Demonstrações financeiras detalhadas de Alto Ingredients, Inc. (ALTO): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Alto Ingredients, Inc. registou receitas de $917.9M no último exercício, com um CAGR de 5 anos de 0.5%.
Margens dos últimos 12 meses: margem bruta 5.6%, margem operacional 3.9%, margem líquida 5.5%. O fluxo de caixa livre cresceu a CAGR de -33.2% em 5 anos.
Ao preço atual de $4.02, ALTO negocia a um P/L de 5.68 e um ROE de 21.15%. A capitalização de mercado é de $311M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.62B | $1.63B | $1.52B | $1.42B | $897.0M | $1.21B | $1.34B | $1.22B | $965.3M | $917.9M |
| Custo da Receita | $1.57B | $1.63B | $1.53B | $1.43B | $844.2M | $1.14B | $1.36B | $1.21B | $955.5M | $891.1M |
| Lucro Bruto | $51.8M | $5.9M | -$15.2M | -$9.9M | $52.9M | $67.8M | -$27.6M | $15.7M | $9.7M | $26.8M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $28.3M | $31.5M | $36.4M | $35.5M | $32.0M | $29.2M | $28.1M | $32.7M | $29.7M | $27.2M |
| Despesas Operacionais | $28.3M | $31.5M | $36.4M | $64.7M | $43.0M | $27.7M | $33.8M | $39.5M | $61.4M | $19.7M |
| Lucro Operacional | $23.5M | -$25.6M | -$51.5M | -$74.7M | $9.9M | $40.1M | -$61.4M | -$23.8M | -$51.7M | $7.1M |
| EBITDA | $57.9M | $13.2M | -$10.5M | -$33.2M | $30.9M | $74.4M | -$12.8M | $2.6M | -$26.8M | $48.7M |
| Despesas com Juros | $22.4M | $12.9M | $17.1M | $20.2M | $17.9M | $3.6M | $1.8M | $7.4M | $7.6M | $10.8M |
| Lucro Antes de Impostos | $545000 | -$38.4M | -$68.5M | -$101.3M | -$17.3M | $47.6M | -$39.7M | -$27.9M | -$58.8M | $12.7M |
| Imposto | -$981000 | -$321000 | -$562000 | -$20000 | -$17000 | $1.5M | $1.9M | $97000 | $173000 | -$621000 |
| Lucro Líquido | $1.4M | -$35.0M | -$60.3M | -$88.9M | -$15.1M | $46.1M | -$41.6M | -$28.0M | -$59.0M | $13.3M |
| LPA | $0.00 | $-0.82 | $-1.39 | $-2.14 | $-0.29 | $0.62 | $-0.58 | $-0.40 | $-0.82 | $0.16 |
| LPA Diluído | $0.00 | $-0.82 | $-1.39 | $-2.14 | $-0.29 | $0.61 | $-0.58 | $-0.40 | $-0.82 | $0.16 |
| Ações em Circulação (Diluídas) | $42.3M | $42.7M | $43.4M | $47.4M | $58.6M | $72.2M | $71.9M | $73.3M | $73.5M | $75.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $241.0M | $232.0M | $224.7M | $245.7M |
| Lucro Bruto | $29.3M | -$10.5M | $17.6M | $16.6M |
| Lucro Operacional | $22.8M | -$9.9M | $14.8M | $8.6M |
| EBITDA | $23.3M | $29.9M | $12.8M | $3.6M |
| Lucro Líquido | $14.2M | $21.8M | $4.3M | $11.4M |
| LPA | $0.19 | $0.29 | $0.05 | $0.15 |
| LPA Diluído | $0.19 | $0.28 | $0.05 | $0.15 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $64.3M | $49.5M | $26.6M | $19.0M | $47.7M | $50.6M | $36.5M | $30.0M | $35.5M | $25.7M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $92.0M | $81.1M | $68.2M | $74.3M | $43.5M | $86.9M | $68.7M | $58.7M | $58.2M | $62.6M |
| Estoque | $60.1M | $61.5M | $57.8M | $60.6M | $37.9M | $54.4M | $66.6M | $52.6M | $49.9M | $61.7M |
| Ativos Circulantes | $235.2M | $203.2M | $168.8M | $232.1M | $214.0M | $229.5M | $199.1M | $168.8M | $153.1M | $155.9M |
| Imobilizado | $465.2M | $508.4M | $482.7M | $356.9M | $240.5M | $236.0M | $258.0M | $271.3M | $235.3M | $215.4M |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | $6.0M | 0 | 0 | 0 |
