Estados financieros detallados de Portillo's Inc. (PTLO): 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
Portillo's Inc. registró ingresos de $732.1M en el último ejercicio fiscal, con un CAGR de 5 años del 10.0%. El beneficio neto alcanzó $19.3M, con un CAGR a 5 años del 9.5%.
Márgenes de los últimos 12 meses: margen bruto 24.1%, margen operativo 5.5%, margen neto 1.9%.
Al precio actual de $3.72, PTLO cotiza a un P/E de 18.61 y un ROE del 2.95%. La capitalización bursátil es de $269M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $479.4M | $455.5M | $535.0M | $587.1M | $679.9M | $710.6M | $732.1M |
| Coste de Ventas | $283.3M | $258.4M | $305.6M | $358.6M | $404.7M | $422.8M | $443.4M |
| Beneficio Bruto | $196.1M | $197.0M | $229.4M | $228.5M | $275.2M | $287.8M | $288.7M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $67.7M | $64.8M | $115.1M | $97.5M | $112.2M | $111.7M | $117.8M |
| Gastos Operativos | $147.2M | $139.7M | $199.4M | $187.2M | $219.7M | $229.8M | $237.5M |
| Beneficio Operativo | $48.9M | $57.3M | $30.0M | $41.3M | $55.4M | $58.0M | $51.2M |
| EBITDA | $73.3M | $81.9M | $46.1M | $67.5M | $79.8M | $94.8M | $76.0M |
| Gastos por Intereses | $43.4M | $45.0M | $39.7M | $27.6M | $27.5M | $25.6M | $22.8M |
| Beneficio Antes de Impuestos | $5.6M | $12.3M | -$16.9M | $19.0M | $28.1M | $41.9M | $24.1M |
| Impuestos | 0 | 0 | -$3.5M | $1.8M | $3.2M | $6.8M | $3.0M |
| Beneficio Neto | $5.6M | $12.3M | $6.0M | $10.9M | $18.4M | $29.5M | $19.3M |
| BPA | $-0.38 | $-0.25 | $-0.42 | $0.28 | $0.34 | $0.48 | $0.28 |
| BPA Diluido | $-0.38 | $-0.25 | $-0.42 | $0.25 | $0.32 | $0.46 | $0.27 |
| Acciones en Circulación (Diluidas) | $33.6M | $33.6M | $35.8M | $42.7M | $57.3M | $64.0M | $71.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $181.4M | $185.7M | $182.6M | $199.0M |
| Beneficio Bruto | $29.4M | $73.3M | $34.8M | $43.2M |
| Beneficio Operativo | $9.4M | $13.4M | $4.5M | $13.8M |
| EBITDA | $12.5M | $18.8M | $12.9M | $21.3M |
| Beneficio Neto | $1.2M | $6.1M | -$402000 | $6.9M |
| BPA | $0.02 | $0.09 | $-0.01 | $0.10 |
| BPA Diluido | $0.02 | $0.09 | $-0.01 | $0.09 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $22.4M | $41.4M | $39.3M | $44.4M | $10.4M | $22.9M | $20.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.7M | $5.2M | $7.8M | $8.6M | $14.2M | $14.8M | $24.4M |
| Inventario | $3.9M | $5.1M | $6.1M | $7.4M | $8.7M | $7.9M | $8.2M |
| Activos Corrientes | $32.7M | $54.6M | $59.0M | $65.3M | $41.9M | $52.7M | $51.5M |
| Inmovilizado Material | $165.1M | $174.8M | $190.8M | $393.8M | $489.6M | $581.4M | $681.3M |
| Fondo de Comercio | $394.3M | $394.3M | $394.3M | $394.3M | $394.3M | $394.3M | $394.3M |
| Activos Intangibles | $274.9M | $266.2M | $259.8M | $255.7M | $252.8M | $250.0M | $23.4M |
| Activos Totales | $886.6M | $910.2M | $999.6M | $1.28B | $1.39B | $1.50B | $1.61B |
| Cuentas por Pagar | $15.9M | $21.4M | $27.2M | $30.3M | $33.2M | $45.5M | $43.2M |
| Deuda a Corto | $18.3M | $3.3M | $3.3M | $4.2M | $22.5M | $36.2M | $103.1M |
| Pasivos Corrientes | $69.9M | $66.4M | $66.9M | $77.3M | $104.9M | $135.6M | $194.0M |
| Deuda a Largo | $465.8M | $466.4M | $315.8M | $314.4M | $283.9M | $275.4M | $238.0M |
| Pasivos Totales | $558.9M | $769.5M | $576.2M | $847.2M | $925.4M | $1.01B | $1.11B |
| Reservas | $56.1M | 0 | -$15.9M | -$4.8M | $13.6M | $43.1M | $62.5M |
| Patrimonio Neto | $327.8M | $140.7M | $171.3M | $256.3M | $322.4M | $401.1M | $467.8M |
