Estados financieros detallados de Chicago Atlantic Real Estate Finance, Inc. (REFI): 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
Márgenes de los últimos 12 meses: margen bruto 91.3%, margen operativo 41.4%, margen neto 48.9%.
Al precio actual de $11.01, REFI cotiza a un P/E de 7.74 y un ROE del 9.62%. La capitalización bursátil es de $235M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $14.5M | $48.9M | $57.3M | $54.8M | $63.1M |
| Coste de Ventas | $223455 | 0 | 0 | 0 | $8.3M |
| Beneficio Bruto | $14.2M | $48.9M | $57.3M | $54.8M | $54.8M |
| I+D | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $1.6M | $4.0M | $6.7M | $8.4M | $8.7M |
| Gastos Operativos | $1.6M | $48.9M | $57.3M | $54.8M | $18.8M |
| Beneficio Operativo | $12.7M | 0 | 0 | 0 | $36.0M |
| EBITDA | $101148 | $563.5M | 0 | 0 | $36.0M |
| Gastos por Intereses | $75861 | $2.6M | $5.8M | $7.2M | $7.5M |
| Beneficio Antes de Impuestos | $12.7M | $32.3M | $38.7M | $37.0M | $36.0M |
| Impuestos | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | $12.7M | $32.3M | $38.7M | $37.0M | $36.0M |
| BPA | $0.54 | $1.83 | $2.14 | $1.92 | $1.71 |
| BPA Diluido | $0.54 | $1.82 | $2.11 | $1.88 | $1.68 |
| Acciones en Circulación (Diluidas) | $17.5M | $17.7M | $18.3M | $19.7M | $21.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $13.7M | $16.1M | $15.2M | $15.2M |
| Beneficio Bruto | $13.7M | $14.1M | $13.4M | $13.6M |
| Beneficio Operativo | 0 | $8.2M | $6.9M | $9.9M |
| EBITDA | 0 | $8.2M | $6.9M | $9.9M |
| Beneficio Neto | $8.9M | $8.2M | $4.8M | $7.5M |
| BPA | $0.42 | $0.39 | $0.23 | $0.35 |
| BPA Diluido | $0.42 | $0.38 | $0.23 | $0.34 |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $80.2M | $5.7M | $7.9M | $26.4M | $14.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $196.9M | $335.3M | $348.7M | $403.5M | $4.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $277.3M | $342.5M | $358.0M | $434.8M | $19.0M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $278.2M | $343.3M | $359.2M | $435.1M | $424.9M |
| Cuentas por Pagar | $212887 | $963713 | $1.1M | $2.2M | $1.3M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $49.1M |
| Pasivos Corrientes | $12.2M | $19.7M | $19.3M | $20.0M | $66.9M |
| Deuda a Largo | 0 | $58.0M | $66.0M | $104.1M | $49.3M |
| Pasivos Totales | $14.1M | $79.2M | $87.4M | $126.2M | $117.1M |
| Reservas | -$177560 | -$5.1M | -$5.8M | -$10.1M | -$15.5M |
| Patrimonio Neto | $264.1M | $264.0M | $271.9M | $309.0M | $307.8M |
| Deuda Total | 0 | $58.0M | $66.0M | $104.1M | $98.4M |
| Deuda Neta | -$80.2M | $52.3M | $58.1M | $77.7M | $83.5M |
| Capital Circulante | $265.1M | $322.7M | $338.7M | $414.8M | -$48.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $28.9M | $14.9M | $27.9M | $13.4M |
| Activos Totales | $427.1M | $424.9M | $435.9M | $461.7M |
| Pasivos Totales | $117.2M | $117.1M | $132.5M | $160.1M |
| Patrimonio Neto | $309.9M | $307.8M | $303.4M | $301.6M |
| Deuda Total | $101.7M | $98.4M | $116.4M | $140.5M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $9.5M | $32.3M | $38.7M | $37.0M | $36.0M |
| Amortizaciones | $101148 | $563.5M | 0 | 0 | 0 |
| Compensación en Acciones | $39481 | $435623 | $1.5M | $3.1M | $3.4M |
| Cambio en Capital Circulante | -$1.7M | -$10.4M | -$642767 | -$5.9M | -$1.8M |
| Flujo de Caja Operativo | $6.7M | $17.0M | $28.4M | $23.2M | $28.8M |
| Inversiones (CapEx) | $3 | $5 | 0 | $4 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$6.8M | -$28.2M | -$39.1M | -$41.6M | -$43.8M |
| Flujo de Caja Libre | $6.7M | $17.0M | $28.4M | $23.2M | $28.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $8.2M | $6.5M | $3.2M | $9.1M |
| Inversiones (CapEx) | 0 | -$3 | 0 | 0 |
| Flujo de Caja Libre | $8.2M | $6.5M | $3.2M | $9.1M |
| Dividendos Pagados | -$9.9M | -$9.9M | -$9.9M | -$10.9M |
| Compensación en Acciones | $928654 | -$1.27B | $865354 | $957578 |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +237.7% | +17.3% | -4.4% | +15.2% |
| Crecimiento Beneficio Neto (anual) | | +155.0% | +19.9% | -4.3% | -2.8% |
| Crecimiento BPA (anual) | | +238.9% | +16.9% | -10.3% | -10.9% |
| Cambio en Acciones (anual) | | +1.7% | +3.4% | +7.5% | +8.7% |
| Crecimiento FCF (anual) | | +155.0% | +67.1% | -18.5% | +24.3% |
| Margen Bruto | 98.5% | 100.0% | 100.0% | 100.0% | 86.9% |
| Margen Operativo | 87.5% | 0.0% | 0.0% | 0.0% | 57.1% |
| Margen EBITDA | 0.7% | 1153.3% | 0.0% | 0.0% | 57.1% |
| Margen Neto | 87.5% | 66.1% | 67.5% | 67.6% | 57.1% |
| Margen FCF | 46.1% | 34.8% | 49.6% | 42.3% | 45.6% |
| Tasa Impositiva Efectiva | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.38 | $0.96 | $1.55 | $1.17 | $1.34 |
| Dividendo por Acción | $0.39 | $1.59 | $2.13 | $2.11 | $2.05 |
| Acciones en Circulación (Básicas) | $17.5M | $17.7M | $18.1M | $19.3M | $21.0M |
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 | 9.62% |
| Rentabilidad sobre capital invertido | 4.95% |
| Rentabilidad sobre activos | 6.37% |
| Margen bruto | 91.25% |
| Margen operativo | 41.39% |
| Margen neto | 48.89% |
Salud financiera
| Deuda / Patrimonio | 0.47 |
| Ratio corriente | 0.40 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 30.83 | 8.23 | 7.56 | 8.03 | 7.17 |
| P/VC | 1.10 | 1.01 | 1.08 | 0.96 | 0.84 |
| P/V | 20.09 | 5.45 | 5.10 | 5.43 | 4.08 |
| Margen Bruto | 98.5% | 100.0% | 100.0% | 100.0% | 86.9% |
| Margen Operativo | 87.5% | 0.0% | 0.0% | 0.0% | 57.1% |
| Margen Neto | 87.5% | 66.1% | 67.5% | 67.6% | 57.1% |