Estados financieros detallados de Patria Investments Ltd (PAX): 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
Patria Investments Ltd registró ingresos de $383.8M en el último ejercicio fiscal, con un CAGR de 5 años del 27.3%. El beneficio neto alcanzó $85.6M, con un CAGR a 5 años del 6.6%.
Márgenes de los últimos 12 meses: margen bruto 88.9%, margen operativo 31.1%, margen neto 16.0%. El flujo de caja libre creció a un CAGR del 37.8% en 5 años.
Al precio actual de $10.06, PAX cotiza a un P/E de 21.23 y un ROE del 12.05%. La capitalización bursátil es de $1.6B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $105.7M | $123.5M | $115.0M | $235.5M | $258.9M | $327.6M | $374.2M | $383.8M |
| Coste de Ventas | $41.4M | $43.2M | $10.6M | $14.6M | $34.8M | $38.7M | $50.5M | $14.6M |
| Beneficio Bruto | $64.3M | $80.3M | $104.4M | $220.9M | $224.1M | $288.9M | $323.7M | $369.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $16.4M | $12.9M | $29.3M | $74.6M | $71.8M | $97.1M | $120.9M | $43.8M |
| Gastos Operativos | $17.7M | $15.5M | $37.2M | $83.7M | $93.6M | $125.0M | $157.8M | $237.9M |
| Beneficio Operativo | $46.5M | $64.8M | $67.2M | $137.2M | $130.4M | $163.9M | $165.9M | $131.3M |
| EBITDA | $53.9M | $73.6M | $73.5M | $131.3M | $125.5M | $146.4M | $133.2M | $131.3M |
| Gastos por Intereses | $206000 | 0 | $869000 | $1.0M | $1.8M | $1.2M | $11.4M | 0 |
| Beneficio Antes de Impuestos | $46.5M | $64.5M | $65.0M | $121.6M | $102.5M | $118.0M | $86.0M | $92.2M |
| Impuestos | $2.0M | $3.5M | $3.1M | $381000 | $8.3M | -$2.8M | $10.3M | $1.7M |
| Beneficio Neto | $43.7M | $58.5M | $62.2M | $122.5M | $93.0M | $118.4M | $71.9M | $85.6M |
| BPA | $0.37 | $0.44 | $0.47 | $0.90 | $0.63 | $0.80 | $0.47 | $0.54 |
| BPA Diluido | $0.37 | $0.44 | $0.47 | $0.90 | $0.63 | $0.80 | $0.47 | $0.54 |
| Acciones en Circulación (Diluidas) | $117.0M | $133.7M | $133.7M | $136.0M | $147.2M | $148.7M | $153.6M | $158.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $86.5M | $134.4M | $98.2M | $115.9M |
| Beneficio Bruto | $71.6M | $122.3M | $78.2M | $114.5M |
| Beneficio Operativo | $30.5M | $49.3M | $25.6M | $29.7M |
| EBITDA | $41.9M | $49.3M | $34.9M | $29.8M |
| Beneficio Neto | $22.5M | $34.5M | $2.3M | $10.5M |
| BPA | $0.15 | $0.22 | $0.01 | $0.07 |
| BPA Diluido | $0.15 | $0.22 | $0.01 | $0.07 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.3M | $4.1M | $14.1M | $15.3M | $26.5M | $16.1M | $33.4M | $53.6M |
| Inversiones a Corto | $39.8M | $33.0M | $9.9M | $151.9M | $45.5M | $17.2M | $5.0M | $35.1M |
| Cuentas por Cobrar | $9.2M | $11.5M | $24.7M | $110.7M | $132.2M | $134.6M | $227.1M | $138.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $59.1M | $56.8M | $53.7M | $352.3M | $479.6M | $401.6M | $372.7M | $405.3M |
| Inmovilizado Material | $3.5M | $6.6M | $4.0M | $16.5M | $26.4M | $30.2M | $34.9M | $44.9M |
| Fondo de Comercio | 0 | 0 | 0 | $242.9M | $276.8M | $311.2M | $356.0M | $440.1M |
| Activos Intangibles | $31.6M | $25.5M | $22.4M | $116.0M | $134.7M | $175.8M | $344.9M | $384.0M |
| Activos Totales | $122.9M | $114.9M | $107.2M | $761.3M | $976.2M | $1.01B | $1.21B | $1.50B |
| Cuentas por Pagar | $1.4M | $492000 | $3.0M | $7.2M | $3.3M | $4.8M | $41.8M | $58.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $78.5M | 0 |
| Pasivos Corrientes | $22.2M | $19.0M | $44.0M | $156.2M | $338.0M | $397.5M | $397.4M | $415.0M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | $149.5M | $174.9M |
| Pasivos Totales | $45.3M | $26.1M | $48.1M | $197.0M | $462.8M | $490.2M | $715.2M | $861.7M |
| Reservas | $72.9M | $85.5M | $62.0M | $87.9M | $77.6M | $50.8M | 0 | 0 |
| Patrimonio Neto | $71.6M | $81.2M | $57.3M | $564.3M | $552.8M | $542.5M | $481.1M | $611.8M |
| Deuda Total | 0 | $3.1M | $1.6M | $7.9M | $16.1M | $15.8M | $250.4M | $198.7M |
| Deuda Neta | -$42.1M | -$34.1M | -$22.4M | -$159.3M | -$56.0M | -$17.4M | $212.0M | $110.0M |
