Demonstrações financeiras detalhadas de Globant S.A. (GLOB): 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
Globant S.A. registou receitas de $2.45B no último exercício, com um CAGR de 5 anos de 24.7%. O lucro líquido atingiu $102.9M, com CAGR de 5 anos de 13.7%.
Margens dos últimos 12 meses: margem bruta 32.3%, margem operacional 8.2%, margem líquida 4.6%. O fluxo de caixa livre cresceu a CAGR de 41.3% em 5 anos.
Ao preço atual de $38.37, GLOB negocia a um P/L de 14.07 e um ROE de 5.33%. A capitalização de mercado é de $1.7B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $322.9M | $413.4M | $522.3M | $659.3M | $814.1M | $1.30B | $1.78B | $2.10B | $2.42B | $2.45B |
| Custo da Receita | $190.9M | $262.6M | $335.1M | $405.2M | $509.8M | $802.1M | $1.11B | $1.34B | $1.55B | $1.60B |
| Lucro Bruto | $131.9M | $150.9M | $187.2M | $254.2M | $304.3M | $495.0M | $669.4M | $755.8M | $863.4M | $859.3M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $69.3M | $92.9M | $110.5M | $124.8M | $161.9M | $263.6M | $354.1M | $405.8M | $480.4M | $629.3M |
| Despesas Operacionais | $81.9M | $117.1M | $138.7M | $173.4M | $220.4M | $350.6M | $462.7M | $556.8M | $637.9M | $687.6M |
| Lucro Operacional | $49.6M | $33.2M | $66.8M | $80.7M | $83.9M | $144.4M | $206.7M | $199.0M | $225.4M | $171.7M |
| EBITDA | $60.5M | $56.7M | $94.6M | $113.0M | $133.9M | $215.6M | $314.9M | $358.0M | $417.0M | $299.5M |
| Despesas com Juros | $1.4M | $1.4M | $1.5M | $6.7M | $10.4M | $10.5M | $14.0M | $23.8M | $28.7M | $40.6M |
| Lucro Antes de Impostos | $50.2M | $38.5M | $67.5M | $69.0M | $76.5M | $124.9M | $192.9M | $198.0M | $210.4M | $139.1M |
| Imposto | $14.3M | $8.1M | $15.9M | $15.0M | $22.3M | $28.5M | $43.4M | $39.5M | $41.4M | $35.2M |
| Lucro Líquido | $35.9M | $30.5M | $51.6M | $54.0M | $54.2M | $96.1M | $148.9M | $158.5M | $165.7M | $102.9M |
| LPA | $1.04 | $0.87 | $1.45 | $1.48 | $1.41 | $2.35 | $3.55 | $3.72 | $3.82 | $2.33 |
| LPA Diluído | $1.01 | $0.84 | $1.41 | $1.43 | $1.37 | $2.28 | $3.47 | $3.64 | $3.72 | $2.29 |
| Ações em Circulação (Diluídas) | $35.4M | $36.1M | $36.7M | $37.7M | $39.7M | $42.1M | $42.9M | $43.6M | $44.6M | $45.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $617.1M | $612.5M | $607.1M | $614.4M |
| Lucro Bruto | $185.9M | $213.7M | $182.9M | $208.2M |
| Lucro Operacional | $66.8M | $59.6M | $55.5M | $19.9M |
| EBITDA | $98.5M | $96.3M | $98.2M | $13.6M |
| Lucro Líquido | $33.1M | $41.6M | $37.0M | $1.8M |
| LPA | $0.74 | $0.94 | $0.86 | $0.04 |
| LPA Diluído | $0.73 | $0.93 | $0.85 | $0.04 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $50.5M | $52.5M | $77.6M | $62.7M | $278.9M | $427.8M | $292.5M | $307.2M | $142.1M | $243.7M |
| Investimentos de Curto Prazo | $10.3M | $8.1M | $8.6M | $23.0M | $20.1M | $33.9M | $51.3M | $20.0M | $16.1M | $6.6M |
| Contas a Receber | $68.0M | $92.3M | $121.6M | $170.1M | $218.9M | $343.9M | $488.5M | $556.8M | $651.6M | $577.7M |
| Estoque | -$5.0M | -$2.1M | -$4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $133.4M | $156.1M | $214.0M | $276.5M | $535.6M | $819.6M | $857.6M | $924.5M | $838.5M | $953.8M |
| Imobilizado | $35.7M | $43.9M | $51.5M | $146.3M | $191.0M | $278.0M | $309.0M | $282.1M | $277.6M | $237.9M |
| Ágio | $65.4M | $102.0M | $107.9M | $188.5M | $392.8M | $567.5M | $735.0M | $1.11B | $1.59B | $1.60B |
| Ativos Intangíveis | $13.6M | $11.5M | $11.8M | $27.1M | $86.7M | $102.0M | $182.6M | $285.7M | $288.7M | $346.0M |
| Ativos Totais | $284.7M | $362.8M | $441.1M | $687.8M | $1.29B | $1.88B | $2.20B | $2.73B | $3.17B | $3.32B |
