Estados financieros detallados de PAVmed Inc. (PAVM): 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
Márgenes de los últimos 12 meses: margen bruto -254.5%, margen operativo -238.4%, margen neto -107.9%.
Al precio actual de $3.92, PAVM presenta beneficios negativos (P/E no significativo) y un ROE del -33.51%. La capitalización bursátil es de $25M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $500000 | $377000 | $2.5M | $3.0M | $71000 |
| Coste de Ventas | $3793 | $7110 | $9790 | $14226 | 0 | $585000 | $3.6M | $6.4M | $6.0M | $323000 |
| Beneficio Bruto | -$3793 | -$7110 | -$9790 | -$14226 | 0 | -$85000 | -$3.2M | -$4.0M | -$3.0M | -$252000 |
| I+D | $1.7M | $2.6M | $4.3M | $6.6M | $11.0M | $19.8M | $25.3M | $14.3M | $5.9M | $4.49B |
| Generales y Administrativos | $3.9M | $5.4M | $6.3M | $7.7M | $12.4M | $34.3M | $60.7M | $48.5M | $36.2M | $17.17B |
| Gastos Operativos | $5.7M | $8.0M | $10.6M | $14.3M | $23.4M | $54.3M | $87.8M | $64.8M | $41.4M | $21.6M |
| Beneficio Operativo | -$5.7M | -$8.0M | -$10.6M | -$14.3M | -$23.4M | -$54.4M | -$91.1M | -$68.8M | -$44.5M | -$21.8M |
| EBITDA | -$5.6M | -$11.2M | -$12.1M | -$16.7M | -$23.3M | -$55.9M | -$99.5M | -$75.7M | $29.7M | -$2.3M |
| Gastos por Intereses | 0 | $724684 | $2.4M | $32667 | $53000 | 0 | $1.3M | $589000 | $45000 | $21000 |
| Beneficio Antes de Impuestos | -$5.7M | -$9.5M | -$18.2M | -$17.3M | -$35.9M | -$56.1M | -$103.2M | -$79.3M | $28.4M | -$2.5M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$5.7M | -$9.5M | -$18.0M | -$15.9M | -$34.3M | -$50.3M | -$89.0M | -$64.2M | $39.8M | $401000 |
| BPA | $-198.00 | $-346.50 | $-378.78 | $-249.27 | $-327.91 | $-293.92 | $-450.95 | $-274.92 | $99.15 | $-5.63 |
| BPA Diluido | $-198.00 | $-346.50 | $-378.78 | $-249.27 | $-327.91 | $-293.92 | $-450.95 | $-274.92 | $14.88 | $-5.63 |
| Acciones en Circulación (Diluidas) | $28827 | $29991 | $49503 | $67105 | $105405 | $172257 | $197947 | $241052 | $2.2M | $670466 |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $5000 | $52000 | $22000 | $33000 |
| Beneficio Bruto | -$50000 | -$51000 | -$95000 | -$89000 |
| Beneficio Operativo | -$4.8M | -$6.8M | -$8.0M | -$7.0M |
| EBITDA | -$6.0M | -$2.7M | -$1.0M | -$6.6M |
| Beneficio Neto | -$5.4M | -$1.3M | -$60000 | -$5.4M |
| BPA | $-8.70 | $-2.37 | $-4.42 | $-0.87 |
| BPA Diluido | $-8.70 | $-2.37 | $-4.42 | $-0.87 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $585680 | $1.5M | $8.2M | $6.2M | $17.3M | $77.3M | $39.7M | $19.6M | $1.2M | $1.5M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $262000 | $2.0M | $3.0M | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | $200000 | $17000 | $61000 | $18000 | $15000 |
| Inventario | 0 | 0 | 0 | 0 | $855000 | $526000 | $261000 | $539000 | $266000 | $239000 |
| Activos Corrientes | $741170 | $1.6M | $8.5M | $6.5M | $18.9M | $82.6M | $43.9M | $24.5M | $2.2M | $2.6M |
| Inmovilizado Material | $18000 | $16191 | $36271 | 0 | $82000 | $1.6M | $5.5M | $6.0M | $2.7M | $2.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $2.0M | $3.4M | $1.4M | 0 | 0 |
| Activos Totales | $870419 | $1.6M | $8.5M | $7.2M | $19.8M | $87.0M | $54.0M | $33.1M | $30.7M | $38.8M |
| Cuentas por Pagar | $949413 | $864405 | $1.7M | $2.4M | $3.0M | $3.3M | $2.7M | $1.8M | $657000 | $678000 |
| Deuda a Corto | 0 | 0 | $7.9M | $8.1M | $15.0M | 0 | $33.6M | $44.2M | $29.1M | $11.1M |
| Pasivos Corrientes | $1.2M | $2.5M | $11.0M | $11.9M | $20.3M | $7.6M | $41.2M | $54.2M | $35.4M | $14.8M |
| Deuda a Largo | 0 | $1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $1.2M | $4.5M | $11.0M | $11.9M | $20.3M | $7.6M | $43.0M | $57.1M | $37.7M | $16.5M |
| Reservas | -$7.7M | -$17.9M | -$37.0M | -$53.7M | -$88.3M | -$138.9M | -$228.2M | -$294.4M | -$255.0M | -$258.7M |
| Patrimonio Neto | -$319067 | -$2.8M | -$2.3M | -$3.8M | $1.9M | $61.7M | -$9.7M | -$53.8M | -$2.5M | $34.0M |
| Deuda Total | 0 | $1.9M | $7.9M | $8.1M | $15.0M | 0 | $36.6M | $48.7M | $31.9M | $13.3M |
| Deuda Neta | -$585680 | $409246 | -$319119 | $1.9M | -$2.6M | -$79.2M | -$6.1M | $29.1M | $30.7M | $11.8M |
