Estados financieros detallados de PagSeguro Digital Ltd. (PAGS): 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
PagSeguro Digital Ltd. registró ingresos de $19.36B en el último ejercicio fiscal, con un CAGR de 5 años del 23.7%. El beneficio neto alcanzó $2.08B, con un CAGR a 5 años del 10.0%.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.13B | $2.51B | $4.06B | $5.58B | $6.69B | $10.30B | $15.16B | $15.68B | $18.33B | $19.36B |
| Coste de Ventas | $623.7M | $1.32B | $2.14B | $2.76B | $3.77B | $5.78B | $7.47B | $8.13B | $9.54B | $9.56B |
| Beneficio Bruto | $509.4M | $1.19B | $1.91B | $2.82B | $2.91B | $4.52B | $7.69B | $7.55B | $8.79B | $9.79B |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $284.4M | $398.9M | $933.1M | $992.5M | $1.18B | $2.40B | $2.61B | $2.16B | $2.83B | $2.52B |
| Gastos Operativos | $284.4M | $398.9M | $933.1M | $992.5M | $1.18B | $2.40B | $2.61B | $2.16B | $2.83B | $2.52B |
| Beneficio Operativo | $225.0M | $791.5M | $978.4M | $1.83B | $1.73B | $2.12B | $5.07B | $5.39B | $5.96B | $7.27B |
| EBITDA | $249.6M | $831.1M | $1.07B | $1.95B | $2.11B | $3.05B | $6.02B | $6.64B | $7.71B | $9.40B |
| Gastos por Intereses | $63.0M | $96.0M | $29.7M | 0 | $109.2M | $790.6M | $3.15B | $3.27B | $3.75B | $5.13B |
| Beneficio Antes de Impuestos | $155.4M | $683.5M | $1.22B | $1.91B | $1.77B | $1.49B | $1.76B | $2.02B | $2.38B | $2.50B |
| Impuestos | $27.6M | $204.7M | $307.2M | $545.5M | $482.4M | $321.7M | $254.5M | $363.4M | $263.6M | $422.6M |
| Beneficio Neto | $127.2M | $478.8M | $909.3M | $1.37B | $1.29B | $1.17B | $1.50B | $1.65B | $2.12B | $2.08B |
| BPA | $0.48 | $1.83 | $2.86 | $4.16 | $3.92 | $3.53 | $4.60 | $5.10 | $6.70 | $7.01 |
| BPA Diluido | $0.48 | $1.83 | $2.86 | $4.15 | $3.92 | $3.51 | $4.57 | $5.10 | $6.62 | $6.96 |
| Acciones en Circulación (Diluidas) | $315.1M | $315.1M | $318.1M | $329.3M | $329.8M | $332.2M | $329.2M | $324.0M | $319.5M | $297.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $4.92B | $5.30B | $4.69B | $4.88B |
| Beneficio Bruto | $2.52B | $2.72B | $2.40B | $2.51B |
| Beneficio Operativo | $1.89B | $2.07B | $1.75B | $1.77B |
| EBITDA | $2.49B | $2.59B | $2.38B | $2.26B |
| Beneficio Neto | $554.5M | $509.7M | $535.3M | $549.1M |
| BPA | $1.90 | $1.75 | $1.91 | $1.96 |
| BPA Diluido | $1.88 | $1.75 | $1.91 | $1.96 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $80.0M | $66.8M | $2.76B | $349.0M | $315.7M | $322.1M | $1.83B | $2.90B | $927.7M | $1.86B |
| Inversiones a Corto | $131.2M | $210.1M | 0 | $335.5M | $188.6M | $140.5M | $1.10B | $3.31B | $487.9M | $4.86B |
| Cuentas por Cobrar | 0 | 0 | $2.09B | $2.67B | $3.20B | $4.33B | $36.82B | $40.69B | $58.38B | $58.18B |
| Inventario | $21.0M | $61.6M | $88.6M | $15.4M | $5.9M | $8.9M | $13.3M | $33.5M | $1.6M | 0 |
