Estados financieros detallados de Largo Inc. (LGO): 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
Largo Inc. registró ingresos de $109.9M en el último ejercicio fiscal, con un CAGR de 5 años del -1.7%.
Márgenes de los últimos 12 meses: margen bruto -12.7%, margen operativo -31.8%, margen neto -64.9%.
Al precio actual de $0.66, LGO presenta beneficios negativos (P/E no significativo) y un ROE del -60.23%. La capitalización bursátil es de $49M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $60.4M | $133.4M | $382.8M | $136.5M | $120.0M | $198.3M | $229.3M | $198.7M | $124.9M | $109.9M |
| Coste de Ventas | $84.2M | $95.7M | $99.7M | $120.7M | $88.4M | $133.0M | $169.7M | $174.8M | $145.8M | $132.6M |
| Beneficio Bruto | -$23.8M | $37.6M | $283.2M | $15.8M | $31.6M | $65.3M | $59.5M | $23.9M | -$20.9M | -$22.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $9.9M | $10.8M | $14.7M | $25.3M | $12.3M | $25.5M | $42.0M | $34.5M | $23.1M | $23.1M |
| Gastos Operativos | $10.0M | $10.8M | $15.5M | $25.3M | $31.6M | $28.6M | $43.8M | $40.2M | $25.4M | $23.3M |
| Beneficio Operativo | -$33.7M | $26.8M | $267.6M | -$9.5M | 0 | $36.7M | $15.7M | -$16.3M | -$46.3M | -$46.1M |
| EBITDA | $9.9M | $50.6M | $288.8M | $19.7M | $26.5M | $55.4M | $29.0M | $3.8M | -$33.1M | -$16.5M |
| Gastos por Intereses | $32.2M | $36.9M | $29.1M | $13.7M | $1.3M | $1.1M | $1.6M | $9.6M | $9.5M | $13.1M |
| Beneficio Antes de Impuestos | -$41.4M | -$7.2M | $236.9M | -$30.5M | $7.7M | $31.8M | $4.0M | -$35.1M | -$71.2M | -$51.7M |
| Impuestos | 0 | $1.1M | $4.9M | $4.5M | $962000 | $9.2M | $6.3M | -$2.7M | -$20.7M | $17.1M |
| Beneficio Neto | -$41.4M | -$8.3M | $232.0M | -$35.0M | $6.8M | $22.6M | -$1.5M | -$30.3M | -$49.8M | -$68.5M |
| BPA | $-1.07 | $-0.18 | $6.06 | $-0.69 | $0.13 | $0.35 | $-0.02 | $-0.47 | $-0.78 | $-1.01 |
| BPA Diluido | $-1.07 | $-0.18 | $4.90 | $-0.69 | $0.12 | $0.34 | $-0.02 | $-0.47 | $-0.78 | $-1.01 |
| Acciones en Circulación (Diluidas) | $38.7M | $46.8M | $64.2M | $53.5M | $61.4M | $65.0M | $64.4M | $64.0M | $64.1M | $68.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $33.3M | $22.3M | $27.1M | $44.0M |
| Beneficio Bruto | -$1.1M | -$3.5M | -$7.1M | -$4.0M |
| Beneficio Operativo | -$6.0M | -$13.1M | -$11.6M | -$9.6M |
| EBITDA | -$1.0M | -$11.4M | $6.0M | -$16.4M |
| Beneficio Neto | -$36.6M | -$17.3M | -$6.2M | -$21.9M |
| BPA | $-0.56 | $-0.22 | $-0.07 | $-0.21 |
| BPA Diluido | $-0.56 | $-0.22 | $-0.07 | $-0.21 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $563946 | $43.5M | $151.4M | $128.1M | $79.1M | $83.8M | $54.5M | $43.2M | $22.1M | $9.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $12.9M | $8.9M | $45.9M | $6.2M | $19.1M | $23.7M | $21.0M | $25.5M | $9.7M | $11.1M |