| Ativos Intangíveis | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $2.7M | $9.1M | $8.5M | $4.5M | $7.6M |
| Ativos Totais | $708.2M | $720.3M | $660.0M | $612.5M | $476.8M | $485.0M | $478.3M | $454.2M | $401.4M | $388.8M |
| Contas a Pagar | $37.1M | $39.7M | $48.2M | $29.3M | $13.0M | $23.3M | $28.1M | $20.8M | $20.4M | $14.5M |
| Dívida de Curto Prazo | $10.5M | $20.0M | $146.7M | $63.0M | $25.5M | 0 | 0 | 0 | 0 | $21.6M |
| Passivos Circulantes | $78.8M | $90.7M | $231.9M | $160.4M | $86.9M | $69.6M | $78.0M | $65.3M | $57.8M | $59.1M |
| Dívida de Longo Prazo | $188.0M | $221.1M | $84.8M | $180.8M | $71.8M | $50.4M | $68.4M | $82.1M | $92.9M | $63.0M |
| Passivos Totais | $290.0M | $336.6M | $340.6M | $385.4M | $180.6M | $139.7M | $170.2M | $174.7M | $176.4M | $143.5M |
| Reservas | -$532.2M | -$568.5M | -$630.0M | -$720.2M | -$736.6M | -$691.8M | -$734.6M | -$763.9M | -$824.2M | -$812.1M |
| Patrimônio Líquido | $387.9M | $356.4M | $299.8M | $219.8M | $296.2M | $345.2M | $308.1M | $279.6M | $225.1M | $245.2M |
| Dívida Total | $199.9M | $241.8M | $231.6M | $268.4M | $108.2M | $63.7M | $87.3M | $105.5M | $114.7M | $97.6M |
| Dívida Líquida | $135.6M | $192.3M | $204.9M | $249.4M | $60.6M | $13.0M | $50.8M | $75.4M | $79.2M | $71.9M |
| Capital de Giro | $156.4M | $112.5M | -$63.1M | $71.7M | $127.1M | $159.9M | $121.1M | $103.5M | $95.3M | $96.8M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $32.5M | $25.7M | $20.3M | $24.0M |
| Ativos Totais | $388.5M | $388.8M | $386.3M | $397.1M |
| Passivos Totais | $166.1M | $143.5M | $136.4M | $137.2M |
| Patrimônio Líquido | $222.4M | $245.2M | $249.9M | $259.9M |
| Dívida Total | $119.7M | $97.6M | $91.3M | $82.9M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $1.5M | -$38.1M | -$67.9M | -$101.3M | -$17.3M | $46.1M | -$41.6M | -$28.0M | -$59.0M | $13.3M |
| Depreciação e Amortização | $35.4M | $38.7M | $40.8M | $47.9M | $30.3M | $23.3M | $25.1M | $23.1M | $24.4M | $25.2M |
| Compensação em Ações | $2.6M | $3.8M | $3.4M | $2.8M | $2.7M | $2.9M | $3.3M | $3.9M | $4.4M | $3.0M |
| Variação Capital de Giro | -$12.8M | $26.5M | $17.2M | -$18.3M | $36.8M | -$13.2M | $31.6M | $3.7M | $10.0M | -$16.4M |
| Fluxo de Caixa Operacional | $40.4M | $36.5M | $1.6M | -$31.2M | $71.7M | $26.8M | $6.0M | $22.0M | -$3.5M | $13.2M |
| CapEx | -$19.2M | -$20.9M | -$15.2M | -$3.3M | -$6.6M | -$16.4M | -$37.7M | -$29.5M | -$11.1M | -$4.6M |
| Aquisições | $30.0M | -$29.6M | 0 | 0 | $19.9M | $43.5M | -$14.7M | -$3.5M | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | -$1.3M | -$3.7M | 0 | 0 |
| Dividendos Pagos | -$1.3M | -$1.3M | -$1.3M | -$946000 | 0 | -$2.9M | -$1.3M | -$1.3M | -$1.3M | -$1.3M |
| Fluxo de Caixa Livre | $21.2M | $15.6M | -$13.6M | -$34.5M | $65.1M | $10.4M | -$31.7M | -$7.5M | -$14.6M | $8.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $22.8M | $9.5M | $4.2M | $28.5M |
| CapEx | -$1.6M | -$1.9M | -$909000 | -$10.6M |
| Fluxo de Caixa Livre | $21.2M | $7.6M | $3.3M | $17.9M |
| Dividendos Pagos | -$319000 | -$319000 | -$312000 | -$315000 |
