Estados financieros detallados de Oaktree Specialty Lending Corporation (OCSL): 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
Oaktree Specialty Lending Corporation registró ingresos de $299.7M en el último ejercicio fiscal, con un CAGR de 5 años del 30.7%. El beneficio neto alcanzó $33.9M, con un CAGR a 5 años del -2.9%.
Márgenes de los últimos 12 meses: margen bruto 80.5%, margen operativo 44.1%, margen neto 15.1%.
Al precio actual de $12.43, OCSL cotiza a un P/E de 25.70 y un ROE del 2.98%. La capitalización bursátil es de $1.1B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $11.0M | -$133.7M | $93.0M | $159.6M | $78.6M | $278.8M | $86.0M | $236.8M | $186.2M | $299.7M |
| Coste de Ventas | $54.6M | $49.9M | $35.7M | $32.4M | $26.3M | $30.5M | $46.9M | $111.6M | $128.6M | $38.3M |
| Beneficio Bruto | -$43.6M | -$183.7M | $57.3M | $127.1M | $52.3M | $248.3M | $39.1M | $125.2M | $57.6M | $261.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $23.2M | $14.8M | $11.2M | $7.9M | $7.1M | $9.1M | $9.3M | $11.7M | $9.5M | $8.5M |
| Gastos Operativos | $22.9M | $13.3M | $9.9M | -$43000 | $14.9M | $7.5M | $6.3M | $6.1M | -$185000 | $110.4M |
| Beneficio Operativo | -$66.6M | -$197.0M | $47.4M | $127.2M | $37.5M | $240.8M | $32.9M | $119.1M | $57.8M | $151.0M |
| EBITDA | -$66.6M | -$197.0M | $47.4M | $127.2M | $37.5M | $240.8M | $32.9M | $119.1M | $57.8M | $151.0M |
| Gastos por Intereses | $54.6M | $49.9M | $35.7M | $32.4M | $26.3M | $30.5M | $46.9M | $111.6M | $128.6M | $115.8M |
| Beneficio Antes de Impuestos | -$66.6M | -$197.0M | $47.4M | $127.2M | $37.5M | $240.8M | $32.9M | $119.1M | $57.8M | $35.2M |
| Impuestos | 0 | 0 | $622000 | $1.0M | -$1.8M | $3.6M | $3.6M | $1.7M | -$108000 | $1.3M |
| Beneficio Neto | -$66.6M | -$197.0M | $46.8M | $126.2M | $39.2M | $237.3M | $29.2M | $117.3M | $57.9M | $33.9M |
| BPA | $-1.35 | $-4.18 | $1.00 | $2.69 | $0.83 | $4.39 | $0.48 | $1.63 | $0.72 | $0.39 |
| BPA Diluido | $-1.32 | $-4.18 | $1.00 | $2.69 | $0.83 | $4.39 | $0.48 | $1.63 | $0.72 | $0.39 |
| Acciones en Circulación (Diluidas) | $50.4M | $47.1M | $47.0M | $47.0M | $47.0M | $54.0M | $60.7M | $72.1M | $80.4M | $86.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $84.3M | $76.4M | $56.8M | $61.6M |
| Beneficio Bruto | $71.1M | $67.1M | $49.0M | $37.5M |
| Beneficio Operativo | $50.9M | $32.3M | $7.0M | $32.8M |
| EBITDA | $50.9M | $32.3M | $7.0M | $105.2M |
| Beneficio Neto | $24.6M | $5.6M | -$18.9M | $30.9M |
| BPA | $0.28 | $0.06 | $-0.21 | $0.35 |
| BPA Diluido | $0.28 | $0.06 | $-0.21 | $0.35 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $117.9M | $53.0M | $13.4M | $15.4M | $39.1M | $29.3M | $23.5M | $136.4M | $64.0M | $79.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $44.7M | $12.6M | $38.4M | $18.4M | $18.8M | $33.9M | $108.3M | $160.6M | $85.9M | $55.6M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $162.6M | $65.6M | $51.8M | $33.8M | $57.9M | $63.2M | $131.8M | $297.0M | $149.9M | $135.2M |
| 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 | $2.34B | $1.62B | $1.55B | $1.48B | $1.64B | $2.64B | $2.65B | $3.22B | $3.20B | $3.00B |
| Cuentas por Pagar | $3.9M | $3.2M | $3.4M | $2.3M | $1.6M | $4.6M | $7.9M | $16.0M | $16.2M | $12.1M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $3.9M | $3.2M | $3.4M | $2.3M | $1.6M | $4.6M | $7.9M | $16.0M | $16.2M | $12.1M |
| Deuda a Largo | $1.15B | $675.4M | $637.2M | $473.4M | $709.3M | $1.27B | $1.30B | $1.60B | $1.64B | $1.49B |
| Pasivos Totales | $1.20B | $748.4M | $693.4M | $550.4M | $725.8M | $1.32B | $1.40B | $1.70B | $1.71B | $1.54B |
| Reservas | -$26.5M | -$713.0M | -$636.1M | -$558.6M | -$574.3M | -$493.3M | -$582.8M | -$651.3M | -$777.5M | -$885.1M |
| Patrimonio Neto | $1.14B | $867.7M | $858.0M | $930.6M | $914.9M | $1.31B | $1.25B | $1.52B | $1.49B | $1.47B |
| Deuda Total | $1.15B | $675.4M | $637.2M | $473.4M | $709.3M | $1.27B | $1.30B | $1.60B | $1.64B | $1.49B |
| Deuda Neta | $1.03B | $622.3M | $623.8M | $458.0M | $670.2M | $1.24B | $1.28B | $1.46B | $1.57B | $1.41B |
