Estados financieros detallados de Alpine Income Property Trust, Inc. (PINE): 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
Alpine Income Property Trust, Inc. registró ingresos de $60.5M en el último ejercicio fiscal, con un CAGR de 5 años del 25.8%.
Márgenes de los últimos 12 meses: margen bruto 62.6%, margen operativo 35.4%, margen neto 7.7%.
Al precio actual de $18.00, PINE cotiza a un P/E de 83.88 y un ROE del 1.86%. La capitalización bursátil es de $297M.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $8.5M | $11.7M | $13.2M | $19.2M | $30.1M | $45.2M | $45.6M | $52.2M | $60.5M |
| Coste de Ventas | $1.5M | $1.6M | $2.0M | $2.3M | $6.9M | $9.3M | $6.9M | $12.0M | $67.1M |
| Beneficio Bruto | $7.0M | $10.1M | $11.2M | $16.9M | $23.3M | $35.9M | $38.8M | $40.2M | -$6.6M |
| I+D | $0 | $1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $829349 | $1.2M | $2.0M | $4.7M | $1.8M | $2.0M | $6.3M | $2.3M | $6.7M |
| Gastos Operativos | $3.9M | $6.1M | $7.6M | $14.3M | $8.1M | -$7.6M | $25.6M | $26.2M | -$25.1M |
| Beneficio Operativo | $3.1M | $4.0M | $3.6M | $2.6M | $15.2M | $43.5M | $13.1M | $14.0M | $18.5M |
| EBITDA | $6.2M | $8.7M | $8.9M | $12.2M | $30.7M | $66.5M | $38.5M | $39.1M | $40.8M |
| Gastos por Intereses | $286242 | 0 | $41230 | $1.5M | $3.7M | $9.5M | $10.2M | $12.0M | $16.3M |
| Beneficio Antes de Impuestos | $2.8M | $4.0M | $3.6M | $1.1M | $11.5M | $34.0M | $3.3M | $2.3M | -$2.9M |
| Impuestos | 0 | $229329 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $2.8M | $4.0M | $3.6M | $985000 | $10.0M | $29.7M | $2.9M | $2.1M | -$2.7M |
| BPA | $0.36 | $0.44 | $0.45 | $0.13 | $1.02 | $2.48 | $0.21 | $0.15 | $-0.22 |
| BPA Diluido | $0.31 | $0.44 | $0.45 | $0.11 | $0.89 | $2.17 | $0.19 | $0.14 | $-0.22 |
| Acciones en Circulación (Diluidas) | $9.1M | $9.1M | $7.9M | $8.8M | $11.2M | $13.7M | $15.6M | $15.1M | $15.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $14.6M | $16.9M | $18.4M | $20.0M |
| Beneficio Bruto | $11.6M | $13.8M | $402000 | $17.9M |
| Beneficio Operativo | $2.4M | $6.6M | $7.0M | $8.7M |
| EBITDA | $9.1M | $12.0M | $13.9M | $15.5M |
| Beneficio Neto | -$1.3M | $1.5M | $2.2M | $3.0M |
| BPA | $-0.09 | $0.06 | $0.07 | $0.18 |
| BPA Diluido | $-0.09 | $0.06 | $0.06 | $0.16 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $6900 | $8258 | $12.3M | $1.9M | $8.9M | $9.0M | $4.0M | $1.6M | $4.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $11.0M | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | $283000 | $1.3M | $1.2M | $2.2M | $91.1M | $3.0M |
| Inventario | -$0 | 0 | 0 | 0 | 0 | 0 | -$898000 | 0 | 0 |
| Activos Corrientes | $6900 | $8258 | $13.0M | $2.9M | $11.8M | $15.0M | $69.1M | $102.4M | $4.6M |
| Inmovilizado Material | $109.6M | $111.2M | 0 | 0 | 0 | $1.6M | $1.4M | $3.2M | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $11.5M | $10.6M | $22.4M | $36.9M | $58.8M | $60.4M | $49.3M | $43.9M | $48.9M |
| Activos Totales | $126.0M | $126.6M | $164.2M | $262.2M | $505.5M | $573.4M | $564.6M | $605.0M | $715.9M |
| Cuentas por Pagar | $3.5M | $83592 | $463000 | $450000 | $213000 | $17000 | $30000 | $40000 | $9000 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $311000 |
| Pasivos Corrientes | $3.8M | $651815 | $1.6M | $2.6M | $4.2M | $4.0M | $6.7M | $6.9M | $14.0M |
| Deuda a Largo | $1.8M | $1.7M | 0 | $106.8M | $267.7M | $267.1M | $275.7M | $301.5M | $385.8M |
| Pasivos Totales | $5.6M | $2.4M | $3.5M | $113.1M | $277.6M | $278.1M | $288.9M | $328.5M | $414.6M |
| Reservas | 0 | 0 | -$498000 | -$5.7M | -$6.4M | $10.0M | -$2.4M | 0 | -$35.3M |
| Patrimonio Neto | $120.4M | $124.2M | $137.5M | $126.8M | $196.5M | $261.6M | $250.7M | $253.0M | $279.9M |
| Deuda Total | $1.8M | $1.7M | $1.9M | $110.1M | $273.2M | $273.8M | $282.0M | $309.5M | $394.2M |
| Deuda Neta | $1.8M | $1.7M | -$10.4M | $108.2M | $264.4M | $264.8M | $267.1M | $307.9M | $389.6M |