| Compensação em Ações | $706000 | $842000 | $705000 | $813000 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +0.5% | -7.2% | -6.0% | -37.0% | +34.7% | +10.6% | -8.4% | -21.1% | -4.9% |
| Crescimento Lucro Líquido (anual) | | -2564.0% | -72.4% | -47.6% | +83.0% | +404.9% | -190.3% | +32.7% | -110.6% | +122.6% |
| Crescimento LPA (anual) | | -23528.6% | -69.5% | -54.0% | +86.4% | +313.8% | -193.5% | +31.0% | -105.0% | +119.5% |
| Variação de Ações (anual) | | +1.2% | +1.5% | +9.2% | +23.7% | +23.2% | -0.4% | +1.9% | +0.2% | +3.0% |
| Crescimento FCF (anual) | | -26.3% | -186.9% | -154.0% | +288.7% | -84.0% | -403.7% | +76.3% | -94.3% | +159.3% |
| Margem Bruta | 3.2% | 0.4% | -1.0% | -0.7% | 5.9% | 5.6% | -2.1% | 1.3% | 1.0% | 2.9% |
| Margem Operacional | 1.4% | -1.6% | -3.4% | -5.2% | 1.1% | 3.3% | -4.6% | -2.0% | -5.4% | 0.8% |
| Margem EBITDA | 3.6% | 0.8% | -0.7% | -2.3% | 3.4% | 6.2% | -1.0% | 0.2% | -2.8% | 5.3% |
| Margem Líquida | 0.1% | -2.1% | -4.0% | -6.2% | -1.7% | 3.8% | -3.1% | -2.3% | -6.1% | 1.5% |
| Margem FCF | 1.3% | 1.0% | -0.9% | -2.4% | 7.3% | 0.9% | -2.4% | -0.6% | -1.5% | 0.9% |
| Taxa Efetiva de Imposto | -180.0% | 0.8% | 0.8% | 0.0% | 0.1% | 3.1% | -4.9% | -0.3% | -0.3% | -4.9% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.50 | $0.37 | $-0.31 | $-0.73 | $1.11 | $0.14 | $-0.44 | $-0.10 | $-0.20 | $0.11 |
| Dividendo por Ação | $0.03 | $0.03 | $0.03 | $0.02 | $0.00 | $0.04 | $0.02 | $0.02 | $0.02 | $0.02 |
| Ações em Circulação (Básicas) | $42.2M | $42.6M | $43.4M | $47.4M | $58.6M | $71.1M | $71.9M | $73.3M | $73.5M | $74.5M |
O que olhar em Basic Materials
Mineiras, químicas, aço. 100% commodity-driven. Analisar com P/E puro é um erro — olha posição de custos e sustentabilidade do dividendo.
- FCF yield — Em commodities o FCF é ouro — EPS engana muito
- Margem bruta — Margem bruta consistente 5 anos = sinal de moat
- Dívida líquida / EBITDA (vale) — Usar EBITDA do pior ano do ciclo, não o atual
- Cobertura dividendo — Dividendo coberto por FCF em ano médio, não no pico
- Capex / D&A — >1x = mantêm/crescem reservas. <0.7x = a descapitalizar
- Altman Z-Score — Modelo de falência (NYU 1968) — combina liquidez, alavancagem e rentabilidade. Chave em cíclicas
- P/B em ciclos — Commodities: 0.8-1.2x em vales, 2x+ em picos. <2x ainda zona razoável
Rentabilidade
| Retorno sobre patrimônio | 21.15% |
| Retorno sobre capital investido | 10.33% |
| Retorno sobre ativos | 13.01% |
| Margem bruta | 5.62% |
| Margem operacional | 3.85% |
| Margem líquida | 5.48% |
Saúde financeira
| Dívida / Patrimônio | 0.32 |
| Liquidez corrente | 3.19 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 2714.29 | -5.55 | -0.62 | -0.30 | -18.72 | 7.76 | -4.97 | -6.65 | -1.90 | 18.00 |
| P/VP | 1.03 | 0.54 | 0.12 | 0.14 | 1.07 | 0.99 | 0.67 | 0.70 | 0.51 | 0.87 |
| P/V | 0.25 | 0.12 | 0.02 | 0.02 | 0.35 | 0.28 | 0.16 | 0.16 | 0.12 | 0.23 |
| Margem Bruta | 3.2% | 0.4% | -1.0% | -0.7% | 5.9% | 5.6% | -2.1% | 1.3% | 1.0% | 2.9% |
| Margem Operacional | 1.4% | -1.6% | -3.4% | -5.2% | 1.1% | 3.3% | -4.6% | -2.0% | -5.4% | 0.8% |
| Margem Líquida | 0.1% | -2.1% | -4.0% | -6.2% | -1.7% | 3.8% | -3.1% | -2.3% | -6.1% | 1.5% |