Estados financieros detallados de SANUWAVE Health Inc. (SNWV): 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
SANUWAVE Health Inc. registró ingresos de $44.1M en el último ejercicio fiscal, con un CAGR de 5 años del 61.1%.
Márgenes de los últimos 12 meses: margen bruto 75.2%, margen operativo 1.5%, margen neto 32.6%.
Al precio actual de $4.22, SNWV cotiza a un P/E de 2.53 y un ROE del 17.28%. La capitalización bursátil es de $36M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.4M | $738527 | $1.9M | $1.0M | $4.1M | $13.0M | $16.7M | $20.4M | $32.6M | $44.1M |
| Coste de Ventas | $565129 | $241970 | $693664 | $538923 | $1.2M | $5.0M | $4.3M | $6.0M | $8.1M | $10.1M |
| Beneficio Bruto | $810934 | $496557 | $1.2M | $489807 | $2.9M | $8.0M | $12.4M | $14.4M | $24.6M | $34.0M |
| I+D | $1.1M | $1.3M | $1.7M | $1.2M | $1.2M | $1.1M | $567000 | $579000 | $673000 | $1.4M |
| Generales y Administrativos | $2.7M | $3.0M | $7.3M | $8.0M | $18.9M | $20.3M | $20.0M | $13.6M | $17.7M | $26.8M |
| Gastos Operativos | $4.1M | $4.3M | $8.3M | $9.3M | $28.1M | $22.2M | $21.4M | $14.9M | $19.1M | $29.0M |
| Beneficio Operativo | -$3.3M | -$3.8M | -$7.2M | -$8.8M | -$25.2M | -$14.1M | -$9.0M | -$540000 | $5.4M | $4.9M |
| EBITDA | -$3.0M | -$4.4M | -$7.1M | -$8.5M | -$27.4M | -$18.9M | $4.8M | -$9.2M | -$16.6M | $19.4M |
| Gastos por Intereses | $854980 | $1.1M | $4.5M | $1.8M | $2.5M | $7.1M | $14.1M | $15.6M | $13.6M | $6.2M |
| Beneficio Antes de Impuestos | -$6.4M | -$5.5M | -$11.6M | -$10.4M | -$30.9M | -$27.2M | -$10.3M | -$25.8M | -$31.3M | $11.9M |
| Impuestos | $3.1M | 0 | $45012 | 0 | 0 | $28000 | $2000 | $4000 | $27000 | $86000 |
| Beneficio Neto | -$6.4M | -$5.5M | -$11.6M | -$10.4M | -$30.9M | -$27.3M | -$10.3M | -$25.8M | -$31.4M | $11.8M |
| BPA | $-22.50 | $-15.00 | $-29.17 | $-19.26 | $-30.68 | $-19.72 | $-7.02 | $-12.19 | $-7.03 | $1.38 |
| BPA Diluido | $-22.50 | $-15.00 | $-29.17 | $-19.26 | $-30.68 | $-19.72 | $-7.02 | $-12.19 | $-7.03 | $0.41 |
| Acciones en Circulación (Diluidas) | $286986 | $370236 | $398767 | $541442 | $1.0M | $1.4M | $1.5M | $2.1M | $4.5M | $9.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $11.5M | $13.1M | $9.6M | $9.7M |
| Beneficio Bruto | $8.7M | $9.7M | $7.2M | $7.4M |
| Beneficio Operativo | $1.5M | $615000 | -$1.1M | -$280000 |
| EBITDA | $12.4M | $7.6M | -$581000 | -$158000 |
| Beneficio Neto | $10.3M | $6.1M | -$1.4M | -$682000 |
| BPA | $1.21 | $0.71 | $-0.17 | $-0.08 |
| BPA Diluido | $1.13 | $0.02 | $-0.17 | $-0.08 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $133571 | $730184 | $364549 | $1.8M | $2.4M | $619000 | $1.2M | $1.8M | $10.2M | $12.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $460799 | $152520 | $236002 | $75543 | $2.4M | $2.4M | $4.0M | $3.3M | $3.3M | $5.4M |