| Inventario | $8.2M | $14.0M | $10.6M | $21.3M | $35.3M | $45.3M | $64.2M | $61.3M | $47.5M | $49.5M |
| Activos Corrientes | $24.0M | $70.9M | $210.3M | $157.3M | $137.3M | $160.0M | $154.1M | $136.4M | $93.3M | $78.0M |
| Inmovilizado Material | $238.9M | $224.4M | $181.7M | $191.5M | $149.0M | $146.7M | $175.2M | $211.1M | $170.7M | $191.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | $4.4M | $3.9M | $7.3M | $6.1M | $2.3M | $1.4M |
| Activos Totales | $262.8M | $295.3M | $405.9M | $371.7M | $297.8M | $313.9M | $355.8M | $396.4M | $318.7M | $318.8M |
| Cuentas por Pagar | $18.5M | $21.2M | $17.7M | $75.5M | $12.3M | $14.1M | $26.6M | $31.3M | $21.6M | $17.7M |
| Deuda a Corto | $36.8M | $58.2M | $117.4M | 0 | $24.8M | $15.0M | $4.0M | $596930 | 0 | 0 |
| Pasivos Corrientes | $70.0M | $97.2M | $151.2M | $78.6M | $44.3M | $41.7M | $39.0M | $42.2M | $114.3M | $153.9M |
| Deuda a Largo | $168.8M | $133.5M | 0 | 0 | 0 | 0 | $36.0M | $74.6M | $17.5M | 0 |
| Pasivos Totales | $242.9M | $236.2M | $117.5M | $98.3M | $50.6M | $48.2M | $81.2M | $141.9M | $147.4M | $182.2M |
| Reservas | -$255.7M | -$275.5M | -$53.1M | -$49.4M | -$71.9M | -$49.3M | -$48.2M | -$77.2M | -$126.5M | -$187.3M |
| Patrimonio Neto | $20.0M | $59.1M | $392.7M | $273.4M | $247.2M | $265.7M | $265.4M | $247.4M | $164.8M | $130.4M |
| Deuda Total | $205.5M | $191.7M | $86.2M | 0 | $24.8M | $17.6M | $42.1M | $76.1M | $17.5M | 0 |
| Deuda Neta | $205.0M | $148.1M | -$65.2M | -$128.1M | -$54.4M | -$66.2M | -$12.4M | $32.9M | -$4.6M | -$9.7M |
| Capital Circulante | -$46.0M | -$26.3M | $59.1M | $78.7M | $93.0M | $118.3M | $115.2M | $94.2M | -$21.0M | -$75.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $8.2M | $9.7M | $11.6M | $5.5M |
| Activos Totales | $322.0M | $318.8M | $345.0M | $345.8M |
| Pasivos Totales | $185.8M | $182.2M | $188.9M | $206.6M |
| Patrimonio Neto | $130.1M | $130.4M | $148.3M | $132.3M |
| Deuda Total | $105.9M | 0 | $108.7M | $114.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$41.4M | -$8.3M | $232.0M | -$27.0M | $7.1M | $22.6M | -$2.2M | -$32.4M | -$50.6M | -$68.7M |
| Amortizaciones | $25.1M | $26.4M | $22.8M | $23.9M | $18.4M | $22.5M | $23.3M | $29.2M | $28.7M | $22.0M |
| Compensación en Acciones | $1.7M | $85089 | $1.5M | $3.6M | 0 | $3.1M | $2.4M | -$362000 | $1.3M | $2.3M |
| Cambio en Capital Circulante | -$4.1M | -$6.8M | -$37.5M | $83.0M | -$75.4M | -$15.6M | -$18.0M | $11.9M | $7.9M | -$9.1M |
| Flujo de Caja Operativo | -$11.9M | $46.6M | $258.5M | $104.6M | -$61.5M | $39.8M | $3.5M | $21.2M | $11.2M | -$10.2M |
| Inversiones (CapEx) | -$11.6M | -$15.4M | -$13.9M | -$37.9M | -$19.1M | -$27.4M | -$45.6M | -$53.7M | -$42.2M | -$27.4M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$6.1M | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$23.4M | $31.2M | $244.6M | $66.6M | -$80.5M | $12.4M | -$42.2M | -$32.5M | -$31.1M | -$37.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$448433 | -$12.5M | -$12.3M | -$8.9M |
