Demonstrações financeiras detalhadas de CSP Inc. (CSPI): 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
CSP Inc. registou receitas de $58.7M no último exercício, com um CAGR de 5 anos de -1.0%.
Margens dos últimos 12 meses: margem bruta 33.1%, margem operacional -5.3%, margem líquida -1.2%. O fluxo de caixa livre cresceu a CAGR de 166.8% em 5 anos.
Ao preço atual de $7.68, CSPI apresenta lucros negativos (P/L não significativo) e um ROE de -1.53%. A capitalização de mercado é de $77M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $103.4M | $111.5M | $72.9M | $79.1M | $61.8M | $49.2M | $54.4M | $64.6M | $55.2M | $58.7M |
| Custo da Receita | $78.3M | $86.0M | $54.5M | $61.0M | $44.6M | $33.1M | $35.5M | $42.7M | $36.4M | $40.2M |
| Lucro Bruto | $25.0M | $25.5M | $18.4M | $18.0M | $17.2M | $16.1M | $18.8M | $21.9M | $18.9M | $18.5M |
| P&D | $3.0M | $2.4M | $3.3M | $2.8M | $2.8M | $2.9M | $3.1M | $3.1M | $3.0M | $3.2M |
| Despesas Gerais e Administrativas | $18.3M | $19.4M | $16.7M | $16.1M | $15.8M | $14.6M | $15.8M | $16.9M | $17.8M | $18.4M |
| Despesas Operacionais | $21.2M | $21.7M | $20.0M | $18.9M | $18.6M | $17.5M | $18.9M | $20.1M | $20.7M | $21.6M |
| Lucro Operacional | $3.8M | $3.8M | -$1.6M | -$826000 | -$1.4M | -$1.4M | -$40000 | $1.9M | -$1.9M | -$3.1M |
| EBITDA | $4.4M | $3.9M | -$396000 | $73000 | $271000 | $2.1M | $3.2M | $5.9M | $610000 | -$602000 |
| Despesas com Juros | $87000 | $73000 | $85000 | $99000 | $228000 | $350000 | $360000 | $262000 | $235000 | $357000 |
| Lucro Antes de Impostos | $3.6M | $3.8M | -$1.1M | -$442000 | -$1.1M | $678000 | $1.9M | $4.7M | -$419000 | -$1.7M |
| Imposto | $996000 | $1.3M | $882000 | -$71000 | $384000 | $444000 | $50000 | -$469000 | -$93000 | -$1.6M |
| Lucro Líquido | $2.6M | $2.5M | $14.4M | -$371000 | -$1.4M | $699000 | $1.9M | $5.2M | -$326000 | -$91000 |
| LPA | $0.69 | $0.64 | $3.78 | $-0.09 | $-0.36 | $0.06 | $0.21 | $0.56 | $-0.04 | $-0.01 |
| LPA Diluído | $0.67 | $0.63 | $3.70 | $-0.09 | $-0.35 | $0.06 | $0.21 | $0.55 | $-0.04 | $-0.01 |
| Ações em Circulação (Diluídas) | $3.7M | $3.8M | $3.9M | $4.1M | $4.1M | $4.2M | $8.6M | $8.9M | $9.0M | $9.3M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $14.5M | $12.0M | $16.0M | $14.4M |
| Lucro Bruto | $5.3M | $4.7M | $4.5M | $4.3M |
| Lucro Operacional | -$538000 | -$112000 | -$851000 | -$1.5M |
| EBITDA | $39000 | $664000 | $35000 | -$1.5M |
| Lucro Líquido | -$191000 | $91000 | $264000 | -$846000 |
| LPA | $-0.02 | $0.01 | $0.03 | $-0.09 |
| LPA Diluído | $-0.02 | $0.01 | $0.03 | $-0.09 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $13.1M | $13.9M | $25.1M | $18.1M | $19.3M | $20.0M | $24.0M | $25.2M | $30.6M | $27.4M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | $68000 | $17000 | 0 | 0 | 0 |
| Contas a Receber | $19.6M | $18.4M | $13.4M | $16.1M | $14.7M | $18.7M | $23.0M | $20.1M | $18.9M | $20.9M |
