Estados financieros detallados de N-able, Inc. (NABL): 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
N-able, Inc. registró ingresos de $511.4M en el último ejercicio fiscal, con un CAGR de 5 años del 11.0%.
Márgenes de los últimos 12 meses: margen bruto 77.3%, margen operativo 10.7%, margen neto -0.9%. El flujo de caja libre creció a un CAGR del 1.5% en 5 años.
Al precio actual de $3.85, NABL presenta beneficios negativos (P/E no significativo) y un ROE del -0.58%. La capitalización bursátil es de $725M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Ingresos | $228.3M | $263.5M | $302.9M | $346.5M | $371.8M | $421.9M | $466.1M | $511.4M |
| Coste de Ventas | $57.3M | $57.3M | $63.2M | $52.4M | $58.6M | $68.2M | $80.7M | $118.6M |
| Beneficio Bruto | $170.9M | $206.2M | $239.7M | $294.0M | $313.2M | $353.7M | $385.5M | $392.8M |
| I+D | $32.9M | $37.2M | $42.7M | $54.0M | $63.5M | $78.2M | $90.7M | $100.7M |
| Generales y Administrativos | $95.6M | $109.2M | $139.4M | $193.3M | $196.4M | $204.6M | $212.1M | $254.9M |
| Gastos Operativos | $152.2M | $169.6M | $205.9M | $260.7M | $265.8M | $283.4M | $303.1M | $335.2M |
| Beneficio Operativo | $18.8M | $36.6M | $33.8M | $33.3M | $47.4M | $70.3M | $82.4M | $57.7M |
| EBITDA | $73.1M | $91.1M | $89.4M | $65.1M | $72.5M | $94.7M | $110.0M | $82.4M |
| Gastos por Intereses | $34.5M | $33.8M | $28.1M | $20.5M | $18.9M | $30.3M | $30.0M | $36.0M |
| Beneficio Antes de Impuestos | -$17.5M | $3.2M | $4.9M | $11.6M | $30.4M | $44.3M | $54.3M | $2.4M |
| Impuestos | -$3.8M | $5.7M | $12.0M | $11.5M | $13.7M | $20.9M | $23.3M | $19.4M |
| Beneficio Neto | -$13.7M | -$2.5M | -$7.2M | $113000 | $16.7M | $23.4M | $31.0M | -$17.0M |
| BPA | $-0.04 | $-0.01 | $-0.02 | $0.00 | $0.09 | $0.13 | $0.17 | $-0.09 |
| BPA Diluido | $-0.04 | $-0.01 | $-0.02 | $0.00 | $0.09 | $0.13 | $0.16 | $-0.09 |
| Acciones en Circulación (Diluidas) | $315.4M | $315.4M | $315.4M | $179.0M | $181.3M | $186.0M | $188.4M | $187.8M |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $77.9M | $39.3M | $99.8M | $66.7M | $98.8M | $153.0M | $85.2M | $111.8M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $22.1M | $27.0M | $30.3M | $40.3M | $42.6M | $48.0M | $85.4M | $83.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $104.8M | $71.4M | $135.7M | $121.0M | $154.2M | $224.8M | $183.9M | $216.4M |
| Inmovilizado Material | $13.2M | $23.7M | $33.3M | $75.0M | $69.2M | $68.9M | $64.2M | $66.6M |
| Fondo de Comercio | $832.5M | $836.6M | $874.1M | $840.9M | $828.8M | $838.5M | $977.0M | $1.02B |
| Activos Intangibles | $120.0M | $74.8M | $27.4M | $8.1M | $8.9M | $6.7M | $83.2M | $64.8M |
| Activos Totales | $1.08B | $1.01B | $1.08B | $1.06B | $1.08B | $1.16B | $1.34B | $1.41B |
| Cuentas por Pagar | $6.4M | $2.0M | $5.5M | $5.9M | $3.5M | $5.2M | $6.3M | $9.0M |
| Deuda a Corto | 0 | 0 | 0 | $3.5M | $3.5M | $3.5M | $3.5M | $11.2M |
| Pasivos Corrientes | $54.5M | $32.8M | $54.8M | $60.9M | $61.8M | $81.7M | $150.1M | $181.8M |
| Deuda a Largo | $450.0M | $394.4M | $372.6M | $335.4M | $333.5M | $331.5M | $329.6M | $419.2M |
| Pasivos Totales | $523.7M | $450.1M | $448.5M | $437.3M | $436.8M | $451.4M | $579.6M | $605.3M |
| Reservas | 0 | 0 | 0 | $127000 | $16.8M | $40.2M | $71.2M | $54.2M |
| Patrimonio Neto | $551.7M | $563.7M | $631.2M | $618.4M | $642.1M | $711.4M | $759.3M | $804.7M |
