Estados financieros detallados de TRX Gold Corporation (TRX): 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 58.2%, margen operativo 47.8%, margen neto -16.6%.
Al precio actual de $1.19, TRX presenta beneficios negativos (P/E no significativo) y un ROE del -26.91%. La capitalización bursátil es de $390M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | $19.8M | $70.0M | $75.5M | $79.1M |
| Coste de Ventas | $383175 | $345131 | $305119 | $273887 | $227519 | 0 | $7.3M | $37.4M | $42.9M | $46.3M |
| Beneficio Bruto | -$383176 | -$345131 | -$305119 | -$273887 | -$227519 | 0 | $12.5M | $32.6M | $32.6M | $32.9M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $1.9M | $3.8M | $3.5M | $3.5M | $7.9M | $11.8M | $11.7M | $13.3M | $12.3M | $10.8M |
| Gastos Operativos | $1.9M | $3.8M | $3.5M | $3.5M | $7.7M | $12.2M | $11.7M | $13.3M | $12.3M | $11.1M |
| Beneficio Operativo | -$2.2M | -$4.1M | -$3.8M | -$3.8M | -$8.0M | -$12.2M | $763104 | $19.3M | $20.2M | $21.8M |
| EBITDA | -$8.3M | -$3.9M | -$3.9M | -$21.4M | -$9.4M | -$6.3M | -$1.9M | $28.7M | $27.0M | $25.7M |
| Gastos por Intereses | $1.1M | $893323 | $1.1M | $356203 | $2.0M | $8794 | $626506 | $2.3M | $2.7M | $541214 |
| Beneficio Antes de Impuestos | -$9.7M | -$5.1M | -$5.3M | -$22.9M | -$12.2M | -$6.6M | -$2.5M | $22.6M | $19.0M | $19.9M |
| Impuestos | $34889 | 0 | $729 | 0 | 0 | 0 | $572656 | $13.1M | $14.2M | $10.8M |
| Beneficio Neto | -$9.6M | -$4.8M | -$5.1M | -$22.8M | -$11.5M | -$5.0M | -$8.2M | $4.1M | -$676285 | $943690 |
| BPA | $-0.09 | $-0.04 | $-0.04 | $-0.17 | $-0.07 | $-0.02 | $-0.03 | $0.01 | $-0.00 | $0.00 |
| BPA Diluido | $-0.09 | $-0.04 | $-0.04 | $-0.17 | $-0.05 | $-0.02 | $-0.03 | $0.01 | $-0.00 | $0.00 |
| Acciones en Circulación (Diluidas) | $108.2M | $117.7M | $122.9M | $136.1M | $166.5M | $232.2M | $267.0M | $288.5M | $290.8M | $295.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $32.3M | $35.0M | $46.5M | $32.8M |
| Beneficio Bruto | $19.3M | $19.7M | $28.7M | $19.4M |
| Beneficio Operativo | $17.4M | $17.4M | $21.9M | $15.7M |
| EBITDA | $16.8M | $8.3M | -$7.2M | $18.1M |
| Beneficio Neto | $3.4M | -$5.8M | -$27.8M | $2.8M |
| BPA | $0.01 | $-0.02 | $-0.10 | $0.01 |
| BPA Diluido | $0.01 | $-0.02 | $-0.10 | $0.01 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $64706 | $806227 | $326688 | $2.5M | $4.1M | $16.8M | $14.6M | $14.0M | $15.1M | $14.6M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $193857 | $262292 | $203040 | $470179 | $550677 | $574650 | $4.4M | $5.8M | $3.6M | $7.2M |
| Inventario | $411208 | $404581 | $395183 | 0 | $730881 | $1.5M | $6.2M | $9.1M | $11.4M | $24.5M |
| Activos Corrientes | $786680 | $1.5M | $1.0M | $3.1M | $5.4M | $19.3M | $27.2M | $30.3M | $31.0M | $48.3M |
| Inmovilizado Material | $2.3M | $2.0M | $1.5M | $1.3M | $1.7M | $3.1M | $88.7M | $117.6M | $141.3M | $164.9M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $38.0M | $40.9M | $40.8M | $28.7M | $38.4M | $70.6M | $123.5M | $167.8M | $184.8M | $221.7M |
| Cuentas por Pagar | $3.7M | $3.7M | $3.8M | $4.7M | $5.0M | $6.6M | $9.6M | $21.2M | $28.2M | $25.0M |
| Deuda a Corto | $2.0M | $3.2M | $5.8M | $5.3M | $5.1M | 0 | 0 | $119357 | $728373 | 0 |
| Pasivos Corrientes | $9.8M | $6.8M | $10.2M | $10.9M | $10.7M | $9.3M | $29.6M | $32.7M | $38.7M | $46.2M |
| Deuda a Largo | $717507 | $848449 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $11.2M | $12.0M | $14.5M | $14.8M | $13.4M | $12.6M | $35.5M | $55.7M | $64.8M | $81.1M |
| Reservas | -$69.0M | -$77.0M | -$79.2M | -$100.5M | -$114.2M | -$146.7M | -$212.5M | -$223.0M | -$221.4M | -$228.0M |
| Patrimonio Neto | $25.7M | $28.2M | $25.8M | $13.4M | $25.3M | $59.9M | $83.9M | $99.0M | $99.7M | $107.9M |
| Deuda Total | $2.7M | $3.4M | $5.8M | $5.3M | $5.1M | 0 | 0 | $185463 | $2.4M | $5.3M |
| Deuda Neta | $2.7M | $2.6M | $5.5M | $2.7M | $1.0M | -$16.8M | -$14.6M | -$13.8M | -$12.7M | -$9.4M |
| Capital Circulante | -$9.0M | -$5.2M | -$9.2M | -$7.8M | -$5.2M | $10.0M | -$2.4M | -$2.4M | -$7.6M | $2.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $14.6M | $9.2M | $35.5M | $37.1M |
| Activos Totales | $221.7M | $129.6M | $216.2M | $240.4M |