| Estoque | $6.1M | $6.0M | $7.6M | $7.8M | $5.3M | $4.0M | $4.4M | $2.5M | $2.3M | $1.4M |
| Ativos Circulantes | $41.8M | $51.7M | $48.4M | $46.5M | $41.6M | $49.0M | $59.5M | $50.4M | $54.8M | $52.3M |
| Imobilizado | $1.7M | $1.5M | $847000 | $1.3M | $3.1M | $2.1M | $1.8M | $1.5M | $918000 | $2.2M |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | $287000 | $167000 | $48000 | $37000 | $28000 | $19000 | $10000 | $46000 | $50000 | $69000 |
| Ativos Totais | $48.7M | $58.9M | $55.3M | $59.4M | $53.6M | $63.0M | $75.1M | $65.9M | $69.4M | $71.2M |
| Contas a Pagar | $7.5M | $8.1M | $4.5M | $13.5M | $5.6M | $11.3M | $19.2M | $6.7M | $9.3M | $16.6M |
| Dívida de Curto Prazo | 0 | $3.1M | $3.2M | $2.8M | $3.2M | $1.7M | $3.6M | $2.0M | $4.2M | $903000 |
| Passivos Circulantes | $30.8M | $37.8M | $14.1M | $20.0M | $13.0M | $17.8M | $30.2M | $15.7M | $18.7M | $22.2M |
| Dívida de Longo Prazo | 0 | 0 | 0 | $684000 | $2.5M | $876000 | $449000 | 0 | 0 | 0 |
| Passivos Totais | $31.1M | $37.9M | $21.5M | $28.9M | $24.1M | $28.9M | $36.1M | $19.8M | $22.2M | $26.6M |
| Reservas | $16.6M | $17.4M | $29.9M | $27.2M | $24.5M | $25.2M | $26.8M | $31.3M | $29.8M | $27.7M |
| Patrimônio Líquido | $17.7M | $21.0M | $33.8M | $30.4M | $29.5M | $34.0M | $39.0M | $46.1M | $47.3M | $44.6M |
| Dívida Total | 0 | $3.1M | $3.2M | $3.5M | $8.0M | $4.0M | $5.2M | $2.9M | $4.7M | $2.6M |
| Dívida Líquida | -$13.1M | -$10.8M | -$21.9M | -$14.6M | -$11.2M | -$16.0M | -$18.8M | -$22.3M | -$25.9M | -$24.8M |
| Capital de Giro | $11.0M | $13.9M | $34.4M | $26.5M | $28.6M | $31.2M | $29.3M | $34.7M | $36.2M | $30.1M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $27.4M | $24.9M | $23.1M | $24.7M |
| Ativos Totais | $71.2M | $69.2M | $70.3M | $70.8M |
| Passivos Totais | $26.6M | $24.3M | $25.3M | $26.5M |
| Patrimônio Líquido | $44.6M | $44.8M | $45.0M | $44.3M |
| Dívida Total | $2.6M | $2.7M | $2.1M | $3.6M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $2.6M | $2.5M | -$2.4M | -$371000 | -$1.4M | $699000 | $1.9M | $5.2M | -$326000 | -$91000 |
| Depreciação e Amortização | $699000 | $673000 | $625000 | $416000 | $452000 | $388000 | $935000 | $931000 | $794000 | $702000 |
| Compensação em Ações | $414000 | $577000 | $691000 | $792000 | $982000 | $981000 | $979000 | $1.1M | $1.6M | $1.8M |
| Variação Capital de Giro | $883000 | -$1.6M | -$832000 | -$4.2M | -$1.6M | -$263000 | $1.7M | -$1.8M | $1.9M | $1.7M |
| Fluxo de Caixa Operacional | $5.0M | $2.7M | $3.0M | -$3.3M | $244000 | $1.9M | $2.7M | $3.9M | $4.2M | $2.3M |
| CapEx | -$735000 | -$358000 | -$438000 | -$832000 | -$230000 | -$98000 | -$234000 | -$277000 | -$196000 | -$374000 |
| Aquisições | 0 | 0 | 0 | 0 | 0 | $2000 | $2000 | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | -$280000 | -$46000 | 0 | -$174000 | -$6000 | -$104000 | -$869000 |
| Dividendos Pagos | -$1.7M | -$1.7M | -$1.9M | -$2.5M | -$1.3M | 0 | -$137000 | -$656000 | -$1.0M | -$1.2M |
