Estados financieros detallados de Serve Robotics Inc. (SERV): 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
Márgenes de los últimos 12 meses: margen bruto -370.1%, margen operativo -24.8%, margen neto -23.2%.
Al precio actual de $4.29, SERV presenta beneficios negativos (P/E no significativo) y un ROE del -55.34%. La capitalización bursátil es de $332M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | $107819 | $207545 | $1.8M | $2.7M |
| Coste de Ventas | $42469 | $1.1M | $1.7M | $1.9M | $18.0M |
| Beneficio Bruto | -$42469 | -$1.0M | -$1.5M | -$75156 | -$15.4M |
| I+D | $7.1M | $13.6M | $9.9M | $24.3M | $45.3M |
| Generales y Administrativos | $2.6M | $4.3M | $5.2M | $10.6M | $40.0M |
| Gastos Operativos | $10.6M | $19.9M | $19.2M | $38.2M | $97.4M |
| Beneficio Operativo | -$10.6M | -$21.0M | -$20.7M | -$38.3M | -$112.8M |
| EBITDA | -$21.6M | -$20.8M | -$17.4M | -$38.2M | -$96.8M |
| Gastos por Intereses | 0 | $636330 | $2.3M | $680548 | $3000 |
| Beneficio Antes de Impuestos | -$21.7M | -$21.9M | -$24.8M | -$39.2M | -$105.0M |
| Impuestos | 0 | 0 | 0 | 0 | -$3.7M |
| Beneficio Neto | -$21.7M | -$21.9M | -$24.8M | -$39.2M | -$101.4M |
| BPA | $-0.58 | $-0.59 | $-0.67 | $-1.07 | $-1.63 |
| BPA Diluido | $-0.58 | $-0.59 | $-0.67 | $-1.07 | $-1.63 |
| Acciones en Circulación (Diluidas) | $36.9M | $36.9M | $36.9M | $36.7M | $62.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $686535 | $882000 | $3.0M | $3.2M |
| Beneficio Bruto | -$4.4M | -$6.7M | -$9.0M | -$8.8M |
| Beneficio Operativo | -$34.8M | -$40.3M | -$51.8M | -$66.1M |
| EBITDA | -$30.9M | -$33.1M | -$43.4M | -$57.6M |
| Beneficio Neto | -$33.0M | -$34.3M | -$49.0M | -$64.1M |
| BPA | $-0.54 | $-0.46 | $-0.65 | $-0.80 |
| BPA Diluido | $-0.54 | $-0.46 | $-0.65 | $-0.80 |
Balance (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $8.0M | $2.7M | $6756 | $123.3M | $106.2M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | $127.2M |
| Cuentas por Cobrar | 0 | $23697 | $2955 | $278448 | $1.5M |
| Inventario | $463422 | $618262 | $774349 | $309711 | 0 |
| Activos Corrientes | $8.4M | $3.4M | $1.5M | $125.3M | $241.1M |
| Inmovilizado Material | $119616 | $4.6M | $830861 | $13.8M | $52.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $15.5M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $31.3M |
| Activos Totales | $8.7M | $8.5M | $2.8M | $139.6M | $367.8M |
| Cuentas por Pagar | $336314 | $162034 | $2.1M | $4.9M | $5.0M |
| Deuda a Corto | 0 | $1.0M | $1.1M | $1.2M | $1.8M |
| Pasivos Corrientes | $336314 | $3.9M | $6.2M | $6.8M | $13.3M |
| Deuda a Largo | 0 | $1.2M | $230933 | 0 | $3.5M |
| Pasivos Totales | $336314 | $21.0M | $6.8M | $7.9M | $17.0M |
| Reservas | -$21.7M | -$43.5M | -$68.3M | -$107.5M | -$208.9M |
| Patrimonio Neto | $8.3M | -$12.5M | -$4.0M | $131.7M | $350.7M |
| Deuda Total | 0 | $7.5M | $4.4M | $2.3M | $5.3M |
| Deuda Neta | -$8.0M | $4.8M | $4.4M | -$120.9M | -$228.2M |
| Capital Circulante | $8.1M | -$457985 | -$4.8M | $118.4M | $227.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $116.8M | $106.2M | $47.1M | $79.1M |
| Activos Totales | $299.1M | $367.8M | $340.8M | $378.6M |
| Pasivos Totales | $15.2M | $17.0M | $23.0M | $26.8M |
| Patrimonio Neto | $283.9M | $350.7M | $317.8M | $351.8M |
