Estados financieros detallados de Perion Network Ltd. (PERI): 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
Perion Network Ltd. registró ingresos de $439.9M en el último ejercicio fiscal, con un CAGR de 5 años del 6.0%.
Márgenes de los últimos 12 meses: margen bruto 31.7%, margen operativo -4.0%, margen neto -3.0%. El flujo de caja libre creció a un CAGR del 12.0% en 5 años.
Al precio actual de $8.71, PERI presenta beneficios negativos (P/E no significativo) y un ROE del -1.95%. La capitalización bursátil es de $360M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $312.8M | $274.0M | $252.8M | $261.4M | $328.1M | $478.5M | $640.3M | $743.2M | $498.3M | $439.9M |
| Coste de Ventas | $156.7M | $155.5M | $152.1M | $161.4M | $220.1M | $313.2M | $403.0M | $470.8M | $332.8M | $306.0M |
| Beneficio Bruto | $156.1M | $118.4M | $100.7M | $100.0M | $108.0M | $165.3M | $237.3M | $272.4M | $165.5M | $134.0M |
| I+D | $26.5M | $17.2M | $18.9M | $22.6M | $30.9M | $35.3M | $34.4M | $33.9M | $36.8M | $34.7M |
| Generales y Administrativos | $91.5M | $74.7M | $55.4M | $49.7M | $54.9M | $74.1M | $79.8M | $91.4M | $106.8M | $112.9M |
| Gastos Operativos | $144.0M | $108.4M | $84.0M | $82.0M | $95.7M | $119.4M | $128.1M | $158.1M | $168.5M | $147.5M |
| Beneficio Operativo | $11.3M | -$75.7M | $14.7M | $18.0M | $12.3M | $45.9M | $109.2M | $114.3M | -$3.0M | -$13.6M |
| EBITDA | $38.1M | -$59.9M | $25.2M | $27.7M | $22.2M | $55.3M | $127.5M | $149.3M | $21.8M | $12.7M |
| Gastos por Intereses | $7.0M | $5.0M | $4.6M | $3.1M | $1.4M | $592000 | $227000 | $357000 | $650000 | 0 |
| Beneficio Antes de Impuestos | $3.1M | -$81.6M | $10.9M | $14.5M | $9.6M | $45.3M | $113.7M | $135.2M | $15.5M | -$5.0M |
| Impuestos | $212000 | -$8.8M | $2.8M | $1.6M | -$610000 | $6.6M | $14.4M | $20.3M | $2.9M | $3.0M |
| Beneficio Neto | $201000 | -$72.8M | $8.1M | $12.9M | $10.2M | $38.7M | $99.2M | $115.0M | $12.6M | -$7.9M |
| BPA | $0.11 | $-2.81 | $0.31 | $0.50 | $0.38 | $1.13 | $2.21 | $2.49 | $0.25 | $-0.19 |
| BPA Diluido | $0.11 | $-2.81 | $0.31 | $0.49 | $0.36 | $1.02 | $2.06 | $2.34 | $0.25 | $-0.19 |
| Acciones en Circulación (Diluidas) | $25.9M | $25.8M | $25.9M | $26.4M | $28.8M | $37.8M | $48.1M | $50.1M | $49.6M | $42.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $110.5M | $137.1M | $90.4M | $98.2M |
| Beneficio Bruto | $37.2M | $47.6M | $27.4M | $26.1M |
| Beneficio Operativo | -$4.9M | $10.4M | -$15.3M | -$7.5M |
| EBITDA | $2.4M | $16.0M | -$8.3M | -$2.4M |
| Beneficio Neto | -$4.1M | $8.0M | -$10.0M | -$6.8M |
| BPA | $-0.10 | $0.20 | $-0.26 | $-0.18 |
| BPA Diluido | $-0.10 | $0.19 | $-0.26 | $-0.18 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $24.0M | $31.6M | $39.1M | $38.4M | $47.7M | $104.4M | $177.5M | $187.6M | $156.2M | $91.2M |
| Inversiones a Corto | $8.4M | $5.9M | $4.0M | $23.2M | $12.7M | $217.2M | $253.4M | $285.1M | $217.1M | $222.9M |
