4% | -0.1% | 1.6% | 0.0% | -0.0% | 0.2% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-1.02 | $-1.66 | $-4.02 | $-0.48 | $4.70 | $-0.16 | $-3.06 | $-0.80 | $0.44 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $11.6M | $37.5M | $40.3M | $40.8M | $41.0M | $41.4M | $41.7M | $41.7M | $42.3M |
Qué mirar en empresas de Communication Services
- 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 | 9.05% |
| Rentabilidad sobre capital invertido | 6.03% |
| Rentabilidad sobre activos | 3.75% |
| Margen bruto | 57.69% |
| Margen operativo | 4.47% |
| Margen neto | 4.90% |
Salud financiera
| Deuda / Patrimonio | 0.31 |
| Ratio corriente | 1.21 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -7.80 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 2499.15 | 1710.34 | -1607.72 | -8.12 | -61.48 | 268.60 | -38.81 | -7.03 | 118.87 |
| P/VC | -47.98 | -138.66 | 65.06 | 38.98 | 18.35 | 17.42 | 13.88 | 8.13 | 10.94 |
| P/V | 163.92 | 225.13 | 63.23 | 38.38 | 17.35 | 18.27 | 10.28 | 4.15 | 6.18 |
| Margen Bruto | 49.6% | 53.1% | 42.0% | 32.4% | 59.3% | 57.3% | 53.5% | 48.6% | 57.7% |
| Margen Operativo | 9.1% | 15.2% | -3.5% | -69.1% | -28.7% | -12.7% | -27.4% | -33.4% | 4.5% |
| Margen Neto | 6.6% | 13.2% | -4.2% | -72.5% | -28.3% | 6.8% | -26.5% | -59.1% | 4.9% |
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