| Activos Corrientes | $2.27B | $4.03B | $11.04B | $3.37B | $3.71B | $4.80B | $39.77B | $48.73B | $64.62B | $64.90B |
| Inmovilizado Material | $4.6M | $10.9M | $67.1M | $99.4M | $347.0M | $411.0M | $2.49B | $2.45B | $2.57B | $2.54B |
| Fondo de Comercio | 0 | $23.7M | $40.6M | $13.6M | $32.7M | $37.7M | $209.9M | $227.1M | $227.1M | $227.0M |
| Activos Intangibles | $26.5M | $40.8M | $68.5M | $132.9M | $183.7M | $258.6M | $1.95B | $2.34B | $2.70B | $2.94B |
| Activos Totales | $2.37B | $4.24B | $11.42B | $3.62B | $4.30B | $5.58B | $45.33B | $55.11B | $72.90B | $74.37B |
| Cuentas por Pagar | $61.7M | $92.4M | $165.2M | $1.39B | $2.02B | $2.57B | $449.1M | $513.9M | $663.2M | $11.44B |
| Deuda a Corto | $205.2M | 0 | 0 | 0 | $112.6M | $732.1M | $10.10B | $11.55B | $29.23B | $34.80B |
| Pasivos Corrientes | $1.72B | $3.32B | $4.72B | $1.46B | $2.23B | $3.41B | $29.74B | $34.43B | $42.74B | $47.76B |
| Deuda a Largo | 0 | 0 | 0 | 0 | $37.4M | $13.9M | $1.89B | $4.82B | $11.41B | $9.48B |
| Pasivos Totales | $1.74B | $3.37B | $4.84B | $1.63B | $2.50B | $3.69B | $33.49B | $41.87B | $58.23B | $59.74B |
| Reservas | $31.4M | $103.3M | $909.3M | $565.5M | $686.6M | $849.7M | $6.24B | $7.89B | $10.01B | $11.32B |
| Patrimonio Neto | $626.9M | $866.9M | $6.55B | $1.99B | $1.79B | $1.89B | $11.84B | $13.24B | $14.67B | $14.63B |
| Deuda Total | $205.2M | 0 | 0 | 0 | $161.4M | $755.3M | $12.00B | $16.38B | $40.64B | $44.34B |
| Deuda Neta | -$6.0M | -$276.9M | -$2.76B | -$684.5M | -$343.0M | $292.6M | $9.06B | $10.17B | $39.23B | $37.62B |
| Capital Circulante | $551.6M | $709.0M | $6.32B | $1.90B | $1.48B | $1.39B | $10.03B | $14.30B | $21.88B | $17.14B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.43B | $1.86B | $1.57B | $623.7M |
| Activos Totales | $72.29B | $74.37B | $74.26B | $75.70B |
| Pasivos Totales | $57.40B | $59.74B | $59.92B | $60.68B |
| Patrimonio Neto | $14.89B | $14.63B | $14.34B | $15.02B |
| Deuda Total | $41.85B | $44.34B | $45.69B | $46.61B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $118.8M | $497.5M | $963.8M | $1.39B | $1.77B | $1.49B | $1.76B | $2.02B | $2.38B | $2.08B |
| Amortizaciones | $29.2M | $53.6M | $101.1M | $130.9M | $376.3M | $768.6M | $1.13B | $1.36B | $1.60B | $1.77B |
| Compensación en Acciones | 0 | 0 | $68.2M | $23.2M | $122.9M | $370.6M | $127.4M | $144.6M | $178.7M | 0 |
| Cambio en Capital Circulante | -$263.5M | -$380.9M | -$3.84B | -$2.24B | -$570.5M | -$3.78B | -$4.00B | -$3.49B | -$11.06B | -$7.72B |
| Flujo de Caja Operativo | $71.9M | $471.3M | -$1.87B | $489.1M | $2.15B | $898.0M | $3.55B | $4.00B | -$3.42B | $2.57B |
| Inversiones (CapEx) | -$67.6M | -$111.7M | -$268.8M | -$707.1M | -$2.05B | -$1.75B | -$2.14B | -$1.99B | -$2.32B | -$1.02B |
