Estados financieros detallados de Perella Weinberg Partners (PWP): 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
Perella Weinberg Partners registró ingresos de $750.9M en el último ejercicio fiscal, con un CAGR de 5 años del 7.7%.
Márgenes de los últimos 12 meses: margen bruto 124.8%, margen operativo 2.8%, margen neto 3.2%. El flujo de caja libre creció a un CAGR del -17.6% en 5 años.
Al precio actual de $12.75, PWP cotiza a un P/E de 37.20 y un ROE del -14.08%. La capitalización bursátil es de $1.3B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $679.6M | $533.3M | $519.0M | $801.7M | $631.5M | $648.7M | $878.0M | $750.9M |
| Coste de Ventas | 0 | $349.8M | $374.3M | $504.4M | $391.3M | $426.6M | $525.9M | $20.8M |
| Beneficio Bruto | $679.6M | $183.5M | $144.7M | $297.3M | $240.2M | $222.1M | $352.1M | $730.1M |
| I+D | $2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $770.7M | $276.0M | $110.7M | $181.6M | $234.1M | $269.0M | $354.7M | $61.5M |
| Gastos Operativos | $977 | $338.6M | $159.2M | $230.7M | $287.9M | $337.2M | $430.6M | $682.1M |
| Beneficio Operativo | -$107.4M | -$155.1M | -$14.6M | $66.6M | -$47.7M | -$115.1M | -$78.5M | $48.0M |
| EBITDA | -$977 | -$130.3M | $10.4M | $45.0M | -$37.0M | -$100.4M | -$58.2M | $72.3M |
| Gastos por Intereses | 0 | $15.4M | $15.7M | $7.6M | $276000 | $276000 | 0 | 0 |
| Beneficio Antes de Impuestos | -$123.2M | -$161.6M | -$20.9M | $22.9M | -$21.4M | -$112.8M | -$68.3M | $51.5M |
| Impuestos | 0 | $2.4M | $3.5M | $18.9M | $10.3M | -$980000 | $21.1M | $3.5M |
| Beneficio Neto | -$977 | -$164.0M | -$24.3M | -$9.4M | $17.9M | -$17.2M | -$64.7M | $35.5M |
| BPA | $0.00 | $0.00 | $-0.26 | $-0.22 | $0.41 | $-0.40 | $-1.22 | $0.55 |
| BPA Diluido | $0.00 | $0.00 | $-0.26 | $-0.22 | $-0.46 | $-1.33 | $-1.22 | $0.55 |
| Acciones en Circulación (Diluidas) | $101.0M | $101.0M | $92.8M | $42.6M | $89.8M | $86.8M | $53.2M | $64.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $164.6M | $219.2M | $148.9M | $156.5M |
| Beneficio Bruto | $75.9M | $490.4M | $143.1M | $150.7M |
| Beneficio Operativo | $8.9M | $18.5M | -$12.9M | $5.1M |
| EBITDA | $13.9M | $27.5M | -$7.1M | $10.9M |
| Beneficio Neto | $6.0M | $9.4M | $1.5M | $5.3M |
| BPA | $0.09 | $0.14 | $0.02 | $0.07 |
| BPA Diluido | $0.08 | $0.14 | $0.02 | $0.06 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $10762 | $330.9M | $504.8M | $174.2M | $250.1M | $332.8M | $255.9M |
| Inversiones a Corto | 0 | 0 | 0 | $140.1M | $91.2M | $75.8M | 0 |
| Cuentas por Cobrar | 0 | $41.1M | $51.1M | $71.3M | $51.3M | $74.4M | $62.7M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $10762 | $372.0M | $555.9M | $385.5M | $423.3M | $483.0M | $318.6M |
| Inmovilizado Material | 0 | $70.6M | $50.3M | $202.1M | $237.6M | $224.5M | $215.7M |
| Fondo de Comercio | 0 | $34.4M | $34.4M | $34.4M | $34.4M | $34.4M | $72.7M |
| Activos Intangibles | 0 | $38.9M | $32.4M | $25.8M | $19.2M | $12.6M | $12.5M |
| Activos Totales | $65635 | $543.0M | $718.3M | $717.1M | $761.1M | $876.8M | $797.6M |
| Cuentas por Pagar | 0 | $22.2M | $31.0M | $46.3M | $52.1M | $68.3M | $35.8M |
| Deuda a Corto | $869 | 0 | 0 | 0 | 0 | $19.3M | $18.5M |
| Pasivos Corrientes | $42931 | $246.4M | $350.4M | $265.4M | $286.0M | $413.5M | $275.8M |
| Deuda a Largo | 0 | $147.0M | 0 | 0 | 0 | 0 | $167.6M |
| Pasivos Totales | $42931 | $468.8M | $447.0M | $457.0M | $492.9M | $647.0M | $536.9M |
| Reservas | -$2296 | 0 | -$18.1M | -$18.1M | -$54.6M | -$303.7M | -$130.6M |
| Patrimonio Neto | $22704 | $74.2M | $126.3M | $137.5M | $152.7M | -$421.4M | -$127.4M |
| Deuda Total | $869 | $205.2M | $43.4M | $165.6M | $175.9M | $187.3M | $353.7M |
