Estados financieros detallados de Protalix BioTherapeutics, Inc. (PLX): 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
Protalix BioTherapeutics, Inc. registró ingresos de $52.7M en el último ejercicio fiscal, con un CAGR de 5 años del -3.5%.
Márgenes de los últimos 12 meses: margen bruto 69.2%, margen operativo 28.9%, margen neto 23.5%.
Al precio actual de $2.68, PLX cotiza a un P/E de 11.12 y un ROE del 31.61%. La capitalización bursátil es de $216M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $9.2M | $21.1M | $34.2M | $54.7M | $62.9M | $38.4M | $47.6M | $65.5M | $53.4M | $52.7M |
| Coste de Ventas | $8.4M | $15.2M | $9.3M | $10.9M | $10.9M | $16.3M | $19.6M | $23.0M | $24.3M | $27.5M |
| Beneficio Bruto | $801000 | $5.8M | $24.9M | $43.8M | $52.0M | $22.0M | $28.0M | $42.5M | $29.1M | $25.2M |
| I+D | $30.4M | $28.8M | $33.3M | $44.6M | $38.2M | $29.7M | $29.3M | $17.1M | $13.0M | $19.1M |
| Generales y Administrativos | $9.4M | $11.5M | $10.9M | $9.9M | $11.1M | $12.7M | $11.7M | $15.0M | $12.2M | $11.7M |
| Gastos Operativos | $34.0M | $40.4M | $44.2M | $54.5M | $49.3M | $42.5M | $41.1M | $32.1M | $25.2M | $30.7M |
| Beneficio Operativo | -$33.2M | -$34.5M | -$19.3M | -$10.7M | $2.7M | -$20.5M | -$13.0M | $10.5M | $3.9M | -$5.5M |
| EBITDA | -$23.0M | -$71.8M | -$17.1M | -$8.7M | $4.5M | -$18.9M | -$10.8M | $12.9M | $6.5M | -$3.0M |
| Gastos por Intereses | $4.2M | $9.7M | $7.7M | $8.0M | $9.7M | $7.5M | $2.5M | $3.2M | $1.1M | $1.2M |
| Beneficio Antes de Impuestos | -$29.2M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.4M | $8.6M | $4.2M | -$5.6M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | $530000 | $254000 | $1.2M | $996000 |
| Beneficio Neto | -$29.4M | -$83.4M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.9M | $8.3M | $2.9M | -$6.6M |
| BPA | $-0.29 | $-6.50 | $-1.80 | $-1.23 | $-0.22 | $-0.62 | $-0.31 | $0.12 | $0.04 | $-0.08 |
| BPA Diluido | $-0.29 | $-6.50 | $-1.80 | $-1.23 | $-0.22 | $-0.62 | $-0.31 | $0.10 | $0.04 | $-0.08 |
| Acciones en Circulación (Diluidas) | $101.4M | $13.1M | $14.7M | $14.8M | $29.1M | $44.1M | $48.5M | $82.4M | $81.1M | $78.5M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $63.3M | $51.2M | $37.8M | $17.8M | $18.3M | $39.0M | $17.1M | $23.6M | $19.8M | $14.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $20.3M | 0 | $5.1M | $20.9M | $15.1M | $15.6M |
| Cuentas por Cobrar | $693000 | $1.7M | $4.7M | $4.7M | $2.0M | $3.4M | $4.6M | $5.3M | $2.9M | $8.8M |
| Inventario | $5.2M | $7.8M | $8.6M | $8.2M | $13.1M | $18.0M | $16.8M | $19.0M | $21.2M | $25.7M |
| Activos Corrientes | $71.9M | $62.7M | $53.0M | $32.5M | $55.7M | $61.7M | $44.9M | $69.9M | $60.1M | $66.7M |
| Inmovilizado Material | $8.7M | $7.7M | $6.4M | $10.9M | $10.4M | $9.9M | $9.6M | $10.9M | $10.0M | $12.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $82.2M | $72.2M | $61.1M | $45.4M | $67.9M | $73.7M | $55.8M | $84.4M | $73.4M | $82.3M |
| Cuentas por Pagar | $4.0M | $7.5M | $5.2M | $6.5M | $7.2M | $7.0M | $5.9M | $4.3M | $4.5M | $5.3M |
| Deuda a Corto | $53.9M | $5.9M | 0 | $4.3M | $58.5M | 0 | 0 | $21.7M | 0 | 0 |
| Pasivos Corrientes | $66.2M | $22.8M | $25.4M | $40.2M | $86.5M | $33.2M | $32.4M | $45.5M | $25.6M | $26.5M |
| Deuda a Largo | $23.6M | $46.3M | $48.0M | $51.0M | 0 | $27.9M | $28.2M | 0 | 0 | 0 |
| Pasivos Totales | $92.2M | $103.5M | $114.0M | $115.7M | $95.0M | $79.7M | $66.4M | $50.9M | $30.2M | $34.1M |
| Reservas | -$212.7M | -$297.9M | -$322.6M | -$340.8M | -$347.4M | -$374.9M | -$389.9M | -$381.5M | -$378.4M | -$385.0M |
| Patrimonio Neto | -$10.0M | -$31.3M | -$52.9M | -$70.3M | -$27.0M | -$6.0M | -$10.6M | $33.6M | $43.2M | $48.2M |
