Estados financieros detallados de Sally Beauty Holdings, Inc. (SBH): 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
Sally Beauty Holdings, Inc. registró ingresos de $3.70B en el último ejercicio fiscal, con un CAGR de 5 años del 1.0%. El beneficio neto alcanzó $195.9M, con un CAGR a 5 años del 11.6%.
Márgenes de los últimos 12 meses: margen bruto 52.1%, margen operativo 8.4%, margen neto 5.2%. El flujo de caja libre creció a un CAGR del -11.4% en 5 años.
Al precio actual de $16.01, SBH cotiza a un P/E de 8.05 y un ROE del 23.11%. La capitalización bursátil es de $1.5B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $3.95B | $3.94B | $3.93B | $3.88B | $3.51B | $3.87B | $3.82B | $3.73B | $3.72B | $3.70B |
| Coste de Ventas | $1.99B | $1.97B | $1.99B | $1.97B | $1.80B | $1.92B | $1.88B | $1.84B | $1.83B | $1.79B |
| Beneficio Bruto | $1.96B | $1.96B | $1.94B | $1.91B | $1.72B | $1.95B | $1.94B | $1.89B | $1.89B | $1.91B |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $1.36B | $1.35B | $1.38B | $1.45B | $1.44B | $1.52B | $1.54B | $1.55B | $1.60B | $1.60B |
| Gastos Operativos | $1.47B | $1.46B | $1.48B | $1.45B | $1.46B | $1.54B | $1.60B | $1.57B | $1.61B | $1.58B |
| Beneficio Operativo | $498.3M | $478.6M | $426.6M | $350.1M | $258.8M | $418.4M | $337.6M | $325.0M | $282.7M | $327.8M |
| EBITDA | $598.0M | $590.9M | $535.4M | $457.8M | $379.6M | $529.7M | $493.1M | $441.1M | $393.5M | $427.7M |
| Gastos por Intereses | $144.2M | $132.9M | $98.2M | $96.3M | $98.8M | $93.5M | $93.5M | $73.0M | $76.4M | $64.4M |
| Beneficio Antes de Impuestos | $354.1M | $345.7M | $328.4M | $362.2M | $160.0M | $324.9M | $244.1M | $252.1M | $206.3M | $263.4M |
| Impuestos | $131.1M | $130.6M | $70.4M | $90.5M | $46.7M | $85.1M | $60.5M | $67.5M | $52.9M | $67.5M |
| Beneficio Neto | $222.9M | $215.1M | $258.0M | $271.6M | $113.2M | $239.9M | $183.6M | $184.6M | $153.4M | $195.9M |
| BPA | $1.51 | $1.56 | $2.09 | $2.27 | $0.99 | $2.13 | $1.69 | $1.72 | $1.48 | $1.95 |
| BPA Diluido | $1.50 | $1.56 | $2.08 | $2.26 | $0.99 | $2.10 | $1.66 | $1.69 | $1.43 | $1.89 |
| Acciones en Circulación (Diluidas) | $148.8M | $138.2M | $123.8M | $120.3M | $114.7M | $114.2M | $110.3M | $109.3M | $106.9M | $103.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $947.1M | $943.2M | $903.4M | $935.5M |
| Beneficio Bruto | $494.1M | $483.3M | $475.3M | $490.2M |
| Beneficio Operativo | $79.9M | $75.9M | $72.5M | $86.4M |
| EBITDA | $80.5M | $99.9M | $97.2M | $112.6M |
| Beneficio Neto | $49.9M | $45.6M | $42.7M | $54.1M |
| BPA | $0.51 | $0.47 | $0.44 | $0.57 |
| BPA Diluido | $0.49 | $0.45 | $0.43 | $0.55 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $86.6M | $63.8M | $77.3M | $71.5M | $514.2M | $401.0M | $70.6M | $123.0M | $108.0M | $149.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $84.0M | $92.2M | $90.5M | $104.5M | $56.4M | $66.6M | $72.3M | $75.9M | $92.2M | $116.6M |
