Estados financieros detallados de Orion S.A. (OEC): 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
Orion S.A. registró ingresos de $1.81B en el último ejercicio fiscal, con un CAGR de 5 años del 9.7%.
Márgenes de los últimos 12 meses: margen bruto 18.4%, margen operativo 3.8%, margen neto -5.3%.
Al precio actual de $5.75, OEC presenta beneficios negativos (P/E no significativo) y un ROE del -24.91%. La capitalización bursátil es de $324M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.08B | $1.33B | $1.58B | $1.48B | $1.14B | $1.55B | $2.03B | $1.89B | $1.88B | $1.81B |
| Coste de Ventas | $727.6M | $950.7M | $1.15B | $1.09B | $844.0M | $1.16B | $1.58B | $1.44B | $1.45B | $1.45B |
| Beneficio Bruto | $355.8M | $377.6M | $430.0M | $389.7M | $292.3M | $386.6M | $448.8M | $451.0M | $428.8M | $359.8M |
| I+D | $15.3M | $18.2M | $20.3M | $19.9M | $20.2M | $22.0M | $21.7M | $24.5M | $27.1M | $27.5M |
| Generales y Administrativos | $192.6M | $210.3M | $231.9M | $206.9M | $176.1M | $210.4M | $227.1M | $221.9M | $237.8M | $230.7M |
| Gastos Operativos | $208.8M | $225.7M | $252.2M | $226.8M | $196.3M | $232.4M | $248.8M | $246.4M | $264.9M | $258.2M |
| Beneficio Operativo | $165.3M | $151.9M | $177.7M | $162.9M | $96.0M | $154.2M | $200.0M | $204.6M | $163.9M | $101.6M |
| EBITDA | $203.5M | $220.2M | $293.2M | $240.3M | $149.9M | $327.1M | $308.0M | $324.9M | $225.9M | $159.9M |
| Gastos por Intereses | $42.2M | $29.1M | $28.6M | $24.0M | $38.7M | $38.0M | $39.9M | $50.9M | $49.4M | $62.3M |
| Beneficio Antes de Impuestos | $75.1M | $84.6M | $168.3M | $120.1M | $26.3M | $186.4M | $157.7M | $163.8M | $53.9M | -$34.3M |
| Impuestos | $25.7M | $19.7M | $46.9M | $33.2M | $8.1M | $51.7M | $51.5M | $60.3M | $9.7M | $35.8M |
| Beneficio Neto | $49.4M | $64.9M | $121.3M | $86.9M | $18.2M | $134.7M | $106.2M | $103.5M | $44.2M | -$70.1M |
| BPA | $0.83 | $1.09 | $2.04 | $1.45 | $0.30 | $2.22 | $1.74 | $1.75 | $0.76 | $-1.24 |
| BPA Diluido | $0.82 | $1.07 | $1.99 | $1.42 | $0.30 | $2.21 | $1.73 | $1.73 | $0.76 | $-1.24 |
| Acciones en Circulación (Diluidas) | $60.2M | $60.7M | $61.0M | $61.3M | $61.4M | $61.0M | $61.4M | $60.0M | $58.4M | $56.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $450.9M | $411.7M | $459.5M | $500.9M |
| Beneficio Bruto | $85.6M | $77.7M | $79.2M | $93.0M |
| Beneficio Operativo | $21.2M | $13.1M | $12.8M | $21.3M |
| EBITDA | -$18.6M | $51.5M | $44.2M | $70.5M |
| Beneficio Neto | -$67.1M | -$21.1M | -$9.9M | $1.8M |
| BPA | $-1.20 | $-0.38 | $-0.18 | $0.03 |
| BPA Diluido | $-1.20 | $-0.38 | $-0.18 | $0.03 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $77.7M | $72.3M | $57.0M | $63.7M | $64.9M | $65.7M | $60.8M | $37.5M | $44.2M | $60.7M |
| Inversiones a Corto | $5.5M | $3.0M | $12.6M | $11.3M | $3.6M | 0 | 0 | 0 | $9.9M | 0 |
| Cuentas por Cobrar | $224.7M | $285.2M | $262.8M | $266.7M | $234.8M | $324.4M | $404.3M | $284.4M | $253.5M | $238.9M |
