Estados financieros detallados de Milestone Scientific Inc. (MLSS): 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
Milestone Scientific Inc. registró ingresos de $9.0M en el último ejercicio fiscal, con un CAGR de 5 años del 10.5%.
Márgenes de los últimos 12 meses: margen bruto 69.6%, margen operativo -43.6%, margen neto -44.0%.
Al precio actual de $0.40, MLSS presenta beneficios negativos (P/E no significativo) y un ROE del -149.08%. La capitalización bursátil es de $35M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $10.5M | $11.3M | $9.6M | $8.4M | $5.4M | $10.3M | $8.8M | $9.8M | $8.6M | $9.0M |
| Coste de Ventas | $4.2M | $4.3M | $5.2M | $2.7M | $1.8M | $4.0M | $3.9M | $3.0M | $2.2M | $2.6M |
| Beneficio Bruto | $6.3M | $7.0M | $4.4M | $5.7M | $3.6M | $6.3M | $4.9M | $6.8M | $6.4M | $6.3M |
| I+D | $1.3M | $272746 | $245636 | $189923 | $307850 | $878210 | $1.2M | $701378 | $858767 | $449469 |
| Generales y Administrativos | $11.5M | $11.9M | $10.6M | $9.5M | 0 | 0 | 0 | 0 | 0 | $11.6M |
| Gastos Operativos | $12.8M | $12.2M | $10.9M | $9.7M | $11.1M | $13.7M | $13.7M | $13.9M | $13.2M | $12.0M |
| Beneficio Operativo | -$6.5M | -$5.2M | -$8.0M | -$4.0M | -$7.5M | -$7.4M | -$8.8M | -$7.1M | -$6.8M | -$5.7M |
| EBITDA | -$6.4M | -$4.7M | -$5.6M | -$7.4M | -$7.4M | -$6.8M | -$8.7M | -$6.9M | -$4.7M | -$5.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | $18081 | $16360 | 0 | 0 | 0 | $25599 |
| Beneficio Antes de Impuestos | -$6.5M | -$5.2M | -$8.0M | -$7.6M | -$7.4M | -$6.9M | -$8.8M | -$7.0M | -$4.7M | -$5.7M |
| Impuestos | -$19101 | $19093 | $23986 | $18126 | $15500 | $333 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$5.9M | -$5.2M | -$7.4M | -$7.5M | -$7.3M | -$6.8M | -$8.7M | -$6.9M | -$4.7M | -$5.7M |
| BPA | $-0.22 | $-0.16 | $-0.21 | $-0.17 | $-0.12 | $-0.10 | $-0.12 | $-0.10 | $-0.06 | $-0.07 |
| BPA Diluido | $-0.22 | $-0.16 | $-0.21 | $-0.17 | $-0.12 | $-0.10 | $-0.12 | $-0.10 | $-0.06 | $-0.07 |
| Acciones en Circulación (Diluidas) | $27.0M | $32.7M | $35.3M | $45.7M | $63.1M | $68.8M | $70.6M | $72.8M | $79.8M | $82.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.4M | $2.1M | $2.2M | $2.8M |
| Beneficio Bruto | $1.6M | $1.5M | $1.5M | $1.9M |
| Beneficio Operativo | -$1.1M | -$1.1M | -$828083 | -$1.1M |
| EBITDA | -$1.1M | -$1.0M | -$780050 | -$1.0M |
| Beneficio Neto | -$1.2M | -$1.1M | -$839853 | -$1.1M |
| BPA | $-0.01 | $-0.01 | $-0.01 | $-0.01 |
| BPA Diluido | $-0.01 | $-0.01 | $-0.01 | $-0.01 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.6M | $2.6M | $743429 | $1.5M | $14.2M | $14.8M | $8.7M | $3.0M | $3.3M | $1.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.0M | 0 | 0 |
| Cuentas por Cobrar | $3.5M | $3.3M | $2.1M | $1.7M | $1.1M | $943272 | $693717 | $312664 | $475376 | $706168 |