| Capital Circulante | $36.9M | $37.8M | $9.6M | $196.1M | $141.6M | $4.1M | -$24.7M | -$9.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $30.3M | $53.6M | $50.9M | $58.9M |
| Activos Totales | $1.33B | $1.50B | $1.78B | $1.82B |
| Pasivos Totales | $722.4M | $861.7M | $1.16B | $1.18B |
| Patrimonio Neto | $586.4M | $611.8M | $556.6M | $563.1M |
| Deuda Total | $171.2M | $198.7M | $278.3M | $595.5M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $44.5M | $58.5M | $62.2M | $121.2M | $94.1M | $118.4M | $75.7M | $85.6M |
| Amortizaciones | $7.2M | $8.3M | $7.7M | $8.8M | $21.2M | $27.1M | $35.8M | $46.3M |
| Compensación en Acciones | 0 | 0 | 0 | $764000 | $731000 | $1.5M | $19.1M | $36.5M |
| Cambio en Capital Circulante | -$7.1M | -$21.4M | -$18.3M | -$23.2M | -$23.3M | -$8.3M | -$10.9M | $109.7M |
| Flujo de Caja Operativo | $39.5M | $44.5M | $52.7M | $107.6M | $81.1M | $156.7M | $145.9M | $268.9M |
| Inversiones (CapEx) | -$1.4M | -$217000 | -$660000 | -$1.8M | -$6.7M | -$15.0M | -$8.3M | -$10.6M |
| Adquisiciones | 0 | -$68000 | 0 | -$122.8M | -$42.5M | -$6.6M | -$112.6M | -$1.1M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$65.2M | -$141.3M | -$56.2M |
| Dividendos Pagados | -$38.0M | -$46.4M | -$60.9M | -$119.8M | -$103.3M | -$145.1M | -$132.4M | -$95.1M |
| Flujo de Caja Libre | $38.1M | $44.2M | $52.0M | $105.7M | $74.3M | $141.7M | $137.7M | $258.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $65.9M | $36.0M | $31.4M | 0 |
| Inversiones (CapEx) | -$13.8M | -$3.7M | -$3.0M | 0 |
| Flujo de Caja Libre | $52.1M | $32.3M | $28.4M | 0 |
| Dividendos Pagados | -$23.9M | -$23.9M | -$24.1M | 0 |
| Compensación en Acciones | $3.3M | $25.8M | $3.5M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +16.9% | -6.9% | +104.8% | +9.9% | +26.6% | +14.2% | +2.6% |
| Crecimiento Beneficio Neto (anual) | | +34.1% | +6.3% | +96.9% | -24.1% | +27.4% | -39.3% | +19.1% |
| Crecimiento BPA (anual) | | +18.9% | +6.8% | +91.5% | -30.0% | +27.0% | -41.3% | +14.9% |
| Cambio en Acciones (anual) | | +14.2% | +0.0% | +1.7% | +8.3% | +1.0% | +3.3% | +2.9% |
| Crecimiento FCF (anual) | | +16.2% | +17.6% | +103.2% | -29.7% | +90.6% | -2.9% | +87.6% |
| Margen Bruto | 60.8% | 65.0% | 90.8% | 93.8% | 86.5% | 88.2% | 86.5% | 96.2% |
| Margen Operativo | 44.0% | 52.5% | 58.4% | 58.3% | 50.4% | 50.0% | 44.3% | 34.2% |
| Margen EBITDA | 51.0% | 59.6% | 63.9% | 55.8% | 48.5% | 44.7% | 35.6% | 34.2% |
| Margen Neto | 41.3% | 47.4% | 54.1% | 52.0% | 35.9% | 36.1% | 19.2% | 22.3% |
| Margen FCF | 36.0% | 35.8% | 45.2% | 44.9% | 28.7% | 43.3% | 36.8% | 67.3% |
| Tasa Impositiva Efectiva | 4.3% | 5.5% | 4.8% | 0.3% | 8.1% | -2.4% | 12.0% | 1.8% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.33 | $0.33 | $0.39 | $0.78 | $0.50 | $0.95 | $0.90 | $1.64 |
| Dividendo por Acción | $0.32 | $0.35 | $0.46 | $0.88 | $0.70 | $0.98 | $0.86 | $0.60 |
| Acciones en Circulación (Básicas) | $117.0M | $133.7M | $133.7M | $136.0M | $147.2M | $148.2M | $153.6M | $158.0M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Rentabilidad sobre capital | 12.05% |
| Rentabilidad sobre capital invertido | 6.61% |
| Rentabilidad sobre activos | 3.84% |
| Margen bruto | 88.89% |
| Margen operativo | 31.05% |
| Margen neto | 16.05% |
Salud financiera
| Deuda / Patrimonio | 1.06 |
| Ratio corriente | 1.83 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 53.78 | 45.23 | 42.34 | 18.00 | 22.11 | 19.39 | 24.74 | 29.43 |
| P/VC | 32.51 | 32.77 | 46.40 | 3.90 | 3.71 | 4.24 | 3.71 | 4.10 |
| P/V | 22.03 | 21.54 | 23.12 | 9.35 | 7.92 | 7.02 | 4.77 | 6.54 |
| Margen Bruto | 60.8% | 65.0% | 90.8% | 93.8% | 86.5% | 88.2% | 86.5% | 96.2% |
| Margen Operativo | 44.0% | 52.5% | 58.4% | 58.3% | 50.4% | 50.0% | 44.3% | 34.2% |
| Margen Neto | 41.3% | 47.4% | 54.1% | 52.0% | 35.9% | 36.1% | 19.2% | 22.3% |