| Fluxo de Caixa Livre | $4.3M | $2.3M | $2.6M | -$4.2M | $14000 | $1.8M | $2.4M | $3.6M | $4.0M | $1.9M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $1.9M | -$2.9M | -$493000 | $447000 |
| CapEx | -$254000 | -$105000 | -$14000 | 0 |
| Fluxo de Caixa Livre | $1.6M | -$3.0M | -$507000 | $447000 |
| Dividendos Pagos | -$298000 | 0 | -$599000 | -$302000 |
| Compensação em Ações | $411000 | $463000 | $390000 | $532000 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +7.9% | -34.6% | +8.4% | -21.8% | -20.4% | +10.5% | +18.9% | -14.6% | +6.4% |
| Crescimento Lucro Líquido (anual) | | -3.8% | +476.2% | -102.6% | -289.8% | +148.3% | +170.2% | +175.5% | -106.3% | +72.1% |
| Crescimento LPA (anual) | | -7.2% | +490.6% | -102.5% | -288.3% | +115.8% | +270.4% | +166.7% | -106.4% | +72.9% |
| Variação de Ações (anual) | | +2.2% | +2.2% | +5.2% | -0.1% | +2.7% | +103.4% | +4.5% | +1.1% | +2.8% |
| Crescimento FCF (anual) | | -46.1% | +12.1% | -261.3% | +100.3% | +12792.9% | +35.2% | +48.7% | +10.7% | -52.9% |
| Margem Bruta | 24.2% | 22.9% | 25.2% | 22.8% | 27.8% | 32.8% | 34.6% | 33.9% | 34.1% | 31.5% |
| Margem Operacional | 3.7% | 3.4% | -2.2% | -1.0% | -2.3% | -2.8% | -0.1% | 2.9% | -3.4% | -5.3% |
| Margem EBITDA | 4.2% | 3.5% | -0.5% | 0.1% | 0.4% | 4.2% | 5.9% | 9.2% | 1.1% | -1.0% |
| Margem Líquida | 2.5% | 2.2% | 19.8% | -0.5% | -2.3% | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% |
| Margem FCF | 4.1% | 2.1% | 3.5% | -5.3% | 0.0% | 3.7% | 4.5% | 5.6% | 7.3% | 3.2% |
| Taxa Efetiva de Imposto | 27.7% | 33.9% | -79.7% | 16.1% | -36.2% | 65.5% | 2.6% | -9.9% | 22.2% | 94.5% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.14 | $0.60 | $0.66 | $-1.01 | $0.00 | $0.43 | $0.29 | $0.41 | $0.44 | $0.20 |
| Dividendo por Ação | $0.45 | $0.45 | $0.49 | $0.60 | $0.31 | $0.00 | $0.02 | $0.07 | $0.11 | $0.13 |
| Ações em Circulação (Básicas) | $3.6M | $3.7M | $3.8M | $4.0M | $4.1M | $4.1M | $8.5M | $8.8M | $9.0M | $9.3M |
O que olhar em empresas de Technology
- 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 | -1.53% |
| Retorno sobre capital investido | -2.90% |
| Retorno sobre ativos | -0.96% |
| Margem bruta | 33.08% |
| Margem operacional | -5.35% |
| Margem líquida | -1.20% |
Saúde financeira
| Dívida / Patrimônio | 0.08 |
| Liquidez corrente | 2.40 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 4.16 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 7.42 | 8.64 | 1.77 | -72.38 | -12.00 | 78.66 | 17.14 | 15.62 | -359.83 | -1178.57 |
| P/VP | 1.05 | 0.98 | 0.76 | 0.88 | 0.59 | 0.54 | 0.79 | 1.66 | 2.48 | 2.41 |
| P/V | 0.18 | 0.18 | 0.35 | 0.34 | 0.28 | 0.37 | 0.56 | 1.19 | 2.13 | 1.83 |
| Margem Bruta | 24.2% | 22.9% | 25.2% | 22.8% | 27.8% | 32.8% | 34.6% | 33.9% | 34.1% | 31.5% |
| Margem Operacional | 3.7% | 3.4% | -2.2% | -1.0% | -2.3% | -2.8% | -0.1% | 2.9% | -3.4% | -5.3% |
| Margem Líquida | 2.5% | 2.2% | 19.8% | -0.5% | -2.3% | 1.4% | 3.5% | 8.0% | -0.6% | -0.2% |