| Deuda Total | $77.5M | $52.2M | $48.0M | $60.9M | $64.4M | $33.5M | $33.5M | $27.7M | $5.5M | $8.3M |
| Deuda Neta | $14.2M | $1.0M | $10.2M | $43.1M | $25.9M | -$5.5M | $11.3M | -$16.9M | -$29.3M | -$22.0M |
| Capital Circulante | $5.7M | $39.9M | $27.6M | -$7.7M | -$30.8M | $28.5M | $12.5M | $24.4M | $34.5M | $40.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$29.2M | -$85.3M | -$26.5M | -$18.3M | -$6.5M | -$27.6M | -$14.9M | $8.3M | $2.9M | -$6.6M |
| Amortizaciones | $2.0M | $1.9M | $1.7M | $1.6M | $1.3M | $1.1M | $1.1M | $1.2M | $1.3M | $1.5M |
| Compensación en Acciones | $988000 | $337000 | $514000 | $835000 | $3.1M | $2.4M | $2.1M | $3.4M | $3.3M | $2.3M |
| Cambio en Capital Circulante | $1.1M | $29.1M | $13.5M | -$6.8M | -$27.1M | $9.9M | -$12.0M | -$10.5M | $811000 | -$10.1M |
| Flujo de Caja Operativo | -$32.1M | -$10.0M | -$7.7M | -$19.4M | -$26.1M | -$10.3M | -$25.0M | -$1.3M | $8.7M | -$12.0M |
| Inversiones (CapEx) | -$849000 | -$971000 | -$686000 | -$627000 | -$655000 | -$1.5M | -$628000 | -$1.1M | -$1.3M | -$1.6M |
| Adquisiciones | $20000 | $3000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$32.9M | -$11.0M | -$8.4M | -$20.0M | -$26.8M | -$11.7M | -$25.6M | -$2.5M | $7.4M | -$13.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +129.1% | +62.4% | +59.7% | +15.0% | -39.0% | +24.2% | +37.5% | -18.5% | -1.2% | |
| Crecimiento Beneficio Neto (anual) | -184.1% | +68.3% | +30.9% | +64.3% | -322.8% | +45.9% | +155.7% | -64.7% | -325.2% | |
| Crecimiento BPA (anual) | -2141.4% | +72.3% | +31.7% | +82.1% | -181.8% | +50.0% | +138.7% | -66.3% | -308.2% | |
| Cambio en Acciones (anual) | -87.1% | +12.2% | +0.8% | +96.4% | +51.4% | +9.8% | +70.0% | -1.7% | -3.1% | |
| Crecimiento FCF (anual) | +66.7% | +23.1% | -137.1% | -33.9% | +56.1% | -118.2% | +90.4% | +399.6% | -284.4% | |
| Margen Bruto | 8.7% | 27.7% | 72.8% | 80.1% | 82.7% | 57.4% | 58.9% | 64.9% | 54.5% | 47.8% |
| Margen Operativo | -360.5% | -163.8% | -56.4% | -19.6% | 4.3% | -53.4% | -27.3% | 16.0% | 7.3% | -10.4% |
| Margen EBITDA | -250.0% | -340.6% | -49.9% | -15.9% | 7.1% | -49.4% | -22.6% | 19.8% | 12.2% | -5.6% |
| Margen Neto | -319.2% | -395.9% | -77.3% | -33.4% | -10.4% | -71.9% | -31.3% | 12.7% | 5.5% | -12.5% |
| Margen FCF | -358.2% | -52.0% | -24.6% | -36.5% | -42.5% | -30.6% | -53.8% | -3.8% | 13.8% | -25.8% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -3.7% | 3.0% | 29.4% | -17.8% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.32 | $-0.84 | $-0.57 | $-1.35 | $-0.92 | $-0.27 | $-0.53 | $-0.03 | $0.09 | $-0.17 |
| 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) | $101.4M | $13.1M | $14.7M | $14.8M | $29.1M | $44.1M | $48.5M | $67.5M | $72.5M | $78.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 31.61% |
| Rentabilidad sobre capital invertido | 23.33% |
| Rentabilidad sobre activos | 17.17% |
| Margen bruto | 69.20% |
| Margen operativo | 28.89% |
| Margen neto | 23.50% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 2.94 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -3.05 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.34 | -1.02 | -1.73 | -2.67 | -16.50 | -1.34 | -4.42 | 14.83 | 46.53 | -21.40 |
| P/VC | -45.31 | -2.77 | -0.87 | -0.69 | -3.91 | -6.08 | -6.24 | 3.58 | 3.16 | 2.93 |
| P/V | 49.05 | 4.11 | 1.34 | 0.89 | 1.68 | 0.96 | 1.39 | 1.83 | 2.55 | 2.68 |
| Margen Bruto | 8.7% | 27.7% | 72.8% | 80.1% | 82.7% | 57.4% | 58.9% | 64.9% | 54.5% | 47.8% |
| Margen Operativo | -360.5% | -163.8% | -56.4% | -19.6% | 4.3% | -53.4% | -27.3% | 16.0% | 7.3% | -10.4% |
| Margen Neto | -319.2% | -395.9% | -77.3% | -33.4% | -10.4% | -71.9% | -31.3% | 12.7% | 5.5% | -12.5% |
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