Estados financieros detallados de Seritage Growth Properties (SRG): 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
Seritage Growth Properties registró ingresos de $18.2M en el último ejercicio fiscal, con un CAGR de 5 años del -31.0%.
Márgenes de los últimos 12 meses: margen bruto -2.9%, margen operativo -175.0%, margen neto -444.2%.
Al precio actual de $1.95, SRG presenta beneficios negativos (P/E no significativo) y un ROE del -20.58%. La capitalización bursátil es de $110M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $248.7M | $241.0M | $214.8M | $168.6M | $116.5M | $116.7M | $107.1M | $20.8M | $17.6M | $18.2M |
| Coste de Ventas | $65.2M | $65.4M | $71.2M | $80.7M | $77.9M | $80.3M | $65.7M | $27.4M | $20.3M | $16.4M |
| Beneficio Bruto | $183.5M | $175.7M | $143.6M | $87.9M | $38.6M | $36.4M | $41.3M | -$6.6M | -$2.7M | $1.8M |
| I+D | -$0 | -$1 | -$1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $17.5M | $27.9M | $34.8M | $39.2M | $28.8M | $41.9M | $47.6M | $46.0M | $30.0M | $31.9M |
| Gastos Operativos | $194.9M | $290.2M | $261.7M | $143.7M | $124.8M | $93.1M | $88.7M | $60.5M | $43.1M | $38.2M |
| Beneficio Operativo | -$30.4M | -$114.6M | -$118.1M | -$55.8M | -$86.3M | -$56.7M | -$47.4M | -$67.1M | -$45.8M | -$36.5M |
| EBITDA | $170.7M | $211.7M | $106.0M | $108.7M | $34.6M | $120.6M | $8.4M | -$95.7M | -$113.7M | -$41.5M |
| Gastos por Intereses | $63.6M | $70.1M | $90.0M | $94.5M | $91.3M | $108.0M | $86.7M | $44.6M | $25.0M | $20.3M |
| Beneficio Antes de Impuestos | -$90.5M | -$120.5M | -$114.6M | -$90.4M | -$152.7M | -$38.8M | -$119.6M | -$154.9M | -$152.0M | -$68.2M |
| Impuestos | $505000 | $271000 | $321000 | $196000 | $252000 | $196000 | $466000 | $38000 | $1.6M | 0 |
| Beneficio Neto | -$51.6M | -$73.8M | -$73.5M | -$59.4M | -$105.0M | -$28.1M | -$73.9M | -$154.9M | -$153.5M | -$68.2M |
| BPA | $-1.64 | $-2.18 | $-2.07 | $-2.49 | $-3.99 | $-0.92 | $-2.42 | $-2.85 | $-2.82 | $-1.30 |
| BPA Diluido | $-1.64 | $-2.18 | $-2.07 | $-2.49 | $-3.99 | $-0.92 | $-2.42 | $-2.85 | $-2.82 | $-1.30 |
| Acciones en Circulación (Diluidas) | $31.4M | $33.8M | $35.6M | $36.4M | $38.3M | $42.4M | $49.7M | $56.2M | $56.3M | $56.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $4.8M | $4.2M | $2.0M | $1.7M |
| Beneficio Bruto | $553000 | -$250000 | -$544000 | -$129000 |
| Beneficio Operativo | -$6.1M | -$5.9M | -$5.4M | -$4.8M |
| EBITDA | -$9.8M | $34000 | -$27.0M | -$2.8M |
| Beneficio Neto | -$12.4M | -$5.1M | -$31.5M | -$7.4M |
| BPA | $-0.24 | $-0.12 | $-0.56 | $-0.13 |
| BPA Diluido | $-0.24 | $-0.12 | $-0.56 | $-0.13 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $52.0M | $241.6M | $532.9M | $139.3M | $143.7M | $106.6M | $133.5M | $134.0M | $85.2M | $48.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $23.2M | $30.8M | $36.9M | $54.5M | $41.6M | $28.9M | $41.5M | $12.2M | $7.9M | $3.7M |
| Inventario | -$9.9M | -$13.6M | $2.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $167.9M | $454.6M | $582.4M | $210.0M | $238.6M | $187.4M | $676.7M | $215.8M | $105.6M | $51.8M |