| Inventario | $120.3M | $159.3M | $183.6M | $164.8M | $141.5M | $229.8M | $277.9M | $287.1M | $290.4M | $277.3M |
| Activos Corrientes | $435.1M | $521.2M | $575.3M | $507.7M | $500.5M | $665.0M | $778.5M | $646.1M | $613.3M | $643.8M |
| Inmovilizado Material | $407.8M | $462.1M | $483.5M | $561.6M | $696.2M | $792.5M | $812.0M | $935.8M | $1.08B | $1.20B |
| Fondo de Comercio | $51.0M | $58.2M | $55.5M | $77.3M | $84.5M | $78.0M | $73.4M | $76.1M | $71.5M | 0 |
| Activos Intangibles | $82.0M | $70.7M | $95.2M | $50.6M | $46.8M | $36.3M | $131.9M | $100.6M | $18.5M | $14.2M |
| Activos Totales | $1.05B | $1.17B | $1.27B | $1.26B | $1.39B | $1.63B | $1.89B | $1.83B | $1.86B | $1.91B |
| Cuentas por Pagar | $129.3M | $169.6M | $163.6M | $156.3M | $131.2M | $195.1M | $184.1M | $183.7M | $156.2M | $197.0M |
| Deuda a Corto | $4.8M | $6.0M | $41.0M | $36.4M | $94.7M | $151.7M | $258.3M | $137.0M | $258.8M | $305.0M |
| Pasivos Corrientes | $229.9M | $284.4M | $320.3M | $285.2M | $324.7M | $448.7M | $552.8M | $440.3M | $516.7M | $626.4M |
| Deuda a Largo | $645.3M | $681.1M | $643.7M | $630.3M | $655.8M | $631.2M | $657.0M | $677.3M | $647.0M | $674.5M |
| Pasivos Totales | $994.6M | $1.07B | $1.11B | $1.07B | $1.21B | $1.31B | $1.43B | $1.35B | $1.38B | $1.52B |
| Reservas | $46.9M | $75.3M | $39.4M | $78.3M | $84.4M | $217.8M | $319.0M | $417.6M | $457.0M | $382.2M |
| Patrimonio Neto | $55.6M | $99.9M | $158.9M | $186.0M | $181.0M | $319.7M | $459.4M | $478.5M | $474.9M | $384.6M |
| Deuda Total | $651.1M | $682.4M | $684.8M | $695.7M | $825.0M | $867.5M | $1.01B | $927.2M | $1.03B | $979.5M |
| Deuda Neta | $567.9M | $607.1M | $615.2M | $620.7M | $756.5M | $801.8M | $952.8M | $889.7M | $973.4M | $918.8M |
| Capital Circulante | $205.2M | $236.8M | $255.0M | $222.5M | $175.7M | $216.3M | $225.7M | $205.8M | $96.6M | $17.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $51.3M | $60.7M | $52.0M | $50.8M |
| Activos Totales | $1.96B | $1.91B | $1.93B | $1.99B |
| Pasivos Totales | $1.56B | $1.52B | $1.55B | $1.61B |
| Patrimonio Neto | $401.8M | $384.6M | $379.5M | $380.3M |
| Deuda Total | $1.01B | $979.5M | $1.01B | $1.01B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $49.4M | $64.9M | $121.3M | $86.9M | $18.2M | $134.7M | $106.2M | $103.5M | $44.2M | -$70.1M |
| Amortizaciones | $86.7M | $98.4M | $98.2M | $96.7M | $96.5M | $104.1M | $105.7M | $113.0M | $125.3M | $131.9M |
| Compensación en Acciones | $4.0M | $8.8M | $13.9M | 0 | 0 | $5.2M | $7.7M | $15.4M | $15.3M | $13.6M |
| Cambio en Capital Circulante | $21.7M | -$21.6M | -$113.9M | $17.7M | $11.1M | -$114.7M | -$139.0M | $108.1M | -$41.4M | $72.3M |
| Flujo de Caja Operativo | $176.4M | $147.7M | $122.0M | $231.5M | $125.3M | $145.2M | $81.0M | $345.9M | $125.3M | $211.2M |
| Inversiones (CapEx) | -$71.1M | -$90.3M | -$116.2M | -$155.8M | -$144.9M | -$214.7M | -$232.8M | -$172.8M | -$206.7M | -$161.0M |
| Adquisiciones | $2.2M | 0 | -$36.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$3.8M | 0 | -$4.9M | 0 | 0 | 0 | -$4.3M | -$65.6M | -$26.6M | -$24.8M |
