Estados financieros detallados de Safety Insurance Group, Inc. (SAFT): 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
Safety Insurance Group, Inc. registró ingresos de $1.25B en el último ejercicio fiscal, con un CAGR de 5 años del 8.3%. El beneficio neto alcanzó $99.3M, con un CAGR a 5 años del -6.4%.
Márgenes de los últimos 12 meses: margen bruto 42.0%, margen operativo 5.9%, margen neto 4.7%. El flujo de caja libre creció a un CAGR del 14.0% en 5 años.
Al precio actual de $103.55, SAFT cotiza a un P/E de 22.13 y un ROE del 7.79%. La capitalización bursátil es de $1.5B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $827.3M | $843.7M | $834.9M | $875.8M | $840.4M | $864.7M | $785.1M | $925.9M | $1.11B | $1.25B |
| Coste de Ventas | $493.4M | $503.9M | $485.5M | $509.8M | $404.6M | $461.7M | $492.0M | $642.3M | $716.6M | $797.2M |
| Beneficio Bruto | $333.9M | $339.8M | $349.4M | $366.0M | $435.8M | $403.0M | $293.1M | $283.6M | $393.1M | $456.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gastos Operativos | $229.9M | $246.4M | $239.8M | $242.3M | $261.1M | $238.7M | $233.5M | $259.2M | $303.2M | $330.2M |
| Beneficio Operativo | $104.0M | $93.3M | $109.6M | $123.7M | $174.8M | $164.3M | $59.6M | $24.4M | $89.9M | $126.7M |
| EBITDA | $97.8M | $91.8M | $109.8M | $129.3M | $182.7M | $171.7M | $66.7M | $32.2M | $99.8M | $135.0M |
| Gastos por Intereses | $90000 | $90000 | $90000 | $90000 | $440000 | $522000 | $524000 | $818000 | $509000 | $1.5M |
| Beneficio Antes de Impuestos | $93.3M | $86.7M | $104.3M | $123.7M | $174.8M | $164.3M | $59.6M | $24.4M | $89.9M | $126.7M |
| Impuestos | $28.7M | $24.3M | $21.1M | $24.1M | $36.6M | $33.6M | $13.0M | $5.5M | $19.1M | $27.4M |
| Beneficio Neto | $64.6M | $62.4M | $83.2M | $99.6M | $138.2M | $130.7M | $46.6M | $18.9M | $70.7M | $99.3M |
| BPA | $4.29 | $4.13 | $5.52 | $6.52 | $9.25 | $8.85 | $3.17 | $1.28 | $4.79 | $6.72 |
| BPA Diluido | $4.27 | $4.10 | $5.46 | $6.46 | $9.18 | $8.80 | $3.15 | $1.28 | $4.78 | $6.70 |
| Acciones en Circulación (Diluidas) | $15.0M | $15.1M | $15.2M | $15.3M | $15.1M | $14.9M | $14.7M | $14.7M | $14.7M | $14.7M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $20.1M | $41.7M | $37.6M | $44.4M | $53.8M | $63.6M | $25.3M | $38.2M | $59.0M | $73.9M |
| Inversiones a Corto | $1.15B | $1.17B | $1.16B | $1.23B | $1.26B | $1.22B | $1.05B | $1.05B | $553.4M | $700.0M |
| Cuentas por Cobrar | 0 | $190.6M | $190.1M | $329.8M | $300.5M | $298.0M | $308.0M | $390.4M | $464.2M | $495.5M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $187.7M | $232.4M | $227.6M | 0 | 0 | $1.60B | $1.41B | $1.51B | 0 | $1.31B |
| Inmovilizado Material | $8.9M | $9.9M | $15.6M | $54.0M | $53.1M | $50.6M | $41.5M | $31.5M | $20.3M | $18.9M |
