Estados financieros detallados de System1, Inc. (SST): 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 4.0%, margen operativo -30.7%, margen neto -50.7%.
Al precio actual de $3.10, SST presenta beneficios negativos (P/E no significativo) y un ROE del -11.81%. La capitalización bursátil es de $31M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $265.5M | $407.5M | 0 | $688.4M | $664.9M | $402.0M | $343.9M | $266.1M |
| Coste de Ventas | $171.0M | $275.8M | 0 | $601.7M | $720.0M | $433.7M | $385.2M | $288.3M |
| Beneficio Bruto | $94.5M | $131.7M | 0 | $86.6M | -$55.1M | -$31.7M | -$41.3M | -$22.2M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $66.5M | $68.3M | $806028 | $35.8M | $66.5M | $54.3M | $47.3M | $39.9M |
| Gastos Operativos | $71.8M | $79.6M | $806028 | $35.8M | $66.5M | $54.3M | $47.3M | $39.9M |
| Beneficio Operativo | $22.7M | $52.1M | -$806028 | $50.8M | -$121.6M | -$86.0M | -$88.6M | -$62.0M |
| EBITDA | $25.5M | $62.2M | -$806028 | $64.7M | -$51.1M | -$7.6M | -$8.5M | $20.8M |
| Gastos por Intereses | $19.0M | $26.0M | 0 | $16.9M | $32.7M | $48.7M | $31.6M | $27.6M |
| Beneficio Antes de Impuestos | $3.7M | $25.0M | -$29.9M | $34.0M | -$530.7M | -$131.6M | -$97.7M | -$84.1M |
| Impuestos | $24.6M | $702000 | 0 | $965000 | -$109.3M | -$20.4M | -$370000 | -$2.9M |
| Beneficio Neto | -$21.0M | $8.8M | -$29.9M | $33.0M | -$367.5M | -$223.0M | -$74.7M | -$65.3M |
| BPA | $-0.26 | $0.27 | $-0.46 | $16.11 | $-3.81 | $-2.44 | $-1.07 | $-8.32 |
| BPA Diluido | $-0.26 | $0.27 | $-0.46 | $16.11 | $-3.81 | $-2.44 | $-1.07 | $-8.32 |
| Acciones en Circulación (Diluidas) | $81.7M | $89.3M | $64.7M | $84.1M | $91.7M | $91.5M | $69.6M | $7.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $61.6M | $51.9M | $37.2M | $30.2M |
| Beneficio Bruto | -$6.1M | -$6.3M | -$4.6M | $24.3M |
| Beneficio Operativo | -$15.6M | -$17.4M | -$14.2M | -$8.3M |
| EBITDA | $5.2M | $3.6M | -$2.1M | $10.7M |
| Beneficio Neto | -$18.5M | -$13.5M | -$47.1M | -$12.6M |
| BPA | $-2.30 | $-1.67 | $-5.82 | $-1.54 |
| BPA Diluido | $-2.30 | $-1.67 | $-5.82 | $-1.54 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $31.9M | $843643 | $47.9M | $8.9M | $135.3M | $63.6M | $86.9M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $75.4M | $71.1M | $90.2M | $80.4M | $56.1M | $62.9M | $57.3M |
| Inventario | $11.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $120.3M | $1.1M | $145.8M | $126.5M | $202.0M | $134.5M | $149.5M |
| Inmovilizado Material | $1.4M | $1.1M | $830000 | $9.6M | $7.8M | $4.7M | $10.7M |
| Fondo de Comercio | $44.8M | $44.8M | $44.8M | $82.4M | $82.4M | $82.4M | $82.4M |
| Activos Intangibles | $75.8M | $68.7M | $61.6M | $378.6M | $308.4M | $222.3M | $148.1M |
| Activos Totales | $313.1M | $518.6M | $256.9M | $1.16B | $605.5M | $459.1M | $405.0M |
| Cuentas por Pagar | $47.8M | $613050 | $72.8M | $6.7M | $9.5M | $10.4M | $22.0M |
| Deuda a Corto | $24.2M | $9.4M | $170.5M | $15.0M | $15.3M | $16.4M | $76.7M |
| Pasivos Corrientes | $133.0M | $613050 | $276.6M | $211.1M | $86.4M | $105.1M | $146.4M |
| Deuda a Largo | $230.5M | $170.6M | 0 | $399.5M | $334.2M | $255.1M | $228.4M |
| Pasivos Totales | $379.2M | $82.4M | $285.3M | $689.8M | $436.2M | $374.1M | $387.6M |
| Reservas | 0 | -$81.3M | -$28.8M | -$439.3M | -$707.7M | -$782.3M | -$847.7M |
| Patrimonio Neto | -$68.5M | $436.2M | -$28.4M | $392.0M | $135.3M | $80.3M | $30.5M |
| Deuda Total | $254.7M | $180.0M | $170.5M | $422.5M | $355.4M | $275.0M | $314.7M |
| Deuda Neta | $222.8M | $179.1M | $122.6M | $413.6M | $220.1M | $211.4M | $227.8M |
| Capital Circulante | -$12.6M | $440383 | -$130.8M | -$84.6M | $115.6M | $29.4M | $3.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $54.6M | $86.9M | $51.5M | $40.5M |
