Estados financieros detallados de TXO Partners, L.P. (TXO): 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
TXO Partners, L.P. registró ingresos de $411.5M en el último ejercicio fiscal, con un CAGR de 5 años del 30.5%.
Márgenes de los últimos 12 meses: margen bruto 21.7%, margen operativo 2.3%, margen neto -9.0%.
Al precio actual de $14.64, TXO presenta beneficios negativos (P/E no significativo) y un ROE del -5.59%. La capitalización bursátil es de $809M.
Cuenta de Resultados (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $108.8M | $228.3M | $246.4M | $380.7M | $282.8M | $411.5M |
| Coste de Ventas | $91.5M | $109.1M | $169.0M | $189.0M | $202.7M | $367.7M |
| Beneficio Bruto | $17.3M | $119.2M | $77.4M | $191.7M | $80.1M | $43.7M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $7.0M | $12.2M | $1.6M | $7.9M | $14.5M | $21.5M |
| Gastos Operativos | $172.6M | $75.0M | $103.1M | $315.5M | $87.0M | $21.5M |
| Beneficio Operativo | -$155.3M | $44.2M | -$25.7M | -$123.8M | -$6.9M | $22.3M |
| EBITDA | -$112.7M | $98.2M | $41.9M | -$46.6M | $95.4M | $91.9M |
| Gastos por Intereses | $8.2M | $5.9M | $8.2M | $4.4M | $7.9M | $17.0M |
| Beneficio Antes de Impuestos | -$163.2M | $52.5M | -$7.7M | -$104.0M | $23.5M | -$21.6M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$163.2M | $52.5M | -$7.7M | -$104.0M | $23.5M | -$21.6M |
| BPA | $-6.53 | $2.10 | $-0.26 | $-3.44 | $0.66 | $-0.43 |
| BPA Diluido | $-6.53 | $2.10 | $-0.26 | $-3.44 | $0.65 | $-0.43 |
| Acciones en Circulación (Diluidas) | $30.0M | $30.0M | $30.0M | $30.3M | $36.1M | $49.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $100.9M | $136.4M | $28.3M | $150.9M |
| Beneficio Bruto | $53.0M | -$54.8M | -$39.2M | $131.2M |
| Beneficio Operativo | $3.8M | $25.8M | -$77.6M | $57.7M |
| EBITDA | $36.4M | $21.3M | -$39.8M | $73.1M |
| Beneficio Neto | $4.4M | -$28.3M | -$74.3M | $60.8M |
| BPA | $0.08 | $-0.57 | $-1.35 | $1.10 |
| BPA Diluido | $0.08 | $-0.56 | $-1.35 | $1.07 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $21.9M | $7.5M | $9.2M | $4.5M | $7.3M | $9.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $16.1M | $34.1M | $52.3M | $32.2M | $39.7M | $52.4M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $41.3M | $57.1M | $74.0M | $55.2M | $64.4M | $95.3M |
| Inmovilizado Material | $573.8M | $760.3M | $836.4M | $629.3M | $951.4M | $2.44B |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $623.9M | $832.8M | $924.6M | $695.6M | $1.03B | $1.35B |
| Cuentas por Pagar | $3.7M | $4.0M | $14.7M | $8.6M | $18.2M | $28.0M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $18.9M | $35.3M | $147.5M | $39.1M | $66.3M | $153.9M |
| Deuda a Largo | $151.3M | $152.1M | $120.1M | $28.1M | $157.1M | $291.1M |
| Pasivos Totales | $320.7M | $291.5M | $403.1M | $221.8M | $421.4M | $663.2M |
| Reservas | 0 | 0 | 0 | 0 | 0 | 0 |
| Patrimonio Neto | $303.3M | $541.4M | $521.5M | $473.8M | $609.4M | $691.7M |
| Deuda Total | $151.3M | $152.1M | $120.1M | $28.1M | $157.1M | $291.1M |
| Deuda Neta | $129.3M | $144.6M | $110.9M | $23.6M | $149.8M | $281.7M |
| Capital Circulante | $22.4M | $21.8M | -$73.4M | $16.1M | -$1.9M | -$58.6M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $5.3M | $9.4M | $7.9M | $107.5M |
| Activos Totales | $1.38B | $1.35B | $1.32B | $1.25B |
| Pasivos Totales | $639.9M | $663.2M | $717.3M | $603.4M |
| Patrimonio Neto | $736.2M | $691.7M | $604.5M | $648.1M |
| Deuda Total | $271.1M | $291.1M | $277.1M | $340.1M |
Flujo de Caja (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$163.2M | $52.5M | -$7.7M | -$104.0M | $23.5M | -$21.6M |