| Inventario | $231953 | $231532 | $357820 | $542955 | $3.0M | $1.0M | $868000 | $3.0M | $4.1M | $5.9M |
| Activos Corrientes | $914146 | $1.2M | $1.1M | $2.5M | $7.9M | $4.4M | $6.6M | $9.8M | $18.4M | $24.6M |
| Inmovilizado Material | $76938 | $60369 | $77755 | $835703 | $1.3M | $1.0M | $856000 | $938000 | $732000 | $2.4M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M |
| Activos Intangibles | 0 | 0 | 0 | 0 | $6.5M | $5.8M | $5.1M | $4.4M | $3.7M | $3.0M |
| Activos Totales | $1.0M | $1.3M | $1.2M | $3.4M | $23.0M | $18.6M | $19.9M | $22.4M | $30.1M | $37.3M |
| Cuentas por Pagar | $712964 | $1.5M | $1.6M | $1.4M | $4.5M | $7.6M | $4.4M | $5.7M | $3.7M | $3.2M |
| Deuda a Corto | $5.4M | $6.0M | $10.8M | $6.2M | $16.6M | $27.1M | $38.5M | $30.0M | $25.3M | $5.6M |
| Pasivos Corrientes | $7.9M | $11.2M | $16.5M | $12.4M | $36.2M | $56.3M | $60.2M | $64.8M | $42.3M | $17.8M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $143000 | $875000 | 0 | 0 | 0 | $16.3M |
| Pasivos Totales | $7.9M | $11.2M | $16.5M | $13.4M | $36.7M | $57.6M | $60.9M | $65.6M | $42.8M | $35.7M |
| Reservas | -$99.4M | -$105.0M | -$116.6M | -$125.8M | -$156.7M | -$183.9M | -$194.2M | -$220.0M | -$251.4M | -$242.7M |
| Patrimonio Neto | -$6.9M | -$9.9M | -$15.4M | -$10.1M | -$13.7M | -$39.0M | -$41.0M | -$43.2M | -$12.7M | $1.6M |
| Deuda Total | $5.5M | $6.0M | $10.8M | $6.9M | $17.6M | $28.4M | $39.0M | $30.5M | $25.5M | $23.0M |
| Deuda Neta | $5.4M | $5.3M | $10.4M | $5.2M | $15.1M | $27.8M | $37.8M | $28.7M | $15.3M | $11.0M |
| Capital Circulante | -$7.0M | -$10.0M | -$15.4M | -$9.9M | -$28.2M | -$51.9M | -$53.6M | -$55.0M | -$23.9M | $6.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $9.6M | $12.0M | $10.8M | $9.4M |
| Activos Totales | $35.6M | $37.3M | $37.1M | $36.6M |
| Pasivos Totales | $38.5M | $35.7M | $35.3M | $33.8M |
| Patrimonio Neto | -$2.9M | $1.6M | $1.8M | $2.8M |
| Deuda Total | $24.5M | $23.0M | $22.2M | $20.7M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$6.4M | -$5.5M | -$11.6M | -$10.4M | -$30.9M | -$27.3M | -$10.3M | -$25.8M | -$31.4M | $11.8M |
| Amortizaciones | $326614 | $24069 | $22332 | $71213 | $1.0M | $1.2M | $952000 | $1.0M | $1.1M | $1.3M |
| Compensación en Acciones | $547842 | $768105 | $2.5M | $333422 | $22000 | 0 | 0 | 0 | $1.5M | 0 |
| Cambio en Capital Circulante | -$495998 | $1.9M | $797849 | $1.7M | $1.4M | $9.9M | -$1.1M | -$3.6M | -$2.9M | -$4.0M |
| Flujo de Caja Operativo | -$3.2M | -$1.5M | -$3.6M | -$6.4M | -$12.7M | -$6.4M | -$17.2M | -$4.5M | $2.5M | $3.9M |
| Inversiones (CapEx) | -$10364 | 0 | -$42888 | -$53939 | -$53000 | -$529000 | $1.0M | 0 | -$490000 | -$1.9M |
| Adquisiciones | $1594 | 0 | 0 | 0 | -$20.0M | 0 | $332000 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.2M | -$1.5M | -$3.7M | -$6.5M | -$12.8M | -$6.9M | -$16.1M | -$4.5M | $2.0M | $1.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $1.1M | $3.3M | $397000 | $425000 |
