Estados financieros detallados de Kornit Digital Ltd. (KRNT): 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
Kornit Digital Ltd. registró ingresos de $208.2M en el último ejercicio fiscal, con un CAGR de 5 años del 1.5%.
Márgenes de los últimos 12 meses: margen bruto 44.1%, margen operativo -18.5%, margen neto -9.4%. El flujo de caja libre creció a un CAGR del -29.9% en 5 años.
Al precio actual de $15.27, KRNT presenta beneficios negativos (P/E no significativo) y un ROE del -2.94%. La capitalización bursátil es de $708M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $108.7M | $114.1M | $142.4M | $179.9M | $193.3M | $322.0M | $271.5M | $219.8M | $203.8M | $208.2M |
| Coste de Ventas | $59.3M | $60.0M | $72.5M | $97.8M | $105.5M | $170.1M | $175.0M | $152.8M | $112.1M | $115.9M |
| Beneficio Bruto | $49.4M | $54.1M | $69.9M | $82.1M | $87.8M | $151.9M | $96.5M | $67.0M | $91.8M | $92.3M |
| I+D | $17.4M | $20.8M | $21.9M | $22.4M | $31.5M | $43.7M | $56.0M | $50.1M | $41.6M | $37.7M |
| Generales y Administrativos | $30.6M | $34.9M | $42.0M | $52.1M | $63.1M | $95.4M | $110.4M | $104.4M | $87.5M | $89.1M |
| Gastos Operativos | $48.0M | $55.7M | $63.9M | $74.5M | $94.5M | $139.1M | $166.4M | $154.5M | $129.1M | $126.8M |
| Beneficio Operativo | $1.4M | -$2.1M | $5.6M | $7.6M | -$6.7M | $12.8M | -$69.9M | -$87.5M | -$37.3M | -$34.6M |
| EBITDA | $1.4M | $3.2M | $10.9M | $12.0M | -$2.0M | $22.8M | -$42.7M | -$48.4M | -$1.7M | -$756000 |
| Gastos por Intereses | $277000 | $244000 | $299000 | $405000 | $357000 | $286000 | $265000 | $236000 | $247000 | 0 |
| Beneficio Antes de Impuestos | $1.5M | -$1.6M | $7.0M | $10.9M | -$3.2M | $15.4M | -$56.5M | -$63.4M | -$15.0M | -$12.7M |
| Impuestos | $648000 | $384000 | -$5.4M | $744000 | $1.6M | -$135000 | $22.6M | $970000 | $1.8M | $865000 |
| Beneficio Neto | $828000 | -$2.0M | $12.4M | $10.2M | -$4.8M | $15.5M | -$79.1M | -$64.4M | -$16.8M | -$13.5M |
| BPA | $0.03 | $-0.06 | $0.36 | $0.27 | $-0.11 | $0.33 | $-1.59 | $-1.31 | $-0.35 | $-0.30 |
| BPA Diluido | $0.03 | $-0.06 | $0.35 | $0.26 | $-0.11 | $0.32 | $-1.59 | $-1.31 | $-0.35 | $-0.30 |
| Acciones en Circulación (Diluidas) | $31.7M | $33.6M | $35.4M | $39.3M | $42.3M | $48.6M | $49.8M | $49.2M | $47.5M | $45.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $53.1M | $58.9M | $48.5M | $55.3M |
| Beneficio Bruto | $23.0M | $28.6M | $18.4M | $25.1M |
| Beneficio Operativo | -$8.1M | -$3.6M | -$13.5M | -$14.9M |
| EBITDA | $419000 | $240000 | -$4.8M | -$7.6M |
| Beneficio Neto | -$2.6M | $1.7M | -$8.2M | -$11.2M |
| BPA | $-0.06 | $0.04 | $-0.19 | $-0.26 |
| BPA Diluido | $-0.06 | $0.03 | $-0.19 | $-0.26 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.8M | $18.6M | $74.1M | $40.7M | $125.8M | $611.6M | $104.6M | $39.6M | $35.0M | $35.5M |
| Inversiones a Corto | $16.5M | $10.0M | $9.0M | $127.6M | $238.5M | $37.3M | $295.4M | $292.9M | $428.9M | $422.4M |
