Estados financieros detallados de The Bancorp, Inc. (TBBK): 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
The Bancorp, Inc. registró ingresos de $690.5M en el último ejercicio fiscal, con un CAGR de 5 años del 18.5%. El beneficio neto alcanzó $228.2M, con un CAGR a 5 años del 23.3%.
Márgenes de los últimos 12 meses: margen bruto 70.4%, margen operativo 40.7%, margen neto 30.6%. El flujo de caja libre creció a un CAGR del 17.1% en 5 años.
Al precio actual de $50.73, TBBK cotiza a un P/E de 9.34 y un ROE del 33.08%. La capitalización bursátil es de $2.1B.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $144.7M | $217.0M | $301.8M | $283.7M | $295.4M | $326.9M | $414.0M | $611.6M | $710.1M | $690.5M |
| Coste de Ventas | $15.6M | $18.3M | $30.7M | $42.7M | $22.3M | $14.3M | $66.6M | $163.8M | $214.7M | $177.7M |
| Beneficio Bruto | $129.1M | $198.7M | $271.1M | $241.0M | $273.1M | $312.5M | $347.4M | $447.8M | $495.4M | $512.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $101.7M | $95.2M | $96.8M | $110.5M | $119.9M | $120.5M | $118.9M | $135.1M | $147.1M | $142.6M |
| Gastos Operativos | $198.6M | $158.4M | $151.3M | $168.5M | $164.8M | $168.3M | $169.5M | $191.0M | $203.2M | $209.7M |
| Beneficio Operativo | -$69.5M | $40.4M | $119.8M | $72.5M | $108.3M | $144.2M | $177.9M | $256.8M | $292.2M | $303.0M |
| EBITDA | -$63.1M | $46.4M | $125.3M | $77.7M | $112.0M | $147.5M | $181.2M | $259.8M | $296.3M | $307.7M |
| Gastos por Intereses | $12.3M | $15.3M | $27.1M | $38.3M | $15.9M | $11.2M | $59.5M | $155.5M | $175.4M | $175.9M |
| Beneficio Antes de Impuestos | -$69.5M | $40.4M | $119.8M | $72.5M | $108.3M | $144.2M | $177.9M | $256.8M | $292.2M | $303.0M |
| Impuestos | -$12.7M | $23.1M | $32.2M | $21.2M | $27.7M | $33.7M | $47.7M | $64.5M | $74.6M | $74.8M |
| Beneficio Neto | -$96.5M | $21.7M | $88.7M | $51.6M | $80.1M | $110.7M | $130.2M | $192.3M | $217.5M | $228.2M |
| BPA | $-2.17 | $0.39 | $1.57 | $0.91 | $1.39 | $1.93 | $2.30 | $3.53 | $4.35 | $4.99 |
| BPA Diluido | $-2.17 | $0.39 | $1.55 | $0.90 | $1.37 | $1.88 | $2.27 | $3.49 | $4.29 | $4.92 |
| Acciones en Circulación (Diluidas) | $44.8M | $56.2M | $57.1M | $57.3M | $58.4M | $58.8M | $57.3M | $55.1M | $50.7M | $46.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $216.8M | $169.8M | $165.3M | $205.2M |
| Beneficio Bruto | $129.6M | $128.4M | $137.7M | $137.4M |
| Beneficio Operativo | $73.2M | $75.0M | $78.7M | $80.9M |
| EBITDA | $74.3M | $76.3M | $80.0M | $80.9M |
| Beneficio Neto | $54.9M | $56.3M | $60.1M | $60.7M |
| BPA | $1.20 | $1.30 | $1.43 | $1.46 |
| BPA Diluido | $1.18 | $1.28 | $1.41 | $1.45 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $959.9M | $844.6M | $554.3M | $944.5M | $345.5M | $601.8M | $888.2M | $1.04B | $570.1M | $112.6M |
| Inversiones a Corto | $1.25B | $1.29B | $1.24B | $1.32B | $1.21B | $953.7M | $766.0M | $747.5M | $50.6M | $19.9M |
