Estados financieros detallados de LZ Technology Holdings Limited Class B Ordinary Shares (LZMH): 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
Márgenes de los últimos 12 meses: margen bruto 3.3%, margen operativo -15.6%, margen neto -15.4%.
Al precio actual de $1.19, LZMH presenta beneficios negativos (P/E no significativo) y un ROE del -305.00%. La capitalización bursátil es de $9M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $81.0M | $163.0M | $568.9M | $822.8M | $1.13B |
| Coste de Ventas | $70.0M | $143.1M | $537.6M | $788.4M | $1.09B |
| Beneficio Bruto | $11.0M | $19.9M | $31.3M | $34.4M | $37.2M |
| I+D | $6.4M | $6.9M | $5.5M | $4.5M | $56.3M |
| Generales y Administrativos | $18.9M | $34.9M | $32.2M | $26.4M | $157.0M |
| Gastos Operativos | $25.3M | $41.8M | $37.7M | $30.8M | $213.3M |
| Beneficio Operativo | -$14.3M | -$22.0M | -$6.4M | $3.6M | -$176.0M |
| EBITDA | -$9.5M | -$4.8M | $6.5M | $14.3M | -$161.9M |
| Gastos por Intereses | $34.8M | $18000 | $408000 | $764000 | $1.3M |
| Beneficio Antes de Impuestos | -$48.5M | -$14.8M | -$4.0M | $4.8M | -$172.8M |
| Impuestos | $8000 | 0 | $2.4M | -$972000 | $510000 |
| Beneficio Neto | -$45.1M | -$13.6M | -$6.2M | $5.5M | -$173.5M |
| BPA | $-94.00 | $-27.60 | $-12.60 | $11.20 | $-22.60 |
| BPA Diluido | $-94.00 | $-27.60 | $-12.60 | $11.20 | $-22.60 |
| Acciones en Circulación (Diluidas) | $479462 | $495058 | $495058 | $495058 | $7.7M |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $5.1M | $7.0M | $10.8M | $4.2M | $23.5M |
| Inversiones a Corto | $989000 | $1.7M | 0 | 0 | 0 |
| Cuentas por Cobrar | $78.2M | $73.1M | $224.6M | $262.6M | $308.0M |
| Inventario | 0 | 0 | 0 | 0 | $3.2M |
| Activos Corrientes | $97.0M | $83.7M | $254.5M | $278.2M | $370.1M |
| Inmovilizado Material | $42.2M | $34.2M | $24.4M | $19.2M | $12.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $1.7M |
| Activos Intangibles | 0 | $4.0M | $3.1M | $2.1M | $1.2M |
| Activos Totales | $140.5M | $122.5M | $286.1M | $305.6M | $390.1M |
| Cuentas por Pagar | $17.1M | $35.3M | $163.1M | $182.2M | $201.9M |
| Deuda a Corto | $139.8M | $67.1M | $32.1M | $31.9M | $59.1M |
| Pasivos Corrientes | $169.7M | $107.6M | $222.2M | $234.7M | $330.2M |
| Deuda a Largo | 0 | 0 | 0 | $667000 | 0 |
| Pasivos Totales | $169.9M | $107.6M | $224.5M | $238.2M | $332.7M |
| Reservas | -$139.9M | -$154.3M | -$160.8M | -$155.2M | -$328.7M |
| Patrimonio Neto | -$27.5M | $13.9M | $57.6M | $65.1M | $48.7M |
| Deuda Total | $140.1M | $67.1M | $32.1M | $35.2M | $62.5M |
| Deuda Neta | $134.0M | $58.4M | $21.3M | $31.1M | $39.0M |
| Capital Circulante | -$72.7M | -$23.9M | $32.3M | $43.5M | $39.8M |
Balance (Trimestral)
| Año | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Caja y Equivalentes | $4.3M | $4.2M | $15.9M | $23.5M |
| Activos Totales | $362.2M | $305.6M | $511.9M | $390.1M |
| Pasivos Totales | $300.5M | $238.2M | $441.8M | $332.7M |
| Patrimonio Neto | $59.0M | $65.1M | $68.2M | $48.7M |
| Deuda Total | $39.7M | $35.2M | $29.6M | $62.5M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$48.5M | -$14.8M | -$6.4M | $5.8M | -$173.3M |
| Amortizaciones | $4.2M | $10.0M | $10.1M | $8.7M | $9.5M |
| Compensación en Acciones | 0 | 0 | 0 | 0 | $111.1M |
| Cambio en Capital Circulante | -$1.9M | $12.0M | -$24.3M | -$9.6M | -$2.2M |
| Flujo de Caja Operativo | -$45.5M | $2.5M | -$16.8M | $4.7M | -$41.2M |
| Inversiones (CapEx) | -$27.4M | -$6.2M | -$111000 | -$347000 | -$580000 |
| Adquisiciones | 0 | -$338000 | $1.9M | 0 | -$105000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$72.9M | -$3.7M | -$17.0M | $4.3M | -$41.8M |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +101.1% | +249.1% | +44.6% | +37.2% |
| Crecimiento Beneficio Neto (anual) | | +69.7% | +54.5% | +189.3% | -3230.2% |
| Crecimiento BPA (anual) | | +70.6% | +54.3% | +188.9% | -301.8% |
| Cambio en Acciones (anual) | | +3.3% | +0.0% | +0.0% | +1456.8% |
| Crecimiento FCF (anual) | | +94.9% | -355.2% | +125.5% | -1066.5% |
| Margen Bruto | 13.6% | 12.2% | 5.5% | 4.2% | 3.3% |
| Margen Operativo | -17.7% | -13.5% | -1.1% | 0.4% | -15.6% |
| Margen EBITDA | -11.7% | -2.9% | 1.1% | 1.7% | -14.3% |
| Margen Neto | -55.6% | -8.4% | -1.1% | 0.7% | -15.4% |
| Margen FCF | -89.9% | -2.3% | -3.0% | 0.5% | -3.7% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -59.1% | -20.2% | -0.3% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-151.95 | $-7.52 | $-34.25 | $8.73 | $-5.42 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $479462 | $495058 | $495058 | $495058 | $7.7M |
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 | -305.00% |
| Rentabilidad sobre capital invertido | -146.53% |
| Rentabilidad sobre activos | -44.47% |
| Margen bruto | 3.30% |
| Margen operativo | -15.59% |
| Margen neto | -15.37% |
Salud financiera
| Deuda / Patrimonio | 1.28 |
| Ratio corriente | 1.12 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -6.76 | -24.99 | -56.33 | 65.17 | -10.27 |
| P/VC | -11.07 | 24.53 | 6.10 | 5.55 | 36.78 |
| P/V | 3.76 | 2.10 | 0.62 | 0.44 | 1.58 |
| Margen Bruto | 13.6% | 12.2% | 5.5% | 4.2% | 3.3% |
| Margen Operativo | -17.7% | -13.5% | -1.1% | 0.4% | -15.6% |
| Margen Neto | -55.6% | -8.4% | -1.1% | 0.7% | -15.4% |