Estados financieros detallados de Northann Corp. (NCL): 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
Northann Corp. registró ingresos de $13.6M en el último ejercicio fiscal, con un CAGR de 5 años del 0.8%.
Márgenes de los últimos 12 meses: margen bruto 17.8%, margen operativo -77.6%, margen neto -78.9%.
Al precio actual de $0.16, NCL presenta beneficios negativos (P/E no significativo) y un ROE del -141.77%. La capitalización bursátil es de $9M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $13.1M | $34.5M | $21.0M | $14.0M | $15.3M | $13.6M |
| Coste de Ventas | $8.6M | $28.7M | $15.2M | $12.8M | $11.4M | $10.0M |
| Beneficio Bruto | $4.5M | $5.8M | $5.8M | $1.2M | $4.0M | $3.6M |
| I+D | $1.9M | $2.3M | $1.5M | $1.9M | $783356 | $2.1M |
| Generales y Administrativos | $1.9M | $2.1M | $2.0M | $3.8M | $4.9M | $12.8M |
| Gastos Operativos | $4.0M | $4.7M | $3.7M | $6.0M | $5.7M | $15.0M |
| Beneficio Operativo | $549382 | $1.1M | $2.1M | -$4.8M | -$1.7M | -$11.5M |
| EBITDA | $1.4M | $1.7M | $2.3M | -$4.1M | -$3.3M | -$10.8M |
| Gastos por Intereses | $2113 | $6568 | $680580 | $2.4M | $470900 | $212482 |
| Beneficio Antes de Impuestos | $403803 | $879371 | $1.1M | -$7.1M | -$4.4M | -$11.7M |
| Impuestos | -$40296 | $556689 | $126984 | $14361 | $1733 | $8581 |
| Beneficio Neto | $444099 | $322682 | $929059 | -$7.1M | -$4.4M | -$11.7M |
| BPA | $0.02 | $0.01 | $0.04 | $-0.35 | $-0.17 | $-0.82 |
| BPA Diluido | $0.02 | $0.01 | $0.04 | $-0.35 | $-0.17 | $-0.82 |
| Acciones en Circulación (Diluidas) | $23.0M | $23.0M | $23.0M | $20.3M | $26.3M | $14.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Ingresos | $1.7M | $3.5M | $4.9M | $5.0M |
| Beneficio Bruto | -$913808 | -$1.4M | $5.5M | -$494653 |
| Beneficio Operativo | -$2.2M | -$8.8M | $2.1M | -$2.9M |
| EBITDA | -$2.1M | -$8.6M | $2.2M | -$1.8M |
| Beneficio Neto | -$2.3M | -$8.8M | $2.0M | -$2.9M |
| BPA | $-0.02 | $-0.07 | $0.09 | $-0.06 |
| BPA Diluido | $-0.02 | $-0.07 | $0.09 | $-0.06 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $350843 | $748814 | $251100 | $1.1M | $245164 | $1.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $182312 | $1.3M | $1.4M | $2.6M | $3.1M | $3.5M |
| Inventario | $2.3M | $2.9M | $4.6M | $2.6M | $2.0M | $6.2M |
| Activos Corrientes | $3.1M | $6.4M | $6.6M | $6.8M | $5.9M | $12.3M |
| Inmovilizado Material | $6.5M | $6.9M | $6.5M | $5.8M | $7.0M | $5.0M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $1.1M | $1.1M | $1.1M | $1.0M | $977986 | $994928 |
| Activos Totales | $10.8M | $14.5M | $14.4M | $13.6M | $13.9M | $20.4M |
| Cuentas por Pagar | $2.8M | $6.4M | $4.7M | $4.5M | $2.6M | $4.3M |
| Deuda a Corto | $4.4M | $6.2M | $7.0M | $6.6M | $4.7M | $1.3M |
| Pasivos Corrientes | $11.7M | $14.7M | $12.0M | $12.9M | $9.7M | $7.4M |
| Deuda a Largo | $149169 | $137897 | $447376 | $124905 | $136947 | $3.0M |
| Pasivos Totales | $11.9M | $14.9M | $12.4M | $13.0M | $11.3M | $11.4M |
| Reservas | $566889 | $889571 | $1.8M | -$5.3M | -$9.7M | -$21.4M |
| Patrimonio Neto | -$1.0M | -$352997 | $2.0M | $582612 | $2.6M | $9.0M |
| Deuda Total | $4.7M | $6.4M | $7.5M | $6.8M | $6.7M | $5.7M |
