Estados financieros detallados de Marqeta, Inc. (MQ): 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
Marqeta, Inc. registró ingresos de $624.9M en el último ejercicio fiscal, con un CAGR de 5 años del 16.6%.
Márgenes de los últimos 12 meses: margen bruto 57.2%, margen operativo -1.7%, margen neto 1.5%. El flujo de caja libre creció a un CAGR del 27.4% en 5 años.
Al precio actual de $15.89, MQ cotiza a un P/E de 165.33 y un ROE del 1.77%. La capitalización bursátil es de $1.6B.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $143.3M | $290.3M | $517.2M | $748.2M | $676.2M | $507.0M | $624.9M |
| Coste de Ventas | $82.8M | $172.4M | $285.5M | $428.2M | $346.7M | $155.1M | $555.2M |
| Beneficio Bruto | $60.5M | $117.9M | $231.7M | $320.0M | $329.5M | $351.8M | $69.7M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $101.3M | $143.0M | $343.0M | $447.1M | $528.2M | $282.0M | $98.8M |
| Gastos Operativos | $119.3M | $165.0M | $393.7M | $529.8M | $612.5M | $376.3M | $98.8M |
| Beneficio Operativo | -$58.9M | -$47.1M | -$162.0M | -$209.8M | -$283.0M | -$24.5M | -$29.2M |
| EBITDA | -$55.8M | -$43.6M | -$161.0M | -$181.0M | -$219.8M | $45.5M | $13.8M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$58.2M | -$47.6M | -$164.6M | -$184.9M | -$230.6M | $28.1M | -$13.3M |
| Impuestos | $35000 | $87000 | -$640000 | -$102000 | -$7.6M | $793000 | $596000 |
| Beneficio Neto | -$58.2M | -$47.7M | -$163.9M | -$184.8M | -$223.0M | $27.3M | -$13.9M |
| BPA | $-0.44 | $-0.36 | $-1.20 | $-1.36 | $-1.68 | $0.21 | $-0.12 |
| BPA Diluido | $-0.44 | $-0.36 | $-1.20 | $-1.36 | $-1.68 | $0.21 | $-0.12 |
| Acciones en Circulación (Diluidas) | $134.3M | $134.3M | $135.3M | $136.3M | $133.1M | $129.7M | $115.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $163.3M | $172.1M | $165.8M | $176.0M |
| Beneficio Bruto | $114.6M | $120.0M | $30.7M | $121.9M |
| Beneficio Operativo | -$10.4M | -$8.3M | $3.6M | $3.6M |
| EBITDA | $6.8M | $3.5M | $16.9M | $18.6M |
| Beneficio Neto | -$3.6M | -$1.4M | $7.8M | $7.6M |
| BPA | $-0.03 | $-0.01 | $0.07 | $0.07 |
| BPA Diluido | $-0.03 | $-0.01 | $0.07 | $0.07 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $60.3M | $220.4M | $1.25B | $1.18B | $981.0M | $923.0M | $981.8M |
| Inversiones a Corto | $95.2M | $149.9M | $464.5M | $440.9M | $268.7M | $179.4M | $97.7M |
| Cuentas por Cobrar | $26.5M | $41.4M | $56.2M | $80.9M | $109.2M | $118.6M | $125.9M |
| Inventario | 0 | $781000 | $3.9M | $5.2M | $4.3M | $3.7M | $1.9M |
| Activos Corrientes | $197.2M | $430.9M | $1.80B | $1.75B | $1.39B | $1.25B | $1.24B |
| Inmovilizado Material | $25.8M | $22.9M | $21.0M | $16.5M | $25.3M | $40.2M | $68.2M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $123.5M | $123.5M | $154.7M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $35.6M | $29.8M | $51.4M |
| Activos Totales | $223.2M | $457.7M | $1.83B | $1.77B | $1.59B | $1.46B | $1.53B |
| Cuentas por Pagar | $32.6M | $80.6M | $123.9M | $146.0M | $175.1M | $193.9M | $226.4M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $7.9M | $7.7M | $10.7M |
| Pasivos Corrientes | $64.3M | $141.1M | $238.0M | $282.9M | $336.6M | $371.0M | $749.1M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | $5.5M |
| Pasivos Totales | $85.8M | $169.5M | $257.0M | $297.4M | $346.3M | $378.2M | $763.1M |
| Reservas | -$205.8M | -$253.5M | -$417.5M | -$602.2M | -$825.2M | -$797.9M | -$811.8M |
| Patrimonio Neto | $137.3M | $288.2M | $1.57B | $1.47B | $1.24B | $1.09B | $762.0M |
| Deuda Total | $19.7M | $18.2M | $15.4M | $12.4M | $16.9M | $13.2M | $21.8M |
