Estados financieros detallados de ON24, Inc. (ONTF): 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
ON24, Inc. registró ingresos de $139.3M en el último ejercicio fiscal, con un CAGR de 5 años del -2.4%.
Márgenes de los últimos 12 meses: margen bruto 74.6%, margen operativo -25.7%, margen neto -20.7%. El flujo de caja libre creció a un CAGR del -35.8% en 5 años.
Al precio actual de $8.10, ONTF presenta beneficios negativos (P/E no significativo) y un ROE del -19.64%. La capitalización bursátil es de $348M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $82.6M | $89.1M | $156.9M | $203.6M | $190.9M | $163.7M | $148.1M | $139.3M |
| Coste de Ventas | $24.9M | $27.1M | $33.3M | $47.4M | $52.8M | $46.3M | $38.0M | $35.3M |
| Beneficio Bruto | $57.7M | $62.0M | $123.6M | $156.2M | $138.1M | $117.4M | $110.1M | $104.0M |
| I+D | $14.3M | $15.7M | $19.3M | $34.8M | $44.1M | $41.1M | $36.2M | $33.0M |
| Generales y Administrativos | $60.3M | $62.4M | $82.5M | $145.0M | $153.6M | $138.3M | $124.5M | $106.8M |
| Gastos Operativos | $73.8M | $78.1M | $101.8M | $179.8M | $197.7M | $179.4M | $160.7M | $139.7M |
| Beneficio Operativo | -$16.1M | -$16.1M | $21.8M | -$23.6M | -$59.6M | -$62.0M | -$50.7M | -$35.8M |
| EBITDA | -$15.0M | -$6.8M | $24.9M | -$19.5M | -$49.7M | -$45.3M | -$36.7M | -$23.4M |
| Gastos por Intereses | $1.1M | $1.0M | $869000 | $464000 | $181000 | $93000 | $34000 | $163000 |
| Beneficio Antes de Impuestos | -$17.4M | -$17.2M | $21.1M | -$24.5M | -$57.2M | -$50.8M | -$41.5M | -$28.5M |
| Impuestos | $198000 | $355000 | $297000 | -$285000 | $958000 | $995000 | $633000 | $398000 |
| Beneficio Neto | -$17.6M | -$17.5M | $20.8M | -$24.3M | -$58.2M | -$51.8M | -$42.2M | -$28.9M |
| BPA | $-0.55 | $-0.73 | $0.09 | $-0.52 | $-1.23 | $-1.16 | $-1.01 | $-0.68 |
| BPA Diluido | $-0.55 | $-0.73 | $0.09 | $-0.52 | $-1.23 | $-1.16 | $-1.01 | $-0.68 |
| Acciones en Circulación (Diluidas) | $40.8M | $44.5M | $44.5M | $47.7M | $47.5M | $44.6M | $41.8M | $42.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Ingresos | $34.7M | $35.3M | $34.6M | $34.6M |
| Beneficio Bruto | $25.6M | $26.5M | $25.9M | $25.9M |
| Beneficio Operativo | -$10.5M | -$9.2M | -$8.0M | -$8.1M |
| EBITDA | -$7.2M | -$5.8M | -$5.1M | -$5.4M |
| Beneficio Neto | -$8.7M | -$7.3M | -$6.4M | -$6.5M |
| BPA | $-0.21 | $-0.17 | $-0.15 | $-0.15 |
| BPA Diluido | $-0.21 | $-0.17 | $-0.15 | $-0.15 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $6.9M | $18.8M | $58.2M | $164.9M | $27.0M | $53.2M | $14.9M | $37.0M |
| Inversiones a Corto | $2.0M | $5.0M | $3.0M | $217.6M | $301.1M | $145.5M | $167.8M | $130.5M |
| Cuentas por Cobrar | $17.9M | $22.6M | $49.5M | $46.1M | $43.8M | $37.9M | $28.6M | $24.6M |
| Inventario | 0 | $5.6M | $10.5M | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $29.0M | $54.2M | $127.5M | $449.1M | $391.3M | $241.4M | $228.3M | $205.7M |
| Inmovilizado Material | $5.7M | $5.4M | $9.1M | $8.8M | $12.8M | $8.4M | $9.0M | $10.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | $2.0M | $1.3M | $660000 | $156000 |
| Activos Totales | $34.7M | $68.5M | $156.7M | $480.5M | $425.5M | $280.3M | $251.0M | $228.4M |
| Cuentas por Pagar | $1.9M | $2.1M | $4.7M | $3.1M | $4.6M | $1.9M | $2.7M | $5.3M |
| Deuda a Corto | $1.1M | $1.0M | $2.4M | $2.0M | 0 | $2.9M | $2.4M | $710000 |
| Pasivos Corrientes | $49.6M | $58.9M | $116.8M | $120.1M | $110.7M | $96.1M | $88.2M | $82.8M |
| Deuda a Largo | $18.2M | $23.1M | $25.7M | $2.0M | 0 | 0 | 0 | $4.9M |
| Pasivos Totales | $73.8M | $85.9M | $146.5M | $125.4M | $117.5M | $100.1M | $91.5M | $88.9M |
| Reservas | -$176.4M | -$192.0M | -$171.3M | -$195.5M | -$253.7M | -$305.5M | -$347.7M | -$376.5M |
| Patrimonio Neto | -$39.1M | -$17.4M | $10.2M | $355.1M | $308.0M | $180.2M | $159.4M | $139.4M |
| Deuda Total | $21.1M | $24.1M | $28.1M | $7.4M | $9.2M | $5.4M | $3.4M | $5.6M |