| Inmovilizado Material | $5.4M | $6.3M | $5.3M | $22.8M | $1.93B | $1.71B | $780.6M | $560.7M | $370.1M | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $464.4M | $310.1M | $123.7M | $68.2M | $18.6M | $14.8M | $1.8M | $886000 | $1.0M | $171000 |
| Activos Totales | $2.71B | $2.78B | $2.88B | $2.75B | $2.65B | $2.41B | $1.84B | $973.9M | $677.8M | $393.8M |
| Cuentas por Pagar | $16.1M | $9.6M | $28.1M | $34.4M | $133.2M | $96.2M | $86.4M | $42.3M | $32.0M | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $88.5M | $81.1M | $104.1M | $79.2M | $142.7M | $105.7M | $88.4M | $43.4M | $32.0M | $13.3M |
| Deuda a Largo | $1.17B | $1.35B | $1.60B | $1.60B | $1.60B | $1.44B | $1.03B | $360.0M | $240.0M | $47.7M |
| Pasivos Totales | $1.29B | $1.45B | $1.73B | $1.71B | $1.77B | $1.57B | $1.12B | $410.7M | $272.0M | $61.0M |
| Reservas | -$121.3M | -$229.8M | -$344.1M | -$418.7M | -$528.6M | -$553.8M | -$640.5M | -$800.3M | -$958.8M | -$1.03B |
| Patrimonio Neto | $804.6M | $886.7M | $780.8M | $731.4M | $649.0M | $687.7M | $720.5M | $562.0M | $404.5M | $331.4M |
| Deuda Total | $1.17B | $1.35B | $1.60B | $1.61B | $1.62B | $1.46B | $1.03B | $367.6M | $240.0M | $47.7M |
| Deuda Neta | $1.11B | $1.10B | $1.07B | $1.47B | $1.48B | $1.35B | $898.3M | $233.6M | $154.8M | -$411000 |
| Capital Circulante | $79.4M | $373.5M | $478.4M | $130.8M | $95.9M | $81.7M | $588.3M | $172.4M | $73.6M | $38.5M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $51.5M | $48.1M | $44.5M | $48.4M |
| Activos Totales | $558.6M | $393.8M | $361.2M | $353.6M |
| Pasivos Totales | $219.5M | $61.0M | $59.9M | $61.4M |
| Patrimonio Neto | $337.7M | $331.4M | $299.9M | $292.2M |
| Deuda Total | $196.7M | $47.7M | $48.7M | $50.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$91.0M | -$120.8M | -$114.9M | -$90.6M | -$153.0M | -$39.0M | -$120.1M | -$154.9M | -$153.5M | -$68.2M |
| Amortizaciones | $176.4M | $261.5M | $225.9M | $104.1M | $94.2M | $51.4M | $41.3M | $14.5M | $13.1M | $6.3M |
| Compensación en Acciones | $1.1M | $7.0M | $7.5M | $6.8M | -$3.0M | $1.9M | $2.8M | $2.7M | $1.5M | $201000 |
| Cambio en Capital Circulante | $1.0M | -$34.1M | $5.0M | -$10.6M | $30.4M | -$33.6M | -$29.2M | $7.1M | -$7.0M | $7.0M |
| Flujo de Caja Operativo | $92.4M | $69.6M | $54.9M | -$57.7M | -$47.3M | -$136.0M | -$117.9M | -$53.1M | -$53.5M | -$34.9M |
| Inversiones (CapEx) | -$66.2M | -$243.1M | 0 | $301.4M | -$41.7M | -$248.1M | -$574.2M | 0 | 0 | 0 |
| Adquisiciones | -$9.0M | $219.4M | -$27.0M | -$54.2M | -$43.3M | -$38.6M | $30.2M | $126000 | $173000 | $37000 |
| Recompra de Acciones | 0 | $310.0M | -$1.8M | -$3.5M | -$85000 | -$269000 | 0 | -$315000 | -$586000 | -$126000 |
| Dividendos Pagados | -$39.4M | -$34.2M | -$39.7M | -$22.9M | -$4.9M | -$4.9M | -$4.9M | -$4.9M | -$4.9M | -$4.9M |
| Flujo de Caja Libre | $26.2M | -$173.5M | $54.9M | $243.7M | -$89.0M | -$384.1M | -$692.1M | -$786.0M | -$53.5M | -$34.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$12.5M | -$1.2M | -$5.7M | -$1.6M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$12.5M | -$1.2M | -$5.7M | -$1.6M |
| Dividendos Pagados | -$1.2M | -$1.2M | -$1.2M | -$1.2M |