| Inversiones (CapEx) | -$525000 | $1.8M | -$89000 | -$268000 |
| Flujo de Caja Libre | $556000 | $5.2M | $308000 | $157000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | -$3.5M | 0 | $1.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -46.3% | +150.5% | -44.4% | +294.4% | +220.7% | +28.7% | +21.8% | +60.0% | +35.0% |
| Crecimiento Beneficio Neto (anual) | | +14.0% | -110.0% | +10.3% | -196.6% | +11.9% | +62.2% | -150.7% | -21.6% | +137.7% |
| Crecimiento BPA (anual) | | +33.3% | -94.5% | +34.0% | -59.3% | +35.7% | +64.4% | -73.6% | +42.3% | +119.6% |
| Cambio en Acciones (anual) | | +29.0% | +7.7% | +35.8% | +86.2% | +37.1% | +6.0% | +44.5% | +110.8% | +103.5% |
| Crecimiento FCF (anual) | | +52.4% | -139.6% | -76.4% | -97.5% | +45.7% | -132.7% | +71.9% | +143.3% | -1.6% |
| Margen Bruto | 58.9% | 67.2% | 62.5% | 47.6% | 71.4% | 61.7% | 74.1% | 70.4% | 75.2% | 77.1% |
| Margen Operativo | -241.0% | -517.8% | -388.1% | -854.9% | -621.1% | -108.7% | -53.5% | -2.6% | 16.6% | 11.2% |
| Margen EBITDA | -217.4% | -592.3% | -384.5% | -828.4% | -675.0% | -145.3% | 28.6% | -44.9% | -50.8% | 44.1% |
| Margen Neto | -467.9% | -749.9% | -628.7% | -1013.9% | -762.6% | -209.5% | -61.5% | -126.5% | -96.1% | 26.8% |
| Margen FCF | -233.3% | -207.0% | -198.1% | -628.4% | -314.8% | -53.3% | -96.4% | -22.2% | 6.0% | 4.4% |
| Tasa Impositiva Efectiva | -48.5% | -0.0% | -0.4% | -0.0% | -0.0% | -0.1% | -0.0% | -0.0% | -0.1% | 0.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-11.18 | $-4.13 | $-9.19 | $-11.94 | $-12.67 | $-5.02 | $-11.02 | $-2.14 | $0.44 | $0.21 |
| 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) | $286986 | $370236 | $398767 | $541442 | $1.0M | $1.4M | $1.5M | $2.1M | $4.5M | $8.6M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 1728.10% |
| Rentabilidad sobre capital invertido | 2.80% |
| Rentabilidad sobre activos | 39.10% |
| Margen bruto | 75.20% |
| Margen operativo | 1.54% |
| Margen neto | 32.60% |
Salud financiera
| Deuda / Patrimonio | 7.43 |
| Ratio corriente | 1.28 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -2.97 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.92 | -6.05 | -2.96 | -3.11 | -2.26 | -3.23 | -1.22 | -0.40 | -3.27 | 21.62 |
| P/VC | -2.72 | -3.40 | -2.24 | -3.23 | -5.10 | -2.26 | -0.31 | -0.24 | -8.07 | 157.84 |
| P/V | 13.68 | 45.49 | 18.59 | 31.58 | 17.24 | 6.77 | 0.75 | 0.51 | 3.15 | 5.80 |
| Margen Bruto | 58.9% | 67.2% | 62.5% | 47.6% | 71.4% | 61.7% | 74.1% | 70.4% | 75.2% | 77.1% |
| Margen Operativo | -241.0% | -517.8% | -388.1% | -854.9% | -621.1% | -108.7% | -53.5% | -2.6% | 16.6% | 11.2% |
| Margen Neto | -467.9% | -749.9% | -628.7% | -1013.9% | -762.6% | -209.5% | -61.5% | -126.5% | -96.1% | 26.8% |