| Deuda Total | $4.1M | $5.3M | $4.8M | $9.7M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$21.7M | -$21.9M | -$24.8M | -$39.2M | -$101.4M |
| Amortizaciones | $42469 | $388139 | $3.7M | $309712 | $8.2M |
| Compensación en Acciones | $8714 | $195056 | $544375 | $14.6M | $21.3M |
| Cambio en Capital Circulante | -$138270 | -$410198 | -$552611 | $884683 | -$2.6M |
| Flujo de Caja Operativo | -$10.7M | -$21.4M | -$16.0M | -$21.5M | -$80.2M |
| Inversiones (CapEx) | -$162085 | -$3.6M | -$4914 | -$10.3M | -$37.3M |
| Adquisiciones | 0 | 0 | 0 | 0 | -$7.5M |
| Recompra de Acciones | 0 | 0 | -$3 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$10.9M | -$25.0M | -$16.0M | -$31.8M | -$117.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$25.2M | -$29.6M | -$41.4M | -$43.3M |
| Inversiones (CapEx) | -$11.7M | -$16.5M | -$1.4M | -$973000 |
| Flujo de Caja Libre | -$36.9M | -$46.1M | -$42.9M | -$44.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.6M | $6.3M | $7.4M | $14.7M |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | +92.5% | +773.3% | +46.3% |
| Crecimiento Beneficio Neto (anual) | | -0.9% | -13.5% | -57.9% | -158.6% |
| Crecimiento BPA (anual) | | -1.7% | -13.6% | -59.7% | -52.3% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | -0.8% | +69.9% |
| Crecimiento FCF (anual) | | -130.4% | +36.2% | -99.0% | -269.8% |
| Margen Bruto | | -965.1% | -733.7% | -4.1% | -580.2% |
| Margen Operativo | | -19433.5% | -9987.0% | -2112.5% | -4253.8% |
| Margen EBITDA | | -19320.0% | -8381.2% | -2107.6% | -3651.6% |
| Margen Neto | | -20270.2% | -11955.8% | -2162.3% | -3823.5% |
| Margen FCF | | -23231.3% | -7697.5% | -1754.2% | -4435.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | 3.5% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.29 | $-0.68 | $-0.43 | $-0.87 | $-1.89 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $36.9M | $36.9M | $36.9M | $36.7M | $62.3M |
Qué mirar en Industrials
Aeroespacial, defensa, maquinaria, transporte. Semi-cíclicos. Clave: backlog, márgenes operativos, y conversión de FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — El mejor indicador de disciplina operativa en industriales
- ROIC — Industriales de calidad tienen ROIC >15% — el resto destruyen capital
- FCF conversion — FCF / Net Income — en industriales bueno >85%
- Deuda neta / EBITDA — Industriales cíclicos con deuda alta sufren mucho en recesión
- Capex / Ingresos — Mantener la maquinaria. <4% = posible infraversión (deterioro futuro)
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
Rentabilidad
| Rentabilidad sobre capital | -55.34% |
| Rentabilidad sobre capital invertido | -52.09% |
| Rentabilidad sobre activos | -47.65% |
| Margen bruto | -370.12% |
| Margen operativo | -2476.95% |
| Margen neto | -2315.96% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 12.83 |
Ratios Clave (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -9.17 | -9.02 | -7.94 | -12.62 | -6.37 |
| P/VC | 23.62 | -15.78 | -48.72 | 3.76 | 1.84 |
| P/V | 0.00 | 1822.74 | 946.91 | 273.05 | 243.87 |
| Margen Bruto | 0.0% | -965.1% | -733.7% | -4.1% | -580.2% |
| Margen Operativo | 0.0% | -19433.5% | -9987.0% | -2112.5% | -4253.8% |
| Margen Neto | 0.0% | -20270.2% | -11955.8% | -2162.3% | -3823.5% |