Estados financieros detallados de Surf Air Mobility Inc. (SRFM): 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
Surf Air Mobility Inc. registró ingresos de $106.6M en el último ejercicio fiscal, con un CAGR de 5 años del 70.0%.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $7.5M | $11.8M | $20.3M | $60.5M | $119.4M | $106.6M |
| Coste de Ventas | $11.0M | $15.5M | $25.9M | $65.7M | $109.9M | $102.4M |
| Beneficio Bruto | -$3.5M | -$3.7M | -$5.6M | -$5.2M | $9.5M | $4.2M |
| I+D | $2.2M | $3.0M | $3.3M | $20.9M | $24.0M | $10.3M |
| Generales y Administrativos | $15.1M | $26.6M | $42.0M | $110.7M | $37.4M | $61.5M |
| Gastos Operativos | $17.2M | $29.6M | $45.3M | $191.6M | $69.7M | $81.1M |
| Beneficio Operativo | -$20.8M | -$33.4M | -$50.9M | -$196.8M | -$60.3M | -$76.9M |
| EBITDA | -$19.0M | -$32.6M | -$72.7M | -$247.3M | -$58.2M | -$88.4M |
| Gastos por Intereses | $1.6M | $2.1M | $596000 | $3.0M | $8.6M | $13.2M |
| Beneficio Antes de Impuestos | -$23.4M | -$35.8M | -$74.4M | -$254.0M | -$75.2M | -$110.9M |
| Impuestos | 0 | 0 | 0 | -$3.3M | -$287000 | -$380000 |
| Beneficio Neto | -$23.4M | -$35.8M | -$74.4M | -$250.7M | -$74.9M | -$110.6M |
| BPA | $-2.35 | $-3.58 | $-7.45 | $-23.04 | $-5.80 | $-3.15 |
| BPA Diluido | $-2.35 | $-3.58 | $-7.45 | $-23.04 | $-5.80 | $-3.15 |
| Acciones en Circulación (Diluidas) | $10.0M | $10.0M | $10.0M | $10.9M | $12.9M | $35.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $29.2M | $26.4M | $25.6M | $29.5M |
| Beneficio Bruto | $1.5M | $498000 | -$2.9M | $62000 |
| Beneficio Operativo | -$16.5M | -$25.9M | -$13.4M | -$18.8M |
| EBITDA | -$21.6M | -$11.7M | -$16.5M | -$24.5M |
| Beneficio Neto | -$27.2M | -$36.9M | -$20.3M | -$28.1M |
| BPA | $-0.64 | $-0.95 | $-0.26 | $-0.29 |
| BPA Diluido | $-0.64 | $-0.95 | $-0.26 | $-0.29 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.4M | $719000 | $6000 | $1.7M | $21.1M | $12.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $161000 | $15000 | $161000 | $5.0M | $4.3M | $3.9M |
| Inventario | 0 | 0 | 0 | 0 | $39000 | 0 |
| Activos Corrientes | $8.4M | $1.9M | $7.9M | $17.7M | $33.9M | $30.9M |
| Inmovilizado Material | $600000 | $703000 | $1.8M | $61.2M | $60.4M | $58.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $2.5M | $1.9M | $3.0M | $28.5M | $23.1M | $20.1M |
| Activos Totales | $11.7M | $7.6M | $13.7M | $111.0M | $124.1M | $131.7M |
| Cuentas por Pagar | $8.8M | $14.0M | $12.9M | $18.9M | $18.0M | $18.4M |
| Deuda a Corto | $20.0M | $23.1M | $15.9M | $15.9M | $8.4M | $10.6M |
| Pasivos Corrientes | $43.6M | $55.6M | $57.4M | $140.1M | $89.6M | $95.3M |
| Deuda a Largo | $397000 | $408000 | $13.1M | $20.6M | $67.2M | $72.9M |
| Pasivos Totales | $153.2M | $180.6M | $235.8M | $188.5M | $244.1M | $186.5M |
| Reservas | -$241.7M | -$277.5M | -$351.8M | -$602.5M | -$677.4M | -$788.0M |
| Patrimonio Neto | -$141.5M | -$173.0M | -$222.1M | -$77.5M | -$120.0M | -$54.9M |
| Deuda Total | $20.4M | $23.5M | $30.2M | $47.4M | $92.5M | $83.5M |
| Deuda Neta | $13.0M | $22.8M | $30.2M | $45.7M | $71.4M | $70.8M |
