Demonstrações financeiras detalhadas de Autohome Inc. (ATHM): 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
Autohome Inc. registou receitas de $6.28B no último exercício, com um CAGR de 5 anos de -6.2%. O lucro líquido atingiu $1.40B, com CAGR de 5 anos de -15.6%.
Margens dos últimos 12 meses: margem bruta 72.7%, margem operacional 4.7%, margem líquida 19.8%. O fluxo de caixa livre cresceu a CAGR de -24.1% em 5 anos.
Ao preço atual de $21.39, ATHM negocia a um P/L de 5.82 e um ROE de 4.72%. A capitalização de mercado é de $619M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $5.96B | $6.21B | $7.23B | $8.42B | $8.66B | $7.24B | $6.94B | $7.18B | $7.04B | $6.28B |
| Custo da Receita | $2.39B | $1.36B | $820.3M | $960.3M | $961.2M | $1.05B | $1.24B | $1.41B | $1.48B | $1.74B |
| Lucro Bruto | $3.57B | $4.85B | $6.41B | $7.46B | $7.70B | $6.19B | $5.71B | $5.77B | $5.56B | $4.54B |
| P&D | $571.4M | $878.8M | $1.14B | $1.29B | $1.36B | $1.40B | $1.42B | $1.35B | $1.32B | $1.03B |
| Despesas Gerais e Administrativas | $1.84B | $1.93B | $2.75B | $3.41B | $3.63B | $3.30B | $3.36B | $3.57B | $3.52B | $3.00B |
| Despesas Operacionais | $2.40B | $2.80B | $3.54B | $4.22B | $4.55B | $4.41B | $4.46B | $4.63B | $4.55B | $3.99B |
| Lucro Operacional | $1.15B | $2.04B | $2.87B | $3.24B | $3.15B | $1.78B | $1.25B | $1.14B | $1.00B | $552.3M |
| EBITDA | $1.24B | $2.14B | $2.97B | $3.35B | $3.32B | $2.61B | $2.19B | $2.35B | $1.93B | $1.67B |
| Despesas com Juros | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Antes de Impostos | $1.25B | $2.26B | $3.24B | $3.70B | $3.54B | $2.18B | $1.76B | $2.00B | $1.69B | $1.49B |
| Imposto | $32.6M | $267.1M | $377.9M | $500.4M | $260.9M | $34.0M | -$61.8M | $72.2M | $63.0M | $137.9M |
| Lucro Líquido | $1.23B | $2.00B | $2.87B | $3.20B | $3.28B | $2.56B | $1.94B | $2.03B | $1.79B | $1.40B |
| LPA | $10.75 | $17.20 | $24.40 | $27.00 | $27.44 | $68.80 | $57.92 | $61.28 | $13.36 | $45.88 |
| LPA Diluído | $10.58 | $16.95 | $24.08 | $26.76 | $27.32 | $68.64 | $57.92 | $61.28 | $13.31 | $45.60 |
| Ações em Circulação (Diluídas) | $116.0M | $118.1M | $119.2M | $119.5M | $119.9M | $125.1M | $124.9M | $122.8M | $121.6M | $118.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $1.78B | $1.46B | $1.05B | $1.19B |
| Lucro Bruto | $1.13B | $1.14B | $791.4M | $921.4M |
| Lucro Operacional | $147.0M | $92.3M | -$34.4M | $53.1M |
| EBITDA | $441.5M | $503.5M | $52.2M | $85.1M |
| Lucro Líquido | $468.0M | $274.5M | $93.7M | $247.1M |
| LPA | $14.24 | $7.68 | $0.38 | $2.12 |
| LPA Diluído | $14.24 | $7.68 | $0.38 | $2.12 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $474.4M | $140.1M | $30.8M | $285.4M | $267.8M | $4.24B | $2.80B | $5.00B | $1.69B | $2.18B |
| Investimentos de Curto Prazo | $350.0M | $1.11B | $1.43B | $1.55B | $1.97B | $16.50B | $19.28B | $18.55B | $21.62B | $17.06B |
| Contas a Receber | $1.24B | $1.92B | $2.88B | $477.6M | $523.7M | $2.27B | $2.02B | $1.53B | $1.47B | $1.60B |
