Estados financieros detallados de OGE Energy Corp. (OGE): 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
OGE Energy Corp. registró ingresos de $3.26B en el último ejercicio fiscal, con un CAGR de 5 años del 9.0%.
Márgenes de los últimos 12 meses: margen bruto 53.6%, margen operativo 24.2%, margen neto 14.6%. El flujo de caja libre creció a un CAGR del 5.8% en 5 años.
Al precio actual de $46.01, OGE cotiza a un P/E de 20.32 y un ROE del 9.56%. La capitalización bursátil es de $9.5B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.26B | $2.26B | $2.27B | $2.23B | $2.12B | $3.65B | $3.38B | $2.67B | $2.99B | $3.26B |
| Coste de Ventas | $1.32B | $1.36B | $1.37B | $1.28B | $1.11B | $2.59B | $2.16B | $1.41B | $1.59B | $1.82B |
| Beneficio Bruto | $941.0M | $904.8M | $903.2M | $952.9M | $1.01B | $1.06B | $1.21B | $1.26B | $1.39B | $1.44B |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $27.5M | $21.6M | $10.8M | $9.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gastos Operativos | $410.2M | $372.9M | $413.6M | $448.6M | $492.7M | $518.8M | $562.4M | $609.8M | $649.2M | $641.0M |
| Beneficio Operativo | $503.3M | $510.3M | $489.6M | $504.3M | $522.2M | $544.2M | $649.5M | $650.2M | $745.3M | $799.4M |
| EBITDA | $958.5M | $1.01B | $987.0M | $969.1M | $250.6M | $1.46B | $1.42B | $1.20B | $1.31B | $1.39B |
| Gastos por Intereses | $149.6M | $161.8M | $167.7M | $150.7M | $160.4M | $161.8M | $166.3M | $228.5M | $254.5M | $270.3M |
| Beneficio Antes de Impuestos | $486.3M | $569.7M | $497.7M | $463.4M | -$301.1M | $878.5M | $789.3M | $473.0M | $520.6M | $560.5M |
| Impuestos | $148.1M | -$49.3M | $72.2M | $29.8M | -$127.4M | $141.2M | $123.6M | $56.2M | $79.1M | $89.8M |
| Beneficio Neto | $338.2M | $619.0M | $425.5M | $433.6M | -$173.7M | $737.3M | $665.7M | $416.8M | $441.5M | $470.7M |
| BPA | $1.69 | $3.10 | $2.13 | $2.17 | $-0.87 | $3.68 | $3.33 | $2.08 | $2.20 | $2.33 |
| BPA Diluido | $1.69 | $3.10 | $2.12 | $2.16 | $-0.87 | $3.68 | $3.32 | $2.07 | $2.19 | $2.32 |
| Acciones en Circulación (Diluidas) | $199.9M | $200.0M | $200.5M | $200.7M | $200.1M | $200.3M | $200.8M | $200.9M | $201.3M | $202.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $1.04B | $725.8M | $752.6M | $711.9M |
| Beneficio Bruto | $656.5M | $304.4M | $279.4M | $494.2M |
| Beneficio Operativo | $341.3M | $138.2M | $113.1M | $191.7M |
| EBITDA | $430.4M | $277.6M | $255.7M | $392.0M |
| Beneficio Neto | $231.3M | $69.2M | $50.2M | $120.1M |
| BPA | $1.15 | $0.34 | $0.24 | $0.56 |
| BPA Diluido | $1.14 | $0.34 | $0.24 | $0.56 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $300000 | $14.4M | $94.3M | 0 | $1.1M | 0 | $88.1M | $200000 | $600000 | $200000 |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $305.9M | $262.9M | $249.2M | $268.9M | $233.5M | $381.8M | $859.9M | $299.7M | $427.9M | $461.3M |
| Inventario | $161.5M | $165.1M | $184.3M | $136.9M | $152.7M | $158.5M | $289.3M | $412.8M | $377.7M | $324.7M |
| Activos Corrientes | $549.5M | $497.0M | $557.3M | $430.2M | $428.5M | $613.6M | $1.34B | $771.5M | $895.1M | $857.9M |
| Inmovilizado Material | $7.77B | $8.42B | $8.72B | $9.13B | $9.48B | $9.95B | $10.65B | $11.41B | $12.21B | $12.73B |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | $100.2M | $129.4M | $190.4M | $348.7M | $548.6M | $1.8M |