| Adquisiciones | 0 | -$23.1M | $14.3M | -$34.6M | -$345.6M | -$43.4M | 0 | -$31.3M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$39.5M | -$1.7M | -$44.8M | -$258.0M | -$291.4M | -$399.4M | -$784.5M | -$1.30B |
| Dividendos Pagados | 0 | -$56.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$604.9M |
| Flujo de Caja Libre | $4.3M | $359.6M | -$2.14B | -$218.0M | $106.1M | -$853.8M | $1.41B | $2.01B | -$5.74B | $1.55B |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $2.18B | -$3.00B | $460.8M | $1.01B |
| Inversiones (CapEx) | -$512.7M | -$238.2M | -$240.9M | -$227.5M |
| Flujo de Caja Libre | $1.67B | -$3.24B | $220.0M | $781.1M |
| Dividendos Pagados | -$195.2M | -$193.0M | -$168.8M | -$363.2M |
| Compensación en Acciones | $5.1M | 0 | 0 | $35.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +122.0% | +61.3% | +37.6% | +19.8% | +54.0% | +47.2% | +3.4% | +16.9% | +5.6% |
| Crecimiento Beneficio Neto (anual) | | +276.4% | +89.9% | +50.2% | -5.4% | -9.7% | +29.0% | +9.9% | +28.0% | -1.9% |
| Crecimiento BPA (anual) | | +281.3% | +56.3% | +45.5% | -5.8% | -9.9% | +30.3% | +10.9% | +31.4% | +4.6% |
| Cambio en Acciones (anual) | | +0.0% | +0.9% | +3.5% | +0.2% | +0.7% | -0.9% | -1.6% | -1.4% | -6.8% |
| Crecimiento FCF (anual) | | +8273.5% | -694.6% | +89.8% | +148.7% | -904.7% | +265.4% | +42.4% | -385.2% | +127.1% |
| Margen Bruto | 45.0% | 47.3% | 47.1% | 50.5% | 43.6% | 43.9% | 50.7% | 48.1% | 47.9% | 50.6% |
| Margen Operativo | 19.9% | 31.5% | 24.1% | 32.7% | 25.9% | 20.6% | 33.5% | 34.3% | 32.5% | 37.5% |
| Margen EBITDA | 22.0% | 33.0% | 26.3% | 35.0% | 31.5% | 29.6% | 39.7% | 42.4% | 42.0% | 48.6% |
| Margen Neto | 11.2% | 19.0% | 22.4% | 24.5% | 19.3% | 11.3% | 9.9% | 10.5% | 11.5% | 10.7% |
| Margen FCF | 0.4% | 14.3% | -52.7% | -3.9% | 1.6% | -8.3% | 9.3% | 12.8% | -31.3% | 8.0% |
| Tasa Impositiva Efectiva | 17.8% | 30.0% | 25.2% | 28.5% | 27.2% | 21.6% | 14.5% | 18.0% | 11.1% | 16.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.01 | $1.14 | $-6.72 | $-0.66 | $0.32 | $-2.57 | $4.29 | $6.21 | $-17.96 | $5.22 |
| Dividendo por Acción | $0.00 | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.03 |
| Acciones en Circulación (Básicas) | $315.1M | $315.1M | $317.6M | $328.2M | $329.3M | $330.3M | $327.1M | $324.0M | $319.5M | $295.2M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 197.92 | 52.78 | 25.40 | 32.88 | 75.32 | 41.36 | 10.04 | 11.87 | 5.79 | 7.53 |
| P/VC | 47.76 | 35.11 | 3.52 | 22.60 | 54.21 | 25.58 | 1.28 | 1.48 | 0.85 | 1.07 |
| P/V | 26.42 | 12.10 | 5.69 | 8.04 | 14.54 | 4.68 | 1.00 | 1.25 | 0.68 | 0.81 |
| Margen Bruto | 45.0% | 47.3% | 47.1% | 50.5% | 43.6% | 43.9% | 50.7% | 48.1% | 47.9% | 50.6% |
| Margen Operativo | 19.9% | 31.5% | 24.1% | 32.7% | 25.9% | 20.6% | 33.5% | 34.3% | 32.5% | 37.5% |
| Margen Neto | 11.2% | 19.0% | 22.4% | 24.5% | 19.3% | 11.3% | 9.9% | 10.5% | 11.5% | 10.7% |