| Fondo de Comercio | -$74.1M | -$75.1M | -$82.1M | 0 | 0 | 0 | $17.1M | $17.1M | $17.1M | $17.1M |
| Activos Intangibles | $71.0M | $72.2M | $73.4M | 0 | 0 | $73.0M | $83.4M | $99.5M | $7.7M | $118.6M |
| Activos Totales | $1.76B | $1.81B | $1.86B | $2.02B | $2.05B | $2.12B | $1.97B | $2.09B | $2.27B | $2.47B |
| Cuentas por Pagar | $80.3M | $74.5M | $84.1M | $87.9M | $87.7M | $85.8M | $85.3M | $80.2M | $96.3M | $95.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $30.0M | $30.0M | $35.0M | $30.0M | $30.0M | $50.0M |
| Pasivos Corrientes | $69.9M | $63.6M | $80.6M | 0 | 0 | $1.13B | $1.11B | $1.24B | 0 | $1.57B |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $1.09B | $1.11B | $1.14B | $1.21B | $1.17B | $1.19B | $1.16B | $1.29B | $1.44B | $1.58B |
| Reservas | $554.0M | $570.7M | $616.7M | $661.6M | $745.0M | $821.7M | $815.3M | $781.2M | $798.8M | $844.1M |
| Patrimonio Neto | $670.7M | $701.0M | $718.6M | $808.4M | $884.7M | $927.2M | $812.0M | $804.3M | $828.5M | $892.3M |
| Deuda Total | 0 | 0 | 0 | $34.0M | $61.0M | $57.1M | $58.3M | $49.8M | $45.7M | $61.9M |
| Deuda Neta | -$1.17B | -$1.21B | -$1.20B | -$1.24B | -$1.25B | -$1.22B | -$1.02B | -$1.04B | -$566.6M | -$712.1M |
| Capital Circulante | $117.8M | $168.7M | $147.0M | 0 | 0 | $472.1M | $305.5M | $269.8M | 0 | -$257.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $64.6M | $62.4M | $83.2M | $99.6M | $138.2M | $130.7M | $46.6M | $18.9M | $70.7M | $99.3M |
| Amortizaciones | $14.1M | $5.0M | $5.5M | $5.5M | $7.5M | $6.9M | $6.6M | $6.9M | $9.5M | -$1.6M |
| Compensación en Acciones | $4.3M | $5.2M | $6.6M | $6.0M | $7.5M | $6.3M | $6.0M | $4.3M | $4.5M | $4.8M |
| Cambio en Capital Circulante | $26.4M | $8.3M | $20.1M | $16.1M | -$43.2M | $33.2M | -$34.9M | $33.5M | $62.2M | $103.9M |
| Flujo de Caja Operativo | $98.8M | $82.0M | $127.7M | $112.5M | $109.5M | $141.4M | $44.3M | $52.1M | $128.7M | $194.5M |
| Inversiones (CapEx) | -$4.9M | -$6.0M | -$11.2M | -$9.6M | -$9.9M | -$8.2M | -$2.1M | -$1.8M | -$4.4M | -$2.5M |
| Adquisiciones | $49.3M | -$18.5M | $5.0M | $14.8M | -$23.7M | -$1.5M | -$17.6M | -$2.1M | -$2.1M | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$40.0M | -$11.6M | -$14.6M | -$5.2M | 0 | -$20.0M |
| Dividendos Pagados | -$42.3M | -$45.5M | -$48.8M | -$52.7M | -$54.6M | -$54.0M | -$53.0M | -$53.3M | -$53.3M | -$53.9M |
| Flujo de Caja Libre | $93.9M | $76.1M | $116.5M | $102.9M | $99.5M | $133.2M | $42.2M | $50.3M | $124.3M | $192.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +2.0% | -1.0% | +4.9% | -4.0% | +2.9% | -9.2% | +17.9% | +19.8% | +13.0% | |
| Crecimiento Beneficio Neto (anual) | -3.4% | +33.4% | +19.7% | +38.8% | -5.4% | -64.4% | -59.5% | +274.7% | +40.3% | |
| Crecimiento BPA (anual) | -3.7% | +33.7% | +18.1% | +41.9% | -4.3% | -64.2% | -59.6% | +274.2% | +40.3% | |
