Estados financieros detallados de Mistras Group, Inc. (MG): 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
Mistras Group, Inc. registró ingresos de $724.0M en el último ejercicio fiscal, con un CAGR de 5 años del 4.1%.
Márgenes de los últimos 12 meses: margen bruto 27.5%, margen operativo 7.5%, margen neto 3.6%. El flujo de caja libre creció a un CAGR del -30.7% en 5 años.
Al precio actual de $19.36, MG cotiza a un P/E de 23.72 y un ROE del 11.52%. La capitalización bursátil es de $616M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $684.8M | $701.0M | $742.4M | $748.6M | $592.6M | $677.1M | $687.4M | $705.5M | $729.6M | $724.0M |
| Coste de Ventas | $516.2M | $513.3M | $534.5M | $531.3M | $414.0M | $480.0M | $489.2M | $501.7M | $516.5M | $529.9M |
| Beneficio Bruto | $168.6M | $187.7M | $207.9M | $217.3M | $178.5M | $197.1M | $198.2M | $203.8M | $213.1M | $194.1M |
| I+D | $2.7M | $2.3M | $3.3M | $3.0M | $2.9M | $2.5M | $2.0M | $1.7M | $1.1M | $1.0M |
| Generales y Administrativos | $156.1M | $151.8M | $165.7M | $169.5M | $157.2M | $161.3M | $166.4M | $166.7M | $156.4M | $139.9M |
| Gastos Operativos | $168.6M | $165.7M | $187.5M | $193.2M | $279.7M | $179.0M | $178.4M | $205.7M | $173.3M | $140.9M |
| Beneficio Operativo | $25.5M | $4.2M | $22.2M | $24.1M | -$101.2M | $18.2M | $19.8M | -$1.9M | $39.8M | $53.2M |
| EBITDA | $57.9M | $35.5M | $56.6M | $62.7M | -$65.5M | $53.1M | $53.1M | $32.2M | $74.3M | $69.9M |
| Gastos por Intereses | $3.1M | $4.4M | $8.0M | $13.7M | $13.0M | $10.9M | $10.5M | $16.8M | $17.1M | $14.6M |
| Beneficio Antes de Impuestos | $22.5M | -$226000 | $14.3M | $10.4M | -$114.2M | $7.3M | $9.3M | -$18.7M | $24.2M | $22.5M |
| Impuestos | $8.0M | $1.9M | $7.4M | $4.4M | -$14.7M | $3.4M | $2.7M | -$1.2M | $5.3M | $5.6M |
| Beneficio Neto | $14.5M | -$2.2M | $6.8M | $6.1M | -$99.5M | $3.9M | $6.5M | -$17.5M | $19.0M | $16.8M |
| BPA | $0.50 | $-0.08 | $0.24 | $0.21 | $-3.41 | $0.13 | $0.22 | $-0.58 | $0.61 | $0.54 |
| BPA Diluido | $0.48 | $-0.08 | $0.23 | $0.21 | $-3.41 | $0.13 | $0.22 | $-0.58 | $0.60 | $0.53 |
| Acciones en Circulación (Diluidas) | $30.1M | $28.4M | $29.4M | $29.0M | $29.1M | $30.1M | $30.2M | $30.3M | $31.6M | $32.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $195.5M | $181.5M | $169.0M | $193.1M |
| Beneficio Bruto | $55.8M | $48.8M | $42.4M | $56.4M |
| Beneficio Operativo | $22.1M | $15.2M | $5.2M | $12.9M |
| EBITDA | $28.3M | $17.7M | $13.5M | $22.2M |
| Beneficio Neto | $13.1M | $3.9M | $2.4M | $7.6M |
| BPA | $0.41 | $0.12 | $0.08 | $0.24 |
| BPA Diluido | $0.41 | $0.12 | $0.07 | $0.23 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $21.2M | $27.5M | $25.5M | $15.0M | $25.8M | $24.1M | $20.5M | $17.6M | $18.3M | $28.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $130.9M | $138.1M | $148.3M | $136.0M | $107.6M | $109.5M | $123.7M | $132.8M | $127.3M | $154.7M |