| Pasivos Totales | $81.7M | $55.1M | $62.7M | $73.1M |
| Patrimonio Neto | $107.9M | $53.8M | $116.2M | $122.0M |
| Deuda Total | $5.3M | $4.6M | $6.3M | $6.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$7.5M | -$4.1M | -$4.1M | -$16.5M | -$12.1M | -$6.6M | -$3.0M | $9.5M | $4.7M | $7.2M |
| Amortizaciones | $280140 | $267697 | $229265 | $198452 | $220000 | $359338 | $160189 | $1.8M | $3.0M | $5.3M |
| Compensación en Acciones | -$22820 | $1.1M | $947586 | $132633 | $3.2M | $3.7M | $4.1M | $3.7M | $2.7M | $2.5M |
| Cambio en Capital Circulante | $319701 | -$738962 | $415507 | -$13836 | $850000 | -$1.2M | -$4.6M | $7.2M | $3.6M | -$6.7M |
| Flujo de Caja Operativo | -$1.1M | -$2.7M | -$1.4M | -$2.7M | -$6.6M | -$9.4M | $3.9M | $23.5M | $20.7M | $16.3M |
| Inversiones (CapEx) | -$454497 | -$995096 | -$777665 | -$1.7M | -$7.1M | -$11.5M | -$16.7M | -$24.1M | -$18.5M | -$13.7M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.6M | -$3.7M | -$2.2M | -$4.4M | -$13.7M | -$20.9M | -$12.8M | -$623059 | $2.2M | $2.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $11.6M | $4.0M | $12.2M | $10.4M |
| Inversiones (CapEx) | -$6.1M | -$3.5M | -$15.7M | -$10.9M |
| Flujo de Caja Libre | $5.5M | $550600 | -$3.5M | -$442698 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $596160 | $360420 | $1.1M | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | | +253.3% | +7.8% | +4.8% |
| Crecimiento Beneficio Neto (anual) | | +50.6% | -8.0% | -343.5% | +49.3% | +56.4% | -62.3% | +150.4% | -116.4% | +239.5% |
| Crecimiento BPA (anual) | | +55.8% | -3.0% | -306.7% | +59.6% | +68.2% | -40.4% | +135.3% | -120.4% | +245.5% |
| Cambio en Acciones (anual) | | +8.8% | +4.4% | +10.7% | +22.4% | +39.5% | +15.0% | +8.1% | +0.8% | +1.5% |
| Crecimiento FCF (anual) | | -135.7% | +41.5% | -103.7% | -209.5% | -52.9% | +38.9% | +95.1% | +454.6% | +16.7% |
| Margen Bruto | | | | | | | 62.9% | 46.6% | 43.1% | 41.5% |
| Margen Operativo | | | | | | | 3.8% | 27.6% | 26.8% | 27.5% |
| Margen EBITDA | | | | | | | -9.6% | 41.0% | 35.8% | 32.5% |
| Margen Neto | | | | | | | -41.2% | 5.9% | -0.9% | 1.2% |
| Margen FCF | | | | | | | -64.5% | -0.9% | 2.9% | 3.3% |
| Tasa Impositiva Efectiva | -0.4% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -23.1% | 57.8% | 75.0% | 54.6% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.01 | $-0.03 | $-0.02 | $-0.03 | $-0.08 | $-0.09 | $-0.05 | $-0.00 | $0.01 | $0.01 |
| 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) | $105.2M | $117.7M | $122.9M | $136.1M | $166.5M | $232.2M | $267.0M | $282.4M | $290.8M | $293.2M |
Qué mirar en Basic Materials
Mineras, químicas, acero. 100% commodity-driven. Analizar con P/E puro es un error — mira posición de costes y sostenibilidad del dividendo.
- FCF yield — En commodities el FCF es oro — EPS engaña mucho
- Margen bruto — Margen bruto consistente 5y = señal de moat
- Deuda neta / EBITDA (valle) — Usar EBITDA del peor año del ciclo, no el actual
- Dividend coverage — Dividendo cubierto por FCF en año medio, no en pico
- Capex / D&A — >1x = mantienen/crecen reservas. <0.7x = están descapitalizando
- Altman Z-Score — Modelo de bankruptcy (NYU 1968) — combina liquidez, apalancamiento y rentabilidad. Clave en cíclicos
- P/B en ciclos — Commodities: 0.8-1.2x en valles, 2x+ en picos. <2x aún zona razonable
Rentabilidad
| Rentabilidad sobre capital | -26.91% |
| Rentabilidad sobre capital invertido | -0.90% |
| Rentabilidad sobre activos | -10.97% |
| Margen bruto | 58.18% |
| Margen operativo | 47.79% |
| Margen neto | -16.59% |
Salud financiera
| Deuda / Patrimonio | 0.06 |
| Ratio corriente | 2.20 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -8.16 | -10.47 | -8.67 | -4.69 | -12.45 | -19.03 | -15.73 | 36.26 | -177.32 | 115.62 |
| P/VC | 3.07 | 1.77 | 1.73 | 8.12 | 5.62 | 1.61 | 1.53 | 1.12 | 1.14 | 1.00 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.48 | 1.58 | 1.50 | 1.37 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 62.9% | 46.6% | 43.1% | 41.5% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 27.6% | 26.8% | 27.5% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -41.2% | 5.9% | -0.9% | 1.2% |