| Dividendos Pagados | -$44.2M | -$45.7M | -$47.7M | -$48.0M | -$12.0M | 0 | -$5.0M | -$4.9M | -$4.8M | -$4.7M |
| Flujo de Caja Libre | $105.3M | $57.5M | $5.8M | $75.7M | -$19.7M | -$69.5M | -$151.8M | $173.1M | -$81.4M | $50.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $68.7M | $92.9M | -$17.1M | $27.3M |
| Inversiones (CapEx) | -$43.3M | -$48.6M | -$36.1M | -$25.4M |
| Flujo de Caja Libre | $25.4M | $44.3M | -$53.2M | $1.9M |
| Dividendos Pagados | -$1.2M | -$1.2M | -$1.2M | -$1.1M |
| Compensación en Acciones | 0 | 0 | 0 | $4.4M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +22.6% | +18.8% | -6.5% | -23.0% | +36.1% | +31.3% | -6.7% | -0.9% | -3.8% |
| Crecimiento Beneficio Neto (anual) | | +31.4% | +87.0% | -28.3% | -79.1% | +641.9% | -21.2% | -2.5% | -57.3% | -258.6% |
| Crecimiento BPA (anual) | | +31.3% | +87.2% | -28.9% | -79.3% | +640.0% | -21.6% | +0.6% | -56.6% | -263.2% |
| Cambio en Acciones (anual) | | +0.9% | +0.6% | +0.4% | +0.2% | -0.7% | +0.7% | -2.3% | -2.7% | -3.5% |
| Crecimiento FCF (anual) | | -45.4% | -89.9% | +1198.2% | -126.0% | -253.5% | -118.4% | +214.0% | -147.0% | +161.7% |
| Margen Bruto | 32.8% | 28.4% | 27.2% | 26.4% | 25.7% | 25.0% | 22.1% | 23.8% | 22.8% | 19.9% |
| Margen Operativo | 15.3% | 11.4% | 11.3% | 11.0% | 8.4% | 10.0% | 9.8% | 10.8% | 8.7% | 5.6% |
| Margen EBITDA | 18.8% | 16.6% | 18.6% | 16.3% | 13.2% | 21.1% | 15.2% | 17.2% | 12.0% | 8.9% |
| Margen Neto | 4.6% | 4.9% | 7.7% | 5.9% | 1.6% | 8.7% | 5.2% | 5.5% | 2.4% | -3.9% |
| Margen FCF | 9.7% | 4.3% | 0.4% | 5.1% | -1.7% | -4.5% | -7.5% | 9.1% | -4.3% | 2.8% |
| Tasa Impositiva Efectiva | 34.2% | 23.3% | 27.9% | 27.6% | 30.9% | 27.7% | 32.7% | 36.8% | 18.0% | -104.4% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.75 | $0.95 | $0.10 | $1.23 | $-0.32 | $-1.14 | $-2.47 | $2.89 | $-1.39 | $0.89 |
| Dividendo por Acción | $0.74 | $0.75 | $0.78 | $0.78 | $0.20 | $0.00 | $0.08 | $0.08 | $0.08 | $0.08 |
| Acciones en Circulación (Básicas) | $59.4M | $59.3M | $59.6M | $60.0M | $60.4M | $60.7M | $60.9M | $59.0M | $58.2M | $56.3M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | -24.91% |
| Rentabilidad sobre capital invertido | 4.20% |
| Rentabilidad sobre activos | -4.85% |
| Margen bruto | 18.40% |
| Margen operativo | 3.75% |
| Margen neto | -5.28% |
Salud financiera
| Deuda / Patrimonio | 2.66 |
| Ratio corriente | 1.03 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 22.71 | 23.76 | 12.39 | 13.31 | 57.13 | 8.27 | 10.24 | 15.85 | 20.78 | -4.26 |
| P/VC | 20.12 | 15.39 | 9.48 | 6.22 | 5.72 | 3.49 | 2.36 | 3.42 | 1.94 | 0.77 |
| P/V | 1.03 | 1.16 | 0.95 | 0.78 | 0.91 | 0.72 | 0.53 | 0.86 | 0.49 | 0.16 |
| Margen Bruto | 32.8% | 28.4% | 27.2% | 26.4% | 25.7% | 25.0% | 22.1% | 23.8% | 22.8% | 19.9% |
| Margen Operativo | 15.3% | 11.4% | 11.3% | 11.0% | 8.4% | 10.0% | 9.8% | 10.8% | 8.7% | 5.6% |
| Margen Neto | 4.6% | 4.9% | 7.7% | 5.9% | 1.6% | 8.7% | 5.2% | 5.5% | 2.4% | -3.9% |