Estados financieros detallados de Token Cat Limited (TC): 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
Token Cat Limited registró ingresos de $5.8M en el último ejercicio fiscal, con un CAGR de 5 años del -55.5%.
Márgenes de los últimos 12 meses: margen bruto 79.0%, margen operativo -207.0%, margen neto -3.4%.
Al precio actual de $1.99, TC presenta beneficios negativos (P/E no significativo) y un ROE del 1.67%. La capitalización bursátil es de $6M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $117.4M | $280.7M | $651.0M | $644.8M | $330.2M | $357.6M | $183.2M | $162.4M | $49.2M | $5.8M |
| Coste de Ventas | $17.7M | $54.8M | $183.4M | $186.5M | $88.8M | $85.3M | $70.5M | $68.9M | $15.6M | $5.6M |
| Beneficio Bruto | $99.6M | $225.9M | $467.6M | $458.2M | $241.4M | $272.3M | $112.7M | $93.4M | $33.6M | $163417 |
| I+D | $19.6M | $15.9M | $19.3M | $43.3M | $34.3M | $35.7M | $19.8M | $11.3M | $11.9M | 0 |
| Generales y Administrativos | $161.1M | $250.7M | $516.4M | $675.9M | $378.5M | $347.5M | $192.4M | $201.7M | $107.6M | $34.6M |
| Gastos Operativos | $180.0M | $299.2M | $539.6M | $716.6M | $412.8M | $383.1M | $231.9M | $214.5M | $123.5M | $33.7M |
| Beneficio Operativo | -$81.1M | -$71.7M | -$68.0M | -$261.0M | -$171.3M | -$110.8M | -$119.3M | -$121.0M | -$89.9M | -$33.5M |
| EBITDA | -$79.9M | -$70.8M | -$67.0M | -$256.6M | -$164.2M | -$103.4M | -$95.3M | -$115.3M | -$85.9M | -$33.5M |
| Gastos por Intereses | $1.4M | $2.4M | 0 | 0 | 0 | 0 | $625000 | 0 | $999000 | 0 |
| Beneficio Antes de Impuestos | -$81.5M | -$75.7M | -$75.1M | -$251.3M | -$164.5M | -$101.9M | -$171.9M | -$83.0M | -$188.0M | $41.4M |
| Impuestos | $16.9M | $20.9M | $35.1M | 0 | -$1.0M | 0 | -$5.5M | 0 | 0 | 0 |
| Beneficio Neto | -$98.4M | -$96.6M | -$110.2M | -$250.6M | -$163.0M | -$101.9M | -$166.5M | -$83.0M | -$188.0M | $2.2M |
| BPA | $-158.48 | $-146.88 | $-130.09 | $-122.40 | $-76.80 | $-48.00 | $-74.40 | $-28.80 | $-64.80 | $18.60 |
| BPA Diluido | $-158.48 | $-146.68 | $-130.09 | $-122.40 | $-76.80 | $-48.00 | $-74.40 | $-28.80 | $-64.80 | $18.60 |
| Acciones en Circulación (Diluidas) | $465746 | $494118 | $635000 | $1.5M | $1.6M | $1.6M | $1.7M | $2.1M | $2.2M | $118563 |
Cuenta de Resultados (Trimestral)
| Año | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|
| Ingresos | $8.4M | $8.4M | $9.9M | $9.9M |
| Beneficio Bruto | $5.6M | $5.6M | $7.8M | $7.8M |
| Beneficio Operativo | -$21.2M | -$21.2M | -$20.5M | -$20.5M |
| EBITDA | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$73.7M | -$73.7M | -$337500 | -$337500 |
| BPA | $-33.60 | $-33.60 | $-2.88 | $-2.88 |
| BPA Diluido | $-33.60 | $-33.60 | $-2.88 | $-2.88 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $24.8M | $66.7M | $578.6M | $193.9M | $109.9M | $63.5M | $69.9M | $9.6M | $6.3M | $976621 |
| Inversiones a Corto | $3.3M | $5.8M | $8.6M | $84.3M | $54.4M | $7.6M | $8.0M | $6.6M | $2.8M | 0 |
