Estados financieros detallados de Rafael Holdings, Inc. (RFL): 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
Rafael Holdings, Inc. registró ingresos de $917000 en el último ejercicio fiscal, con un CAGR de 5 años del -28.5%.
Márgenes de los últimos 12 meses: margen bruto 84.4%, margen operativo -37.2%, margen neto -33.2%.
Al precio actual de $2.06, RFL presenta beneficios negativos (P/E no significativo) y un ROE del -38.97%. La capitalización bursátil es de $105M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $5.6M | $5.6M | $4.4M | $4.9M | $4.9M | $802000 | $410000 | $279000 | $637000 | $917000 |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | $70000 | 0 | 0 | $154000 | $422000 |
| Beneficio Bruto | $5.6M | $5.6M | $4.4M | $4.9M | $4.9M | $802000 | $410000 | $279000 | $483000 | $495000 |
| I+D | 0 | 0 | $995000 | $1.0M | $2.4M | $4.9M | $8.7M | $6.3M | $94.0M | $12.8M |
| Generales y Administrativos | $2.8M | $3.7M | $5.5M | $8.8M | $9.1M | $20.4M | $17.0M | $8.9M | $8.9M | $13.8M |
| Gastos Operativos | $4.4M | $5.4M | $8.2M | $11.6M | $13.4M | $29.0M | $60.9M | $15.3M | $103.1M | $26.6M |
| Beneficio Operativo | $1.2M | $221000 | -$3.8M | -$6.7M | -$8.5M | -$21.2M | -$60.5M | -$15.0M | -$102.6M | -$26.1M |
| EBITDA | $2.8M | $1.9M | -$1.9M | -$3.2M | -$5.0M | -$23.3M | -$139.9M | -$8.7M | -$66.8M | -$32.2M |
| Gastos por Intereses | $20000 | 0 | 0 | $661000 | $84000 | $12000 | $6000 | 0 | $248000 | $658000 |
| Beneficio Antes de Impuestos | $1.2M | $204000 | -$3.6M | -$4.9M | -$6.9M | -$23.0M | -$140.5M | -$8.9M | -$67.7M | -$33.2M |
| Impuestos | $449000 | $66000 | $8.4M | -$19000 | $29000 | $18000 | 0 | -$255000 | -$2.7M | -$2.6M |
| Beneficio Neto | $710000 | $138000 | -$11.6M | -$4.9M | -$10.4M | -$24.5M | -$124.7M | -$1.9M | -$34.4M | -$30.5M |
| BPA | $0.06 | $0.01 | $-0.93 | $-0.37 | $-0.44 | $-1.47 | $-6.31 | $-0.08 | $-1.45 | $-1.04 |
| BPA Diluido | $0.06 | $0.01 | $-0.93 | $-0.37 | $-0.44 | $-1.47 | $-6.31 | $-0.08 | $-1.45 | $-1.04 |
| Acciones en Circulación (Diluidas) | $12.5M | $12.5M | $12.5M | $13.3M | $15.8M | $16.5M | $19.8M | $23.3M | $23.7M | $29.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $350000 | $240000 | $211000 | $179000 |
| Beneficio Bruto | $281000 | $231000 | $144000 | $171000 |
| Beneficio Operativo | -$12.8M | -$10.1M | -$6.7M | -$6.9M |
| EBITDA | -$12.0M | -$9.6M | -$6.6M | -$2.8M |
| Beneficio Neto | -$12.1M | -$9.8M | -$6.4M | -$4.2M |
| BPA | $-0.28 | $-0.19 | $-0.13 | $-0.08 |
| BPA Diluido | $-0.28 | $-0.19 | $-0.13 | $-0.08 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.3M | $11.8M | $15.8M | $12.0M | $6.2M | $7.9M | $26.5M | $21.5M | $2.7M | $52.8M |
| Inversiones a Corto | 0 | 0 | $24.7M | 0 | 0 | 0 | $36.7M | $58.0M | $63.3M | 0 |