| Compensación en Acciones | 0 | 0 | 0 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -3.1% | -10.9% | -21.5% | -30.9% | +0.2% | -8.3% | -80.6% | -15.2% | +3.3% |
| Crecimiento Beneficio Neto (anual) | | -43.1% | +0.4% | +19.2% | -76.8% | +73.2% | -162.7% | -109.5% | +0.9% | +55.6% |
| Crecimiento BPA (anual) | | -32.9% | +5.0% | -20.3% | -60.2% | +76.9% | -163.0% | -17.8% | +1.1% | +53.9% |
| Cambio en Acciones (anual) | | +7.6% | +5.2% | +2.4% | +5.2% | +10.7% | +17.3% | +12.9% | +0.2% | +0.1% |
| Crecimiento FCF (anual) | | -761.2% | +131.6% | +343.9% | -136.5% | -331.4% | -80.2% | -13.6% | +93.2% | +34.8% |
| Margen Bruto | 73.8% | 72.9% | 66.9% | 52.1% | 33.1% | 31.2% | 38.6% | -31.9% | -15.0% | 9.7% |
| Margen Operativo | -12.2% | -47.5% | -55.0% | -33.1% | -74.1% | -48.6% | -44.3% | -322.9% | -259.9% | -200.3% |
| Margen EBITDA | 68.6% | 87.9% | 49.4% | 64.5% | 29.7% | 103.3% | 7.9% | -460.3% | -645.1% | -228.0% |
| Margen Neto | -20.7% | -30.6% | -34.2% | -35.2% | -90.2% | -24.1% | -69.1% | -745.5% | -871.3% | -374.7% |
| Margen FCF | 10.5% | -72.0% | 25.6% | 144.5% | -76.4% | -329.2% | -646.5% | -3782.5% | -303.9% | -191.7% |
| Tasa Impositiva Efectiva | -0.6% | -0.2% | -0.3% | -0.2% | -0.2% | -0.5% | -0.4% | -0.0% | -1.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.83 | $-5.13 | $1.54 | $6.69 | $-2.32 | $-9.06 | $-13.92 | $-14.00 | $-0.95 | $-0.62 |
| Dividendo por Acción | $1.25 | $1.01 | $1.12 | $0.63 | $0.13 | $0.12 | $0.10 | $0.09 | $0.09 | $0.09 |
| Acciones en Circulación (Básicas) | $31.4M | $33.8M | $35.6M | $36.4M | $38.3M | $42.4M | $49.7M | $56.2M | $56.3M | $56.3M |
Qué mirar en empresas de Real Estate
- FFO / Acción (Crecimiento positivo) — El 'EPS real' de un REIT — beneficio + depreciación.
- Cobertura del dividendo (FFO/div) (≥1,1x) — El FFO debe cubrir el dividendo con margen.
- Deuda Neta / EBITDA (≤6x) — Referencia NAREIT. Normaliza el apalancamiento por generación de caja.
- Deuda / Activos (40-60%) — REITs usan mucha deuda por diseño. >65% es frágil ante subidas de tipos.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operativo. REITs de calidad retienen >20% para crecer.
- P/FFO (15-20x) — El P/E equivalente para REITs. Rango típico saludable.
Rentabilidad
| Rentabilidad sobre capital | -20.58% |
| Rentabilidad sobre capital invertido | -94.42% |
| Rentabilidad sobre activos | -17.32% |
| Margen bruto | -2.91% |
| Margen operativo | -175.00% |
| Margen neto | -444.24% |
Salud financiera
| Deuda / Patrimonio | 0.17 |
| Ratio corriente | 4.67 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -26.04 | -18.56 | -15.62 | -16.10 | -3.68 | -14.42 | -4.89 | -3.28 | -1.46 | -2.50 |
| P/VC | 1.67 | 1.54 | 1.47 | 2.00 | 0.87 | 0.82 | 0.82 | 0.93 | 0.57 | 0.55 |
| P/V | 5.40 | 5.67 | 5.35 | 8.65 | 4.83 | 4.82 | 5.50 | 25.27 | 13.15 | 10.05 |
| Margen Bruto | 73.8% | 72.9% | 66.9% | 52.1% | 33.1% | 31.2% | 38.6% | -31.9% | -15.0% | 9.7% |
| Margen Operativo | -12.2% | -47.5% | -55.0% | -33.1% | -74.1% | -48.6% | -44.3% | -322.9% | -259.9% | -200.3% |
| Margen Neto | -20.7% | -30.6% | -34.2% | -35.2% | -90.2% | -24.1% | -69.1% | -745.5% | -871.3% | -374.7% |