| Deuda Total | $450.0M | $408.4M | $390.2M | $381.5M | $375.9M | $374.5M | $369.2M | $459.6M |
| Deuda Neta | $372.1M | $369.1M | $290.4M | $314.8M | $277.0M | $221.5M | $284.0M | $347.8M |
| Capital Circulante | $50.3M | $38.6M | $80.9M | $60.1M | $92.3M | $143.1M | $33.8M | $34.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$13.7M | -$2.5M | -$7.2M | $113000 | $16.7M | $23.4M | $31.0M | -$17.0M |
| Amortizaciones | $56.0M | $54.1M | $56.5M | $33.8M | $24.4M | $20.1M | $25.7M | $44.1M |
| Compensación en Acciones | $1.8M | $8.7M | $21.1M | $29.4M | $36.5M | $43.6M | $45.4M | $46.6M |
| Cambio en Capital Circulante | $15.3M | -$31.2M | $16.2M | -$19.9M | -$5.0M | $2.1M | -$21.0M | -$2.2M |
| Flujo de Caja Operativo | $52.3M | $25.5M | $85.7M | $45.3M | $71.4M | $90.1M | $79.4M | $93.2M |
| Inversiones (CapEx) | -$9.9M | -$8.2M | -$16.1M | -$34.8M | -$21.0M | -$22.3M | -$23.7M | -$18.1M |
| Adquisiciones | -$13.0M | -$14.8M | 0 | 0 | -$9.2M | 0 | -$98.7M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$12.0M | 0 | -$30.0M |
| Dividendos Pagados | 0 | 0 | 0 | -$216.0M | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $42.4M | $17.3M | $69.5M | $10.5M | $50.4M | $67.8M | $55.7M | $75.1M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +15.4% | +14.9% | +14.4% | +7.3% | +13.5% | +10.5% | +9.7% | |
| Crecimiento Beneficio Neto (anual) | +81.7% | -185.0% | +101.6% | +14685.0% | +40.1% | +32.2% | -155.0% | |
| Crecimiento BPA (anual) | +81.6% | -183.8% | +103.1% | +13157.1% | +40.1% | +30.8% | -153.4% | |
| Cambio en Acciones (anual) | +0.0% | +0.0% | -43.2% | +1.3% | +2.6% | +1.3% | -0.3% | |
| Crecimiento FCF (anual) | -59.1% | +301.3% | -84.9% | +379.7% | +34.4% | -17.8% | +34.7% | |
| Margen Bruto | 74.9% | 78.2% | 79.1% | 84.9% | 84.2% | 83.8% | 82.7% | 76.8% |
| Margen Operativo | 8.2% | 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.7% | 11.3% |
| Margen EBITDA | 32.0% | 34.6% | 29.5% | 18.8% | 19.5% | 22.4% | 23.6% | 16.1% |
| Margen Neto | -6.0% | -1.0% | -2.4% | 0.0% | 4.5% | 5.5% | 6.6% | -3.3% |
| Margen FCF | 18.6% | 6.6% | 23.0% | 3.0% | 13.6% | 16.1% | 12.0% | 14.7% |
| Tasa Impositiva Efectiva | 21.7% | 178.7% | 247.4% | 99.0% | 45.1% | 47.2% | 43.0% | 812.3% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $0.13 | $0.05 | $0.22 | $0.06 | $0.28 | $0.36 | $0.30 | $0.40 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $1.21 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $315.4M | $315.4M | $315.4M | $179.0M | $180.1M | $182.4M | $185.3M | $187.8M |
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 | -0.58% |
| Rentabilidad sobre capital invertido | -1.28% |
| Rentabilidad sobre activos | -0.34% |
| Margen bruto | 77.31% |
| Margen operativo | 10.73% |
| Margen neto | -0.88% |
Salud financiera
| Deuda / Patrimonio | 0.54 |
| Ratio corriente | 1.30 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 1.97 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -368.66 | -2000.00 | -704.85 | 15857.14 | 110.78 | 101.92 | 54.94 | -82.47 |
| P/VC | 9.15 | 8.95 | 8.00 | 3.21 | 2.88 | 3.40 | 2.28 | 1.75 |
| P/V | 22.11 | 19.15 | 16.66 | 5.74 | 4.98 | 5.73 | 3.71 | 2.75 |
| Margen Bruto | 74.9% | 78.2% | 79.1% | 84.9% | 84.2% | 83.8% | 82.7% | 76.8% |
| Margen Operativo | 8.2% | 13.9% | 11.1% | 9.6% | 12.7% | 16.7% | 17.7% | 11.3% |
| Margen Neto | -6.0% | -1.0% | -2.4% | 0.0% | 4.5% | 5.5% | 6.6% | -3.3% |
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