| Cuentas por Cobrar | $357.2M | $388.6M | $410.3M | $448.1M | $482.6M | $548.9M | $664.2M | $723.2M | $742.3M | $43.1M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $2.57B | $2.53B | $2.20B | $2.71B | $2.03B | $2.10B | $2.32B | $2.51B | $1.36B | $175.6M |
| Inmovilizado Material | $24.1M | $20.1M | $18.9M | $17.5M | $17.6M | $16.2M | $18.4M | $27.5M | $27.6M | $29.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $263000 | $263000 | $263000 | $263000 | $263000 | $263000 |
| Activos Intangibles | $6.9M | $5.4M | $3.8M | $2.3M | $2.6M | $2.2M | $1.8M | $1.4M | $991000 | $593000 |
| Activos Totales | $4.84B | $4.71B | $4.45B | $5.66B | $6.28B | $6.84B | $7.90B | $7.71B | $8.73B | $9.35B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $274000 | $217000 | $93000 | $82000 | $42000 | $42000 | $42000 | $42000 | 0 | 0 |
| Pasivos Corrientes | $4.24B | $4.26B | $3.94B | $5.05B | $5.46B | $5.98B | $7.03B | $6.68B | $7.75B | $8.17B |
| Deuda a Largo | $276.5M | $55.7M | $55.1M | $54.4M | $152.0M | $151.6M | $122.5M | $147.8M | $123.7M | $223.4M |
| Pasivos Totales | $4.56B | $4.38B | $4.05B | $5.17B | $5.70B | $6.19B | $7.21B | $6.90B | $7.94B | $8.66B |
| Reservas | -$111.9M | -$89.5M | -$817000 | $50.7M | $128.5M | $239.1M | $369.3M | $561.6M | $779.2M | $1.01B |
| Patrimonio Neto | $298.7M | $324.1M | $406.8M | $484.5M | $581.2M | $652.5M | $694.0M | $807.3M | $789.8M | $689.8M |
| Deuda Total | $276.5M | $55.7M | $55.1M | $54.4M | $152.0M | $151.6M | $122.5M | $147.8M | $123.7M | $223.4M |
| Deuda Neta | -$1.93B | -$2.08B | -$1.74B | -$2.21B | -$1.40B | -$1.40B | -$1.53B | -$1.64B | -$497.1M | $90.8M |
| Capital Circulante | -$1.67B | -$1.73B | -$1.74B | -$2.34B | -$3.43B | -$3.87B | -$4.71B | -$4.17B | -$6.38B | -$7.99B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $84.7M | $112.6M | $67.2M | $9.5M |
| Activos Totales | $8.60B | $9.35B | $9.90B | $9.22B |
| Pasivos Totales | $7.82B | $8.66B | $9.20B | $8.51B |
| Patrimonio Neto | $778.2M | $689.8M | $697.0M | $705.4M |
| Deuda Total | $223.3M | $223.4M | $223.3M | $958.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$96.5M | $21.7M | $88.7M | $51.6M | $80.1M | $110.7M | $130.2M | $192.3M | $217.5M | $228.2M |
| Amortizaciones | $6.4M | $6.0M | $5.5M | $5.2M | $3.8M | $3.3M | $2.9M | $3.1M | $4.6M | $4.7M |
| Compensación en Acciones | $2.8M | $3.2M | $3.5M | $5.7M | $6.4M | $8.6M | $7.6M | $11.4M | $15.0M | $19.6M |
| Cambio en Capital Circulante | $18.2M | -$10.0M | -$1.2M | -$368000 | $5.0M | -$32.8M | -$22.2M | -$31.0M | -$31.4M | $23.6M |
| Flujo de Caja Operativo | -$162.0M | -$28.1M | -$174.0M | $66.9M | $120.7M | $83.9M | $119.6M | $186.7M | $227.7M | $265.0M |
| Inversiones (CapEx) | -$8.0M | -$515000 | -$2.4M | -$2.0M | -$3.7M | -$1.5M | -$5.1M | -$12.7M | -$5.0M | -$7.1M |