| Cuentas por Cobrar | $71.3M | $62.8M | $55.6M | $49.1M | $81.2M | $115.4M | $160.5M | $231.5M | $164.4M | $187.9M |
| Inventario | $2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $113.8M | $114.3M | $103.9M | $115.1M | $147.4M | $446.2M | $603.5M | $726.6M | $561.5M | $519.8M |
| Inmovilizado Material | $14.2M | $17.5M | $15.6M | $33.3M | $27.0M | $15.8M | $13.7M | $9.8M | $29.1M | $28.9M |
| Fondo de Comercio | $190.7M | $125.1M | $125.1M | $125.8M | $152.3M | $189.3M | $195.5M | $248.0M | $247.1M | $355.2M |
| Activos Intangibles | $44.0M | $11.3M | $6.5M | $2.6M | $24.4M | $56.7M | $51.7M | $88.7M | $68.9M | 0 |
| Activos Totales | $368.5M | $274.0M | $256.4M | $283.8M | $358.7M | $713.2M | $871.0M | $1.08B | $915.5M | $913.8M |
| Cuentas por Pagar | $38.3M | $39.2M | $38.2M | $47.7M | $72.5M | $107.7M | $155.9M | $217.2M | $122.0M | $129.9M |
| Deuda a Corto | $17.9M | $14.0M | $16.1M | $12.0M | $12.8M | 0 | $3.9M | 0 | 0 | $2.3M |
| Pasivos Corrientes | $86.7M | $81.4M | $77.1M | $83.3M | $120.1M | $193.7M | $234.6M | $340.0M | $161.8M | $188.6M |
| Deuda a Largo | $59.8M | $46.7M | $24.4M | $8.3M | 0 | 0 | 0 | 0 | 0 | $20.0M |
| Pasivos Totales | $160.3M | $135.7M | $107.7M | $118.6M | $174.6M | $246.3M | $287.9M | $359.1M | $192.6M | $237.8M |
| Reservas | -$25.6M | -$98.4M | -$90.3M | -$77.4M | -$67.1M | -$28.4M | $70.8M | $184.0M | $196.6M | $188.7M |
| Patrimonio Neto | $208.1M | $138.3M | $148.8M | $165.2M | $184.1M | $467.0M | $583.1M | $718.1M | $722.9M | $676.0M |
| Deuda Total | $77.7M | $60.7M | $40.5M | $44.4M | $35.1M | $13.4M | $11.5M | $7.6M | $22.3M | $42.4M |
| Deuda Neta | $45.4M | $23.2M | -$2.7M | -$17.3M | -$25.3M | -$308.3M | -$419.4M | -$465.0M | -$351.0M | -$271.7M |
| Capital Circulante | $27.0M | $32.9M | $26.8M | $31.8M | $27.2M | $252.5M | $368.9M | $386.6M | $399.6M | $331.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $124.4M | $91.2M | $52.1M | $64.5M |
| Activos Totales | $915.6M | $913.8M | $866.2M | $851.4M |
| Pasivos Totales | $229.2M | $237.8M | $216.6M | $228.6M |
| Patrimonio Neto | $686.3M | $676.0M | $649.6M | $622.8M |
| Deuda Total | $22.3M | $42.4M | $21.4M | $22.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $2.8M | -$72.8M | $8.1M | $12.9M | $10.2M | $38.7M | $97.5M | $115.0M | $12.6M | -$7.9M |
| Amortizaciones | $26.0M | $16.6M | $9.7M | $9.7M | $9.9M | $9.9M | $13.8M | $14.1M | $16.4M | $17.7M |
| Compensación en Acciones | $6.8M | $2.1M | $2.7M | $2.3M | $4.4M | $7.0M | $13.3M | $18.0M | $27.2M | $31.1M |
| Cambio en Capital Circulante | -$2.9M | $8.9M | $12.8M | $20.2M | -$3.9M | $17.7M | $9.6M | -$3.2M | -$49.2M | -$5.5M |
| Flujo de Caja Operativo | $30.5M | $36.0M | $32.8M | $44.7M | $22.2M | $71.1M | $122.1M | $155.5M | $6.9M | $41.9M |
| Inversiones (CapEx) | -$5.9M | -$7.4M | -$3.7M | -$1.2M | -$459000 | -$627000 | -$1.1M | -$811000 | -$6.9M | -$3.8M |
