Estados financieros detallados de Sun Country Airlines Holdings, Inc. (SNCY): 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
Sun Country Airlines Holdings, Inc. registró ingresos de $1.13B en el último ejercicio fiscal, con un CAGR de 5 años del 22.9%.
Márgenes de los últimos 12 meses: margen bruto 66.3%, margen operativo 7.1%, margen neto 3.5%.
Al precio actual de $16.17, SNCY cotiza a un P/E de 21.58 y un ROE del 6.44%. La capitalización bursátil es de $876M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $582.4M | $701.4M | $401.5M | $623.0M | $894.4M | $1.05B | $1.08B | $1.13B |
| Coste de Ventas | $527.4M | $512.6M | $383.4M | $487.8M | $716.7M | $780.5M | $326.8M | $372.6M |
| Beneficio Bruto | $54.9M | $188.8M | $18.1M | $133.2M | $177.7M | $269.2M | $749.0M | $754.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $28.0M | $35.4M | $16.6M | $22.1M | $31.1M | $34.1M | $34.9M | $33.3M |
| Gastos Operativos | $28.0M | $110.7M | $725000 | $21.2M | $122.0M | $141.7M | $643.0M | $653.6M |
| Beneficio Operativo | $26.9M | $78.1M | $17.4M | $111.9M | $55.7M | $127.5M | $106.0M | $100.6M |
| EBITDA | $43.8M | $112.2M | $65.5M | $200.2M | $122.6M | $226.2M | $210.6M | $201.3M |
| Gastos por Intereses | 0 | $17.2M | $22.1M | $26.3M | $31.0M | $42.6M | $44.3M | $36.9M |
| Beneficio Antes de Impuestos | $25.7M | $60.2M | -$4.7M | $100.3M | $24.0M | $94.2M | $69.6M | $70.2M |
| Impuestos | $161000 | $14.1M | -$778000 | $19.1M | $6.3M | $22.0M | $16.7M | $17.4M |
| Beneficio Neto | $25.5M | $46.1M | -$3.9M | $81.2M | $17.7M | $72.2M | $52.9M | $52.8M |
| BPA | $0.45 | $0.81 | $-0.07 | $1.47 | $0.31 | $1.30 | $1.00 | $0.99 |
| BPA Diluido | $0.45 | $0.81 | $-0.07 | $1.37 | $0.29 | $1.23 | $0.96 | $0.96 |
| Acciones en Circulación (Diluidas) | $57.2M | $57.2M | $57.2M | $59.3M | $61.0M | $58.5M | $55.1M | $54.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Ingresos | $263.6M | $255.5M | $281.0M | $338.4M |
| Beneficio Bruto | $174.1M | $162.4M | $183.9M | $234.2M |
| Beneficio Operativo | $16.3M | $9.9M | $18.2M | $36.9M |
| EBITDA | $42.7M | $73.7M | $44.6M | $64.3M |
| Beneficio Neto | $6.6M | $1.6M | $8.1M | $24.1M |
| BPA | $0.12 | $0.03 | $0.15 | $0.45 |
| BPA Diluido | $0.12 | $0.03 | $0.15 | $0.43 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $29.6M | $51.0M | $62.0M | $309.3M | $92.1M | $46.3M | $83.2M | $144.7M |
| Inversiones a Corto | $5.9M | $5.7M | $5.6M | $6.3M | $178.9M | $141.1M | $104.1M | $89.6M |
| Cuentas por Cobrar | $11.1M | $22.4M | $28.7M | $30.2M | $35.1M | $38.2M | $35.3M | $53.7M |
| Inventario | $4.8M | $5.3M | $5.4M | $5.4M | $7.7M | $7.8M | $10.5M | 0 |
| Activos Corrientes | $81.4M | $112.5M | $126.7M | $375.4M | $345.5M | $271.4M | $266.6M | $368.2M |
| Inmovilizado Material | $190.7M | $510.2M | $546.0M | $640.2M | $817.0M | $993.5M | $994.9M | $927.0M |
| Fondo de Comercio | $222.2M | $222.2M | $222.2M | $222.2M | $222.2M | $222.2M | $222.2M | $222.2M |
| Activos Intangibles | $101.1M | $97.1M | $93.1M | $89.1M | $85.1M | $83.6M | $77.8M | $73.3M |
| Activos Totales | $675.8M | $1.01B | $1.05B | $1.38B | $1.52B | $1.62B | $1.63B | $1.68B |
| Cuentas por Pagar | $28.7M | $43.9M | $34.0M | $39.8M | $62.4M | $59.0M | $56.0M | $57.6M |
| Deuda a Corto | $8.6M | $13.2M | $26.1M | $29.4M | $57.5M | $74.2M | $87.6M | $68.0M |
| Pasivos Corrientes | $222.9M | $353.6M | $253.7M | $281.7M | $377.1M | $418.6M | $422.3M | $451.1M |
| Deuda a Largo | $49.8M | $73.7M | $256.3M | $248.0M | $294.7M | $327.5M | $239.5M | $255.3M |
| Pasivos Totales | $440.2M | $724.2M | $769.5M | $889.8M | $1.03B | $1.11B | $1.06B | $1.06B |
| Reservas | -$367000 | $42.2M | $38.3M | $4.4M | $22.0M | $94.2M | $147.1M | $199.9M |
| Patrimonio Neto | $235.6M | $283.7M | $283.8M | $490.6M | $492.7M | $514.4M | $570.4M | $625.2M |