| Cambio en Acciones (anual) | +0.7% | +0.6% | +0.7% | -1.4% | -1.3% | -1.4% | -0.0% | +0.0% | +0.2% | |
| Crecimiento FCF (anual) | -19.0% | +53.1% | -11.7% | -3.3% | +33.8% | -68.3% | +19.2% | +147.0% | +54.4% | |
| Margen Bruto | 40.4% | 40.3% | 41.8% | 41.8% | 51.9% | 46.6% | 37.3% | 30.6% | 35.4% | 36.4% |
| Margen Operativo | 12.6% | 11.1% | 13.1% | 14.1% | 20.8% | 19.0% | 7.6% | 2.6% | 8.1% | 10.1% |
| Margen EBITDA | 11.8% | 10.9% | 13.2% | 14.8% | 21.7% | 19.9% | 8.5% | 3.5% | 9.0% | 10.8% |
| Margen Neto | 7.8% | 7.4% | 10.0% | 11.4% | 16.4% | 15.1% | 5.9% | 2.0% | 6.4% | 7.9% |
| Margen FCF | 11.4% | 9.0% | 14.0% | 11.7% | 11.8% | 15.4% | 5.4% | 5.4% | 11.2% | 15.3% |
| Tasa Impositiva Efectiva | 30.8% | 28.0% | 20.2% | 19.5% | 20.9% | 20.4% | 21.9% | 22.7% | 21.3% | 21.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $6.25 | $5.03 | $7.65 | $6.71 | $6.58 | $8.92 | $2.87 | $3.42 | $8.45 | $13.02 |
| Dividendo por Acción | $2.81 | $3.00 | $3.21 | $3.43 | $3.61 | $3.62 | $3.61 | $3.62 | $3.62 | $3.65 |
| Acciones en Circulación (Básicas) | $14.9M | $15.0M | $15.1M | $15.2M | $15.0M | $14.8M | $14.6M | $14.7M | $14.7M | $14.7M |
Qué mirar en Seguros
Las aseguradoras ganan de 2 formas: suscribiendo bien (combined ratio) e invirtiendo el float. Buffett construyó Berkshire así.
- Op Margin 5y (proxy Combined Ratio) — Proxy del combined ratio cuando FMP no lo expone. ≥10% medio 5y = disciplina de suscripción (CR <100%)
- Crecimiento Book Value / Acción — Cómo Buffett mide Berkshire. El valor real que acumulan los accionistas
- Debt / Equity — Aseguradoras apalancadas quiebran rápido en catástrofes
- P/B (Price / Book) — Aseguradoras se valoran por múltiplo de libros. Aquí se cruza con el ROE (calidad × valoración)
- Dividend growth streak — Años consecutivos subiendo dividendo por acción — aseguradoras sólidas acumulan décadas
Rentabilidad
| Rentabilidad sobre capital | 7.79% |
| Rentabilidad sobre capital invertido | 7.38% |
| Rentabilidad sobre activos | 2.74% |
| Margen bruto | 41.99% |
| Margen operativo | 5.94% |
| Margen neto | 4.65% |
Salud financiera
| Deuda / Patrimonio | 0.07 |
| Ratio corriente | 1.42 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.18 | 19.47 | 14.82 | 14.19 | 8.42 | 9.61 | 26.58 | 60.11 | 17.20 | 11.59 |
| P/VC | 1.64 | 1.72 | 1.72 | 1.74 | 1.32 | 1.36 | 1.52 | 1.40 | 1.46 | 1.28 |
| P/V | 1.33 | 1.43 | 1.48 | 1.61 | 1.39 | 1.46 | 1.57 | 1.22 | 1.09 | 0.91 |
| Margen Bruto | 40.4% | 40.3% | 41.8% | 41.8% | 51.9% | 46.6% | 37.3% | 30.6% | 35.4% | 36.4% |
| Margen Operativo | 12.6% | 11.1% | 13.1% | 14.1% | 20.8% | 19.0% | 7.6% | 2.6% | 8.1% | 10.1% |
| Margen Neto | 7.8% | 7.4% | 10.0% | 11.4% | 16.4% | 15.1% | 5.9% | 2.0% | 6.4% | 7.9% |
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