Estados financieros detallados de ATRenew Inc. (RERE): 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
ATRenew Inc. registró ingresos de $20.47B en el último ejercicio fiscal, con un CAGR de 5 años del 33.3%.
Márgenes de los últimos 12 meses: margen bruto 20.7%, margen operativo 2.7%, margen neto 2.0%.
Al precio actual de $3.95, RERE cotiza a un P/E de 17.62 y un ROE del 12.22%. La capitalización bursátil es de $1.4B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $3.26B | $3.93B | $4.86B | $7.78B | $9.87B | $12.97B | $16.33B | $20.47B |
| Coste de Ventas | $2.80B | $3.18B | $3.61B | $5.74B | $7.60B | $10.34B | $13.09B | $17.96B |
| Beneficio Bruto | $460.1M | $755.5M | $1.25B | $2.04B | $2.27B | $2.63B | $3.24B | $2.52B |
| I+D | $65.8M | $142.9M | $151.5M | $264.6M | $227.8M | $195.7M | $210.4M | $237.3M |
| Generales y Administrativos | $672.5M | $1.37B | $918.1M | $1.64B | $1.77B | $1.52B | $1.67B | $1.93B |
| Gastos Operativos | $716.5M | $1.49B | $1.71B | $2.94B | $4.90B | $2.80B | $3.21B | $2.11B |
| Beneficio Operativo | -$256.5M | -$731.8M | -$458.8M | -$895.1M | -$2.62B | -$173.3M | $29.0M | $402.7M |
| EBITDA | -$188.5M | -$485.7M | -$128.5M | -$563.3M | -$2.16B | $192.4M | $281.6M | $515.8M |
| Gastos por Intereses | $6.5M | $12.4M | $21.1M | $16.8M | $6.2M | $7.1M | $15.0M | $5.9M |
| Beneficio Antes de Impuestos | -$209.4M | -$735.0M | -$517.9M | -$960.4M | -$2.58B | -$198.8M | -$65.1M | $382.3M |
| Impuestos | -$1.9M | -$30.1M | -$47.3M | -$143.9M | -$111.8M | -$42.5M | -$56.9M | $55.2M |
| Beneficio Neto | -$207.9M | -$704.9M | -$470.6M | -$816.5M | -$2.47B | -$156.2M | -$8.2M | $327.1M |
| BPA | $-37.32 | $-56.18 | $-63.01 | $-6.05 | $-10.11 | $-0.64 | $-0.02 | $0.91 |
| BPA Diluido | $-37.32 | $-56.18 | $-63.01 | $-6.05 | $-10.11 | $-0.64 | $-0.02 | $0.89 |
| Acciones en Circulación (Diluidas) | $29.1M | $28.2M | $28.2M | $218.9M | $244.2M | $243.2M | $367.3M | $364.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $5.15B | $6.25B | $6.16B | $6.59B |
| Beneficio Bruto | $1.05B | $1.22B | $1.34B | $1.39B |
| Beneficio Operativo | $120.8M | $171.6M | $185.3M | $178.3M |
| EBITDA | $126.4M | $163.9M | $173.3M | $207.4M |
| Beneficio Neto | $90.8M | $130.3M | $135.1M | $128.8M |
| BPA | $0.37 | $0.35 | $0.37 | $0.35 |
| BPA Diluido | $0.37 | $0.35 | $0.37 | $0.35 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $665.6M | $410.8M | $918.1M | $1.36B | $1.70B | $1.98B | $1.97B | $1.54B |
| Inversiones a Corto | $7.6M | $142.4M | $115.4M | $537.3M | $818.0M | $452.0M | $643.6M | $267.8M |
| Cuentas por Cobrar | $6.2M | $1.4M | $12.3M | $16.3M | $148.3M | $40.8M | $43.3M | $796.6M |
| Inventario | $75.2M | $65.6M | $177.0M | $478.8M | $433.5M | $1.02B | $535.1M | $1.07B |
| Activos Corrientes | $1.06B | $1.09B | $1.87B | $4.15B | $3.89B | $4.53B | $4.17B | $4.74B |
| Inmovilizado Material | $67.5M | $99.2M | $69.6M | $173.5M | $118.6M | $204.2M | $284.4M | $239.5M |
| Fondo de Comercio | 0 | $1.80B | $1.80B | $1.80B | 0 | 0 | 0 | 0 |
| Activos Intangibles | $19.0M | $1.68B | $1.37B | $1.08B | $544.6M | $270.6M | $56.6M | $10.7M |
| Activos Totales | $1.23B | $4.79B | $5.23B | $7.50B | $5.05B | $5.49B | $5.09B | $5.97B |
| Cuentas por Pagar | $42.7M | $35.7M | $27.2M | $41.3M | $73.3M | $532.3M | $171.4M | $335.8M |
| Deuda a Corto | $333.7M | $361.6M | $563.1M | $95.0M | $124.0M | $349.9M | $225.0M | $323.1M |
| Pasivos Corrientes | $590.7M | $755.1M | $1.18B | $824.7M | $1.02B | $1.69B | $1.31B | $1.90B |
| Deuda a Largo | 0 | 0 | $32.6M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $3.09B | $8.22B | $10.44B | $1.08B | $1.17B | $1.78B | $1.40B | $1.98B |
| Reservas | -$1.86B | -$3.44B | -$5.20B | -$6.54B | -$9.01B | -$9.16B | -$9.17B | $3.99B |