| Deuda Total | $150.2M | $456.8M | $536.8M | $545.6M | $629.7M | $697.8M | $619.0M | $591.8M |
| Deuda Neta | $114.7M | $400.1M | $469.2M | $230.0M | $358.6M | $510.4M | $431.8M | $357.5M |
| Capital Circulante | -$141.5M | -$241.0M | -$127.0M | $93.8M | -$31.6M | -$147.2M | -$155.7M | -$82.9M |
Balance (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Caja y Equivalentes | $37.0M | $111.8M | $144.7M | $153.7M |
| Activos Totales | $1.55B | $1.60B | $1.68B | $1.68B |
| Pasivos Totales | $939.1M | $993.7M | $1.06B | $1.02B |
| Patrimonio Neto | $613.0M | $610.2M | $625.2M | $659.4M |
| Deuda Total | $562.4M | $575.8M | $591.8M | $569.3M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $25.5M | $46.1M | -$3.9M | $77.5M | $17.7M | $72.2M | $52.9M | $52.8M |
| Amortizaciones | $16.9M | $34.9M | $48.1M | $55.0M | $67.6M | $89.5M | $96.7M | $99.5M |
| Compensación en Acciones | $373000 | 0 | $2.1M | $5.6M | $2.8M | $9.3M | $6.0M | 0 |
| Cambio en Capital Circulante | -$18.6M | -$43.5M | -$76.6M | $9.8M | $24.5M | -$25.1M | -$5.6M | -$18.9M |
| Flujo de Caja Operativo | $18.3M | $63.3M | $374000 | $152.0M | $127.4M | $174.1M | $164.9M | $157.1M |
| Inversiones (CapEx) | -$81.3M | -$69.8M | -$96.3M | -$116.3M | -$187.9M | -$218.2M | -$47.3M | -$73.1M |
| Adquisiciones | 0 | 0 | $200000 | $660000 | 0 | 0 | 0 | $19.2M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | -$25.1M | -$68.6M | -$12.1M | -$20.0M |
| Dividendos Pagados | -$10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$62.9M | -$6.5M | -$95.9M | $35.7M | -$60.5M | -$44.0M | $117.5M | $84.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 |
|---|
| Flujo de Caja Operativo | $19.8M | $41.9M | $78.9M | $29.7M |
| Inversiones (CapEx) | -$5.8M | -$7.9M | -$44.0M | -$40.5M |
| Flujo de Caja Libre | $14.0M | $34.0M | $34.9M | -$10.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +20.4% | -42.8% | +55.2% | +43.6% | +17.3% | +2.5% | +4.7% |
| Crecimiento Beneficio Neto (anual) | | +80.4% | -108.5% | +2181.1% | -78.2% | +308.4% | -26.7% | -0.2% |
| Crecimiento BPA (anual) | | +80.0% | -108.4% | +2252.3% | -78.9% | +319.4% | -23.1% | -1.0% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +3.8% | +2.9% | -4.1% | -5.9% | -0.4% |
| Crecimiento FCF (anual) | | +89.6% | -1365.8% | +137.2% | -269.4% | +27.2% | +366.9% | -28.5% |
| Margen Bruto | 9.4% | 26.9% | 4.5% | 21.4% | 19.9% | 25.6% | 69.6% | 66.9% |
| Margen Operativo | 4.6% | 11.1% | 4.3% | 18.0% | 6.2% | 12.1% | 9.9% | 8.9% |
| Margen EBITDA | 7.5% | 16.0% | 16.3% | 32.1% | 13.7% | 21.6% | 19.6% | 17.9% |
| Margen Neto | 4.4% | 6.6% | -1.0% | 13.0% | 2.0% | 6.9% | 4.9% | 4.7% |
| Margen FCF | -10.8% | -0.9% | -23.9% | 5.7% | -6.8% | -4.2% | 10.9% | 7.5% |
| Tasa Impositiva Efectiva | 0.6% | 23.4% | 16.6% | 19.0% | 26.3% | 23.3% | 24.0% | 24.8% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.10 | $-0.11 | $-1.68 | $0.60 | $-0.99 | $-0.75 | $2.13 | $1.53 |
| Dividendo por Acción | $0.18 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $57.2M | $57.2M | $57.2M | $55.2M | $58.0M | $55.5M | $52.9M | $53.1M |
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 | 6.44% |
| Rentabilidad sobre capital invertido | 4.54% |
| Rentabilidad sobre activos | 2.40% |
| Margen bruto | 66.28% |
| Margen operativo | 7.13% |
| Margen neto | 3.55% |
Salud financiera
| Deuda / Patrimonio | 0.86 |
| Ratio corriente | 0.83 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 80.84 | 44.91 | -532.65 | 18.54 | 51.16 | 12.10 | 14.58 | 14.54 |
| P/VC | 8.82 | 7.33 | 7.33 | 3.07 | 1.87 | 1.70 | 1.35 | 1.22 |
| P/V | 3.57 | 2.96 | 5.18 | 2.41 | 1.03 | 0.83 | 0.72 | 0.68 |
| Margen Bruto | 9.4% | 26.9% | 4.5% | 21.4% | 19.9% | 25.6% | 69.6% | 66.9% |
| Margen Operativo | 4.6% | 11.1% | 4.3% | 18.0% | 6.2% | 12.1% | 9.9% | 8.9% |
| Margen Neto | 4.4% | 6.6% | -1.0% | 13.0% | 2.0% | 6.9% | 4.9% | 4.7% |