| Deuda Neta | -$9893 | -$125.7M | -$461.3M | -$148.7M | -$165.4M | -$221.3M | $97.8M |
| Capital Circulante | -$32169 | $125.6M | $205.5M | $120.1M | $137.3M | $69.5M | $42.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $185.5M | $255.9M | $77.7M | $115.8M |
| Activos Totales | $650.2M | $797.6M | $595.8M | $645.0M |
| Pasivos Totales | $449.7M | $536.9M | $367.5M | $380.6M |
| Patrimonio Neto | -$302.4M | -$127.4M | -$154.7M | -$45.8M |
| Deuda Total | $184.8M | $353.7M | $182.1M | $179.3M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$24.3M | $4.0M | -$31.7M | -$111.8M | -$89.3M | $48.0M |
| Amortizaciones | $15.5M | $14.5M | $10.7M | $14.7M | $20.4M | $20.8M |
| Compensación en Acciones | $24.8M | $97.0M | $156.4M | $184.5M | $188.9M | -$120.4M |
| Cambio en Capital Circulante | $46.4M | $59.0M | -$148.4M | $44.5M | $88.6M | -$160.6M |
| Flujo de Caja Operativo | $85.9M | $234.9M | -$17.8M | $145.9M | $223.4M | $34.8M |
| Inversiones (CapEx) | -$5.5M | -$1.5M | -$26.6M | -$57.6M | -$16.4M | -$4.3M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | -$18.9M |
| Recompra de Acciones | 0 | -$12.0M | -$105.0M | -$22.5M | -$15.0M | -$33.7M |
| Dividendos Pagados | -$12.0M | -$71.9M | -$57.3M | -$27.3M | -$20.3M | -$22.9M |
| Flujo de Caja Libre | $80.4M | $233.4M | -$44.3M | $88.3M | $207.0M | $30.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $59.2M | $96.0M | -$109.7M | $48.8M |
| Inversiones (CapEx) | -$1.5M | -$963000 | -$2.1M | -$1.7M |
| Flujo de Caja Libre | $57.6M | $95.1M | -$111.8M | $47.2M |
| Dividendos Pagados | -$9.8M | -$4.6M | -$8.6M | -$6.3M |
| Compensación en Acciones | $27.8M | $77.6M | -$160.5M | $5.4M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -21.5% | -2.7% | +54.5% | -21.2% | +2.7% | +35.4% | -14.5% |
| Crecimiento Beneficio Neto (anual) | | -16787924.6% | +85.2% | +61.3% | +289.8% | -196.3% | -275.8% | +154.8% |
| Crecimiento BPA (anual) | | | | +15.7% | +284.4% | -197.6% | -206.5% | +145.1% |
| Cambio en Acciones (anual) | | +0.0% | -8.1% | -54.1% | +110.7% | -3.3% | -38.7% | +20.7% |
| Crecimiento FCF (anual) | | +190.4% | -119.0% | +299.1% | +134.4% | -85.3% |
| Margen Bruto | 100.0% | 34.4% | 27.9% | 37.1% | 38.0% | 34.2% | 40.1% | 97.2% |
| Margen Operativo | -15.8% | -29.1% | -2.8% | 8.3% | -7.6% | -17.7% | -8.9% | 6.4% |
| Margen EBITDA | -0.0% | -24.4% | 2.0% | 5.6% | -5.9% | -15.5% | -6.6% | 9.6% |
| Margen Neto | -0.0% | -30.8% | -4.7% | -1.2% | 2.8% | -2.7% | -7.4% | 4.7% |
| Margen FCF | 15.5% | 29.1% | -7.0% | 13.6% | 23.6% | 4.1% |
| Tasa Impositiva Efectiva | -0.0% | -1.5% | -16.5% | 82.5% | -48.2% | 0.9% | -30.9% | 6.8% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.87 | $5.48 | $-0.49 | $1.02 | $3.89 | $0.47 |
| Dividendo por Acción | $0.13 | $1.69 | $0.64 | $0.31 | $0.38 | $0.36 |
| Acciones en Circulación (Básicas) | $50.5M | $50.5M | $46.4M | $42.6M | $43.8M | $43.3M | $53.2M | $64.2M |
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 | -14.08% |
| Rentabilidad sobre capital invertido | 3.81% |
| Rentabilidad sobre activos | 3.44% |
| Margen bruto | 124.78% |
| Margen operativo | 2.84% |
| Margen neto | 3.22% |
Salud financiera
| Deuda / Patrimonio | -3.92 |
| Ratio corriente | 1.44 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -511622.61 | -3.05 | -43.08 | -58.14 | 24.03 | -30.73 | -19.54 | 31.45 |
| P/VC | 0.00 | 22016.18 | 7.07 | 4.34 | 3.13 | 3.47 | -3.01 | -8.72 |
| P/V | 0.74 | 0.94 | 1.01 | 0.68 | 0.68 | 0.82 | 1.44 | 1.48 |
| Margen Bruto | 100.0% | 34.4% | 27.9% | 37.1% | 38.0% | 34.2% | 40.1% | 97.2% |
| Margen Operativo | -15.8% | -29.1% | -2.8% | 8.3% | -7.6% | -17.7% | -8.9% | 6.4% |
| Margen Neto | -0.0% | -30.8% | -4.7% | -1.2% | 2.8% | -2.7% | -7.4% | 4.7% |