| Inventario | $9.9M | $10.5M | $13.1M | $13.4M | $13.1M | $12.7M | $13.6M | $15.3M | $14.5M | $14.0M |
| Activos Corrientes | $187.9M | $195.0M | $202.8M | $179.2M | $162.6M | $161.3M | $167.9M | $180.4M | $172.5M | $182.7M |
| Inmovilizado Material | $78.7M | $87.1M | $93.9M | $98.6M | $92.7M | $86.6M | $77.6M | $81.0M | $80.9M | $93.2M |
| Fondo de Comercio | $169.2M | $203.4M | $279.3M | $282.4M | $206.0M | $205.4M | $199.6M | $187.4M | $181.4M | $184.8M |
| Activos Intangibles | $43.5M | $63.7M | $111.4M | $109.5M | $68.6M | $59.4M | $49.0M | $44.0M | $39.7M | $38.4M |
| Activos Totales | $482.7M | $554.4M | $694.0M | $719.9M | $583.3M | $562.2M | $534.9M | $534.8M | $523.0M | $578.8M |
| Cuentas por Pagar | $6.8M | $10.4M | $13.9M | $15.0M | $14.2M | $12.9M | $12.5M | $17.0M | $11.1M | $14.9M |
| Deuda a Corto | $1.4M | $8.2M | $10.8M | $6.6M | $10.7M | $20.2M | $7.4M | $8.9M | $11.6M | $30.8M |
| Pasivos Corrientes | $96.9M | $90.2M | $100.5M | $109.2M | $109.8M | $121.4M | $103.7M | $116.5M | $114.9M | $124.3M |
| Deuda a Largo | $84.4M | $164.5M | $283.8M | $248.1M | $209.5M | $182.4M | $183.8M | $181.5M | $158.1M | $165.1M |
| Pasivos Totales | $206.4M | $283.6M | $423.0M | $433.9M | $386.1M | $361.3M | $336.2M | $344.3M | $324.1M | $343.1M |
| Reservas | $82.2M | $64.7M | $71.6M | $77.6M | -$21.8M | -$18.0M | -$11.5M | -$28.9M | -$10.0M | $6.9M |
| Patrimonio Neto | $276.2M | $270.6M | $270.9M | $285.8M | $197.0M | $200.7M | $198.4M | $190.2M | $198.6M | $235.6M |
| Deuda Total | $104.8M | $181.5M | $303.6M | $282.0M | $245.4M | $226.1M | $215.9M | $217.5M | $201.5M | $242.6M |
| Deuda Neta | $83.6M | $153.9M | $278.1M | $267.0M | $219.7M | $202.0M | $195.4M | $199.9M | $183.2M | $214.6M |
| Capital Circulante | $91.1M | $104.8M | $102.3M | $69.9M | $52.7M | $39.9M | $64.2M | $63.8M | $57.5M | $58.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $27.8M | $28.0M | $25.0M | $22.0M |
| Activos Totales | $596.3M | $578.8M | $572.7M | $584.1M |
| Pasivos Totales | $368.4M | $343.1M | $339.1M | $343.9M |
| Patrimonio Neto | $227.4M | $235.6M | $233.2M | $240.0M |
| Deuda Total | $234.4M | $242.6M | $216.7M | $200.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $14.5M | -$2.2M | $6.8M | $6.1M | -$99.5M | $3.9M | $6.6M | -$17.4M | $19.0M | $16.8M |
| Amortizaciones | $32.4M | $31.4M | $34.4M | $38.5M | $35.7M | $34.9M | $33.3M | $34.1M | $33.0M | $31.0M |
| Compensación en Acciones | $7.3M | $6.6M | $6.1M | $5.8M | $5.9M | $5.4M | $5.3M | $5.7M | $5.1M | $7.8M |
| Cambio en Capital Circulante | $10.9M | $7.7M | -$6.9M | $7.5M | $27.3M | -$3.5M | -$18.0M | -$4.1M | -$659000 | -$25.6M |
| Flujo de Caja Operativo | $63.2M | $55.2M | $41.7M | $59.1M | $67.8M | $42.3M | $26.4M | $26.7M | $50.1M | $33.0M |
| Inversiones (CapEx) | -$15.9M | -$20.6M | -$21.1M | -$22.9M | -$15.8M | -$19.3M | -$13.4M | -$23.6M | -$23.0M | -$24.7M |
| Adquisiciones | -$8.3M | -$83.4M | -$135.7M | -$4.2M | 0 | -$440000 | -$405000 | 0 | 0 | 0 |