| Cuentas por Cobrar | $257000 | $264000 | $3.6M | $730000 | $396000 | $835000 | $297000 | $2.5M | $6.1M | $1.8M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $281000 |
| Activos Corrientes | $2.6M | $12.2M | $44.5M | $13.3M | $9.8M | $14.8M | $108.3M | $82.9M | $72.5M | $56.7M |
| Inmovilizado Material | $51.0M | $51.2M | $50.1M | $48.7M | $44.4M | $1.8M | $1.8M | $1.7M | $2.1M | $1.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.0M | $19.9M |
| Activos Intangibles | 0 | 0 | $1.7M | $1.6M | $1.6M | $1.6M | $1.6M | $1.6M | $1.8M | $32.6M |
| Activos Totales | $64.3M | $86.2M | $116.9M | $142.1M | $136.3M | $154.1M | $118.3M | $98.8M | $96.8M | $114.1M |
| Cuentas por Pagar | $64000 | $115000 | $367000 | $795000 | $921000 | $1.2M | $564000 | $333000 | $2.6M | $6.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | $14.5M | $15.0M | 0 | $2.3M | $614000 |
| Pasivos Corrientes | $302000 | $363000 | $891000 | $1.4M | $5.7M | $17.3M | $21.0M | $2.1M | $7.5M | $11.6M |
| Deuda a Largo | 0 | 0 | 0 | $14.9M | 0 | 0 | 0 | 0 | $73000 | $78000 |
| Pasivos Totales | $15.5M | $24.1M | $1.4M | $17.4M | $5.8M | $17.4M | $21.1M | $2.2M | $10.6M | $15.7M |
| Reservas | 0 | 0 | -$1.1M | -$5.8M | -$16.3M | -$40.8M | -$165.5M | -$167.3M | -$201.7M | -$232.3M |
| Patrimonio Neto | $48.8M | $52.7M | $106.7M | $111.0M | $116.8M | $122.3M | $100.5M | $100.3M | $82.2M | $94.4M |
| Deuda Total | 0 | 0 | 0 | $14.9M | 0 | $14.5M | $15.0M | 0 | $2.4M | $692000 |
| Deuda Neta | -$2.3M | -$11.8M | -$40.5M | $2.9M | -$6.2M | $6.7M | -$48.2M | -$79.5M | -$63.6M | -$52.1M |
| Capital Circulante | $2.3M | $11.8M | $43.6M | $11.8M | $4.1M | -$2.5M | $87.3M | $80.8M | $65.0M | $45.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $52.8M | $45.5M | $37.8M | $30.5M |
| Activos Totales | $114.1M | $105.4M | $99.3M | $92.0M |
| Pasivos Totales | $15.7M | $16.2M | $16.1M | $11.2M |
| Patrimonio Neto | $94.4M | $85.2M | $79.2M | $75.4M |
| Deuda Total | $692000 | $664000 | $660000 | $610000 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $710000 | $138000 | -$12.1M | -$4.9M | -$10.4M | -$22.8M | -$140.5M | -$2.2M | -$65.0M | -$30.6M |
| Amortizaciones | $1.6M | $1.7M | $1.7M | $1.8M | $1.9M | $70000 | $72000 | $78000 | $225000 | $288000 |
| Compensación en Acciones | 0 | 0 | 0 | $372000 | 0 | $6.6M | -$917000 | $2.2M | $2.3M | $2.1M |
| Cambio en Capital Circulante | -$2.7M | -$3.2M | -$792000 | $1.6M | $1.2M | -$989000 | -$10000 | -$92000 | -$610000 | $967000 |
| Flujo de Caja Operativo | $72000 | -$1.6M | -$1.8M | -$3.1M | -$4.7M | -$15.6M | -$26.1M | -$10.9M | -$7.8M | -$18.9M |
| Inversiones (CapEx) | -$1.6M | -$1.8M | -$710000 | -$399000 | -$534000 | -$206000 | -$2000 | $51.7M | -$178000 | -$4000 |
