Estados financieros detallados de CS Disco, Inc. (LAW): 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
CS Disco, Inc. registró ingresos de $156.8M en el último ejercicio fiscal, con un CAGR de 5 años del 18.0%.
Márgenes de los últimos 12 meses: margen bruto 74.8%, margen operativo -25.7%, margen neto -24.2%.
Al precio actual de $4.20, LAW presenta beneficios negativos (P/E no significativo) y un ROE del -32.17%. La capitalización bursátil es de $269M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $48.6M | $68.4M | $114.3M | $135.2M | $138.1M | $144.8M | $156.8M |
| Coste de Ventas | $14.5M | $20.4M | $31.1M | $34.2M | $34.9M | $37.4M | $39.4M |
| Beneficio Bruto | $34.1M | $48.0M | $83.2M | $101.0M | $103.1M | $107.4M | $117.4M |
| I+D | $25.4M | $26.6M | $34.4M | $59.3M | $51.6M | $51.5M | $56.6M |
| Generales y Administrativos | $39.1M | $45.0M | $72.7M | $113.6M | $101.4M | $102.4M | $109.0M |
| Gastos Operativos | $64.4M | $70.5M | $107.1M | $172.8M | $153.0M | $169.2M | $165.5M |
| Beneficio Operativo | -$30.4M | -$22.5M | -$23.8M | -$71.8M | -$49.8M | -$61.7M | -$48.1M |
| EBITDA | -$28.9M | -$20.7M | -$21.0M | -$67.1M | -$37.5M | -$51.0M | -$43.4M |
| Gastos por Intereses | $124000 | $456000 | $540000 | $473000 | $168000 | $556000 | 0 |
| Beneficio Antes de Impuestos | -$29.8M | -$22.8M | -$24.3M | -$70.6M | -$41.7M | -$55.4M | -$43.6M |
| Impuestos | $10000 | $71000 | $81000 | $186000 | $443000 | $332000 | $743000 |
| Beneficio Neto | -$29.8M | -$22.9M | -$24.3M | -$70.8M | -$42.1M | -$55.8M | -$44.4M |
| BPA | $-0.52 | $-0.40 | $-0.42 | $-1.20 | $-0.70 | $-0.93 | $-0.72 |
| BPA Diluido | $-0.52 | $-0.40 | $-0.42 | $-1.20 | $-0.70 | $-0.93 | $-0.72 |
| Acciones en Circulación (Diluidas) | $56.9M | $56.9M | $58.0M | $58.8M | $60.1M | $60.2M | $61.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $40.9M | $41.2M | $41.9M | $43.1M |
| Beneficio Bruto | $30.9M | $30.9M | $31.1M | $32.1M |
| Beneficio Operativo | -$14.5M | -$9.2M | -$10.1M | -$9.2M |
| EBITDA | -$12.6M | -$5.7M | -$8.5M | -$7.9M |
| Beneficio Neto | -$13.7M | -$8.5M | -$9.6M | -$8.7M |
| BPA | $-0.22 | $-0.14 | $-0.15 | $-0.13 |
| BPA Diluido | $-0.22 | $-0.14 | $-0.15 | $-0.13 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.2M | $58.6M | $255.5M | $203.2M | $159.6M | $52.8M | $19.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $76.4M | $94.9M |
| Cuentas por Cobrar | $7.4M | $12.9M | $20.7M | $22.7M | $27.0M | $23.1M | $33.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $31.9M | $72.8M | $280.9M | $231.5M | $192.3M | $156.9M | $153.0M |
| Inmovilizado Material | $3.6M | $5.7M | $6.2M | $17.3M | $17.8M | $16.3M | $13.7M |
| Fondo de Comercio | 0 | 0 | 0 | $5.9M | $5.9M | $5.9M | $5.9M |
| Activos Intangibles | $1.9M | $3.3M | $4.0M | $962000 | $14.7M | $400000 | $206000 |
| Activos Totales | $35.9M | $79.1M | $287.4M | $256.3M | $231.5M | $180.3M | $173.6M |
| Cuentas por Pagar | $4.0M | $3.6M | $4.7M | $8.5M | $5.2M | $4.0M | $3.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $1.9M | 0 | $2.7M |
| Pasivos Corrientes | $9.2M | $12.2M | $18.6M | $22.8M | $23.1M | $25.7M | $40.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $110.3M | $174.0M | $18.7M | $32.7M | $31.2M | $32.8M | $45.5M |
| Reservas | -$80.2M | -$103.1M | -$127.5M | -$198.2M | -$240.4M | -$297.4M | -$341.8M |
| Patrimonio Neto | -$74.4M | -$94.9M | $268.7M | $223.6M | $200.3M | $147.5M | $128.1M |
| Deuda Total | 0 | $2.1M | $989000 | $10.9M | $9.2M | $9.3M | $7.0M |