| Capital Circulante | -$448316 | -$920280 | -$2.5M | -$5.3M | -$1.3M | $75.1M | $2.7M | -$29.7M | -$33.3M | -$12.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $3.1M | $1.5M | $6.5M | $3.8M |
| Activos Totales | $38.1M | $38.8M | $45.4M | $40.2M |
| Pasivos Totales | $12.3M | $16.5M | $20.4M | $20.9M |
| Patrimonio Neto | $35.8M | $34.0M | $39.5M | $35.0M |
| Deuda Total | $9.3M | $13.3M | $17.0M | $17.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.7M | -$9.5M | -$18.2M | -$17.3M | -$35.9M | -$56.1M | -$103.2M | -$79.3M | $28.4M | -$2.47B |
| Amortizaciones | $3793 | $7110 | $9790 | $14226 | $23000 | $226000 | $2.5M | $2.9M | $1.2M | $105.0M |
| Compensación en Acciones | $747365 | $1.0M | $1.2M | $1.6M | $2.0M | $15.0M | $19.5M | $11.1M | $6.4M | $1.71B |
| Cambio en Capital Circulante | $444836 | $559215 | $1.3M | -$63934 | $83000 | -$1.6M | -$716000 | $1.6M | $512000 | $98000 |
| Flujo de Caja Operativo | -$4.5M | -$6.6M | -$8.8M | -$13.4M | -$21.9M | -$40.6M | -$71.0M | -$52.0M | -$33.6M | -$5.21B |
| Inversiones (CapEx) | -$21793 | -$5301 | -$26609 | -$27203 | -$55000 | -$1.5M | -$1.5M | -$242000 | -$55000 | -$31000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | -$2.2M | -$3.2M | 0 | -$16.5M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$366000 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | -$7099 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$4.5M | -$6.6M | -$8.8M | -$13.4M | -$22.0M | -$42.1M | -$72.5M | -$52.3M | -$33.6M | -$5.21B |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$896000 | -$1.6M | -$2.62B | -$2.7M |
| Inversiones (CapEx) | -$3000 | -$14000 | -$22000 | -$13000 |
| Flujo de Caja Libre | -$899000 | -$1.6M | -$2.62B | -$2.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $383000 | $232000 | $182.0M | $917000 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | -24.6% | +550.4% | +22.1% | -97.6% |
| Crecimiento Beneficio Neto (anual) | | -68.5% | -88.8% | +11.3% | -115.1% | -46.9% | -76.7% | +27.9% | +162.0% | -99.0% |
| Crecimiento BPA (anual) | | -75.0% | -9.3% | +34.2% | -31.5% | +10.4% | -53.4% | +39.0% | +136.1% | -105.7% |
| Cambio en Acciones (anual) | | +4.0% | +65.1% | +35.6% | +57.1% | +63.4% | +14.9% | +21.8% | +802.9% | -69.2% |
| Crecimiento FCF (anual) | | -47.7% | -33.3% | -51.8% | -64.1% | -91.5% | -72.4% | +27.9% | +35.7% | -15389.9% |
| Margen Bruto | | | | | | -17.0% | -858.6% | -161.8% | -101.6% | -354.9% |
| Margen Operativo | | | | | | -10878.6% | -24161.0% | -2805.7% | -1485.4% | -30712.7% |
| Margen EBITDA | | | | | | -11180.0% | -26392.6% | -3089.0% | 990.7% | -3300.0% |
| Margen Neto | | | | | | -10069.4% | -23602.9% | -2617.3% | 1328.6% | 564.8% |
| Margen FCF | | | | | | -8412.0% | -19237.4% | -2132.1% | -1122.2% | -7332394.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-155.29 | $-220.52 | $-178.06 | $-199.46 | $-208.42 | $-244.17 | $-366.39 | $-216.87 | $-15.44 | $-7764.75 |
| Dividendo por Acción | $0.00 | $0.00 | $0.14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $28827 | $29991 | $49503 | $67105 | $105405 | $172257 | $197947 | $241052 | $322407 | $670466 |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -33.51% |
| Rentabilidad sobre capital invertido | -72.77% |
| Rentabilidad sobre activos | -30.06% |
| Margen bruto | -254.46% |
| Margen operativo | -23842.86% |
| Margen neto | -10794.64% |
Salud financiera
| Deuda / Patrimonio | 0.49 |
| Ratio corriente | 1.19 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -15.68 | -2.97 | -1.14 | -2.17 | -2.91 | -3.77 | -0.48 | -0.45 | 0.19 | -1.18 |
| P/VC | -280.53 | -10.83 | -9.26 | -9.48 | 53.04 | 3.09 | -4.42 | -0.55 | -2.43 | 0.13 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 381.38 | 113.41 | 12.15 | 2.03 | 62.51 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -17.0% | -858.6% | -161.8% | -101.6% | -354.9% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -10878.6% | -24161.0% | -2805.7% | -1485.4% | -30712.7% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -10069.4% | -23602.9% | -2617.3% | 1328.6% | 564.8% |