| Capital Circulante | -$35.2M | -$53.6M | -$49.5M | -$122.4M | -$55.7M | -$64.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $7.1M | $12.7M | $4.2M | $18.4M |
| Activos Totales | $106.8M | $131.7M | $120.8M | $140.7M |
| Pasivos Totales | $199.3M | $186.5M | $177.4M | $183.2M |
| Patrimonio Neto | -$92.6M | -$54.9M | -$56.6M | -$42.5M |
| Deuda Total | $23.6M | $83.5M | $90.5M | $90.0M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$23.4M | -$35.8M | -$74.4M | -$250.7M | -$74.9M | -$110.6M |
| Amortizaciones | $2.8M | $1.1M | $1.1M | $3.8M | $8.3M | $9.3M |
| Compensación en Acciones | $6.2M | $3.2M | $12.5M | $48.3M | -$6.0M | $10.1M |
| Cambio en Capital Circulante | $4.8M | $8.2M | $5.8M | $24.8M | $7.0M | $1.6M |
| Flujo de Caja Operativo | -$8.7M | -$23.9M | -$28.0M | -$64.4M | -$54.3M | -$64.2M |
| Inversiones (CapEx) | -$297000 | -$261000 | -$99000 | -$7.8M | -$14.1M | -$8.4M |
| Adquisiciones | $599000 | 0 | 0 | $678000 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$1.3M | 0 | -$380000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$9.0M | -$24.2M | -$28.1M | -$72.1M | -$68.4M | -$72.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$19.3M | -$18.4M | -$12.3M | -$1.2M |
| Inversiones (CapEx) | -$2.3M | -$2.4M | -$3.5M | -$6.9M |
| Flujo de Caja Libre | -$21.6M | -$20.8M | -$15.8M | -$8.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.3M | $2.1M | $1.4M | $2.7M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +57.3% | +71.8% | +198.4% | +97.4% | -10.8% |
| Crecimiento Beneficio Neto (anual) | | -52.7% | -107.8% | -237.1% | +70.1% | -47.6% |
| Crecimiento BPA (anual) | | -52.3% | -108.1% | -209.3% | +74.8% | +45.7% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +9.0% | +18.7% | +171.9% |
| Crecimiento FCF (anual) | | -167.9% | -16.3% | -156.4% | +5.2% | -6.0% |
| Margen Bruto | -47.0% | -31.8% | -27.5% | -8.6% | 7.9% | 3.9% |
| Margen Operativo | -276.8% | -282.7% | -251.1% | -325.2% | -50.5% | -72.1% |
| Margen EBITDA | -253.9% | -276.3% | -358.8% | -408.7% | -48.8% | -83.0% |
| Margen Neto | -312.5% | -303.3% | -366.8% | -414.3% | -62.7% | -103.8% |
| Margen FCF | -120.4% | -205.0% | -138.8% | -119.2% | -57.3% | -68.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | 1.3% | 0.4% | 0.3% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.90 | $-2.42 | $-2.82 | $-6.63 | $-5.30 | $-2.07 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $10.0M | $10.0M | $10.0M | $10.9M | $12.9M | $35.1M |
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
Salud financiera
| Piotroski F-Score | 1 |
| Altman Z-Score | -9.95 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -9.38 | -6.16 | -2.96 | -0.47 | -0.93 | -0.62 |
| P/VC | -1.56 | -1.27 | -0.99 | -1.52 | -0.58 | -1.24 |
| P/V | 29.35 | 18.66 | 10.86 | 1.95 | 0.58 | 0.64 |
| Margen Bruto | -47.0% | -31.8% | -27.5% | -8.6% | 7.9% | 3.9% |
| Margen Operativo | -276.8% | -282.7% | -251.1% | -325.2% | -50.5% | -72.1% |
| Margen Neto | -312.5% | -303.3% | -366.8% | -414.3% | -62.7% | -103.8% |