| Recompra de Acciones | -$9.0M | -$15.9M | -$2.2M | 0 | -$494000 | -$1.4M | -$977000 | -$1.6M | -$1.3M | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $47.3M | $34.7M | $20.5M | $36.2M | $52.0M | $23.0M | $13.0M | $3.1M | $27.1M | $8.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $4.5M | $32.1M | $2.8M | $14.9M |
| Inversiones (CapEx) | -$9.4M | -$7.5M | -$6.0M | -$4.8M |
| Flujo de Caja Libre | -$4.9M | $24.6M | -$3.2M | $10.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.5M | $1.7M | $1.3M | $2.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +2.4% | +5.9% | +0.8% | -20.8% | +14.3% | +1.5% | +2.6% | +3.4% | -0.8% |
| Crecimiento Beneficio Neto (anual) | | -115.0% | +414.3% | -11.4% | -1741.3% | +103.9% | +68.4% | -368.5% | +208.6% | -11.2% |
| Crecimiento BPA (anual) | | -116.0% | +400.0% | -12.5% | -1723.8% | +103.8% | +69.2% | -363.6% | +205.2% | -11.5% |
| Cambio en Acciones (anual) | | -5.6% | +3.5% | -1.3% | +0.3% | +3.4% | +0.3% | +0.3% | +4.2% | +1.4% |
| Crecimiento FCF (anual) | | -26.8% | -40.8% | +76.2% | +43.8% | -55.8% | -43.5% | -76.1% | +775.9% | -69.4% |
| Margen Bruto | 24.6% | 26.8% | 28.0% | 29.0% | 30.1% | 29.1% | 28.8% | 28.9% | 29.2% | 26.8% |
| Margen Operativo | 3.7% | 0.6% | 3.0% | 3.2% | -17.1% | 2.7% | 2.9% | -0.3% | 5.5% | 7.4% |
| Margen EBITDA | 8.5% | 5.1% | 7.6% | 8.4% | -11.1% | 7.8% | 7.7% | 4.6% | 10.2% | 9.7% |
| Margen Neto | 2.1% | -0.3% | 0.9% | 0.8% | -16.8% | 0.6% | 0.9% | -2.5% | 2.6% | 2.3% |
| Margen FCF | 6.9% | 4.9% | 2.8% | 4.8% | 8.8% | 3.4% | 1.9% | 0.4% | 3.7% | 1.1% |
| Tasa Impositiva Efectiva | 35.6% | -859.3% | 52.0% | 41.8% | 12.9% | 46.6% | 29.3% | 6.5% | 21.8% | 24.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.57 | $1.22 | $0.70 | $1.25 | $1.79 | $0.76 | $0.43 | $0.10 | $0.86 | $0.26 |
| 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) | $29.0M | $27.2M | $28.4M | $28.7M | $29.1M | $29.6M | $29.9M | $30.3M | $30.9M | $31.4M |
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 | 11.52% |
| Rentabilidad sobre capital invertido | 8.87% |
| Rentabilidad sobre activos | 4.62% |
| Margen bruto | 27.53% |
| Margen operativo | 7.50% |
| Margen neto | 3.65% |
Salud financiera
| Deuda / Patrimonio | 0.83 |
| Ratio corriente | 1.71 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 2.39 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 49.62 | -293.38 | 59.92 | 67.95 | -2.28 | 57.15 | 22.41 | -12.62 | 14.85 | 23.43 |
| P/VC | 2.60 | 2.36 | 1.51 | 1.43 | 1.15 | 1.09 | 0.74 | 1.17 | 1.41 | 1.69 |
| P/V | 1.05 | 0.91 | 0.55 | 0.55 | 0.38 | 0.32 | 0.21 | 0.31 | 0.38 | 0.55 |
| Margen Bruto | 24.6% | 26.8% | 28.0% | 29.0% | 30.1% | 29.1% | 28.8% | 28.9% | 29.2% | 26.8% |
| Margen Operativo | 3.7% | 0.6% | 3.0% | 3.2% | -17.1% | 2.7% | 2.9% | -0.3% | 5.5% | 7.4% |
| Margen Neto | 2.1% | -0.3% | 0.9% | 0.8% | -16.8% | 0.6% | 0.9% | -2.5% | 2.6% | 2.3% |