Estados financieros detallados de MSC Income Fund, Inc. (MSIF): 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 74.7%, margen operativo 90.4%, margen neto 67.9%.
Al precio actual de $12.35, MSIF cotiza a un P/E de 5.66 y un ROE del 13.47%. La capitalización bursátil es de $560M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $70.5M | $55.8M | $41.5M | $44.5M | -$4.3M | $82.4M | $51.7M | $74.8M | $101.7M | $129.7M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $39.0M | $35.4M |
| Beneficio Bruto | $70.5M | $55.8M | $41.5M | $44.5M | -$4.3M | $82.4M | $51.7M | $74.8M | $62.7M | $94.3M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $5.9M | $7.2M | $6.2M | $7.1M | $7.8M | $8.7M | $9.1M | $13.2M | $14.5M | $4.3M |
| Gastos Operativos | $3.9M | $3.2M | $1.2M | $4.0M | $4.2M | $6.9M | $4.5M | $4.9M | $5.1M | -$32.1M |
| Beneficio Operativo | $66.6M | $52.6M | $40.3M | $40.4M | -$8.5M | $75.5M | $47.2M | $70.0M | $57.7M | $126.4M |
| EBITDA | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $57.7M | $126.4M |
| Gastos por Intereses | $15.1M | $18.3M | $24.8M | $25.7M | $17.2M | $14.5M | $24.4M | $36.5M | $39.0M | $33.9M |
| Beneficio Antes de Impuestos | $66.6M | $52.6M | $40.3M | $40.4M | -$8.5M | $75.5M | $47.2M | $70.0M | $57.7M | $92.4M |
| Impuestos | 0 | 0 | 0 | $820000 | $1.2M | $1.9M | $1.6M | $3.8M | $1.1M | $3.7M |
| Beneficio Neto | $66.6M | $52.6M | $40.3M | $39.6M | -$9.8M | $73.6M | $45.6M | $66.2M | $56.6M | $88.7M |
| BPA | $1.68 | $1.33 | $1.02 | $1.02 | $-0.24 | $1.84 | $1.14 | $1.65 | $1.41 | $1.91 |
| BPA Diluido | $1.68 | $1.33 | $1.02 | $1.02 | $-0.24 | $1.84 | $1.14 | $1.65 | $1.41 | $1.91 |
| Acciones en Circulación (Diluidas) | $39.6M | $39.6M | $39.6M | $39.4M | $39.6M | $39.9M | $40.0M | $40.1M | $40.2M | $46.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $25.5M | $40.9M | $33.8M | $45.6M |
| Beneficio Bruto | $17.2M | $32.6M | $25.0M | $34.2M |
| Beneficio Operativo | $36.8M | $31.6M | $21.3M | $42.2M |
| EBITDA | $36.8M | $31.6M | $21.3M | $42.2M |
| Beneficio Neto | $26.5M | $30.0M | $13.2M | $29.3M |
| BPA | $0.56 | $0.64 | $0.29 | $0.65 |
| BPA Diluido | $0.56 | $0.64 | $0.29 | $0.65 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $23.7M | $45.8M | $21.8M | $21.8M | $8.6M | $25.8M | $21.3M | $30.8M | $28.4M | $20.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $14.8M | $13.6M | $10.2M | $8.7M | $8.3M | $34.7M | $12.4M | $10.7M | $12.1M | $12.3M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $23.7M | $45.8M | $21.8M | $35.0M | $59.8M | $62.6M | $36.1M | $43.6M | $44.6M | $32.9M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $1.03B | $1.12B | $1.15B | $1.07B | $888.0M | $1.14B | $1.11B | $1.14B | $1.22B | $1.38B |
| Cuentas por Pagar | $16.3M | $34.1M | $4.7M | $1.4M | $2.1M | $7.3M | $1.3M | $461000 | $4.7M | $22.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | 0 | 0 | 0 | $11.8M | $6.6M | $27.7M | $26.6M | $29.5M | $34.6M | $31.1M |
| Deuda a Largo | 0 | 0 | 0 | $445.0M | $301.8M | $502.9M | $470.5M | $484.8M | $565.1M | $602.8M |
| Pasivos Totales | $435.7M | $471.3M | $522.1M | $456.8M | $308.4M | $530.6M | $497.5M | $517.6M | $599.8M | $642.4M |
| Reservas | 0 | -$37.9M | -$53.3M | -$66.3M | -$102.5M | -$69.3M | -$74.6M | -$63.9M | -$64.7M | -$43.4M |
| Patrimonio Neto | $597.8M | $647.8M | $625.4M | $609.3M | $579.6M | $613.2M | $609.7M | $622.3M | $624.9M | $738.7M |
| Deuda Total | 0 | 0 | 0 | $445.0M | $301.8M | $502.9M | $470.5M | $484.8M | $565.1M | $602.8M |
| Deuda Neta | -$23.7M | -$45.8M | -$21.8M | $423.2M | $293.2M | $477.1M | $449.2M | $454.1M | $536.8M | $582.1M |
| Capital Circulante | $23.7M | $45.8M | $21.8M | $23.2M | $53.2M | $34.9M | $9.5M | $14.1M | $9.9M | $1.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $18.1M | $20.6M | $15.6M | $28.1M |