| Adquisiciones | 0 | 0 | 0 | 0 | -$3.9M | 0 | 0 | 0 | 0 | $174000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | -$40.0M | -$60.0M | -$100.0M | -$252.4M | -$378.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$170.0M | -$28.6M | -$176.3M | $64.9M | $116.9M | $82.3M | $114.5M | $174.0M | $222.7M | $257.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $78.2M | -$31.6M | $85.2M | $34.9M |
| Inversiones (CapEx) | $3.0M | -$5.2M | -$468000 | -$466000 |
| Flujo de Caja Libre | $81.2M | -$36.8M | $84.8M | $34.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.0M | $4.8M | $4.8M | $5.3M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +50.0% | +39.1% | -6.0% | +4.1% | +10.7% | +26.7% | +47.7% | +16.1% | -2.8% |
| Crecimiento Beneficio Neto (anual) | | +122.5% | +309.2% | -41.9% | +55.3% | +38.2% | +17.7% | +47.7% | +13.1% | +4.9% |
| Crecimiento BPA (anual) | | +118.0% | +302.6% | -42.0% | +52.7% | +38.8% | +19.2% | +53.5% | +23.2% | +14.7% |
| Cambio en Acciones (anual) | | +25.5% | +1.6% | +0.5% | +1.9% | +0.7% | -2.7% | -3.9% | -7.9% | -8.5% |
| Crecimiento FCF (anual) | | +83.2% | -516.4% | +136.8% | +80.3% | -29.6% | +39.0% | +52.0% | +28.0% | +15.8% |
| Margen Bruto | 89.2% | 91.6% | 89.8% | 85.0% | 92.5% | 95.6% | 83.9% | 73.2% | 69.8% | 74.3% |
| Margen Operativo | -48.0% | 18.6% | 39.7% | 25.6% | 36.7% | 44.1% | 43.0% | 42.0% | 41.1% | 43.9% |
| Margen EBITDA | -43.6% | 21.4% | 41.5% | 27.4% | 37.9% | 45.1% | 43.8% | 42.5% | 41.7% | 44.6% |
| Margen Neto | -66.7% | 10.0% | 29.4% | 18.2% | 27.1% | 33.9% | 31.5% | 31.4% | 30.6% | 33.1% |
| Margen FCF | -117.5% | -13.2% | -58.4% | 22.9% | 39.6% | 25.2% | 27.7% | 28.5% | 31.4% | 37.4% |
| Tasa Impositiva Efectiva | 18.2% | 57.1% | 26.9% | 29.3% | 25.6% | 23.4% | 26.8% | 25.1% | 25.5% | 24.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.80 | $-0.51 | $-3.09 | $1.13 | $2.00 | $1.40 | $2.00 | $3.16 | $4.39 | $5.56 |
| 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) | $44.6M | $55.7M | $56.3M | $56.8M | $57.5M | $57.2M | $56.6M | $54.5M | $50.1M | $45.8M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 33.08% |
| Rentabilidad sobre capital invertido | 19.23% |
| Rentabilidad sobre activos | 2.44% |
| Margen bruto | 70.41% |
| Margen operativo | 40.65% |
| Margen neto | 30.63% |
Salud financiera
| Deuda / Patrimonio | 1.36 |
| Ratio corriente | 0.07 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -0.48 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.62 | 25.33 | 5.07 | 14.25 | 9.82 | 13.11 | 12.34 | 10.92 | 12.10 | 13.53 |
| P/VC | 1.17 | 1.70 | 1.10 | 1.52 | 1.35 | 2.22 | 2.31 | 2.60 | 3.34 | 4.48 |
| P/V | 2.42 | 2.54 | 1.49 | 2.60 | 2.66 | 4.43 | 3.88 | 3.44 | 3.71 | 4.48 |
| Margen Bruto | 89.2% | 91.6% | 89.8% | 85.0% | 92.5% | 95.6% | 83.9% | 73.2% | 69.8% | 74.3% |
| Margen Operativo | -48.0% | 18.6% | 39.7% | 25.6% | 36.7% | 44.1% | 43.0% | 42.0% | 41.1% | 43.9% |
| Margen Neto | -66.7% | 10.0% | 29.4% | 18.2% | 27.1% | 33.9% | 31.5% | 31.4% | 30.6% | 33.1% |