| Cuentas por Cobrar | $5.6M | $9.9M | $62.9M | $72.4M | $66.1M | $48.0M | $50.0M | $28.9M | $11.8M | $6.5M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $46.7M | $109.5M | $699.6M | $531.4M | $311.4M | $205.7M | $173.7M | $62.0M | $38.0M | $173.0M |
| Inmovilizado Material | $1.6M | $802000 | $1.4M | $4.8M | $16.5M | $8.6M | $10.1M | $5.7M | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $115.4M | $115.4M | $45.6M | $45.6M | 0 | 0 |
| Activos Intangibles | 0 | $136000 | $10.2M | $15.5M | $21.8M | $17.7M | 0 | 0 | 0 | 0 |
| Activos Totales | $49.4M | $112.8M | $725.9M | $567.2M | $474.4M | $353.1M | $235.3M | $119.3M | $44.1M | $173.0M |
| Cuentas por Pagar | $187000 | $3.3M | $7.0M | $5.8M | $21.8M | $29.6M | $13.7M | $10.4M | $13.9M | $6.5M |
| Deuda a Corto | $62.5M | $88.9M | 0 | 0 | 0 | $7.0M | $3.2M | $15.7M | $31.7M | $6.2M |
| Pasivos Corrientes | $113.0M | $171.0M | $123.9M | $142.1M | $176.2M | $151.8M | $108.6M | $86.8M | $103.0M | $16.2M |
| Deuda a Largo | 0 | $2.9M | 0 | 0 | 0 | 0 | $1.5M | $9.1M | $10.0M | 0 |
| Pasivos Totales | $113.0M | $174.0M | $123.9M | $142.1M | $187.3M | $159.8M | $142.5M | $99.9M | $184.9M | $40.6M |
| Reservas | -$280.8M | -$389.3M | -$468.0M | -$718.7M | -$881.7M | -$983.6M | -$1.15B | -$1.23B | -$1.42B | -$1.42B |
| Patrimonio Neto | -$63.6M | -$61.1M | $602.0M | $423.6M | $288.2M | $194.4M | $92.8M | $19.5M | -$140.8M | $132.4M |
| Deuda Total | $62.5M | $91.8M | 0 | 0 | $10.0M | $11.1M | $17.4M | $24.8M | $48.5M | $6.2M |
| Deuda Neta | $34.4M | $19.3M | -$587.2M | -$278.2M | -$154.4M | -$60.0M | -$60.5M | $8.6M | $39.4M | $5.2M |
| Capital Circulante | -$66.2M | -$61.5M | $575.7M | $389.3M | $135.2M | $53.9M | $65.1M | -$24.8M | -$65.0M | $156.8M |
Balance (Trimestral)
| Año | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caja y Equivalentes | $1.1M | $1.1M | $976000 | $976000 |
| Activos Totales | $203.7M | $203.7M | $172.9M | $172.9M |
| Pasivos Totales | $170.7M | $170.7M | $40.6M | $40.6M |
| Patrimonio Neto | $33.0M | $33.0M | $132.3M | $132.3M |
| Deuda Total | $41.7M | $41.7M | $6.2M | $6.2M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$86.6M | -$90.7M | -$78.7M | -$250.6M | -$163.0M | -$101.9M | -$166.5M | -$83.0M | -$188.0M | $2.2M |
| Amortizaciones | $1.2M | $965000 | $1.1M | $4.4M | $7.1M | $7.4M | $4.2M | 0 | 0 | 0 |
| Compensación en Acciones | $2.9M | $1.9M | $78.1M | $110.4M | $17.4M | $9.8M | $10.3M | $9.8M | $28.4M | $24.6M |
| Cambio en Capital Circulante | $28.6M | $22.0M | -$64.6M | -$39.8M | $4.2M | -$27.4M | -$38.0M | $25.0M | $13.9M | -$162.4M |
| Flujo de Caja Operativo | -$54.1M | -$59.7M | -$53.3M | -$161.8M | -$88.9M | -$92.3M | -$109.7M | -$74.9M | -$34.7M | -$171.6M |
| Inversiones (CapEx) | -$65000 | -$272000 | -$20.7M | -$13.2M | -$2.0M | -$968000 | -$212000 | 0 | -$19000 | $21 |
| Adquisiciones | 0 | 0 | 0 | 0 | $1.3M | 0 | 0 | 0 | 0 | -$4.8M |
| Recompra de Acciones | 0 | -$449000 | 0 | -$13.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$54.2M | -$59.9M | -$74.0M | -$175.0M | -$90.9M | -$93.2M | -$109.9M | -$74.9M | -$34.7M | -$171.6M |