| Adquisiciones | -$87.0M | $10000 | -$3.3M | -$1.2M | -$19.0M | -$38.4M | -$9.6M | -$101.9M | 0 | -$26.6M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$46.9M | -$71.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $24.5M | $28.7M | $29.1M | $43.5M | $21.7M | $70.5M | $121.1M | $154.7M | $67000 | $38.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $5.9M | $23.4M | $6.7M | $2.7M |
| Inversiones (CapEx) | -$654000 | -$404502 | -$2.4M | -$144901 |
| Flujo de Caja Libre | $5.2M | $23.0M | $4.3M | $2.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $10.2M | 0 | $8.0M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -12.4% | -7.7% | +3.4% | +25.5% | +45.9% | +33.8% | +16.1% | -32.9% | -11.7% |
| Crecimiento Beneficio Neto (anual) | | -36296.0% | +111.2% | +58.8% | -20.7% | +278.5% | +156.4% | +15.9% | -89.0% | -162.9% |
| Crecimiento BPA (anual) | | -2654.5% | +111.0% | +61.3% | -24.0% | +197.4% | +95.6% | +12.7% | -90.0% | -176.0% |
| Cambio en Acciones (anual) | | -0.2% | +0.0% | +1.9% | +9.3% | +31.4% | +27.1% | +4.2% | -1.0% | -15.0% |
| Crecimiento FCF (anual) | | +16.9% | +1.4% | +49.8% | -50.2% | +224.8% | +71.8% | +27.7% | -100.0% | +56868.7% |
| Margen Bruto | 49.9% | 43.2% | 39.8% | 38.3% | 32.9% | 34.5% | 37.1% | 36.6% | 33.2% | 30.5% |
| Margen Operativo | 3.6% | -27.6% | 5.8% | 6.9% | 3.7% | 9.6% | 17.0% | 15.4% | -0.6% | -3.1% |
| Margen EBITDA | 12.2% | -21.9% | 10.0% | 10.6% | 6.8% | 11.6% | 19.9% | 20.1% | 4.4% | 2.9% |
| Margen Neto | 0.1% | -26.6% | 3.2% | 4.9% | 3.1% | 8.1% | 15.5% | 15.5% | 2.5% | -1.8% |
| Margen FCF | 7.8% | 10.5% | 11.5% | 16.7% | 6.6% | 14.7% | 18.9% | 20.8% | 0.0% | 8.7% |
| Tasa Impositiva Efectiva | 6.9% | 10.8% | 25.5% | 11.3% | -6.3% | 14.6% | 12.7% | 15.0% | 18.5% | -59.5% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.95 | $1.11 | $1.12 | $1.65 | $0.75 | $1.86 | $2.52 | $3.09 | $0.00 | $0.91 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $25.6M | $25.8M | $25.9M | $26.0M | $26.7M | $34.4M | $44.9M | $47.1M | $49.6M | $42.1M |
Qué mirar en empresas de Communication Services
- 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 | -1.95% |
| Rentabilidad sobre capital invertido | -2.57% |
| Rentabilidad sobre activos | -1.51% |
| Margen bruto | 31.69% |
| Margen operativo | -3.96% |
| Margen neto | -2.95% |
Salud financiera
| Deuda / Patrimonio | 0.04 |
| Ratio corriente | 2.53 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 38.73 | -1.10 | 8.39 | 12.44 | 33.50 | 21.28 | 11.45 | 12.40 | 33.88 | -50.42 |
| P/VC | 0.52 | 0.58 | 0.45 | 0.98 | 1.85 | 1.77 | 1.95 | 2.03 | 0.58 | 0.60 |
| P/V | 0.35 | 0.29 | 0.27 | 0.62 | 1.04 | 1.73 | 1.77 | 1.96 | 0.84 | 0.92 |
| Margen Bruto | 49.9% | 43.2% | 39.8% | 38.3% | 32.9% | 34.5% | 37.1% | 36.6% | 33.2% | 30.5% |
| Margen Operativo | 3.6% | -27.6% | 5.8% | 6.9% | 3.7% | 9.6% | 17.0% | 15.4% | -0.6% | -3.1% |
| Margen Neto | 0.1% | -26.6% | 3.2% | 4.9% | 3.1% | 8.1% | 15.5% | 15.5% | 2.5% | -1.8% |