| Capital Circulante | -$3.8M | -$643557 | $11.5M | $325000 | $7.6M | $10.9M | $62.4M | $95.5M | -$9.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.2M | $4.6M | $2.6M | $2.8M |
| Activos Totales | $621.4M | $715.9M | $745.1M | $781.5M |
| Pasivos Totales | $376.2M | $414.6M | $411.5M | $423.0M |
| Patrimonio Neto | $223.5M | $279.9M | $312.5M | $337.3M |
| Deuda Total | $365.1M | $394.2M | $367.1M | $372.3M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $2.8M | $4.0M | $666181 | $1.1M | $11.5M | $34.0M | $2.9M | $2.3M | -$2.9M |
| Amortizaciones | $2.9M | $4.7M | $5.8M | $9.8M | $15.7M | $23.2M | $25.8M | $25.1M | $26.8M |
| Compensación en Acciones | $136536 | $232426 | $513000 | $268000 | $309000 | $310000 | 0 | $247000 | $380000 |
| Cambio en Capital Circulante | -$640755 | -$3.6M | -$792737 | -$1.4M | -$940000 | -$374000 | $2.1M | -$761000 | -$4.1M |
| Flujo de Caja Operativo | $5.3M | $5.6M | $8.3M | $9.4M | $17.2M | $24.7M | $25.6M | $25.6M | $25.8M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | -$189.1M | -$84.5M | 0 | -$108.5M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$5.0M | 0 | 0 | -$14.6M | -$775000 | -$8.8M |
| Dividendos Pagados | 0 | 0 | -$529342 | -$7.2M | -$10.7M | -$13.3M | -$15.3M | -$16.8M | -$18.3M |
| Flujo de Caja Libre | $5.3M | $5.6M | $8.3M | $9.4M | $17.2M | -$164.5M | -$58.9M | $25.6M | -$82.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $8.7M | $2.1M | $4.4M | $6.2M |
| Inversiones (CapEx) | -$27.2M | -$41.0M | 0 | -$20.5M |
| Flujo de Caja Libre | -$18.4M | -$38.9M | $4.4M | -$14.3M |
| Dividendos Pagados | -$4.0M | -$4.7M | -$6.4M | -$6.8M |
| Compensación en Acciones | $95000 | $95000 | $95000 | $95000 |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +38.6% | +12.9% | +45.5% | +56.5% | +50.0% | +1.0% | +14.4% | +15.9% |
| Crecimiento Beneficio Neto (anual) | | +42.7% | -10.5% | -72.6% | +911.6% | +198.3% | -90.2% | -29.2% | -228.6% |
| Crecimiento BPA (anual) | | +22.2% | +2.3% | -71.1% | +684.6% | +143.1% | -91.5% | -28.6% | -246.7% |
| Cambio en Acciones (anual) | | +0.0% | -13.5% | +11.6% | +27.6% | +21.6% | +13.8% | -3.1% | +3.1% |
| Crecimiento FCF (anual) | | +6.5% | +47.8% | +13.0% | +83.1% | -1056.4% | +64.2% | +143.5% | -423.3% |
| Margen Bruto | 82.6% | 86.2% | 84.6% | 88.0% | 77.2% | 79.5% | 84.9% | 77.0% | -10.9% |
| Margen Operativo | 36.7% | 34.3% | 27.4% | 13.6% | 50.3% | 96.2% | 28.8% | 26.8% | 30.5% |
| Margen EBITDA | 73.4% | 74.1% | 67.5% | 63.2% | 102.0% | 147.1% | 84.3% | 74.9% | 67.3% |
| Margen Neto | 33.3% | 34.3% | 27.1% | 5.1% | 33.1% | 65.8% | 6.4% | 4.0% | -4.4% |
| Margen FCF | 62.5% | 48.0% | 62.8% | 48.8% | 57.1% | -364.0% | -129.0% | 49.0% | -136.8% |
| Tasa Impositiva Efectiva | 0.0% | 5.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.58 | $0.62 | $1.05 | $1.07 | $1.53 | $-12.03 | $-3.78 | $1.70 | $-5.32 |
| Dividendo por Acción | $0.00 | $0.00 | $0.07 | $0.82 | $0.95 | $0.97 | $0.98 | $1.11 | $1.18 |
| Acciones en Circulación (Básicas) | $7.9M | $9.1M | $7.9M | $7.6M | $9.8M | $12.0M | $13.9M | $13.9M | $14.3M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | 1.86% |
| Rentabilidad sobre capital invertido | 3.30% |
| Rentabilidad sobre activos | 0.68% |
| Margen bruto | 62.60% |
| Margen operativo | 35.43% |
| Margen neto | 7.66% |
Salud financiera
| Deuda / Patrimonio | 1.10 |
| Ratio corriente | 0.82 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.43 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 52.78 | 43.18 | 42.29 | 115.31 | 19.65 | 7.69 | 80.52 | 111.93 | -76.00 |
| P/VC | 1.25 | 1.40 | 1.09 | 0.90 | 1.00 | 0.87 | 0.94 | 0.92 | 0.86 |
| P/V | 17.76 | 14.80 | 11.35 | 5.91 | 6.51 | 5.06 | 5.16 | 4.46 | 3.96 |
| Margen Bruto | 82.6% | 86.2% | 84.6% | 88.0% | 77.2% | 79.5% | 84.9% | 77.0% | -10.9% |
| Margen Operativo | 36.7% | 34.3% | 27.4% | 13.6% | 50.3% | 96.2% | 28.8% | 26.8% | 30.5% |
| Margen Neto | 33.3% | 34.3% | 27.1% | 5.1% | 33.1% | 65.8% | 6.4% | 4.0% | -4.4% |