| Activos Totales | $9.94B | $10.41B | $10.75B | $11.02B | $10.72B | $12.61B | $12.54B | $12.79B | $13.72B | $14.37B |
| Cuentas por Pagar | $205.4M | $230.4M | $239.3M | $194.9M | $251.5M | $274.0M | $448.9M | $276.4M | $305.7M | $350.6M |
| Deuda a Corto | $460.9M | $418.2M | $250.0M | $112.0M | $95.0M | $486.9M | $999.9M | $499.2M | $501.7M | $292.0M |
| Pasivos Corrientes | $1.03B | $950.5M | $869.4M | $657.9M | $697.4M | $1.09B | $1.80B | $1.18B | $1.23B | $1.09B |
| Deuda a Largo | $2.41B | $2.75B | $2.90B | $3.20B | $3.49B | $4.50B | $3.55B | $4.34B | $5.02B | $5.37B |
| Pasivos Totales | $6.50B | $6.56B | $6.74B | $6.88B | $7.09B | $8.55B | $8.13B | $8.28B | $9.08B | $9.39B |
| Reservas | $2.37B | $2.76B | $2.91B | $3.04B | $2.54B | $2.96B | $3.29B | $3.37B | $3.48B | $3.60B |
| Patrimonio Neto | $3.44B | $3.85B | $4.01B | $4.14B | $3.63B | $4.06B | $4.41B | $4.51B | $4.64B | $4.98B |
| Deuda Total | $2.87B | $3.17B | $3.15B | $3.31B | $3.59B | $4.98B | $4.55B | $4.84B | $5.52B | $5.66B |
| Deuda Neta | $2.87B | $3.15B | $3.05B | $3.31B | $3.59B | $4.98B | $4.46B | $4.84B | $5.52B | $5.66B |
| Capital Circulante | -$477.7M | -$453.5M | -$312.1M | -$227.7M | -$268.9M | -$476.0M | -$461.4M | -$407.7M | -$334.7M | -$236.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $300000 | $200000 | $200000 | $900000 |
| Activos Totales | $14.26B | $14.37B | $14.47B | $14.63B |
| Pasivos Totales | $9.46B | $9.39B | $9.53B | $9.65B |
| Patrimonio Neto | $4.80B | $4.98B | $4.94B | $4.98B |
| Deuda Total | $5.83B | $5.66B | $5.86B | $5.84B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $338.2M | $619.0M | $425.5M | $433.6M | -$173.7M | $737.3M | $665.7M | $416.8M | $441.5M | $470.7M |
| Amortizaciones | $322.6M | $283.5M | $321.6M | $355.0M | $391.3M | $416.0M | $460.9M | $506.6M | $539.5M | $559.8M |
| Compensación en Acciones | $4.6M | $9.1M | $13.4M | $13.9M | $9.8M | $9.8M | $9.7M | $13.1M | $11.7M | $14.0M |
| Cambio en Capital Circulante | -$124.2M | $28.8M | $167.6M | -$78.4M | $76.5M | -$190.8M | -$446.3M | $402.9M | -$128.6M | $127.3M |
| Flujo de Caja Operativo | $644.7M | $784.5M | $951.1M | $681.5M | $712.8M | -$229.9M | $952.4M | $1.23B | $812.8M | $1.14B |
| Inversiones (CapEx) | -$660.1M | -$824.1M | -$573.6M | -$635.5M | -$650.5M | -$778.5M | -$1.05B | -$1.18B | -$1.09B | -$1.05B |
| Adquisiciones | $38.8M | $1.5M | -$2.5M | $18.5M | 0 | $35.0M | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | -$100000 | 0 | 0 | -$14.7M | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$225.1M | -$247.6M | -$272.2M | -$299.2M | -$314.9M | -$324.9M | -$329.3M | -$333.2M | -$338.5M | -$341.9M |
| Flujo de Caja Libre | -$15.4M | -$39.6M | $377.5M | $46.0M | $62.3M | -$1.01B | -$98.5M | $54.1M | -$278.1M | $82.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $397.8M | $384.8M | $175.5M | -$15.1M |
| Inversiones (CapEx) | $523.2M | -$301.7M | -$266.8M | $311.8M |
| Flujo de Caja Libre | $921.0M | $83.1M | -$91.3M | $296.7M |
| Dividendos Pagados | -$84.8M | -$85.6M | -$89.1M | $90.5M |