| Activos Totales | $385.2M | $405.0M | $320.3M | $291.4M |
| Pasivos Totales | $350.9M | $387.6M | $359.3M | $344.4M |
| Patrimonio Neto | $42.7M | $30.5M | -$15.4M | -$26.7M |
| Deuda Total | $262.7M | $314.7M | $307.7M | $300.6M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $3.7M | $24.2M | $16.4M | $33.0M | $33.0M | -$174.3M | -$97.3M | -$81.2M |
| Amortizaciones | $5.3M | $11.2M | $13.8M | $13.9M | $70.5M | $105.2M | $80.1M | $82.9M |
| Compensación en Acciones | $2.5M | $1.8M | $1.2M | $413000 | $79.2M | $53.1M | $15.8M | $11.3M |
| Cambio en Capital Circulante | $11.4M | -$9.8M | $11.5M | $5.1M | -$45.3M | -$5.2M | -$2.9M | -$19.0M |
| Flujo de Caja Operativo | $17.3M | $32.7M | $46.5M | $60.7M | -$7.3M | -$24.7M | -$5.3M | -$4.1M |
| Inversiones (CapEx) | -$5.3M | -$6.7M | -$6.1M | -$6.5M | -$10.4M | -$8.0M | -$31000 | -$46000 |
| Adquisiciones | -$74.4M | -$35.9M | $74.5M | 0 | -$444.1M | $211.1M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$518.7M | 0 | -$511.6M | -$3.1M | -$2.1M | -$557000 |
| Dividendos Pagados | -$6.0M | -$8.7M | -$46.5M | -$14.6M | -$1.5M | -$97000 | -$27000 | -$32000 |
| Flujo de Caja Libre | $12.0M | $26.0M | $40.4M | $54.2M | -$17.7M | -$32.7M | -$5.3M | -$4.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.1M | -$10.6M | -$26.1M | -$28.2M |
| Inversiones (CapEx) | -$2.0M | -$3.1M | -$2.2M | -$3.5M |
| Flujo de Caja Libre | -$4.0M | -$13.7M | -$28.3M | -$31.7M |
| Dividendos Pagados | 0 | $1000 | 0 | 0 |
| Compensación en Acciones | $5.4M | $2.1M | 0 | $2.6M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +53.5% | -100.0% | | -3.4% | -39.5% | -14.4% | -22.6% |
| Crecimiento Beneficio Neto (anual) | | +142.0% | -440.1% | +210.3% | -1213.6% | +39.3% | +66.5% | +12.5% |
| Crecimiento BPA (anual) | | +203.8% | -270.4% | +3602.2% | -123.6% | +36.0% | +56.1% | -677.6% |
| Cambio en Acciones (anual) | | +9.2% | -27.5% | +30.1% | +8.9% | -0.2% | -23.9% | -88.7% |
| Crecimiento FCF (anual) | | +116.9% | +55.4% | +34.0% | -132.6% | -85.2% | +83.8% | +20.7% |
| Margen Bruto | 35.6% | 32.3% | | 12.6% | -8.3% | -7.9% | -12.0% | -8.3% |
| Margen Operativo | 8.5% | 12.8% | | 7.4% | -18.3% | -21.4% | -25.8% | -23.3% |
| Margen EBITDA | 9.6% | 15.3% | | 9.4% | -7.7% | -1.9% | -2.5% | 7.8% |
| Margen Neto | -7.9% | 2.2% | | 4.8% | -55.3% | -55.5% | -21.7% | -24.6% |
| Margen FCF | 4.5% | 6.4% | | 7.9% | -2.7% | -8.1% | -1.5% | -1.6% |
| Tasa Impositiva Efectiva | 668.2% | 2.8% | -0.0% | 2.8% | 20.6% | 15.5% | 0.4% | 3.4% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.15 | $0.29 | $0.62 | $0.64 | $-0.19 | $-0.36 | $-0.08 | $-0.53 |
| Dividendo por Acción | $0.07 | $0.10 | $0.72 | $0.17 | $0.02 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $81.7M | $89.3M | $64.7M | $84.1M | $91.7M | $91.5M | $69.6M | $7.9M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -1180.76% |
| Rentabilidad sobre capital invertido | -21.74% |
| Rentabilidad sobre activos | -31.46% |
| Margen bruto | 4.04% |
| Margen operativo | -30.68% |
| Margen neto | -50.66% |
Salud financiera
| Deuda / Patrimonio | -11.27 |
| Ratio corriente | 0.77 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -385.38 | 371.11 | -234.57 | 6.18 | -12.31 | -9.10 | -8.39 | -0.47 |
| P/VC | 0.00 | -130.58 | 16.00 | -295.10 | 10.97 | 15.01 | 7.78 | 1.01 |
| P/V | 30.83 | 21.95 | 0.00 | 12.17 | 6.47 | 5.05 | 1.82 | 0.12 |
| Margen Bruto | 35.6% | 32.3% | 0.0% | 12.6% | -8.3% | -7.9% | -12.0% | -8.3% |
| Margen Operativo | 8.5% | 12.8% | 0.0% | 7.4% | -18.3% | -21.4% | -25.8% | -23.3% |
| Margen Neto | -7.9% | 2.2% | 0.0% | 4.8% | -55.3% | -55.5% | -21.7% | -24.6% |