Estados financieros detallados de Maase Inc. (MAAS): 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
Maase Inc. registró ingresos de $1.19B en el último ejercicio fiscal, con un CAGR de 5 años del 42.3%.
Márgenes de los últimos 12 meses: margen bruto 39.6%, margen operativo -38.9%, margen neto -24.4%. El flujo de caja libre creció a un CAGR del -10.5% en 5 años.
Al precio actual de $16.83, MAAS presenta beneficios negativos (P/E no significativo) y un ROE del -38.57%. La capitalización bursátil es de $7.3B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Ingresos | $155.7M | $165.8M | $203.2M | $129.5M | $191.2M | $188.7M | $114.4M | $1.19B |
| Coste de Ventas | $53.4M | $28.8M | $31.1M | $31.8M | $44.0M | $55.1M | $20.3M | $715.6M |
| Beneficio Bruto | $102.3M | $137.0M | $172.1M | $97.7M | $147.2M | $133.7M | $94.2M | $469.7M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $55.1M | $74.1M | $116.1M | $151.2M | $220.3M | $207.8M | $153.0M | $504.1M |
| Gastos Operativos | $55.1M | $74.1M | $116.1M | $151.2M | $220.3M | $207.8M | $153.0M | $930.5M |
| Beneficio Operativo | $47.2M | $62.9M | $56.1M | -$53.5M | -$73.2M | -$74.1M | -$58.8M | -$460.8M |
| EBITDA | $51.5M | $73.7M | $64.2M | -$39.3M | -$54.9M | -$62.6M | -$52.8M | $22.4M |
| Gastos por Intereses | $2.3M | 0 | $1.0M | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | $47.5M | $71.9M | $61.4M | -$35.9M | -$55.7M | -$61.6M | -$35.0M | -$499.1M |
| Impuestos | $7.6M | $8.3M | $9.4M | -$2.4M | -$9.6M | -$925000 | $8.6M | $12.9M |
| Beneficio Neto | $37.8M | $64.6M | $53.5M | -$32.9M | -$46.4M | -$60.7M | -$43.6M | -$289.7M |
| BPA | $0.67 | $1.15 | $0.95 | $-0.55 | $-0.77 | $-1.01 | $-0.72 | $-4.80 |
| BPA Diluido | $0.67 | $1.15 | $0.95 | $-0.55 | $-0.77 | $-1.01 | $-0.72 | $-4.80 |
| Acciones en Circulación (Diluidas) | $56.0M | $56.0M | $56.7M | $60.3M | $60.3M | $60.3M | $60.3M | $60.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q4 |
|---|
| Ingresos | $3.1M |
| Beneficio Bruto | -$15.9M |
| Beneficio Operativo | -$19.8M |
| EBITDA | -$12.6M |
| Beneficio Neto | -$1.82B |
| BPA | $-9.86 |
| BPA Diluido | $-9.86 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Caja y Equivalentes | $55.2M | $103.2M | $378.4M | $285.9M | $260.6M | $194.3M | $164.5M | $295.7M |
| Inversiones a Corto | $14.2M | $15.7M | $2.0M | $4.0M | 0 | $5.0M | 0 | $583.9M |
| Cuentas por Cobrar | $109.3M | $81.5M | $28.8M | $94.5M | $56.7M | $62.4M | $57.6M | $1.39B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $185.1M | $214.6M | $467.1M | $393.2M | $403.3M | $394.8M | $231.0M | $2.39B |
| Inmovilizado Material | $1.0M | $890000 | $4.0M | $26.9M | $41.3M | $43.5M | $15.2M | $209.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $243.1M |
| Activos Intangibles | $1.5M | $700000 | $733000 | $363000 | $1.6M | $1.1M | $1.8M | $417.6M |
| Activos Totales | $191.7M | $225.9M | $479.4M | $432.7M | $467.9M | $463.9M | $264.5M | $4.28B |
| Cuentas por Pagar | 0 | $3.7M | $5.9M | $9.0M | $12.3M | $11.7M | $6.3M | $194.4M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $98.4M |
| Pasivos Corrientes | $33.1M | $32.2M | $75.8M | $47.5M | $130.3M | $167.1M | $24.1M | $851.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $33.1M | $32.2M | $75.8M | $62.2M | $147.6M | $203.9M | $47.5M | $1.64B |
| Reservas | $48.6M | $107.4M | $155.3M | $120.3M | $72.7M | $11.8M | -$31.5M | -$321.3M |
| Patrimonio Neto | $148.7M | $184.8M | $400.4M | $368.0M | $320.3M | $260.1M | $217.0M | $1.29B |
| Deuda Total | 0 | 0 | 0 | $22.1M | $31.0M | $35.1M | $14.5M | $215.6M |
| Deuda Neta | -$69.4M | -$118.9M | -$380.4M | -$267.8M | -$229.6M | -$164.1M | -$150.0M | -$664.0M |
| Capital Circulante | $152.0M | $182.4M | $391.3M | $345.7M | $273.0M | $227.6M | $206.9M | $1.53B |