| Estoque | $13.8M | -$1.78B | -$2.63B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $1.07B | $1.58B | $1.91B | $2.35B | $2.81B | $23.33B | $24.42B | $25.52B | $25.16B | $21.19B |
| Imobilizado | $19.4M | $20.0M | $24.7M | $52.1M | $94.7M | $514.9M | $370.4M | $400.2M | $303.0M | $253.2M |
| Ágio | $216.6M | $231.2M | $218.7M | $216.0M | $622.6M | $3.94B | $3.94B | $3.94B | $3.94B | $3.94B |
| Ativos Intangíveis | $4.3M | $7.8M | $5.7M | $4.0M | $67.3M | $357.4M | $278.5M | $202.1M | $127.8M | $53.7M |
| Ativos Totais | $9.39B | $12.29B | $15.76B | $2.75B | $3.63B | $28.40B | $29.72B | $30.84B | $30.22B | $28.31B |
| Contas a Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dívida de Curto Prazo | $31.1M | 0 | 0 | $18.5M | $17.1M | 0 | 0 | 0 | 0 | 0 |
| Passivos Circulantes | $366.4M | $597.7M | $605.5M | $580.2M | $640.0M | $3.99B | $4.06B | $5.08B | $4.53B | $3.53B |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $437.9M | $597.7M | $605.5M | $653.2M | $752.6M | $4.59B | $4.63B | $5.66B | $5.02B | $4.01B |
| Reservas | $464.0M | $711.2M | $1.09B | $1.54B | $2.06B | $14.81B | $16.20B | $16.60B | $16.74B | $16.65B |
| Patrimônio Líquido | $465.1M | $712.4M | $1.09B | $2.10B | $2.70B | $22.62B | $23.89B | $23.93B | $23.95B | $23.04B |
| Dívida Total | $31.1M | 0 | 0 | $21.8M | $31.0M | $124.8M | $110.4M | $196.1M | $94.2M | $42.1M |
| Dívida Líquida | -$793.3M | -$1.25B | -$1.46B | -$1.82B | -$2.21B | -$20.61B | -$21.97B | -$23.35B | -$23.22B | -$19.20B |
| Capital de Giro | $704.0M | $978.9M | $1.31B | $1.77B | $2.17B | $19.34B | $20.37B | $20.45B | $20.63B | $17.65B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $3.01B | $2.18B | $1.38B | $2.57B |
| Ativos Totais | $28.77B | $28.31B | $27.19B | $26.58B |
| Passivos Totais | $3.45B | $4.01B | $3.03B | $3.51B |
| Patrimônio Líquido | $24.07B | $23.04B | $22.92B | $21.84B |
| Dívida Total | $32.1M | $42.1M | $56.6M | 0 |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $1.22B | $1.99B | $2.86B | $3.20B | $3.41B | $2.14B | $1.82B | $1.93B | $1.62B | $1.39B |
| Depreciação e Amortização | $69.8M | $88.8M | $101.9M | $118.6M | $170.3M | $431.2M | $424.0M | $352.6M | $304.5M | $273.4M |
| Compensação em Ações | $195.4M | $177.8M | $202.3M | $204.0M | $211.2M | $206.1M | $168.9M | $195.1M | $192.0M | $219.0M |
| Variação Capital de Giro | $194.8M | $212.6M | -$81.8M | -$892.6M | -$593.6M | $735.4M | $120.2M | $112.4M | -$801.9M | -$970.6M |
| Fluxo de Caixa Operacional | $1.63B | $2.47B | $3.11B | $2.89B | $3.33B | $3.52B | $2.57B | $2.45B | $1.37B | $889.5M |
| CapEx | -$88.8M | -$107.5M | -$113.9M | -$204.1M | -$264.5M | -$219.6M | -$117.5M | -$78.9M | -$140.0M | -$118.1M |
| Aquisições | 0 | $21.1M | $104000 | 0 | -$639.8M | -$77.4M | -$400.0M | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | -$31.2M | -$719.1M | -$633.8M | -$223.1M | -$1.05B |