| Deuda Neta | -$135.8M | -$352.1M | -$1.70B | -$1.61B | -$1.23B | -$1.09B | -$1.06B |
| Capital Circulante | $132.9M | $289.8M | $1.56B | $1.46B | $1.05B | $878.3M | $486.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $747.2M | $981.8M | $955.2M | $691418 |
| Activos Totales | $1.49B | $1.53B | $1.48B | $1.4M |
| Pasivos Totales | $649.2M | $763.1M | $734.4M | $676669 |
| Patrimonio Neto | $839.2M | $762.0M | $742.3M | $715557 |
| Deuda Total | $15.6M | $21.8M | $15.1M | $6745 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$58.2M | -$47.7M | -$163.9M | -$184.8M | -$223.0M | $27.3M | -$13.9M |
| Amortizaciones | $3.1M | $3.5M | $3.5M | $3.9M | $10.7M | $17.5M | $26.4M |
| Compensación en Acciones | $21.8M | $28.2M | $142.7M | $107.5M | $180.7M | -$8.1M | $104.8M |
| Cambio en Capital Circulante | $15.6M | $61.8M | $68.3M | $10.3M | $21.4M | $21.3M | $42.5M |
| Flujo de Caja Operativo | -$15.4M | $50.3M | $57.0M | -$13.0M | $21.1M | $58.2M | $162.6M |
| Inversiones (CapEx) | -$4.9M | -$2.4M | -$2.7M | -$3.9M | -$12.7M | -$2.4M | -$1.8M |
| Adquisiciones | -$750000 | 0 | -$20.0M | $25.7M | -$135.8M | 0 | -$45.7M |
| Recompra de Acciones | 0 | 0 | 0 | -$78.1M | -$190.4M | -$154.4M | -$391.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$20.3M | $47.9M | $54.2M | -$16.9M | $8.5M | $55.8M | $160.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $86.8M | $53.3M | -$3.4M | $63.2M |
| Inversiones (CapEx) | -$8.3M | -$19.5M | -$1.3M | -$211000 |
| Flujo de Caja Libre | $78.5M | $33.8M | -$4.6M | $63.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $25.7M | $26.1M | $20.0M | $22.4M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +102.6% | +78.2% | +44.7% | -9.6% | -25.0% | +23.3% |
| Crecimiento Beneficio Neto (anual) | | +18.0% | -243.7% | -12.7% | -20.7% | +112.2% | -151.0% |
| Crecimiento BPA (anual) | | +19.3% | -237.8% | -13.3% | -23.5% | +112.7% | -156.2% |
| Cambio en Acciones (anual) | | +0.0% | +0.8% | +0.7% | -2.4% | -2.6% | -10.9% |
| Crecimiento FCF (anual) | | +335.5% | +13.2% | -131.1% | +150.1% | +559.6% | +188.4% |
| Margen Bruto | 42.2% | 40.6% | 44.8% | 42.8% | 48.7% | 69.4% | 11.2% |
| Margen Operativo | -41.1% | -16.2% | -31.3% | -28.0% | -41.9% | -4.8% | -4.7% |
| Margen EBITDA | -38.9% | -15.0% | -31.1% | -24.2% | -32.5% | 9.0% | 2.2% |
| Margen Neto | -40.6% | -16.4% | -31.7% | -24.7% | -33.0% | 5.4% | -2.2% |
| Margen FCF | -14.2% | 16.5% | 10.5% | -2.3% | 1.3% | 11.0% | 25.7% |
| Tasa Impositiva Efectiva | -0.1% | -0.2% | 0.4% | 0.1% | 3.3% | 2.8% | -4.5% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.15 | $0.36 | $0.40 | $-0.12 | $0.06 | $0.43 | $1.39 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $134.3M | $134.3M | $135.3M | $136.3M | $133.1M | $127.8M | $115.5M |
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 | 1.77% |
| Rentabilidad sobre capital invertido | -1435.71% |
| Rentabilidad sobre activos | 745.78% |
| Margen bruto | 57.16% |
| Margen operativo | -1.68% |
| Margen neto | 1.53% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 1.66 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.71 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -277.45 | -343.69 | -57.23 | -17.97 | -16.62 | 70.97 | -158.33 |
| P/VC | 119.35 | 56.88 | 5.91 | 2.26 | 2.99 | 1.79 | 2.88 |
| P/V | 114.41 | 56.46 | 17.97 | 4.45 | 5.50 | 3.82 | 3.51 |
| Margen Bruto | 42.2% | 40.6% | 44.8% | 42.8% | 48.7% | 69.4% | 11.2% |
| Margen Operativo | -41.1% | -16.2% | -31.3% | -28.0% | -41.9% | -4.8% | -4.7% |
| Margen Neto | -40.6% | -16.4% | -31.7% | -24.7% | -33.0% | 5.4% | -2.2% |