Estados financieros detallados de Palmer Square Capital BDC Inc. (PSBD): 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
Palmer Square Capital BDC Inc. registró ingresos de $111.2M en el último ejercicio fiscal, con un CAGR de 5 años del 35.4%.
Márgenes de los últimos 12 meses: margen bruto 50.8%, margen operativo -14.8%, margen neto -47.9%. El flujo de caja libre creció a un CAGR del 58.2% en 5 años.
Al precio actual de $10.24, PSBD presenta beneficios negativos (P/E no significativo) y un ROE del -0.03%. La capitalización bursátil es de $319M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $24.4M | $29.5M | -$49.4M | $153.7M | $110.3M | $111.2M |
| Coste de Ventas | $123577 | $5.0M | $8.6M | $23.5M | $44.5M | $58.0M | $16.5M |
| Beneficio Bruto | -$123577 | $19.5M | $20.9M | -$72.8M | $109.2M | $52.3M | $94.7M |
| I+D | 0 | $1 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | $1 | $2.7M | $2.7M | $2.4M | $4.7M | $4.19B |
| Gastos Operativos | $3 | -$12.0M | $1.9M | $1.6M | $1.3M | $4.6M | $47.8M |
| Beneficio Operativo | -$123580 | $31.5M | $19.1M | -$74.5M | $107.8M | $47.7M | $46.9M |
| EBITDA | -$123580 | $31.5M | $19.1M | -$74.5M | $107.8M | $47.7M | $1.78B |
| Gastos por Intereses | 0 | 0 | $8.6M | $23.5M | $44.5M | $58.0M | $50.06B |
| Beneficio Antes de Impuestos | -$123577 | $26.7M | $19.1M | -$74.5M | $107.8M | $47.7M | -$3.2M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$123577 | $26.7M | $19.1M | -$74.5M | $107.8M | $47.7M | -$3.2M |
| BPA | $-0.00 | $0.83 | $0.59 | $-2.32 | $3.31 | $1.46 | $-0.10 |
| BPA Diluido | $-0.00 | $0.83 | $0.59 | $-3.22 | $3.31 | $1.46 | $-0.10 |
| Acciones en Circulación (Diluidas) | $32.6M | $32.1M | $32.1M | $32.1M | $32.6M | $32.6M | $32.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $17.2M | $7.5M | $15.5M | $24.0M |
| Beneficio Bruto | $4.4M | -$4.3M | $12.0M | $20.4M |
| Beneficio Operativo | $3.4M | -$5.3M | -$26.7M | $19.1M |
| EBITDA | $3.4M | $438.8M | -$26.7M | $19.1M |
| Beneficio Neto | $3.4M | -$5.3M | -$37.2M | $8.5M |
| BPA | $0.10 | $-0.17 | $-1.19 | $0.27 |
| BPA Diluido | $0.10 | $-0.17 | $-1.19 | $0.27 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1500 | $682579 | $1.1M | $1.7M | $2.1M | $2.8M | $3.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $13.7M | $21.7M | $38.0M | $10.9M | $21.1M | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | 0 | $14.3M | $23.0M | $40.2M | $13.0M | $23.9M | $3.2M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $501746 | $667.5M | $1.22B | $1.06B | $1.12B | $1.43B | $1.22B |
| Cuentas por Pagar | 0 | $19.4M | $110.2M | $49.7M | $14.7M | $83.1M | $33.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | 0 | $19.4M | $110.2M | $49.7M | $14.7M | $83.1M | $37.8M |
| Deuda a Largo | 0 | $393.2M | $649.9M | $641.3M | $641.8M | $804.2M | $716.5M |
| Pasivos Totales | $623823 | $414.3M | $764.5M | $694.0M | $659.9M | $893.2M | $755.3M |
| Reservas | -$123577 | $14.9M | $8.0M | -$110.5M | -$58.7M | -$73.3M | -$129.6M |
| Patrimonio Neto | -$122077 | $253.1M | $452.8M | $363.4M | $462.0M | $537.8M | $464.1M |
| Deuda Total | 0 | $393.2M | $649.9M | $641.3M | $641.8M | $804.2M | $716.5M |
| Deuda Neta | -$1500 | $392.5M | $648.8M | $639.7M | $639.7M | $801.4M | $713.3M |
