Estados financieros detallados de Silvercrest Asset Management Group Inc. (SAMG): 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
Silvercrest Asset Management Group Inc. registró ingresos de $125.3M en el último ejercicio fiscal, con un CAGR de 5 años del 3.0%. El beneficio neto alcanzó $4.9M, con un CAGR a 5 años del -13.3%.
Márgenes de los últimos 12 meses: margen bruto 45.9%, margen operativo 2.1%, margen neto 0.7%. El flujo de caja libre creció a un CAGR del -10.6% en 5 años.
Al precio actual de $9.70, SAMG cotiza a un P/E de 86.76 y un ROE del 1.79%. La capitalización bursátil es de $75M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $80.3M | $91.4M | $98.7M | $102.2M | $108.0M | $131.6M | $123.2M | $117.4M | $123.7M | $125.3M |
| Coste de Ventas | $49.0M | $54.1M | $57.9M | $60.0M | $62.4M | $72.6M | $71.6M | $72.6M | $76.7M | $83.9M |
| Beneficio Bruto | $31.3M | $37.2M | $40.7M | $42.1M | $45.6M | $59.0M | $51.6M | $44.8M | $47.0M | $41.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $16.6M | $16.8M | $19.6M | $23.2M | $23.3M | $28.5M | $13.0M | $26.0M | $29.4M | $32.0M |
| Gastos Operativos | $16.6M | $16.8M | $19.6M | $23.2M | $23.3M | $28.5M | $13.0M | $26.0M | $29.4M | $32.0M |
| Beneficio Operativo | $14.6M | $20.4M | $21.2M | $18.9M | $22.3M | $30.5M | $38.6M | $18.8M | $17.6M | $9.3M |
| EBITDA | $17.6M | $29.2M | $25.3M | $24.3M | $27.4M | $36.2M | $42.7M | $23.9M | $24.6M | $13.6M |
| Gastos por Intereses | $228000 | $112000 | $62000 | $481000 | $563000 | $383000 | $416000 | $421000 | $144000 | $141000 |
| Beneficio Antes de Impuestos | $14.7M | $26.3M | $22.8M | $20.6M | $22.9M | $31.9M | $38.4M | $19.5M | $20.3M | $11.0M |
| Impuestos | $4.7M | $13.7M | $5.5M | $5.2M | $5.4M | $6.9M | $7.6M | $4.3M | $4.6M | $3.0M |
| Beneficio Neto | $5.0M | $5.3M | $9.6M | $8.6M | $10.0M | $14.7M | $18.8M | $9.1M | $9.5M | $4.9M |
| BPA | $0.62 | $0.66 | $1.16 | $1.75 | $1.84 | $1.52 | $1.92 | $0.96 | $1.00 | $0.56 |
| BPA Diluido | $0.62 | $0.66 | $1.16 | $1.75 | $1.84 | $1.52 | $1.92 | $0.96 | $1.00 | $0.56 |
| Acciones en Circulación (Diluidas) | $8.0M | $8.1M | $8.3M | $8.8M | $9.5M | $9.7M | $9.8M | $9.5M | $9.5M | $8.8M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $37.5M | $53.8M | $69.3M | $52.8M | $62.5M | $85.7M | $77.4M | $70.3M | $68.6M | $44.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $9.1M | $10.5M | $9.3M | $10.7M | $9.4M | $9.3M | $9.7M | $9.9M | $12.9M | $11.8M |
| Inventario | $335000 | -$719000 | -$2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $50.7M | $64.4M | $78.5M | $63.5M | $75.4M | $97.7M | $91.6M | $84.3M | $81.8M | $56.2M |
| Inmovilizado Material | $2.4M | $2.5M | $3.4M | $39.7M | $35.8M | $31.6M | $29.0M | $27.4M | $23.7M | $37.3M |
| Fondo de Comercio | $25.2M | $25.2M | $25.2M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M | $63.7M |
| Activos Intangibles | $13.4M | $11.6M | $9.9M | $29.3M | $26.6M | $23.9M | $21.3M | $18.9M | $16.6M | $14.5M |
| Activos Totales | $112.3M | $117.4M | $133.4M | $214.2M | $213.8M | $229.3M | $212.7M | $199.6M | $194.4M | $166.6M |
| Cuentas por Pagar | $2.9M | $3.5M | $2.9M | $18.5M | $1.6M | $1.9M | $1.5M | $1.9M | $2.0M | 0 |
| Deuda a Corto | 0 | $740000 | 0 | $16.2M | 0 | 0 | 0 | 0 | 0 | $4.0M |
| Pasivos Corrientes | $4.5M | $3.5M | $2.9M | $34.7M | $51.9M | $61.5M | $41.4M | $39.4M | $2.0M | $4.0M |
| Deuda a Largo | $2.5M | $740000 | 0 | $16.2M | $12.6M | $9.0M | $6.3M | $2.7M | 0 | 0 |
| Pasivos Totales | $46.2M | $45.2M | $51.0M | $116.4M | $110.4M | $112.5M | $86.8M | $77.8M | $74.7M | $81.7M |
| Reservas | $5.9M | $7.4M | $12.3M | $15.6M | $19.5M | $27.8M | $39.8M | $41.9M | $44.0M | $41.7M |
| Patrimonio Neto | $47.3M | $49.1M | $56.0M | $65.0M | $70.7M | $80.3M | $84.6M | $82.7M | $80.7M | $50.3M |
| Deuda Total | $2.5M | $740000 | $188000 | $72.4M | $49.0M | $41.6M | $36.2M | $29.3M | $22.5M | $24.0M |