Flujo de Caja (Trimestral)
| Año | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|
| Flujo de Caja Operativo | -$11.8M | -$11.8M | -$84.8M | -$84.8M |
| Inversiones (CapEx) | -$6000 | -$6000 | 0 | 0 |
| Flujo de Caja Libre | -$11.8M | -$11.8M | -$84.8M | -$84.8M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.4M | $6.4M | $4.5M | $4.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +139.2% | +132.0% | -1.0% | -48.8% | +8.3% | -48.8% | -11.4% | -69.7% | -88.3% |
| Crecimiento Beneficio Neto (anual) | | +1.8% | -14.0% | -127.5% | +35.0% | +37.5% | -63.3% | +50.2% | -126.6% | +101.2% |
| Crecimiento BPA (anual) | | +7.3% | +11.4% | +5.9% | +37.3% | +37.5% | -55.0% | +61.3% | -125.0% | +128.7% |
| Cambio en Acciones (anual) | | +6.1% | +28.5% | +141.9% | +3.2% | +0.8% | +4.1% | +27.3% | +3.5% | -94.6% |
| Crecimiento FCF (anual) | | -10.7% | -23.5% | -136.4% | +48.1% | -2.6% | -17.9% | +31.8% | +53.6% | -393.8% |
| Margen Bruto | 84.9% | 80.5% | 71.8% | 71.1% | 73.1% | 76.1% | 61.5% | 57.5% | 68.3% | 2.8% |
| Margen Operativo | -69.1% | -25.6% | -10.5% | -40.5% | -51.9% | -31.0% | -65.1% | -74.5% | -182.9% | -582.3% |
| Margen EBITDA | -68.1% | -25.2% | -10.3% | -39.8% | -49.7% | -28.9% | -52.0% | -71.0% | -174.7% | -582.3% |
| Margen Neto | -83.9% | -34.4% | -16.9% | -38.9% | -49.4% | -28.5% | -90.9% | -51.1% | -382.3% | 38.3% |
| Margen FCF | -46.1% | -21.4% | -11.4% | -27.1% | -27.5% | -26.1% | -60.0% | -46.1% | -70.6% | -2979.1% |
| Tasa Impositiva Efectiva | -20.7% | -27.7% | -46.7% | -0.0% | 0.6% | -0.0% | 3.2% | -0.0% | -0.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-116.28 | $-121.29 | $-116.61 | $-113.95 | $-57.35 | $-58.36 | $-66.05 | $-35.35 | $-15.84 | $-1446.99 |
| 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) | $465746 | $493459 | $635000 | $1.5M | $1.6M | $1.6M | $1.7M | $2.1M | $2.2M | $118563 |
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
Rentabilidad
| Rentabilidad sobre capital | 1.67% |
| Rentabilidad sobre capital invertido | -20.58% |
| Rentabilidad sobre activos | 1.28% |
| Margen bruto | 79.01% |
| Margen operativo | -206.98% |
| Margen neto | -3.41% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 10.66 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -10.92 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -411.64 | -416.21 | -428.11 | -97.60 | -85.39 | -112.35 | -23.22 | -15.03 | -2.55 | 2.62 |
| P/VC | -477.67 | -493.36 | 58.74 | 43.32 | 36.07 | 44.31 | 30.98 | 47.07 | -2.57 | 0.04 |
| P/V | 258.90 | 107.48 | 54.32 | 28.46 | 31.47 | 24.09 | 15.69 | 5.65 | 7.36 | 1.00 |
| Margen Bruto | 84.9% | 80.5% | 71.8% | 71.1% | 73.1% | 76.1% | 61.5% | 57.5% | 68.3% | 2.8% |
| Margen Operativo | -69.1% | -25.6% | -10.5% | -40.5% | -51.9% | -31.0% | -65.1% | -74.5% | -182.9% | -582.3% |
| Margen Neto | -83.9% | -34.4% | -16.9% | -38.9% | -49.4% | -28.5% | -90.9% | -51.1% | -382.3% | 38.3% |