| Inventario | $907.3M | $930.9M | $944.3M | $952.9M | $814.5M | $871.3M | $936.4M | $975.2M | $1.04B | $987.6M |
| Activos Corrientes | $1.17B | $1.17B | $1.16B | $1.16B | $1.43B | $1.38B | $1.13B | $1.23B | $1.31B | $1.30B |
| Inmovilizado Material | $319.6M | $313.7M | $308.4M | $319.6M | $840.7M | $845.0M | $830.1M | $868.4M | $852.4M | $931.0M |
| Fondo de Comercio | $532.7M | $537.8M | $535.9M | $530.8M | $540.0M | $541.2M | $526.1M | $533.1M | $538.3M | $540.7M |
| Activos Intangibles | $93.0M | $80.3M | $72.7M | $62.1M | $58.3M | $55.5M | $50.3M | $55.2M | $60.0M | $53.0M |
| Activos Totales | $2.13B | $2.12B | $2.10B | $2.10B | $2.90B | $2.85B | $2.58B | $2.73B | $2.79B | $2.87B |
| Cuentas por Pagar | $271.4M | $307.8M | $303.2M | $278.7M | $236.3M | $291.6M | $275.7M | $258.9M | $269.4M | $224.5M |
| Deuda a Corto | $716000 | $96.1M | $5.5M | $1000 | $180000 | $194000 | $68.7M | $4.2M | $4.1M | $4.0M |
| Pasivos Corrientes | $488.7M | $574.6M | $491.2M | $456.1M | $563.4M | $664.9M | $667.9M | $579.3M | $592.7M | $576.0M |
| Deuda a Largo | $1.78B | $1.77B | $1.77B | $1.59B | $1.80B | $1.38B | $1.08B | $1.07B | $978.3M | $862.0M |
| Pasivos Totales | $2.41B | $2.49B | $2.37B | $2.16B | $2.88B | $2.57B | $2.28B | $2.22B | $2.16B | $2.08B |
| Reservas | -$177.6M | -$283.1M | -$179.8M | $55.8M | $117.1M | $357.0M | $440.2M | $624.8M | $740.7M | $898.1M |
| Patrimonio Neto | -$276.2M | -$363.6M | -$268.6M | -$60.3M | $15.4M | $280.7M | $293.6M | $508.7M | $628.5M | $794.2M |
| Deuda Total | $1.78B | $1.87B | $1.77B | $1.59B | $2.34B | $1.94B | $1.73B | $1.68B | $1.60B | $1.56B |
| Deuda Neta | $1.70B | $1.80B | $1.70B | $1.52B | $1.83B | $1.54B | $1.66B | $1.55B | $1.49B | $1.41B |
| Capital Circulante | $684.2M | $595.9M | $663.9M | $707.5M | $869.7M | $718.7M | $464.5M | $648.7M | $712.6M | $725.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $149.2M | $157.2M | $157.4M | $173.1M |
| Activos Totales | $2.87B | $2.85B | $2.85B | $2.88B |
| Pasivos Totales | $2.08B | $2.03B | $2.02B | $2.01B |
| Patrimonio Neto | $794.2M | $823.6M | $837.9M | $871.5M |
| Deuda Total | $1.56B | $1.54B | $1.52B | $1.52B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $222.9M | $215.1M | $258.0M | $271.6M | $113.2M | $239.9M | $183.6M | $184.6M | $153.4M | $195.9M |
| Amortizaciones | $99.7M | $112.3M | $108.8M | $107.7M | $106.8M | $102.2M | $99.9M | $102.4M | $109.7M | $99.9M |
| Compensación en Acciones | $12.6M | $10.5M | $10.5M | $9.2M | $8.4M | $11.7M | $9.9M | $15.9M | $17.2M | $19.2M |
| Cambio en Capital Circulante | -$41.3M | -$49.3M | $10.9M | -$70.8M | $177.0M | $26.7M | -$164.1M | -$71.6M | -$38.8M | -$8.7M |
| Flujo de Caja Operativo | $351.0M | $344.4M | $372.7M | $320.4M | $426.9M | $381.9M | $156.5M | $249.3M | $246.5M | $274.8M |
| Inversiones (CapEx) | -$151.2M | -$89.7M | -$86.5M | -$107.8M | -$110.9M | -$73.9M | -$99.2M | -$90.7M | -$101.2M | -$102.1M |