| Cuentas por Cobrar | $31.6M | $23.2M | $22.0M | $40.5M | $51.6M | $49.8M | $67.4M | $93.6M | $65.5M | $60.8M |
| Inventario | $24.1M | $34.9M | $30.0M | $37.5M | $52.5M | $63.0M | $89.4M | $67.7M | $60.3M | $47.2M |
| Activos Corrientes | $98.8M | $89.4M | $140.8M | $253.3M | $477.5M | $775.3M | $578.8M | $522.4M | $615.4M | $595.5M |
| Inmovilizado Material | $9.2M | $11.2M | $15.0M | $40.3M | $50.3M | $70.2M | $87.6M | $74.7M | $78.3M | $86.7M |
| Fondo de Comercio | $5.1M | $5.1M | $5.1M | $5.6M | $16.5M | $25.4M | $29.2M | $29.2M | $29.2M | $29.2M |
| Activos Intangibles | $3.4M | $2.1M | $1.0M | $2.5M | $7.2M | $10.1M | $9.9M | $7.6M | $5.7M | $9.4M |
| Activos Totales | $140.0M | $178.4M | $214.8M | $405.5M | $629.0M | $1.04B | $957.7M | $865.6M | $787.5M | $770.5M |
| Cuentas por Pagar | $16.4M | $12.4M | $16.6M | $23.4M | $32.0M | $46.4M | $14.8M | $6.9M | $9.0M | $6.1M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $30.1M | $25.5M | $33.2M | $45.6M | $89.6M | $96.7M | $65.4M | $50.1M | $44.3M | $42.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $32.9M | $27.7M | $35.7M | $67.2M | $110.0M | $121.3M | $88.8M | $69.9M | $60.6M | $57.9M |
| Reservas | $12.2M | $10.1M | $22.6M | $32.7M | $28.0M | $43.5M | -$35.6M | -$99.9M | -$116.7M | 0 |
| Patrimonio Neto | $107.2M | $150.7M | $179.1M | $338.3M | $519.0M | $919.6M | $868.8M | $795.7M | $726.9M | $712.6M |
| Deuda Total | 0 | 0 | 0 | $23.1M | $22.6M | $27.0M | $26.0M | $23.6M | $18.4M | $18.6M |
| Deuda Neta | -$39.3M | -$28.7M | -$83.1M | -$145.2M | -$341.7M | -$621.9M | -$374.0M | -$308.9M | -$445.5M | -$439.2M |
| Capital Circulante | $68.7M | $63.9M | $107.6M | $207.7M | $387.9M | $678.7M | $513.5M | $472.3M | $571.1M | $553.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $38.3M | $35.5M | $30.7M | $33.8M |
| Activos Totales | $769.8M | $770.5M | $741.2M | $751.4M |
| Pasivos Totales | $62.2M | $57.9M | $64.7M | $85.6M |
| Patrimonio Neto | $707.6M | $712.6M | $676.5M | $665.8M |
| Deuda Total | $18.7M | $18.6M | $18.2M | $18.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $828000 | -$2.0M | $12.4M | $10.2M | -$4.8M | $15.5M | -$79.1M | -$64.4M | -$16.8M | -$13.5M |
| Amortizaciones | $3.0M | $4.8M | $5.0M | $4.4M | $4.7M | $7.1M | $13.6M | $14.7M | $13.0M | $11.9M |
| Compensación en Acciones | $3.0M | $4.4M | $5.5M | $6.6M | $10.0M | $15.1M | 0 | $22.6M | 0 | $21.9M |
| Cambio en Capital Circulante | -$8.8M | -$3.9M | $4.6M | -$15.2M | $17.4M | -$11.1M | -$89.4M | -$41.4M | $26.8M | $8.6M |
| Flujo de Caja Operativo | $956000 | $6.0M | $33.4M | $11.0M | $32.4M | $53.6M | -$99.3M | -$34.7M | $48.7M | $24.4M |
| Inversiones (CapEx) | -$5.5M | -$5.7M | -$7.3M | -$6.8M | -$13.6M | -$14.6M | -$18.0M | -$7.0M | -$15.1M | -$21.3M |