| Deuda Neta | $12.1M | $221000 | -$33.2M | -$375.1M | -$318.9M | -$193.3M | -$179.3M | -$162.0M |
| Capital Circulante | -$20.6M | -$4.7M | $10.7M | $328.9M | $280.6M | $145.3M | $140.1M | $122.9M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $26.8M | $37.7M | $47.2M | $37.0M |
| Activos Totales | $245.8M | $235.1M | $224.8M | $228.4M |
| Pasivos Totales | $92.1M | $85.1M | $80.5M | $88.9M |
| Patrimonio Neto | $153.7M | $150.0M | $144.3M | $139.4M |
| Deuda Total | $2.7M | $2.0M | $1.4M | $5.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$17.6M | -$17.5M | $20.8M | -$24.3M | -$58.2M | -$51.8M | -$42.2M | -$28.9M |
| Amortizaciones | $2.0M | $2.3M | $3.0M | $4.6M | $5.4M | $5.4M | $4.8M | $4.8M |
| Compensación en Acciones | $1.5M | $2.0M | $2.9M | $25.6M | $38.5M | $45.0M | $45.2M | $28.7M |
| Cambio en Capital Circulante | $4.9M | -$5.9M | -$3.2M | -$19.5M | -$24.7M | -$25.1M | -$16.6M | -$11.8M |
| Flujo de Caja Operativo | -$8.6M | -$11.3M | $37.5M | $5.2M | -$20.5M | -$12.2M | $4.8M | $7.5M |
| Inversiones (CapEx) | -$3.4M | -$1.2M | -$1.0M | -$3.6M | -$3.7M | -$2.2M | -$2.2M | -$3.5M |
| Adquisiciones | 0 | 0 | -$2.0M | $215.6M | -$2.5M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$7.2M | -$29.1M | -$74.6M | -$25.8M | -$22.1M |
| Dividendos Pagados | 0 | 0 | -$63000 | 0 | 0 | -$49.9M | 0 | 0 |
| Flujo de Caja Libre | -$12.1M | -$12.5M | $36.5M | $1.6M | -$24.2M | -$14.4M | $2.6M | $4.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Flujo de Caja Operativo | $3.4M | $2.6M | $2.5M | -$1.1M |
| Inversiones (CapEx) | -$1.5M | -$492000 | -$371000 | -$1.1M |
| Flujo de Caja Libre | $1.9M | $2.1M | $2.2M | -$2.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $7.1M | $7.4M | $7.3M | $6.9M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +7.9% | +76.1% | +29.7% | -6.3% | -14.2% | -9.5% | -5.9% |
| Crecimiento Beneficio Neto (anual) | | +0.4% | +218.4% | -216.9% | -140.0% | +11.0% | +18.6% | +31.6% |
| Crecimiento BPA (anual) | | -32.7% | +112.5% | -670.8% | -136.5% | +5.7% | +12.9% | +32.7% |
| Cambio en Acciones (anual) | | +9.1% | +0.0% | +7.3% | -0.5% | -6.0% | -6.5% | +1.6% |
| Crecimiento FCF (anual) | | -3.7% | +391.8% | -95.5% | -1586.6% | +40.5% | +117.8% | +54.7% |
| Margen Bruto | 69.8% | 69.5% | 78.8% | 76.7% | 72.3% | 71.7% | 74.3% | 74.6% |
| Margen Operativo | -19.5% | -18.1% | 13.9% | -11.6% | -31.2% | -37.9% | -34.2% | -25.7% |
| Margen EBITDA | -18.1% | -7.6% | 15.9% | -9.6% | -26.0% | -27.7% | -24.8% | -16.8% |
| Margen Neto | -21.3% | -19.7% | 13.2% | -11.9% | -30.5% | -31.6% | -28.5% | -20.7% |
| Margen FCF | -14.6% | -14.0% | 23.3% | 0.8% | -12.7% | -8.8% | 1.7% | 2.8% |
| Tasa Impositiva Efectiva | -1.1% | -2.1% | 1.4% | 1.2% | -1.7% | -2.0% | -1.5% | -1.4% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.30 | $-0.28 | $0.82 | $0.03 | $-0.51 | $-0.32 | $0.06 | $0.09 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.12 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $40.8M | $44.5M | $44.5M | $47.7M | $47.5M | $44.6M | $41.8M | $42.4M |
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 | -19.64% |
| Rentabilidad sobre capital invertido | -24.46% |
| Rentabilidad sobre activos | -12.63% |
| Margen bruto | 74.63% |
| Margen operativo | -25.68% |
| Margen neto | -20.71% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 2.48 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -128.76 | -97.01 | 777.39 | -33.37 | -7.02 | -6.79 | -6.40 | -11.71 |
| P/VC | -73.79 | -181.52 | 308.75 | 2.33 | 1.33 | 1.95 | 1.69 | 2.42 |
| P/V | 34.94 | 35.34 | 20.07 | 4.07 | 2.15 | 2.15 | 1.82 | 2.43 |
| Margen Bruto | 69.8% | 69.5% | 78.8% | 76.7% | 72.3% | 71.7% | 74.3% | 74.6% |
| Margen Operativo | -19.5% | -18.1% | 13.9% | -11.6% | -31.2% | -37.9% | -34.2% | -25.7% |
| Margen Neto | -21.3% | -19.7% | 13.2% | -11.9% | -30.5% | -31.6% | -28.5% | -20.7% |