| Patrimonio Neto | -$1.86B | -$3.44B | -$5.20B | $6.42B | $3.88B | $3.71B | $3.69B | $3.99B |
| Deuda Total | $333.7M | $361.6M | $595.7M | $165.4M | $203.9M | $405.9M | $354.9M | $393.1M |
| Deuda Neta | -$339.5M | -$191.6M | -$437.8M | -$1.73B | -$2.32B | -$2.02B | -$2.26B | -$1.41B |
| Capital Circulante | $468.8M | $339.8M | $691.1M | $3.33B | $2.87B | $2.84B | $2.86B | $2.84B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.63B | $1.54B | $1.01B | $1.53B |
| Activos Totales | $5.30B | $5.97B | $5.96B | $6.31B |
| Pasivos Totales | $1.41B | $1.98B | $2.03B | $2.24B |
| Patrimonio Neto | $3.89B | $3.99B | $3.93B | $4.07B |
| Deuda Total | $226.8M | $393.1M | $358.2M | $534.8M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$207.9M | -$704.9M | -$470.6M | -$816.5M | -$2.47B | -$156.2M | -$8.2M | $336.3M |
| Amortizaciones | $38.1M | $234.7M | $360.8M | $373.7M | $405.4M | $333.7M | $267.1M | $116.3M |
| Compensación en Acciones | 0 | 0 | 0 | $454.6M | $174.2M | $134.4M | $166.7M | $52.9M |
| Cambio en Capital Circulante | -$141.8M | $45.3M | -$370.6M | -$1.13B | $595.4M | -$256.1M | $32.7M | -$1.07B |
| Flujo de Caja Operativo | -$358.0M | -$410.8M | -$412.9M | -$1.02B | $881.3M | $243.9M | $642.8M | -$403.3M |
| Inversiones (CapEx) | -$64.3M | -$103.3M | -$37.8M | -$73.9M | -$61.5M | -$85.2M | -$59.9M | -$140.3M |
| Adquisiciones | -$52.3M | -$5.8M | -$20.0M | $2.9M | $29.9M | $1.2M | 0 | $5.6M |
| Recompra de Acciones | -$22.1M | 0 | 0 | 0 | -$217.9M | -$160.1M | -$184.3M | -$89.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$422.3M | -$514.1M | -$450.7M | -$1.09B | $819.8M | $158.7M | $583.0M | -$543.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | 0 | 0 | 0 |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $18.7M | $9.1M | $4.4M | $27.3M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +20.6% | +23.6% | +60.1% | +26.9% | +31.4% | +25.9% | +25.4% |
| Crecimiento Beneficio Neto (anual) | | -239.0% | +33.2% | -73.5% | -202.2% | +93.7% | +94.7% | +4075.3% |
| Crecimiento BPA (anual) | | -50.5% | -12.2% | +90.4% | -67.1% | +93.7% | +96.6% | +4236.4% |
| Cambio en Acciones (anual) | | -3.2% | +0.0% | +676.9% | +11.6% | -0.4% | +51.0% | -0.6% |
| Crecimiento FCF (anual) | | -21.7% | +12.3% | -142.3% | +175.1% | -80.6% | +267.3% | -193.3% |
| Margen Bruto | 14.1% | 19.2% | 25.7% | 26.3% | 23.0% | 20.3% | 19.9% | 12.3% |
| Margen Operativo | -7.9% | -18.6% | -9.4% | -11.5% | -26.6% | -1.3% | 0.2% | 2.0% |
| Margen EBITDA | -5.8% | -12.4% | -2.6% | -7.2% | -21.9% | 1.5% | 1.7% | 2.5% |
| Margen Neto | -6.4% | -17.9% | -9.7% | -10.5% | -25.0% | -1.2% | -0.1% | 1.6% |
| Margen FCF | -12.9% | -13.1% | -9.3% | -14.0% | 8.3% | 1.2% | 3.6% | -2.7% |
| Tasa Impositiva Efectiva | 0.9% | 4.1% | 9.1% | 15.0% | 4.3% | 21.4% | 87.4% | 14.4% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-14.51 | $-18.25 | $-16.00 | $-4.99 | $3.36 | $0.65 | $1.59 | $-1.49 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $5.6M | $12.5M | $7.5M | $218.9M | $244.2M | $243.2M | $367.3M | $363.0M |
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 | 12.22% |
| Rentabilidad sobre capital invertido | 12.29% |
| Rentabilidad sobre activos | 7.69% |
| Margen bruto | 20.72% |
| Margen operativo | 2.67% |
| Margen neto | 2.01% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 2.36 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.17 | -2.13 | -1.78 | -6.23 | -1.97 | -21.29 | -955.48 | 40.58 |
| P/VC | -0.36 | -0.44 | -0.16 | 1.29 | 1.25 | 0.89 | 2.09 | 3.37 |
| P/V | 0.20 | 0.38 | 0.17 | 1.06 | 0.49 | 0.26 | 0.47 | 0.66 |
| Margen Bruto | 14.1% | 19.2% | 25.7% | 26.3% | 23.0% | 20.3% | 19.9% | 12.3% |
| Margen Operativo | -7.9% | -18.6% | -9.4% | -11.5% | -26.6% | -1.3% | 0.2% | 2.0% |
| Margen Neto | -6.4% | -17.9% | -9.7% | -10.5% | -25.0% | -1.2% | -0.1% | 1.6% |