| Deuda Neta | -$23.2M | -$56.5M | -$254.5M | -$192.3M | -$150.4M | -$119.8M | -$107.6M |
| Capital Circulante | $22.7M | $60.6M | $262.2M | $208.8M | $169.2M | $131.2M | $112.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $28.8M | $19.7M | $17.6M | $10.9M |
| Activos Totales | $174.8M | $173.6M | $162.4M | $161.4M |
| Pasivos Totales | $44.1M | $45.5M | $38.4M | $41.2M |
| Patrimonio Neto | $130.6M | $128.1M | $123.9M | $120.2M |
| Deuda Total | $7.6M | $7.0M | $6.3M | $5.7M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$29.8M | -$22.9M | -$24.3M | -$70.8M | -$42.1M | -$55.8M | -$44.4M |
| Amortizaciones | $803000 | $1.6M | $1.7M | $3.0M | $4.2M | $3.9M | $214000 |
| Compensación en Acciones | $4.1M | $2.0M | $5.6M | $21.7M | $16.2M | $22.3M | $24.5M |
| Cambio en Capital Circulante | -$2.8M | -$5.3M | -$6.6M | -$4.4M | -$8.4M | $2.5M | $798000 |
| Flujo de Caja Operativo | -$27.3M | -$22.7M | -$21.6M | -$46.0M | -$25.5M | -$8.7M | -$14.9M |
| Inversiones (CapEx) | -$3.3M | -$1.9M | -$3.1M | -$4.4M | -$18.9M | -$2.8M | -$3.1M |
| Adquisiciones | 0 | 0 | 0 | -$5.3M | -$1.2M | $4000 | $8000 |
| Recompra de Acciones | 0 | -$138000 | -$476000 | -$548000 | -$89000 | -$20.2M | -$105000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$30.6M | -$24.6M | -$24.7M | -$50.4M | -$44.4M | -$11.5M | -$18.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$979000 | $762000 | -$11.7M | -$1.1M |
| Inversiones (CapEx) | -$1.1M | -$507000 | -$700000 | -$1.2M |
| Flujo de Caja Libre | -$2.0M | $255000 | -$12.4M | -$2.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.1M | $6.0M | $5.4M | $5.1M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +41.0% | +67.1% | +18.2% | +2.1% | +4.9% | +8.3% |
| Crecimiento Beneficio Neto (anual) | | +23.3% | -6.4% | -190.7% | +40.4% | -32.3% | +20.4% |
| Crecimiento BPA (anual) | | +23.1% | -5.0% | -185.7% | +41.7% | -32.9% | +22.6% |
| Cambio en Acciones (anual) | | +0.0% | +2.0% | +1.3% | +2.4% | +0.1% | +2.5% |
| Crecimiento FCF (anual) | | +19.6% | -0.5% | -103.6% | +11.9% | +74.0% | -56.0% |
| Margen Bruto | 70.2% | 70.1% | 72.8% | 74.7% | 74.7% | 74.2% | 74.9% |
| Margen Operativo | -62.5% | -32.9% | -20.8% | -53.1% | -36.1% | -42.6% | -30.7% |
| Margen EBITDA | -59.5% | -30.3% | -18.4% | -49.7% | -27.2% | -35.2% | -27.7% |
| Margen Neto | -61.4% | -33.4% | -21.3% | -52.3% | -30.5% | -38.5% | -28.3% |
| Margen FCF | -63.1% | -36.0% | -21.6% | -37.3% | -32.1% | -8.0% | -11.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.3% | -0.3% | -0.3% | -1.1% | -0.6% | -1.7% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.54 | $-0.43 | $-0.43 | $-0.86 | $-0.74 | $-0.19 | $-0.29 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $56.9M | $56.9M | $58.0M | $58.8M | $60.1M | $60.2M | $61.7M |
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 | -32.17% |
| Rentabilidad sobre capital invertido | -33.96% |
| Rentabilidad sobre activos | -25.06% |
| Margen bruto | 74.83% |
| Margen operativo | -25.74% |
| Margen neto | -24.20% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 3.77 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -78.85 | -102.50 | -85.12 | -5.27 | -10.84 | -5.37 | -10.78 |
| P/VC | -31.36 | -24.57 | 7.72 | 1.66 | 2.28 | 2.04 | 3.74 |
| P/V | 48.03 | 34.07 | 18.14 | 2.75 | 3.31 | 2.07 | 3.05 |
| Margen Bruto | 70.2% | 70.1% | 72.8% | 74.7% | 74.7% | 74.2% | 74.9% |
| Margen Operativo | -62.5% | -32.9% | -20.8% | -53.1% | -36.1% | -42.6% | -30.7% |
| Margen Neto | -61.4% | -33.4% | -21.3% | -52.3% | -30.5% | -38.5% | -28.3% |