Estados financieros detallados de MultiSensor AI Holdings, Inc. (MSAI): 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 57.0%, margen operativo -140.1%, margen neto -141.7%.
Al precio actual de $4.66, MSAI presenta beneficios negativos (P/E no significativo) y un ROE del -36.57%. La capitalización bursátil es de $9M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $28.8M | $7.3M | $5.4M | $7.4M | $5.6M |
| Coste de Ventas | $10.3M | $5.0M | $2.3M | $2.6M | $2.6M |
| Beneficio Bruto | $18.5M | $2.3M | $3.1M | $4.8M | $2.9M |
| I+D | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $14.1M | $13.6M | $22.1M | $19.0M | $13.1M |
| Gastos Operativos | $14.4M | $14.3M | $24.6M | $23.7M | $14.4M |
| Beneficio Operativo | $4.1M | -$12.0M | -$21.5M | -$18.9M | -$11.5M |
| EBITDA | $4.1M | -$11.4M | -$21.1M | -$20.8M | -$10.4M |
| Gastos por Intereses | $315000 | $115000 | $94000 | $63000 | 0 |
| Beneficio Antes de Impuestos | $3.4M | -$12.1M | -$22.1M | -$22.0M | -$11.7M |
| Impuestos | $1.1M | $1.2M | $208000 | -$465000 | -$32000 |
| Beneficio Neto | $2.3M | -$13.3M | -$22.3M | -$21.5M | -$11.7M |
| BPA | $7.60 | $-44.40 | $-142.40 | $-42.80 | $-12.40 |
| BPA Diluido | $7.60 | $-44.40 | $-142.40 | $-42.80 | $-12.40 |
| Acciones en Circulación (Diluidas) | $298921 | $298921 | $156437 | $502979 | $933715 |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.6M | $1.4M | $1.6M | $1.7M |
| Beneficio Bruto | $1.0M | $876000 | $914000 | $776000 |
| Beneficio Operativo | -$1.7M | -$1.9M | -$2.6M | -$2.6M |
| EBITDA | -$1.3M | -$2.0M | -$2.1M | -$2.1M |
| Beneficio Neto | -$1.7M | -$2.3M | -$2.5M | -$2.5M |
| BPA | $-2.00 | $-1.30 | $-2.65 | $-2.63 |
| BPA Diluido | $-2.00 | $-1.30 | $-2.65 | $-2.63 |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.4M | $654000 | $1.2M | $4.4M | $24.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.2M | $2.6M | $2.5M | $1.6M | $2.0M |
| Inventario | $11.3M | $9.6M | $6.9M | $4.2M | $4.0M |
| Activos Corrientes | $22.2M | $14.9M | $12.5M | $10.5M | $30.9M |
| Inmovilizado Material | $1.4M | $2.5M | $3.2M | $4.1M | $4.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $24.7M | $17.5M | $16.4M | $15.5M | $35.5M |
| Cuentas por Pagar | $899000 | $1.4M | $2.6M | $825000 | $291000 |
| Deuda a Corto | 0 | $1.9M | $1.4M | $172000 | 0 |
| Pasivos Corrientes | $1.9M | $7.0M | $10.8M | $3.0M | $2.6M |
| Deuda a Largo | $18.4M | $18.6M | $5.7M | 0 | 0 |
| Pasivos Totales | $20.3M | $25.7M | $16.6M | $3.2M | $3.4M |
| Reservas | $2.4M | -$10.9M | -$33.1M | -$54.6M | -$66.3M |
| Patrimonio Neto | $4.4M | -$8.2M | -$268000 | $12.3M | $32.0M |
| Deuda Total | $18.4M | $20.6M | $7.2M | $310000 | 0 |
| Deuda Neta | $15.0M | $20.0M | $6.1M | -$4.0M | -$24.4M |
| Capital Circulante | $20.3M | $7.9M | $1.8M | $7.5M | $28.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.2M | $24.4M | $22.6M | $21.0M |
| Activos Totales | $11.9M | $35.5M | $32.8M | $33.3M |
| Pasivos Totales | $3.6M | $3.4M | $3.1M | $4.9M |
| Patrimonio Neto | $8.3M | $32.0M | $29.7M | $28.5M |
| Deuda Total | $28000 | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $2.3M | -$13.3M | -$22.3M | -$21.5M | -$11.7M |
| Amortizaciones | $318000 | $561000 | $872000 | $1.1M | $1.3M |
| Compensación en Acciones | $972000 | $644000 | $14.1M | $3.4M | $1.7M |
| Cambio en Capital Circulante | $506000 | $6.0M | -$1.9M | -$4.9M | $149000 |
| Flujo de Caja Operativo | $4.4M | -$3.2M | -$4.6M | -$15.6M | -$8.0M |
| Inversiones (CapEx) | -$1.4M | -$1.6M | -$1.5M | -$2.7M | -$1.6M |
| Adquisiciones | 0 | 0 | 0 | 0 | $24000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$53000 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $3.0M | -$4.8M | -$6.1M | -$18.2M | -$9.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.8M | -$2.2M | -$1.7M | -$2.4M |
| Inversiones (CapEx) | -$339000 | -$363000 | -$121000 | -$251000 |
| Flujo de Caja Libre | -$2.1M | -$2.6M | -$1.8M | -$2.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $205000 | $130000 | $182000 | $187000 |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -74.8% | -25.3% | +36.3% | -25.0% |
| Crecimiento Beneficio Neto (anual) | | -674.6% | -67.6% | +3.5% | +45.5% |
| Crecimiento BPA (anual) | | -684.2% | -220.7% | +69.9% | +71.0% |
| Cambio en Acciones (anual) | | +0.0% | -47.7% | +221.5% | +85.6% |
| Crecimiento FCF (anual) | | -259.1% | -27.7% | -199.3% | +47.1% |
| Margen Bruto | 64.3% | 31.7% | 57.7% | 65.1% | 52.5% |
| Margen Operativo | 14.1% | -165.4% | -395.5% | -255.1% | -207.8% |
| Margen EBITDA | 14.1% | -157.0% | -388.5% | -280.4% | -188.2% |
| Margen Neto | 8.0% | -182.9% | -410.1% | -290.4% | -211.0% |
| Margen FCF | 10.4% | -65.6% | -112.2% | -246.3% | -173.9% |
| Tasa Impositiva Efectiva | 32.6% | -10.0% | -0.9% | 2.1% | 0.3% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $10.03 | $-15.96 | $-38.95 | $-36.25 | $-10.34 |
| Dividendo por Acción | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $298921 | $298921 | $156437 | $502979 | $933715 |
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 | -36.57% |
| Rentabilidad sobre capital invertido | -35.04% |
| Rentabilidad sobre activos | -33.02% |
| Margen bruto | 56.99% |
| Margen operativo | -140.07% |
| Margen neto | -141.70% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 7.19 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 51.63 | -9.20 | -0.88 | -1.72 | -0.93 |
| P/VC | 26.44 | -14.87 | -73.55 | 3.01 | 0.34 |
| P/V | 4.07 | 16.80 | 3.63 | 5.00 | 1.94 |
| Margen Bruto | 64.3% | 31.7% | 57.7% | 65.1% | 52.5% |
| Margen Operativo | 14.1% | -165.4% | -395.5% | -255.1% | -207.8% |
| Margen Neto | 8.0% | -182.9% | -410.1% | -290.4% | -211.0% |