| Compensación en Acciones | $3.5M | $3.9M | $3.8M | -$3.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.1% | +0.4% | -1.7% | -4.9% | +72.2% | -7.6% | -20.8% | +11.6% | +9.2% |
| Crecimiento Beneficio Neto (anual) | | +83.0% | -31.3% | +1.9% | -140.1% | +524.5% | -9.7% | -37.4% | +5.9% | +6.6% |
| Crecimiento BPA (anual) | | +83.4% | -31.3% | +1.9% | -140.1% | +523.0% | -9.5% | -37.5% | +5.8% | +5.9% |
| Cambio en Acciones (anual) | | +0.1% | +0.2% | +0.1% | -0.3% | +0.1% | +0.2% | +0.0% | +0.2% | +0.6% |
| Crecimiento FCF (anual) | | -157.1% | +1053.3% | -87.8% | +35.4% | -1718.6% | +90.2% | +154.9% | -614.0% | +129.7% |
| Margen Bruto | 41.7% | 40.0% | 39.8% | 42.7% | 47.8% | 29.1% | 35.9% | 47.1% | 46.7% | 44.2% |
| Margen Operativo | 22.3% | 22.6% | 21.6% | 22.6% | 24.6% | 14.9% | 19.2% | 24.3% | 25.0% | 24.5% |
| Margen EBITDA | 42.4% | 44.9% | 43.5% | 43.4% | 11.8% | 39.9% | 42.0% | 44.9% | 44.0% | 42.7% |
| Margen Neto | 15.0% | 27.4% | 18.7% | 19.4% | -8.2% | 20.2% | 19.7% | 15.6% | 14.8% | 14.4% |
| Margen FCF | -0.7% | -1.8% | 16.6% | 2.1% | 2.9% | -27.6% | -2.9% | 2.0% | -9.3% | 2.5% |
| Tasa Impositiva Efectiva | 30.5% | -8.7% | 14.5% | 6.4% | 42.3% | 16.1% | 15.7% | 11.9% | 15.2% | 16.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.08 | $-0.20 | $1.88 | $0.23 | $0.31 | $-5.03 | $-0.49 | $0.27 | $-1.38 | $0.41 |
| Dividendo por Acción | $1.13 | $1.24 | $1.36 | $1.49 | $1.57 | $1.62 | $1.64 | $1.66 | $1.68 | $1.69 |
| Acciones en Circulación (Básicas) | $199.7M | $199.7M | $199.7M | $200.1M | $200.1M | $200.1M | $200.2M | $200.3M | $200.8M | $201.9M |
Qué mirar en Utilities
Negocios regulados con crecimiento lento pero dividendos fiables. Son bonos con esteroides — mira deuda, tipos de interés, y consistencia del payout.
- ROE regulado (8-12%) — Utilities tienen ROE "permitido" por el regulador. Fuera de rango = anomalía
- Crecimiento EPS 5y — Utilities estables crecen EPS 4-6% anual — más = anomalía, menos = muerto
- Crecimiento dividendo 10y — Utilities top ("Dividend Aristocrats") suben dividendo 25+ años seguidos
- Deuda neta / EBITDA — Utilities usan mucha deuda — >6x con tipos altos es alarma
- Interest Coverage — EBITDA / intereses. Si cae <3x en subida de tipos, el dividendo peligra
- Payout Ratio — En utilities es normal alto (60-80%), pero >90% indica stress
Rentabilidad
| Rentabilidad sobre capital | 9.56% |
| Rentabilidad sobre capital invertido | 4.85% |
| Rentabilidad sobre activos | 3.22% |
| Margen bruto | 53.61% |
| Margen operativo | 24.24% |
| Margen neto | 14.55% |
Salud financiera
| Deuda / Patrimonio | 1.17 |
| Ratio corriente | 0.77 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.29 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 19.79 | 10.62 | 18.40 | 20.49 | -36.62 | 10.43 | 11.88 | 16.79 | 18.75 | 18.33 |
| P/VC | 1.94 | 1.71 | 1.95 | 2.15 | 1.76 | 1.89 | 1.79 | 1.55 | 1.78 | 1.73 |
| P/V | 2.96 | 2.91 | 3.45 | 3.99 | 3.00 | 2.10 | 2.35 | 2.62 | 2.77 | 2.64 |
| Margen Bruto | 41.7% | 40.0% | 39.8% | 42.7% | 47.8% | 29.1% | 35.9% | 47.1% | 46.7% | 44.2% |
| Margen Operativo | 22.3% | 22.6% | 21.6% | 22.6% | 24.6% | 14.9% | 19.2% | 24.3% | 25.0% | 24.5% |
| Margen Neto | 15.0% | 27.4% | 18.7% | 19.4% | -8.2% | 20.2% | 19.7% | 15.6% | 14.8% | 14.4% |