| Inventario | $4.6M | $3.4M | $1.9M | $1.6M | $2.4M | $1.5M | $1.8M | $2.6M | $3.7M | $3.8M |
| Activos Corrientes | $12.7M | $12.0M | $5.9M | $6.1M | $18.6M | $18.9M | $13.0M | $10.8M | $9.3M | $7.5M |
| Inmovilizado Material | $159026 | $141760 | $82557 | $60953 | $663182 | $574224 | $479476 | $374257 | $337964 | $206189 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $660457 | $2.8M | $435273 | $382260 | $329249 | $277619 | $227956 | $178636 | $148404 | $79063 |
| Activos Totales | $13.6M | $15.6M | $6.4M | $6.6M | $19.6M | $19.8M | $13.7M | $11.4M | $9.8M | $7.8M |
| Cuentas por Pagar | $2.6M | $977623 | $2.9M | $2.7M | $868110 | $1.2M | $1.9M | $1.1M | $1.0M | $1.4M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $276180 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $5.0M | $6.7M | $4.9M | $4.9M | $2.9M | $3.1M | $3.3M | $3.1M | $3.7M | $4.1M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $800000 |
| Pasivos Totales | $5.0M | $8.1M | $4.9M | $4.9M | $3.5M | $3.6M | $3.7M | $3.4M | $4.0M | $5.0M |
| Reservas | -$73.4M | -$78.6M | -$86.0M | -$93.5M | -$100.9M | -$107.7M | -$116.4M | -$123.3M | -$128.1M | -$133.8M |
| Patrimonio Neto | $8.5M | $7.2M | $1.5M | $1.7M | $16.2M | $16.4M | $10.2M | $8.0M | $5.8M | $2.8M |
| Deuda Total | 0 | 0 | 0 | $15977 | $942595 | $586588 | $497043 | $395978 | $349054 | $1.0M |
| Deuda Neta | -$3.6M | -$2.6M | -$743429 | -$1.5M | -$13.3M | -$14.2M | -$8.2M | -$5.6M | -$2.9M | -$92396 |
| Capital Circulante | $7.7M | $5.3M | $983500 | $1.1M | $15.7M | $15.8M | $9.7M | $7.7M | $5.5M | $3.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.3M | $1.1M | $1.2M | $2.1M |
| Activos Totales | $8.5M | $7.8M | $8.0M | $8.3M |
| Pasivos Totales | $5.9M | $5.0M | $5.7M | $4.9M |
| Patrimonio Neto | $2.5M | $2.8M | $2.3M | $3.5M |
| Deuda Total | $1.1M | $1.0M | $985348 | $615703 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.3M | -$5.4M | -$7.7M | -$7.6M | -$7.3M | -$6.9M | -$8.8M | -$6.9M | -$4.7M | -$5.7M |
| Amortizaciones | $163366 | $573150 | $881285 | $256470 | $95949 | $73835 | $144376 | $150362 | $134843 | $78194 |
| Compensación en Acciones | $1.9M | $651413 | $409021 | $183888 | $1.3M | $1.6M | $1.8M | $1.9M | $1.7M | $952716 |
| Cambio en Capital Circulante | -$914045 | $2.6M | $1.8M | $1.8M | -$1.8M | $1.1M | -$549723 | -$1.4M | -$631000 | -$93846 |
| Flujo de Caja Operativo | -$5.4M | -$1.2M | -$1.6M | -$1.8M | -$7.0M | -$4.0M | -$6.0M | -$5.3M | -$2.9M | -$2.9M |
| Inversiones (CapEx) | -$30959 | -$199175 | -$7401 | -$9916 | -$21438 | -$15189 | -$8527 | -$4881 | -$10125 | -$15124 |