| Dividendos Pagos | 0 | 0 | -$595.8M | 0 | -$651.1M | -$673.4M | -$421.7M | -$491.0M | -$1.48B | -$1.48B |
| Fluxo de Caixa Livre | $1.54B | $2.37B | $3.00B | $2.69B | $3.06B | $3.30B | $2.45B | $2.37B | $1.23B | $771.4M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | 0 | $889.5M | 0 | 0 |
| CapEx | 0 | -$118.1M | 0 | 0 |
| Fluxo de Caixa Livre | 0 | $771.4M | 0 | 0 |
| Dividendos Pagos | 0 | -$1.48B | 0 | 0 |
| Compensação em Ações | -$23.1M | $144.2M | $36.0M | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +4.2% | +16.5% | +16.4% | +2.8% | -16.4% | -4.1% | +3.5% | -2.0% | -10.8% |
| Crescimento Lucro Líquido (anual) | | +63.0% | +43.4% | +11.5% | +2.4% | -21.8% | -24.0% | +4.6% | -11.9% | -21.7% |
| Crescimento LPA (anual) | | +60.0% | +41.9% | +10.7% | +1.6% | +150.7% | -15.8% | +5.8% | -78.2% | +243.4% |
| Variação de Ações (anual) | | +1.7% | +1.0% | +0.2% | +0.3% | +4.3% | -0.2% | -1.7% | -1.0% | -3.0% |
| Crescimento FCF (anual) | | +53.9% | +26.7% | -10.4% | +14.0% | +7.9% | -25.9% | -3.1% | -48.0% | -37.4% |
| Margem Bruta | 59.9% | 78.1% | 88.7% | 88.6% | 88.9% | 85.5% | 82.2% | 80.3% | 78.9% | 72.4% |
| Margem Operacional | 19.3% | 32.9% | 39.7% | 38.4% | 36.4% | 24.6% | 18.0% | 15.8% | 14.3% | 8.8% |
| Margem EBITDA | 20.8% | 34.5% | 41.1% | 39.8% | 38.3% | 36.0% | 31.5% | 32.7% | 27.4% | 26.6% |
| Margem Líquida | 20.6% | 32.2% | 39.7% | 38.0% | 37.8% | 35.4% | 28.0% | 28.3% | 25.5% | 22.4% |
| Margem FCF | 25.8% | 38.1% | 41.4% | 31.9% | 35.4% | 45.7% | 35.3% | 33.0% | 17.5% | 12.3% |
| Taxa Efetiva de Imposto | 2.6% | 11.8% | 11.7% | 13.5% | 7.4% | 1.6% | -3.5% | 3.6% | 3.7% | 9.3% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $13.25 | $20.04 | $25.14 | $22.47 | $25.53 | $26.41 | $19.59 | $19.32 | $10.14 | $6.54 |
| Dividendo por Ação | $0.00 | $0.00 | $5.00 | $0.00 | $5.43 | $5.38 | $3.38 | $4.00 | $12.17 | $12.55 |
| Ações em Circulação (Básicas) | $114.2M | $116.4M | $117.7M | $118.6M | $119.4M | $125.0M | $124.8M | $122.8M | $121.2M | $117.5M |
O que olhar em empresas de Communication Services
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 4.72% |
| Retorno sobre capital investido | 1.00% |
| Retorno sobre ativos | 4.08% |
| Margem bruta | 72.73% |
| Margem operacional | 4.70% |
| Margem líquida | 19.76% |
Saúde financeira
| Dívida / Patrimônio | 0.00 |
| Liquidez corrente | 6.75 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 16.33 | 27.11 | 22.04 | 20.63 | 23.69 | 2.72 | 3.64 | 3.25 | 14.18 | 3.39 |
| P/VP | 43.11 | 76.17 | 58.00 | 31.45 | 28.79 | 1.03 | 1.10 | 1.02 | 0.96 | 0.79 |
| P/V | 3.36 | 8.74 | 8.75 | 7.84 | 8.96 | 3.23 | 3.79 | 3.40 | 3.26 | 2.92 |
| Margem Bruta | 59.9% | 78.1% | 88.7% | 88.6% | 88.9% | 85.5% | 82.2% | 80.3% | 78.9% | 72.4% |
| Margem Operacional | 19.3% | 32.9% | 39.7% | 38.4% | 36.4% | 24.6% | 18.0% | 15.8% | 14.3% | 8.8% |
| Margem Líquida | 20.6% | 32.2% | 39.7% | 38.0% | 37.8% | 35.4% | 28.0% | 28.3% | 25.5% | 22.4% |