| Adquisiciones | -$9.2M | $6000 | 0 | -$4.7M | -$15.5M | -$15.0M | -$14.6M | -$33.2M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$55.8M | -$84.1M | -$26.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$4.5M | $330000 | $26.1M | $4.3M | $18.8M | $39.0M | -$117.4M | -$41.7M | $33.6M | $3.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $4.9M | $10.6M | $6.3M | $8.5M |
| Inversiones (CapEx) | -$4.1M | -$8.1M | -$4.0M | -$6.7M |
| Flujo de Caja Libre | $823630 | $2.5M | $2.3M | $1.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $5.2M | 0 | $5.1M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +5.0% | +24.8% | +26.3% | +7.5% | +66.6% | -15.7% | -19.1% | -7.3% | +2.1% |
| Crecimiento Beneficio Neto (anual) | | -343.4% | +716.8% | -18.2% | -147.0% | +424.6% | -609.2% | +18.6% | +73.9% | +19.5% |
| Crecimiento BPA (anual) | | -300.0% | +700.0% | -25.0% | -140.7% | +400.0% | -581.8% | +17.6% | +73.3% | +14.3% |
| Cambio en Acciones (anual) | | +5.8% | +5.3% | +11.1% | +7.6% | +14.9% | +2.5% | -1.3% | -3.4% | -4.7% |
| Crecimiento FCF (anual) | | +107.3% | +7801.2% | -83.7% | +342.2% | +107.6% | -400.7% | +64.5% | +180.6% | -90.5% |
| Margen Bruto | 45.5% | 47.4% | 49.1% | 45.6% | 45.4% | 47.2% | 35.5% | 30.5% | 45.0% | 44.3% |
| Margen Operativo | 1.3% | -1.8% | 3.9% | 4.2% | -3.5% | 4.0% | -25.7% | -39.8% | -18.3% | -16.6% |
| Margen EBITDA | 1.3% | 2.8% | 7.6% | 6.7% | -1.0% | 7.1% | -15.7% | -22.0% | -0.8% | -0.4% |
| Margen Neto | 0.8% | -1.8% | 8.7% | 5.7% | -2.5% | 4.8% | -29.1% | -29.3% | -8.2% | -6.5% |
| Margen FCF | -4.1% | 0.3% | 18.3% | 2.4% | 9.7% | 12.1% | -43.2% | -19.0% | 16.5% | 1.5% |
| Tasa Impositiva Efectiva | 43.9% | -23.5% | -76.6% | 6.8% | -48.0% | -0.9% | -39.9% | -1.5% | -12.3% | -6.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.14 | $0.01 | $0.74 | $0.11 | $0.44 | $0.80 | $-2.36 | $-0.85 | $0.71 | $0.07 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $30.6M | $33.6M | $34.5M | $38.1M | $42.3M | $47.1M | $49.8M | $49.2M | $47.5M | $45.1M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Rentabilidad
| Rentabilidad sobre capital | -2.94% |
| Rentabilidad sobre capital invertido | -5.79% |
| Rentabilidad sobre activos | -2.71% |
| Margen bruto | 44.07% |
| Margen operativo | -18.54% |
| Margen neto | -9.42% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 8.81 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.69 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 421.67 | -270.00 | 52.00 | 126.78 | -810.27 | 461.36 | -14.45 | -14.63 | -88.43 | -47.93 |
| P/VC | 3.61 | 3.61 | 3.61 | 3.85 | 7.26 | 7.79 | 1.32 | 1.18 | 2.02 | 0.91 |
| P/V | 3.56 | 4.77 | 4.54 | 7.25 | 19.49 | 22.26 | 4.21 | 4.29 | 7.21 | 3.11 |
| Margen Bruto | 45.5% | 47.4% | 49.1% | 45.6% | 45.4% | 47.2% | 35.5% | 30.5% | 45.0% | 44.3% |
| Margen Operativo | 1.3% | -1.8% | 3.9% | 4.2% | -3.5% | 4.0% | -25.7% | -39.8% | -18.3% | -16.6% |
| Margen Neto | 0.8% | -1.8% | 8.7% | 5.7% | -2.5% | 4.8% | -29.1% | -29.3% | -8.2% | -6.5% |