| Inversiones (CapEx) | -$8.2M | -$1.8M | -$6.5M | -$8.1M |
| Flujo de Caja Libre | -$8.6M | -$14.4M | -$18.9M | -$17.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $1.4M | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +120.7% | +187.0% | -64.3% | -12.1% | +65.3% | +15.6% | -13.3% | -37.1% | -12.0% |
| Crecimiento Beneficio Neto (anual) | | +80.0% | +2901.1% | -115.1% | +119.3% | +233.8% | -106.4% | -1991.2% | -64.2% | -37.5% |
| Crecimiento BPA (anual) | | +83.2% | +3466.7% | -111.4% | +118.8% | +169.2% | -106.5% | -1970.5% | -66.0% | -29.5% |
| Cambio en Acciones (anual) | | +20.9% | +37.2% | -16.7% | +14.7% | +6.0% | -0.9% | -0.6% | +0.1% | +6.2% |
| Crecimiento FCF (anual) | | +233.0% | +684.7% | -72.7% | -220.8% | +115.4% | -440.7% | +22.9% | +4.4% | -21.2% |
| Margen Bruto | -39.3% | 28.2% | 74.0% | 11.6% | 26.3% | 32.9% | 26.0% | 12.0% | -16.7% | -20.7% |
| Margen Operativo | -55.8% | 20.1% | 69.9% | -7.0% | 0.0% | 18.5% | 6.8% | -8.2% | -37.0% | -41.9% |
| Margen EBITDA | 16.4% | 37.9% | 75.4% | 14.4% | 22.1% | 27.9% | 12.6% | 1.9% | -26.5% | -15.0% |
| Margen Neto | -68.5% | -6.2% | 60.6% | -25.7% | 5.6% | 11.4% | -0.6% | -15.3% | -39.9% | -62.3% |
| Margen FCF | -38.8% | 23.4% | 63.9% | 48.8% | -67.1% | 6.2% | -18.4% | -16.4% | -24.9% | -34.3% |
| Tasa Impositiva Efectiva | -0.0% | -15.3% | 2.1% | -14.8% | 12.5% | 28.9% | 155.1% | 7.7% | 29.0% | -33.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.61 | $0.67 | $3.81 | $1.25 | $-1.31 | $0.19 | $-0.65 | $-0.51 | $-0.48 | $-0.55 |
| 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) | $38.7M | $46.8M | $64.2M | $53.5M | $56.4M | $64.0M | $64.4M | $64.0M | $64.1M | $68.1M |
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 | -60.23% |
| Rentabilidad sobre capital invertido | -13.77% |
| Rentabilidad sobre activos | -23.55% |
| Margen bruto | -12.73% |
| Margen operativo | -31.77% |
| Margen neto | -64.87% |
Salud financiera
| Deuda / Patrimonio | 0.86 |
| Ratio corriente | 0.54 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4.77 | -78.98 | 4.66 | -14.48 | 84.62 | 26.46 | -237.00 | -4.91 | -2.21 | -0.93 |
| P/VC | 9.90 | 11.25 | 4.62 | 1.95 | 2.51 | 2.23 | 1.31 | 0.60 | 0.67 | 0.49 |
| P/V | 3.27 | 4.99 | 4.74 | 3.92 | 5.17 | 2.99 | 1.51 | 0.74 | 0.88 | 0.58 |
| Margen Bruto | -39.3% | 28.2% | 74.0% | 11.6% | 26.3% | 32.9% | 26.0% | 12.0% | -16.7% | -20.7% |
| Margen Operativo | -55.8% | 20.1% | 69.9% | -7.0% | 0.0% | 18.5% | 6.8% | -8.2% | -37.0% | -41.9% |
| Margen Neto | -68.5% | -6.2% | 60.6% | -25.7% | 5.6% | 11.4% | -0.6% | -15.3% | -39.9% | -62.3% |