| Activos Totales | $1.30B | $1.38B | $1.41B | $1.44B |
| Pasivos Totales | $563.7M | $642.4M | $690.4M | $695.0M |
| Patrimonio Neto | $734.4M | $738.7M | $719.5M | $748.8M |
| Deuda Total | $528.7M | $602.8M | $649.1M | $661.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $66.6M | $52.6M | $40.3M | $39.6M | -$9.8M | $73.6M | $45.6M | $66.2M | $56.6M | $88.7M |
| Amortizaciones | $2.4M | $3.2M | $1.7M | $1.7M | $1.7M | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $2.5M | -$6.5M | $1.6M | $357000 | $1.9M | $452000 | $2.9M | $1.9M | -$5.5M | -$9.7M |
| Flujo de Caja Operativo | -$71.6M | $12.2M | -$39.8M | $120.2M | $195.8M | -$191.1M | $76.7M | $50.2M | -$28.1M | -$70.3M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$10.9M | -$23.0M | -$34.3M | -$25.6M | -$6.1M | -$10.1M | -$16.0M | -$24.4M | -$20.7M | -$11.6M |
| Dividendos Pagados | -$22.4M | -$26.4M | -$28.5M | -$30.1M | -$18.5M | -$18.7M | -$33.0M | -$36.4M | -$39.8M | -$51.6M |
| Flujo de Caja Libre | -$71.6M | $12.2M | -$39.8M | $120.2M | $195.8M | -$191.1M | $76.7M | $50.2M | -$28.1M | -$70.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $14.7M | -$45.5M | -$18.4M | $16.9M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $14.7M | -$45.5M | -$18.4M | $16.9M |
| Dividendos Pagados | -$12.4M | -$17.0M | -$16.8M | -$16.3M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -20.8% | -25.7% | +7.3% | -109.8% | +1994.3% | -37.2% | +44.6% | +36.0% | +27.4% |
| Crecimiento Beneficio Neto (anual) | | -21.0% | -23.5% | -1.6% | -124.6% | +854.2% | -38.1% | +45.2% | -14.6% | +56.9% |
| Crecimiento BPA (anual) | | -20.8% | -23.3% | +0.0% | -123.5% | +866.7% | -38.0% | +44.7% | -14.5% | +35.5% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -0.6% | +0.6% | +0.8% | +0.1% | +0.3% | +0.1% | +15.7% |
| Crecimiento FCF (anual) | | +117.1% | -426.2% | +401.7% | +63.0% | -197.6% | +140.1% | -34.5% | -155.9% | -150.6% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 61.6% | 72.7% |
| Margen Operativo | 94.5% | 94.3% | 97.1% | 90.9% | 195.9% | 91.7% | 91.3% | 93.5% | 56.7% | 97.5% |
| Margen EBITDA | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | 0.0% | 56.7% | 97.5% |
| Margen Neto | 94.5% | 94.3% | 97.1% | 89.1% | 224.5% | 89.4% | 88.1% | 88.5% | 55.6% | 68.4% |
| Margen FCF | -101.5% | 21.9% | -96.0% | 270.1% | -4502.7% | -232.0% | 148.2% | 67.1% | -27.6% | -54.3% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | 2.0% | -14.6% | 2.5% | 3.5% | 5.4% | 1.9% | 4.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.81 | $0.31 | $-1.01 | $3.05 | $4.94 | $-4.79 | $1.92 | $1.25 | $-0.70 | $-1.51 |
| Dividendo por Acción | $0.56 | $0.67 | $0.72 | $0.76 | $0.47 | $0.47 | $0.83 | $0.91 | $0.99 | $1.11 |
| Acciones en Circulación (Básicas) | $39.6M | $39.6M | $39.6M | $39.4M | $39.6M | $39.9M | $40.0M | $40.1M | $40.2M | $46.5M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 13.47% |
| Rentabilidad sobre capital invertido | 8.75% |
| Rentabilidad sobre activos | 6.86% |
| Margen bruto | 74.70% |
| Margen operativo | 90.44% |
| Margen neto | 67.91% |
Salud financiera
| Deuda / Patrimonio | 0.88 |
| Ratio corriente | 3.00 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 9.42 | 11.89 | 15.51 | 15.51 | -65.92 | 8.60 | 13.88 | 9.59 | 11.22 | 6.88 |
| P/VC | 1.05 | 0.97 | 1.00 | 1.02 | 1.08 | 1.03 | 1.04 | 1.02 | 1.02 | 0.83 |
| P/V | 8.89 | 11.23 | 15.12 | 14.00 | -144.07 | 7.67 | 12.23 | 8.48 | 6.25 | 4.71 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 61.6% | 72.7% |
| Margen Operativo | 94.5% | 94.3% | 97.1% | 90.9% | 195.9% | 91.7% | 91.3% | 93.5% | 56.7% | 97.5% |
| Margen Neto | 94.5% | 94.3% | 97.1% | 89.1% | 224.5% | 89.4% | 88.1% | 88.5% | 55.6% | 68.4% |