| Adquisiciones | 0 | 0 | $864000 | -$55.9M | 0 | $4.6M | 0 | -$5.1M | $2.4M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$218000 | -$168000 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.5M | -$3.4M | -$2.5M | -$3.5M | -$5.2M | -$15.8M | -$26.1M | $40.8M | -$8.0M | -$18.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$10.4M | -$6.8M | -$7.5M | -$7.3M |
| Inversiones (CapEx) | $1000 | 0 | -$5000 | 0 |
| Flujo de Caja Libre | -$10.4M | -$6.8M | -$7.5M | -$7.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $598000 | -$598000 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.5% | -22.2% | +12.8% | -0.4% | -83.7% | -48.9% | -32.0% | +128.3% | +44.0% |
| Crecimiento Beneficio Neto (anual) | | -80.6% | -8541.3% | +57.7% | -111.5% | -135.7% | -407.9% | +98.5% | -1734.2% | +11.3% |
| Crecimiento BPA (anual) | | -80.6% | -8554.5% | +60.2% | -18.9% | -234.1% | -329.3% | +98.7% | -1699.0% | +28.3% |
| Cambio en Acciones (anual) | | +0.0% | -0.5% | +6.3% | +18.8% | +4.8% | +19.6% | +17.7% | +2.1% | +23.9% |
| Crecimiento FCF (anual) | | -132.5% | +26.7% | -39.8% | -47.3% | -204.0% | -65.0% | +256.4% | -119.6% | -137.2% |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 75.8% | 54.0% |
| Margen Operativo | 21.3% | 3.9% | -87.9% | -135.8% | -172.4% | -2643.3% | -14750.5% | -5391.8% | -16111.0% | -2847.2% |
| Margen EBITDA | 51.0% | 33.6% | -44.4% | -64.2% | -102.2% | -2910.7% | -34120.5% | -3106.5% | -10484.8% | -3516.9% |
| Margen Neto | 12.7% | 2.5% | -266.5% | -99.9% | -212.1% | -3060.3% | -30404.4% | -672.4% | -5401.9% | -3328.2% |
| Margen FCF | -26.5% | -61.3% | -57.8% | -71.6% | -105.9% | -1970.9% | -6361.2% | 14621.1% | -1252.7% | -2064.1% |
| Tasa Impositiva Efectiva | 38.7% | 32.4% | -231.8% | 0.4% | -0.4% | -0.1% | -0.0% | 2.8% | 4.0% | 7.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.12 | $-0.27 | $-0.20 | $-0.27 | $-0.33 | $-0.96 | $-1.32 | $1.75 | $-0.34 | $-0.64 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $12.5M | $12.5M | $12.5M | $13.3M | $15.8M | $16.5M | $19.8M | $23.3M | $23.7M | $29.4M |
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 | -38.97% |
| Rentabilidad sobre capital invertido | -44.50% |
| Rentabilidad sobre activos | -35.39% |
| Margen bruto | 84.39% |
| Margen operativo | -3717.24% |
| Margen neto | -3321.73% |
Salud financiera
| Deuda / Patrimonio | 0.01 |
| Ratio corriente | 3.16 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 86.57 | 445.45 | -9.78 | -55.95 | -31.75 | -34.43 | -0.31 | -24.81 | -1.03 | -1.62 |
| P/VC | 1.25 | 1.17 | 1.06 | 2.48 | 1.89 | 6.84 | 0.38 | 0.46 | 0.43 | 0.53 |
| P/V | 10.95 | 10.94 | 25.99 | 55.73 | 44.85 | 1042.66 | 93.05 | 166.76 | 55.54 | 54.22 |
| Margen Bruto | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 75.8% | 54.0% |
| Margen Operativo | 21.3% | 3.9% | -87.9% | -135.8% | -172.4% | -2643.3% | -14750.5% | -5391.8% | -16111.0% | -2847.2% |
| Margen Neto | 12.7% | 2.5% | -266.5% | -99.9% | -212.1% | -3060.3% | -30404.4% | -672.4% | -5401.9% | -3328.2% |