| Capital Circulante | 0 | -$5.1M | -$87.1M | -$9.5M | -$1.7M | -$59.2M | -$34.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $4.2M | $3.2M | $1.5M | $2.45B |
| Activos Totales | $1.28B | $1.22B | $1.17B | $1.13T |
| Pasivos Totales | $791.1M | $755.3M | $752.3M | $726.43B |
| Patrimonio Neto | $490.4M | $464.1M | $413.8M | $406.15B |
| Deuda Total | $752.4M | $716.5M | $702.3M | $696.49B |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $26.7M | $19.1M | -$74.5M | $107.8M | $47.7M | -$3.2M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Cambio en Capital Circulante | $3.6M | $83.1M | -$79.6M | -$24898 | $45.1M | -$41.4M |
| Flujo de Caja Operativo | $16.2M | -$438.0M | -$39.2M | $57.1M | $106.7M | $160.7M |
| Inversiones (CapEx) | $1 | 0 | $2 | 0 | $1 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$1.3M | -$18.0M |
| Dividendos Pagados | -$3.4M | -$6.3M | -$18.8M | -$33.9M | -$46.6M | -$55.3M |
| Flujo de Caja Libre | $16.2M | -$438.0M | -$39.2M | $57.1M | $106.7M | $160.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $17.5M | $19.0M | $29.1M | $50.28B |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $17.5M | $19.0M | $29.1M | $50.28B |
| Dividendos Pagados | -$13.5M | -$13.4M | -$13.4M | -$24.96B |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +20.8% | -267.2% | +411.1% | -28.2% | +0.8% |
| Crecimiento Beneficio Neto (anual) | | +21733.2% | -28.7% | -490.8% | +244.8% | -55.8% | -106.6% |
| Crecimiento BPA (anual) | | +21942.1% | -28.9% | -493.2% | +242.7% | -55.9% | -106.8% |
| Cambio en Acciones (anual) | | -1.3% | +0.0% | +0.0% | +1.4% | +0.1% | -1.4% |
| Crecimiento FCF (anual) | | -2804.9% | +91.0% | +245.5% | +86.9% | +50.5% |
| Margen Bruto | | 79.7% | 70.8% | 147.5% | 71.1% | 47.4% | 85.1% |
| Margen Operativo | | 128.7% | 64.5% | 150.8% | 70.2% | 43.2% | 42.2% |
| Margen EBITDA | | 128.7% | 64.5% | 150.8% | 70.2% | 43.2% | 1600.1% |
| Margen Neto | | 109.3% | 64.5% | 150.8% | 70.2% | 43.2% | -2.9% |
| Margen FCF | 66.2% | -1482.7% | 79.5% | 37.2% | 96.7% | 144.5% |
| Tasa Impositiva Efectiva | -0.0% | 0.0% | 0.0% | -0.0% | 0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.50 | $-13.64 | $-1.22 | $1.75 | $3.27 | $5.00 |
| Dividendo por Acción | $0.10 | $0.20 | $0.59 | $1.04 | $1.43 | $1.72 |
| Acciones en Circulación (Básicas) | $32.6M | $32.1M | $32.1M | $32.1M | $32.6M | $32.6M | $32.1M |
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 | -0.03% |
| Rentabilidad sobre capital invertido | -0.00% |
| Rentabilidad sobre activos | -0.00% |
| Margen bruto | 50.80% |
| Margen operativo | -14.82% |
| Margen neto | -47.90% |
Salud financiera
| Deuda / Patrimonio | 1.71 |
| Ratio corriente | 0.04 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.35 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4260.53 | 19.51 | 27.44 | -6.98 | 4.89 | 10.41 | -123.63 |
| P/VC | -4317.19 | 2.05 | 1.15 | 1.43 | 1.14 | 0.92 | 0.84 |
| P/V | 0.00 | 21.27 | 17.60 | -10.53 | 3.43 | 4.49 | 3.52 |
| Margen Bruto | 0.0% | 79.7% | 70.8% | 147.5% | 71.1% | 47.4% | 85.1% |
| Margen Operativo | 0.0% | 128.7% | 64.5% | 150.8% | 70.2% | 43.2% | 42.2% |
| Margen Neto | 0.0% | 109.3% | 64.5% | 150.8% | 70.2% | 43.2% | -2.9% |