Balance (Trimestral)
| Año | 2023-Q2 | 2023-Q4 | 2024-Q2 | 2025-Q4 |
|---|
| Caja y Equivalentes | $164.5M | $593.0M | $295.7M | $1.5M |
| Activos Totales | $264.5M | $4.98B | $4.28B | $3.45B |
| Pasivos Totales | $47.5M | $1.86B | $1.64B | $61.1M |
| Patrimonio Neto | $217.0M | $1.51B | $1.29B | $3.34B |
| Deuda Total | $14.5M | $304.4M | $215.6M | $15.2M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Beneficio Neto | $39.6M | $63.6M | $52.0M | -$33.6M | -$46.1M | -$60.7M | -$43.6M | -$512.1M |
| Amortizaciones | $1.7M | $1.9M | $1.7M | $9.1M | $13.6M | $6.4M | $4.4M | $59.2M |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $23.3M |
| Cambio en Capital Circulante | -$75.5M | -$11.8M | $45.4M | -$69.0M | $26.3M | -$21.4M | -$208000 | -$49.8M |
| Flujo de Caja Operativo | -$23.1M | $44.9M | $98.0M | -$88.7M | -$2.8M | -$56.2M | -$25.4M | $57.7M |
| Inversiones (CapEx) | -$684000 | -$1.4M | -$4.8M | -$3.6M | -$9.0M | -$5.6M | -$1.9M | -$4.3M |
| Adquisiciones | $56.0M | -$26.4M | -$3.3M | 0 | $4.2M | 0 | -$7.9M | $589.2M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$10.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$23.8M | $43.5M | $93.2M | -$92.4M | -$11.9M | -$61.8M | -$27.2M | $53.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q4 |
|---|
| Flujo de Caja Operativo | -$31.4M |
| Inversiones (CapEx) | -$2.9M |
| Flujo de Caja Libre | -$34.3M |
| Dividendos Pagados | 0 |
| Compensación en Acciones | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| Crecimiento Ingresos (anual) | | +6.5% | +22.6% | -36.3% | +47.7% | -1.3% | -39.4% | +935.8% |
| Crecimiento Beneficio Neto (anual) | | +70.8% | -17.1% | -161.5% | -40.9% | -30.8% | +28.2% | -564.7% |
| Crecimiento BPA (anual) | | +71.6% | -17.4% | -157.9% | -40.0% | -31.2% | +28.7% | -566.7% |
| Cambio en Acciones (anual) | | +0.0% | +1.1% | +6.4% | +0.0% | +0.0% | +0.0% | +0.0% |
| Crecimiento FCF (anual) | | +283.2% | +114.1% | -199.1% | +87.1% | -420.2% | +55.9% | +296.1% |
| Margen Bruto | 65.7% | 82.6% | 84.7% | 75.5% | 77.0% | 70.8% | 82.3% | 39.6% |
| Margen Operativo | 30.3% | 37.9% | 27.6% | -41.3% | -38.3% | -39.3% | -51.4% | -38.9% |
| Margen EBITDA | 33.1% | 44.5% | 31.6% | -30.4% | -28.7% | -33.2% | -46.1% | 1.9% |
| Margen Neto | 24.3% | 39.0% | 26.3% | -25.4% | -24.3% | -32.1% | -38.1% | -24.4% |
| Margen FCF | -15.3% | 26.2% | 45.9% | -71.3% | -6.2% | -32.7% | -23.8% | 4.5% |
| Tasa Impositiva Efectiva | 16.1% | 11.5% | 15.3% | 6.7% | 17.3% | 1.5% | -24.5% | -2.6% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| FCF por Acción | $-0.42 | $0.78 | $1.64 | $-1.53 | $-0.20 | $-1.02 | $-0.45 | $0.89 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $56.0M | $56.0M | $56.7M | $60.3M | $60.3M | $60.3M | $60.3M | $60.3M |
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 | -38.57% |
| Rentabilidad sobre capital invertido | -12.87% |
| Rentabilidad sobre activos | -6.77% |
| Margen bruto | 39.63% |
| Margen operativo | -38.87% |
| Margen neto | -24.44% |
Salud financiera
| Deuda / Patrimonio | 0.17 |
| Ratio corriente | 2.80 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 64.31 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| P/E | 4128.23 | 2347.60 | 6030.18 | -5079.09 | -2706.74 | -3231.53 | -4217.62 | -604.18 |
| P/VC | 1041.97 | 818.46 | 810.72 | 457.91 | 392.47 | 757.00 | 843.91 | 136.11 |
| P/V | 995.26 | 912.16 | 1597.27 | 1301.25 | 657.46 | 1043.01 | 1600.46 | 147.57 |
| Margen Bruto | 65.7% | 82.6% | 84.7% | 75.5% | 77.0% | 70.8% | 82.3% | 39.6% |
| Margen Operativo | 30.3% | 37.9% | 27.6% | -41.3% | -38.3% | -39.3% | -51.4% | -38.9% |
| Margen Neto | 24.3% | 39.0% | 26.3% | -25.4% | -24.3% | -32.1% | -38.1% | -24.4% |