| Deuda Neta | $4.3M | $5.6M | $7.2M | $5.7M | $6.4M | $4.7M |
| Capital Circulante | -$8.6M | -$8.3M | -$5.4M | -$6.1M | -$3.8M | $5.0M |
Balance (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Caja y Equivalentes | $1.1M | $40883 | $1.0M | $239641 |
| Activos Totales | $16.5M | $15.0M | $20.4M | $30.8M |
| Pasivos Totales | $12.1M | $13.1M | $11.4M | $12.3M |
| Patrimonio Neto | $4.4M | $1.8M | $9.0M | $18.4M |
| Deuda Total | $6.5M | $5.8M | $5.7M | $5.7M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $444099 | $322682 | $929059 | -$7.1M | -$4.4M | -$11.7M |
| Amortizaciones | $863096 | $815951 | $598144 | $680166 | $645493 | $661705 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | $2.0M | $9.6M |
| Cambio en Capital Circulante | -$2.2M | $3.4M | -$5.5M | $1.8M | -$1.8M | -$4.1M |
| Flujo de Caja Operativo | -$897899 | $4.6M | -$3.6M | -$4.7M | -$1.2M | -$5.7M |
| Inversiones (CapEx) | -$758715 | -$1.3M | $3.6M | -$4 | -$296363 | -$891768 |
| Adquisiciones | 0 | 0 | $336669 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.7M | $3.2M | -$3.9M | -$4.7M | -$1.5M | -$6.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | -$2.8M | -$15588 | -$1.8M | -$1.4M |
| Inversiones (CapEx) | -$636198 | -$233331 | -$934282 | -$210579 |
| Flujo de Caja Libre | -$3.5M | -$248920 | -$2.8M | -$1.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | $2.4M | $458700 |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +163.7% | -39.3% | -33.3% | +9.9% | -11.4% |
| Crecimiento Beneficio Neto (anual) | | -27.3% | +187.9% | -867.7% | +38.6% | -166.5% |
| Crecimiento BPA (anual) | | -27.5% | +188.6% | -966.3% | +51.4% | -382.4% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -11.8% | +29.5% | -45.5% |
| Crecimiento FCF (anual) | | +295.3% | -221.1% | -19.4% | +67.3% | -329.6% |
| Margen Bruto | 34.5% | 16.9% | 27.5% | 8.7% | 25.9% | 26.3% |
| Margen Operativo | 4.2% | 3.3% | 9.9% | -34.1% | -10.9% | -84.2% |
| Margen EBITDA | 10.8% | 4.9% | 11.1% | -29.2% | -21.2% | -79.3% |
| Margen Neto | 3.4% | 0.9% | 4.4% | -51.1% | -28.5% | -85.8% |
| Margen FCF | -12.7% | 9.4% | -18.7% | -33.5% | -10.0% | -48.3% |
| Tasa Impositiva Efectiva | -10.0% | 63.3% | 12.0% | -0.2% | -0.0% | -0.1% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.07 | $0.14 | $-0.17 | $-0.23 | $-0.06 | $-0.46 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $23.0M | $23.0M | $23.0M | $20.3M | $26.3M | $14.3M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -141.77% |
| Rentabilidad sobre capital invertido | -48.59% |
| Rentabilidad sobre activos | -38.77% |
| Margen bruto | 17.80% |
| Margen operativo | -77.56% |
| Margen neto | -78.93% |
Salud financiera
| Deuda / Patrimonio | 0.31 |
| Ratio corriente | 1.51 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 1906.74 | 2628.57 | 910.89 | -34.06 | -12.82 | -0.33 |
| P/VC | -814.85 | -2397.75 | 428.83 | 414.88 | 22.03 | 0.43 |
| P/V | 64.64 | 24.52 | 40.39 | 17.30 | 3.73 | 0.29 |
| Margen Bruto | 34.5% | 16.9% | 27.5% | 8.7% | 25.9% | 26.3% |
| Margen Operativo | 4.2% | 3.3% | 9.9% | -34.1% | -10.9% | -84.2% |
| Margen Neto | 3.4% | 0.9% | 4.4% | -51.1% | -28.5% | -85.8% |