| Adquisiciones | $39165 | 0 | -$8020 | 0 | 0 | 0 | 0 | $3.0M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$250000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$5.4M | -$1.4M | -$1.6M | -$1.8M | -$7.0M | -$4.0M | -$6.0M | -$5.3M | -$2.9M | -$2.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $81775 | -$226129 | $86842 | -$585127 |
| Inversiones (CapEx) | -$6232 | $12008 | -$1632 | -$4139 |
| Flujo de Caja Libre | $75543 | -$214121 | $85210 | -$589266 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $363083 | -$194383 | $312162 | $254099 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +7.6% | -14.7% | -13.0% | -35.1% | +89.5% | -14.5% | +11.6% | -12.2% | +4.0% |
| Crecimiento Beneficio Neto (anual) | | +12.8% | -43.3% | -1.2% | +2.5% | +7.1% | -27.7% | +20.4% | +32.0% | -21.4% |
| Crecimiento BPA (anual) | | +27.3% | -31.2% | +19.0% | +29.4% | +16.7% | -20.0% | +20.7% | +37.9% | -18.4% |
| Cambio en Acciones (anual) | | +21.3% | +7.9% | +29.6% | +37.9% | +9.1% | +2.6% | +3.1% | +9.6% | +2.8% |
| Crecimiento FCF (anual) | | +73.7% | -14.5% | -9.4% | -291.6% | +42.4% | -49.8% | +11.7% | +45.0% | -0.1% |
| Margen Bruto | 60.2% | 61.8% | 46.1% | 68.3% | 66.6% | 61.3% | 55.7% | 69.1% | 74.6% | 70.5% |
| Margen Operativo | -62.1% | -46.4% | -83.1% | -47.8% | -137.1% | -71.6% | -100.2% | -72.3% | -78.3% | -63.5% |
| Margen EBITDA | -60.6% | -41.3% | -58.0% | -88.2% | -135.3% | -65.9% | -98.9% | -70.4% | -54.2% | -61.4% |
| Margen Neto | -56.7% | -46.0% | -77.2% | -89.8% | -134.9% | -66.2% | -98.9% | -70.5% | -54.6% | -63.8% |
| Margen FCF | -51.8% | -12.7% | -17.0% | -21.4% | -128.9% | -39.1% | -68.6% | -54.2% | -34.0% | -32.7% |
| Tasa Impositiva Efectiva | 0.3% | -0.4% | -0.3% | -0.2% | -0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.20 | $-0.04 | $-0.05 | $-0.04 | $-0.11 | $-0.06 | $-0.09 | $-0.07 | $-0.04 | $-0.04 |
| 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) | $27.0M | $32.7M | $35.3M | $45.7M | $63.1M | $68.8M | $70.6M | $72.8M | $79.8M | $82.1M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -149.08% |
| Rentabilidad sobre capital invertido | -100.42% |
| Rentabilidad sobre activos | -49.64% |
| Margen bruto | 69.61% |
| Margen operativo | -43.56% |
| Margen neto | -43.98% |
Salud financiera
| Deuda / Patrimonio | 0.18 |
| Ratio corriente | 1.85 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -6.36 | -7.38 | -1.58 | -8.18 | -17.67 | -20.60 | -4.00 | -7.25 | -16.24 | -3.90 |
| P/VC | 4.44 | 5.33 | 7.60 | 37.49 | 8.25 | 8.66 | 3.31 | 6.27 | 13.13 | 7.97 |
| P/V | 3.60 | 3.42 | 1.22 | 7.59 | 24.59 | 13.76 | 3.85 | 5.11 | 8.88 | 2.50 |
| Margen Bruto | 60.2% | 61.8% | 46.1% | 68.3% | 66.6% | 61.3% | 55.7% | 69.1% | 74.6% | 70.5% |
| Margen Operativo | -62.1% | -46.4% | -83.1% | -47.8% | -137.1% | -71.6% | -100.2% | -72.3% | -78.3% | -63.5% |
| Margen Neto | -56.7% | -46.0% | -77.2% | -89.8% | -134.9% | -66.2% | -98.9% | -70.5% | -54.6% | -63.8% |