| Deuda Neta | -$35.0M | -$53.1M | -$69.1M | $19.6M | -$13.5M | -$44.1M | -$41.2M | -$41.0M | -$46.1M | -$20.1M |
| Capital Circulante | $46.3M | $60.8M | $75.6M | $28.8M | $23.5M | $36.2M | $50.1M | $45.0M | $79.8M | $52.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $10.0M | $12.5M | $17.4M | $15.4M | $17.5M | $24.9M | $30.8M | $9.1M | $15.7M | $8.1M |
| Amortizaciones | $2.7M | $2.8M | $2.4M | $3.2M | $4.0M | $3.9M | $3.9M | $4.0M | $4.1M | $2.4M |
| Compensación en Acciones | $3.2M | $3.2M | $3.3M | $2.3M | $659000 | $1.4M | $1.1M | $1.6M | $1.9M | $1.8M |
| Cambio en Capital Circulante | $845000 | $5.0M | $2.3M | -$3.2M | -$1.6M | $9.9M | -$20.1M | -$6.0M | -$4.6M | $2.3M |
| Flujo de Caja Operativo | $18.0M | $29.6M | $28.9M | $18.8M | $26.8M | $44.3M | $23.4M | $21.0M | $21.6M | $18.6M |
| Inversiones (CapEx) | -$723000 | -$804000 | -$1.8M | -$3.8M | -$626000 | -$908000 | -$956000 | -$3.9M | -$1.7M | -$3.6M |
| Adquisiciones | -$148000 | 0 | 0 | -$35.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$512000 | -$8.8M | -$5.7M | -$4.6M | -$30.5M |
| Dividendos Pagados | -$3.9M | -$3.9M | -$4.7M | -$5.3M | -$6.1M | -$6.4M | -$6.8M | -$7.0M | -$7.4M | -$7.1M |
| Flujo de Caja Libre | $17.3M | $28.8M | $27.1M | $15.0M | $26.2M | $43.4M | $22.4M | $17.1M | $19.9M | $15.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +13.8% | +8.0% | +3.5% | +5.7% | +21.9% | -6.4% | -4.7% | +5.3% | +1.3% | |
| Crecimiento Beneficio Neto (anual) | +6.4% | +80.4% | -10.2% | +15.2% | +47.5% | +28.1% | -51.7% | +4.8% | -48.8% | |
| Crecimiento BPA (anual) | +6.5% | +75.8% | +50.9% | +5.1% | -17.4% | +26.3% | -50.0% | +4.2% | -44.0% | |
| Cambio en Acciones (anual) | +1.0% | +2.3% | +6.0% | +8.1% | +1.9% | +1.4% | -3.6% | +0.7% | -7.8% | |
| Crecimiento FCF (anual) | +66.8% | -5.8% | -44.8% | +75.2% | +65.4% | -48.3% | -23.8% | +16.3% | -24.7% | |
| Margen Bruto | 38.9% | 40.7% | 41.3% | 41.2% | 42.2% | 44.9% | 41.9% | 38.1% | 38.0% | 33.0% |
| Margen Operativo | 18.2% | 22.3% | 21.4% | 18.5% | 20.6% | 23.2% | 31.3% | 16.0% | 14.3% | 7.4% |
| Margen EBITDA | 21.9% | 31.9% | 25.7% | 23.8% | 25.4% | 27.5% | 34.7% | 20.4% | 19.9% | 10.9% |
| Margen Neto | 6.2% | 5.8% | 9.8% | 8.5% | 9.2% | 11.2% | 15.3% | 7.7% | 7.7% | 3.9% |
| Margen FCF | 21.5% | 31.5% | 27.5% | 14.6% | 24.3% | 33.0% | 18.2% | 14.6% | 16.1% | 11.9% |
| Tasa Impositiva Efectiva | 31.9% | 52.3% | 23.9% | 25.1% | 23.6% | 21.7% | 19.8% | 22.1% | 22.5% | 27.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $2.15 | $3.55 | $3.26 | $1.70 | $2.76 | $4.48 | $2.28 | $1.81 | $2.09 | $1.70 |
| Dividendo por Acción | $0.48 | $0.48 | $0.56 | $0.61 | $0.64 | $0.66 | $0.70 | $0.74 | $0.78 | $0.80 |
| Acciones en Circulación (Básicas) | $8.0M | $8.1M | $8.3M | $8.8M | $9.5M | $9.7M | $9.8M | $9.4M | $9.5M | $8.8M |
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 | 1.79% |
| Rentabilidad sobre capital invertido | 0.96% |
| Rentabilidad sobre activos | 0.65% |
| Margen bruto | 45.90% |
| Margen operativo | 2.06% |
| Margen neto | 0.72% |
Salud financiera
| Deuda / Patrimonio | 0.60 |
| Ratio corriente | 6.54 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.64 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.21 | 24.32 | 11.41 | 7.19 | 7.55 | 11.30 | 9.78 | 17.71 | 18.39 | 27.12 |
| P/VC | 2.23 | 2.65 | 1.96 | 1.70 | 1.87 | 2.07 | 2.17 | 1.94 | 2.16 | 2.65 |
| P/V | 1.32 | 1.42 | 1.11 | 1.08 | 1.22 | 1.26 | 1.49 | 1.37 | 1.41 | 1.06 |
| Margen Bruto | 38.9% | 40.7% | 41.3% | 41.2% | 42.2% | 44.9% | 41.9% | 38.1% | 38.0% | 33.0% |
| Margen Operativo | 18.2% | 22.3% | 21.4% | 18.5% | 20.6% | 23.2% | 31.3% | 16.0% | 14.3% | 7.4% |
| Margen Neto | 6.2% | 5.8% | 9.8% | 8.5% | 9.2% | 11.2% | 15.3% | 7.7% | 7.7% | 3.9% |
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Explorar sector: Financial Services · Asset Management
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