| Capital Circulante | $158.7M | $62.4M | $48.4M | $31.5M | $56.3M | $58.6M | $123.9M | $281.0M | $133.7M | $123.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $79.6M | $80.8M | $11.1M | $39.9M |
| Activos Totales | $3.00B | $3.10B | $2.89B | $2.86B |
| Pasivos Totales | $1.54B | $1.66B | $1.51B | $1.48B |
| Patrimonio Neto | $1.47B | $1.44B | $1.38B | $1.38B |
| Deuda Total | $1.49B | $1.61B | $1.48B | $1.44B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$66.6M | -$197.0M | $46.8M | $126.2M | $39.2M | $237.3M | $29.2M | $117.3M | $57.9M | $33.9M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | -$9.8M | $53.5M | -$45.6M | $41.2M | -$59.8M | $21.2M | -$71.4M | -$107.4M | $71.6M | $17.5M |
| Flujo de Caja Operativo | $164.8M | $486.9M | $53.5M | $215.8M | -$152.9M | -$230.5M | $22.4M | $228.8M | $19.1M | $142.4M |
| 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 | -$44.0M | -$15.4M | -$1.4M | -$1.3M | -$1.9M | -$2.2M | -$1.9M | -$2.4M | -$1.6M | -$10.7M |
| Dividendos Pagados | -$100.3M | -$62.5M | -$55.0M | -$52.2M | -$53.1M | -$79.8M | -$115.2M | -$180.0M | -$176.8M | -$148.2M |
| Flujo de Caja Libre | $164.8M | $486.9M | $53.5M | $215.8M | -$152.9M | -$230.5M | $22.4M | $228.8M | $19.1M | $142.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $47.8M | $41.5M | -$4.8M | $28.3M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $47.8M | $41.5M | -$4.8M | $28.3M |
| Dividendos Pagados | -$34.1M | -$34.1M | -$34.1M | -$28.9M |
| 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) | | -1314.2% | +169.6% | +71.5% | -50.7% | +254.7% | -69.1% | +175.3% | -21.4% | +60.9% |
| Crecimiento Beneficio Neto (anual) | | -195.9% | +123.7% | +169.8% | -68.9% | +504.9% | -87.7% | +301.5% | -50.6% | -41.4% |
| Crecimiento BPA (anual) | | -209.6% | +123.9% | +169.0% | -69.1% | +428.9% | -89.1% | +239.6% | -55.8% | -45.8% |
| Cambio en Acciones (anual) | | -6.5% | -0.3% | +0.0% | +0.0% | +15.0% | +12.4% | +18.8% | +11.5% | +7.0% |
| Crecimiento FCF (anual) | | +195.5% | -89.0% | +303.3% | -170.8% | -50.8% | +109.7% | +921.5% | -91.7% | +646.5% |
| Margen Bruto | -395.9% | 137.3% | 61.6% | 79.7% | 66.6% | 89.1% | 45.5% | 52.9% | 30.9% | 87.2% |
| Margen Operativo | -604.2% | 147.3% | 50.9% | 79.7% | 47.6% | 86.4% | 38.2% | 50.3% | 31.0% | 50.4% |
| Margen EBITDA | -604.2% | 147.3% | 50.9% | 79.7% | 47.6% | 86.4% | 38.2% | 50.3% | 31.0% | 50.4% |
| Margen Neto | -604.2% | 147.3% | 50.3% | 79.1% | 49.9% | 85.1% | 34.0% | 49.5% | 31.1% | 11.3% |
| Margen FCF | 1495.8% | -364.1% | 57.5% | 135.3% | -194.5% | -82.7% | 26.0% | 96.6% | 10.2% | 47.5% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | 1.3% | 0.8% | -4.7% | 1.5% | 11.1% | 1.5% | -0.2% | 3.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $3.27 | $10.33 | $1.14 | $4.59 | $-3.25 | $-4.27 | $0.37 | $3.17 | $0.24 | $1.65 |
| Dividendo por Acción | $1.99 | $1.33 | $1.17 | $1.11 | $1.13 | $1.48 | $1.90 | $2.50 | $2.20 | $1.72 |
| Acciones en Circulación (Básicas) | $49.1M | $47.1M | $47.0M | $47.0M | $47.0M | $54.0M | $60.7M | $72.1M | $80.4M | $86.1M |
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 | 2.98% |
| Rentabilidad sobre capital invertido | 4.12% |
| Rentabilidad sobre activos | 1.48% |
| Margen bruto | 80.54% |
| Margen operativo | 44.09% |
| Margen neto | 15.13% |
Salud financiera
| Deuda / Patrimonio | 1.04 |
| Ratio corriente | 3.92 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.34 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -12.91 | -3.93 | 14.91 | 5.78 | 17.49 | 4.82 | 37.50 | 12.34 | 22.65 | 33.46 |
| P/VC | 0.75 | 0.89 | 0.82 | 0.78 | 0.75 | 0.87 | 0.88 | 0.96 | 0.88 | 0.77 |
| P/V | 77.76 | -5.78 | 7.53 | 4.58 | 8.68 | 4.10 | 12.70 | 6.13 | 7.04 | 3.75 |
| Margen Bruto | -395.9% | 137.3% | 61.6% | 79.7% | 66.6% | 89.1% | 45.5% | 52.9% | 30.9% | 87.2% |
| Margen Operativo | -604.2% | 147.3% | 50.9% | 79.7% | 47.6% | 86.4% | 38.2% | 50.3% | 31.0% | 50.4% |
| Margen Neto | -604.2% | 147.3% | 50.3% | 79.1% | 49.9% | 85.1% | 34.0% | 49.5% | 31.1% | 11.3% |