| Adquisiciones | -$26.1M | $41000 | -$9.2M | -$3.4M | -$13.0M | -$2.4M | -$3.2M | -$9.0M | -$7.7M | $287000 |
| Recompra de Acciones | -$209.1M | -$346.9M | -$166.7M | -$47.4M | -$61.4M | 0 | -$130.3M | -$15.2M | -$60.4M | -$54.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $199.8M | $254.7M | $286.2M | $212.7M | $316.0M | $308.0M | $57.2M | $158.6M | $145.4M | $172.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $120.9M | $93.2M | $73.3M | $80.9M |
| Inversiones (CapEx) | -$42.9M | -$35.8M | -$29.2M | -$19.3M |
| Flujo de Caja Libre | $78.0M | $57.5M | $44.1M | $61.6M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $4.4M | $7.6M | $6.0M | $4.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -0.4% | -0.1% | -1.4% | -9.3% | +10.3% | -1.5% | -2.3% | -0.3% | -0.4% |
| Crecimiento Beneficio Neto (anual) | | -3.5% | +20.0% | +5.3% | -58.3% | +111.8% | -23.5% | +0.6% | -16.9% | +27.7% |
| Crecimiento BPA (anual) | | +3.3% | +34.0% | +8.6% | -56.4% | +115.2% | -20.7% | +1.8% | -14.0% | +31.8% |
| Cambio en Acciones (anual) | | -7.1% | -10.4% | -2.9% | -4.7% | -0.4% | -3.4% | -0.9% | -2.2% | -2.9% |
| Crecimiento FCF (anual) | | +27.5% | +12.3% | -25.7% | +48.6% | -2.6% | -81.4% | +177.0% | -8.3% | +18.8% |
| Margen Bruto | 49.7% | 49.9% | 49.4% | 49.3% | 48.8% | 50.4% | 50.8% | 50.8% | 50.9% | 51.6% |
| Margen Operativo | 12.6% | 12.2% | 10.8% | 9.0% | 7.4% | 10.8% | 8.8% | 8.7% | 7.6% | 8.9% |
| Margen EBITDA | 15.1% | 15.0% | 13.6% | 11.8% | 10.8% | 13.7% | 12.9% | 11.8% | 10.6% | 11.6% |
| Margen Neto | 5.6% | 5.5% | 6.6% | 7.0% | 3.2% | 6.2% | 4.8% | 5.0% | 4.1% | 5.3% |
| Margen FCF | 5.1% | 6.5% | 7.3% | 5.5% | 9.0% | 7.9% | 1.5% | 4.3% | 3.9% | 4.7% |
| Tasa Impositiva Efectiva | 37.0% | 37.8% | 21.4% | 25.0% | 29.2% | 26.2% | 24.8% | 26.8% | 25.6% | 25.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.34 | $1.84 | $2.31 | $1.77 | $2.76 | $2.70 | $0.52 | $1.45 | $1.36 | $1.66 |
| 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) | $147.2M | $137.5M | $123.2M | $119.6M | $113.9M | $112.7M | $108.7M | $107.3M | $103.9M | $100.7M |
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 | 23.11% |
| Rentabilidad sobre capital invertido | 9.45% |
| Rentabilidad sobre activos | 6.67% |
| Margen bruto | 52.10% |
| Margen operativo | 8.44% |
| Margen neto | 5.16% |
Salud financiera
| Deuda / Patrimonio | 1.74 |
| Ratio corriente | 2.37 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 17.01 | 12.55 | 8.57 | 6.56 | 8.78 | 7.91 | 7.46 | 4.87 | 9.17 | 8.35 |
| P/VC | -13.69 | -7.41 | -8.22 | -29.53 | 64.08 | 6.76 | 4.66 | 1.77 | 2.24 | 2.06 |
| P/V | 0.96 | 0.68 | 0.56 | 0.46 | 0.28 | 0.49 | 0.36 | 0.24 | 0.38 | 0.44 |
| Margen Bruto | 49.7% | 49.9% | 49.4% | 49.3% | 48.8% | 50.4% | 50.8% | 50.8% | 50.9% | 51.6% |
| Margen Operativo | 12.6% | 12.2% | 10.8% | 9.0% | 7.4% | 10.8% | 8.8% | 8.7% | 7.6% | 8.9% |
| Margen Neto | 5.6% | 5.5% | 6.6% | 7.0% | 3.2% | 6.2% | 4.8% | 5.0% | 4.1% | 5.3% |