| Deuda Total | $484.2M | $469.7M | $319.2M | $523.6M | $550.4M | $596.2M | $670.3M |
| Deuda Neta | $461.7M | $428.3M | $279.9M | $479.2M | $540.0M | $573.3M | $650.3M |
| Capital Circulante | -$37.2M | -$11.7M | -$7.9M | -$12.0M | -$63.0M | -$82.9M | -$142.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $17.2M | $20.0M | $24.0M | $21.3M |
| Activos Totales | $1.59B | $1.61B | $1.62B | $1.62B |
| Pasivos Totales | $1.10B | $1.11B | $1.12B | $1.11B |
| Patrimonio Neto | $459.4M | $467.8M | $471.0M | $480.1M |
| Deuda Total | $655.3M | $670.3M | $688.6M | $691.4M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $5.6M | $12.3M | -$13.4M | $17.2M | $24.8M | $35.1M | $21.1M |
| Amortizaciones | $24.4M | $24.6M | $23.3M | $20.9M | $24.3M | $27.3M | $29.1M |
| Compensación en Acciones | $1.3M | $960000 | $29.4M | $16.1M | $15.5M | $11.2M | $6.5M |
| Cambio en Capital Circulante | $6.9M | $13.6M | -$7.0M | $3.9M | $2.1M | $25.7M | $12.7M |
| Flujo de Caja Operativo | $43.3M | $58.3M | $42.9M | $56.9M | $70.8M | $98.0M | $71.9M |
| Inversiones (CapEx) | -$22.0M | -$21.5M | -$36.2M | -$47.1M | -$87.9M | -$88.2M | -$90.4M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$57.0M | -$365.0M | -$179.3M | -$115.0M | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $21.3M | $36.8M | $6.7M | $9.8M | -$17.1M | $9.8M | -$18.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $20.0M | $24.4M | $17.6M | $17.6M |
| Inversiones (CapEx) | -$25.0M | -$32.3M | -$18.5M | -$11.7M |
| Flujo de Caja Libre | -$5.0M | -$7.9M | -$907000 | $5.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | -$320000 | $2.2M | $3.2M | $2.6M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -5.0% | +17.5% | +9.7% | +15.8% | +4.5% | +3.0% |
| Crecimiento Beneficio Neto (anual) | | +120.8% | -51.1% | +81.1% | +69.8% | +60.2% | -34.5% |
| Crecimiento BPA (anual) | | +34.2% | -68.0% | +166.7% | +21.4% | +41.2% | -41.7% |
| Cambio en Acciones (anual) | | +0.0% | +6.7% | +19.3% | +34.2% | +11.6% | +11.1% |
| Crecimiento FCF (anual) | | +73.0% | -81.8% | +46.9% | -274.4% | +157.5% | -288.1% |
| Margen Bruto | 40.9% | 43.3% | 42.9% | 38.9% | 40.5% | 40.5% | 39.4% |
| Margen Operativo | 10.2% | 12.6% | 5.6% | 7.0% | 8.2% | 8.2% | 7.0% |
| Margen EBITDA | 15.3% | 18.0% | 8.6% | 11.5% | 11.7% | 13.3% | 10.4% |
| Margen Neto | 1.2% | 2.7% | 1.1% | 1.8% | 2.7% | 4.2% | 2.6% |
| Margen FCF | 4.4% | 8.1% | 1.3% | 1.7% | -2.5% | 1.4% | -2.5% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 20.8% | 9.6% | 11.6% | 16.2% | 12.4% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.63 | $1.10 | $0.19 | $0.23 | $-0.30 | $0.15 | $-0.26 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $33.6M | $33.6M | $35.8M | $38.9M | $53.8M | $61.1M | $68.8M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | 2.95% |
| Rentabilidad sobre capital invertido | 2.65% |
| Rentabilidad sobre activos | 0.85% |
| Margen bruto | 24.14% |
| Margen operativo | 5.48% |
| Margen neto | 1.85% |
Salud financiera
| Deuda / Patrimonio | 1.44 |
| Ratio corriente | 0.26 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -76.58 | -116.40 | -89.21 | 61.39 | 46.85 | 18.96 | 16.61 |
| P/VC | 2.98 | 6.94 | 7.83 | 2.61 | 2.66 | 1.39 | 0.68 |
| P/V | 2.04 | 2.14 | 2.51 | 1.14 | 1.26 | 0.78 | 0.44 |
| Margen Bruto | 40.9% | 43.3% | 42.9% | 38.9% | 40.5% | 40.5% | 39.4% |
| Margen Operativo | 10.2% | 12.6% | 5.6% | 7.0% | 8.2% | 8.2% | 7.0% |
| Margen Neto | 1.2% | 2.7% | 1.1% | 1.8% | 2.7% | 4.2% | 2.6% |