| Amortizaciones | $46.3M | $44.6M | $47.4M | $52.9M | $64.0M | $96.6M |
| Compensación en Acciones | 0 | 0 | 0 | 0 | 0 | $16.3M |
| Cambio en Capital Circulante | -$6.2M | -$7.0M | -$17.3M | $6.6M | $6.9M | -$8.3M |
| Flujo de Caja Operativo | $19.0M | $73.7M | $136.4M | $77.2M | $109.3M | $118.2M |
| Inversiones (CapEx) | -$11.7M | -$219.4M | -$63.3M | -$10.4M | -$265.2M | -$263.6M |
| Adquisiciones | 0 | 0 | 0 | 0 | $122000 | $18000 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | -$31000 | -$139000 | -$13.2M | -$49.8M | -$85.4M | -$101.4M |
| Flujo de Caja Libre | $7.2M | -$145.7M | $73.1M | $66.7M | -$155.9M | -$145.4M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $28.3M | $32.5M | $33.4M | $49.1M |
| Inversiones (CapEx) | -$234.8M | $5.8M | -$1.2M | -$26.0M |
| Flujo de Caja Libre | -$206.5M | $38.2M | $32.2M | $23.1M |
| Dividendos Pagados | -$24.6M | -$19.2M | -$16.6M | -$20.0M |
| Compensación en Acciones | $3.5M | $3.5M | $3.6M | $2.8M |
Crecimiento y Márgenes (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +109.9% | +7.9% | +54.5% | -25.7% | +45.5% |
| Crecimiento Beneficio Neto (anual) | | +132.1% | -114.6% | -1256.1% | +122.6% | -192.0% |
| Crecimiento BPA (anual) | | +132.2% | -112.4% | -1223.1% | +119.2% | -165.2% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.9% | +19.4% | +37.7% |
| Crecimiento FCF (anual) | | -2113.9% | +150.2% | -8.7% | -333.6% | +6.7% |
| Margen Bruto | 15.9% | 52.2% | 31.4% | 50.4% | 28.3% | 10.6% |
| Margen Operativo | -142.8% | 19.4% | -10.4% | -32.5% | -2.4% | 5.4% |
| Margen EBITDA | -103.6% | 43.0% | 17.0% | -12.2% | 33.7% | 22.3% |
| Margen Neto | -150.1% | 23.0% | -3.1% | -27.3% | 8.3% | -5.3% |
| Margen FCF | 6.7% | -63.8% | 29.7% | 17.5% | -55.1% | -35.3% |
| Tasa Impositiva Efectiva | -0.0% | 0.0% | -0.0% | -0.0% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.24 | $-4.86 | $2.44 | $2.20 | $-4.31 | $-2.92 |
| Dividendo por Acción | $0.00 | $0.00 | $0.44 | $1.64 | $2.36 | $2.04 |
| Acciones en Circulación (Básicas) | $25.0M | $25.0M | $30.0M | $30.2M | $35.6M | $49.8M |
Qué mirar en empresas de Energy
- FCF yield (>8%) — Caja generada / capitalización. En energía el FCF importa más que el EPS.
- ROIC medio 5a (≥10%) — Incluir años buenos y malos para filtrar las realmente disciplinadas.
- FCF positivo en 8 de los últimos 10 años (≥8/10) — Nombres disciplinados (XOM, CVX, EOG) sobreviven los crashes de 2014-16 y 2020.
- Cobertura del dividendo (FCF / div) (≥1,2x) — Dividendo cubierto por FCF, no por deuda. <1x = recorte probable.
- Deuda Neta / EBITDA (<2x en pico) — Mirarlo con EBITDA en valle, no en pico.
- Capex / Ingresos (10-20% saludable) — Energía necesita reinversión agresiva para mantener reservas.
Rentabilidad
| Rentabilidad sobre capital | -5.59% |
| Rentabilidad sobre capital invertido | 0.84% |
| Rentabilidad sobre activos | -2.99% |
| Margen bruto | 21.66% |
| Margen operativo | 2.33% |
| Margen neto | -9.00% |
Salud financiera
| Deuda / Patrimonio | 0.52 |
| Ratio corriente | 1.05 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.79 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -3.37 | 10.48 | -84.62 | -5.28 | 25.52 | -24.81 |
| P/VC | 1.81 | 1.02 | 1.27 | 1.16 | 0.98 | 0.77 |
| P/V | 5.06 | 2.41 | 2.68 | 1.44 | 2.12 | 1.29 |
| Margen Bruto | 15.9% | 52.2% | 31.4% | 50.4% | 28.3% | 10.6% |
| Margen Operativo | -142.8% | 19.4% | -10.4% | -32.5% | -2.4% | 5.4% |
| Margen Neto | -150.1% | 23.0% | -3.1% | -27.3% | 8.3% | -5.3% |