| Contas a Pagar | $2.0M | $7.3M | $6.1M | $10.6M | $16.9M | $22.2M | $35.8M | $48.5M | $55.7M | $33.6M |
| Dívida de Curto Prazo | $156000 | $6.0M | 0 | $20.6M | $16.3M | $10.3M | $2.8M | $156.9M | $1.6M | $19.7M |
| Passivos Circulantes | $55.2M | $74.1M | $92.9M | $146.2M | $205.6M | $386.3M | $428.6M | $665.3M | $542.9M | $580.3M |
| Dívida de Longo Prazo | $19.2M | $18.6M | 0 | $50.2M | $25.1M | $1.9M | $861000 | $2.2M | $290.9M | $347.0M |
| Passivos Totais | $76.2M | $93.8M | $99.2M | $249.1M | $408.8M | $576.2M | $639.6M | $931.2M | $1.13B | $1.16B |
| Reservas | $106.0M | $136.4M | $187.3M | $239.4M | $293.6M | $389.7M | $538.6M | $697.1M | $862.8M | $965.7M |
| Patrimônio Líquido | $209.4M | $264.3M | $337.9M | $438.7M | $879.9M | $1.31B | $1.51B | $1.73B | $1.96B | $2.09B |
| Dívida Total | $217000 | $6.0M | $3.4M | $112.7M | $113.6M | $146.7M | $138.8M | $277.8M | $410.2M | $473.6M |
| Dívida Líquida | -$59.7M | -$54.7M | -$82.8M | $27.0M | -$185.5M | -$315.0M | -$204.9M | -$49.4M | $251.9M | $223.3M |
| Capital de Giro | $78.3M | $82.0M | $121.1M | $130.3M | $330.0M | $433.3M | $429.0M | $259.2M | $295.7M | $373.5M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $154.9M | $243.7M | $195.3M | $163.8M |
| Ativos Totais | $3.35B | $3.32B | $3.27B | $3.23B |
| Passivos Totais | $1.10B | $1.16B | $1.07B | $1.06B |
| Patrimônio Líquido | $2.17B | $2.09B | $2.12B | $2.11B |
| Dívida Total | $474.1M | $473.6M | $462.7M | $517.9M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $35.9M | $30.5M | $51.6M | $54.0M | $54.2M | $96.4M | $149.5M | $158.5M | $165.7M | $102.9M |
| Depreciação e Amortização | $10.9M | $16.1M | $20.5M | $38.8M | $48.5M | $80.3M | $107.9M | $139.9M | $162.7M | $187.8M |
| Compensação em Ações | $3.6M | $12.9M | $10.6M | $15.4M | $22.4M | $37.0M | $60.3M | $72.9M | $81.8M | $75.7M |
| Variação Capital de Giro | -$23.1M | -$14.5M | -$21.8M | -$39.5M | -$30.2M | -$41.5M | -$125.5M | -$58.0M | -$150.7M | -$73.6M |
| Fluxo de Caixa Operacional | $31.5M | $43.0M | $67.2M | $79.7M | $99.9M | $179.0M | $197.5M | $318.5M | $248.7M | $280.4M |
| CapEx | -$24.0M | -$28.1M | -$28.9M | -$32.0M | -$53.5M | -$77.6M | -$95.4M | -$126.8M | -$27.7M | -$19.2M |
| Aquisições | -$17.1M | -$19.6M | -$7.4M | -$106.3M | -$75.1M | -$165.3M | -$149.1M | -$267.3M | -$301.1M | -$81.8M |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | -$7.3M | -$9.3M | -$11.5M | -$10.7M | -$56.1M |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $7.4M | $14.9M | $38.3M | $47.7M | $46.4M | $101.3M | $102.1M | $191.7M | $221.0M | $261.2M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $92.1M | $150.8M | $54.4M | $30.2M |
| CapEx | -$24.6M | $51.5M | -$18.4M | -$17.6M |
| Fluxo de Caixa Livre | $67.5M | $202.3M | $36.1M | $12.6M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | 0 | 0 | 0 | 0 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +28.1% | +26.3% | +26.2% | +23.5% | +59.3% | +37.3% | +17.7% | +15.3% | +1.6% |
| Crescimento Lucro Líquido (anual) | | -15.1% | +69.4% | +4.7% | +0.4% | +77.2% | +55.0% | +6.5% | +4.5% | -37.9% |
| Crescimento LPA (anual) | | -16.3% | +66.7% | +2.1% | -4.7% | +66.7% | +51.1% | +4.8% | +2.7% | -39.0% |
| Variação de Ações (anual) | | +1.9% | +1.6% | +2.7% | +5.4% | +5.9% | +1.9% | +1.7% | +2.3% | +0.9% |
| Crescimento FCF (anual) | | +100.6% | +156.5% | +24.5% | -2.7% | +118.4% | +0.7% | +87.8% | +15.3% | +18.2% |
| Margem Bruta | 40.9% | 36.5% | 35.8% | 38.5% | 37.4% | 38.2% | 37.6% | 36.1% | 35.7% | 35.0% |
| Margem Operacional | 15.4% | 8.0% | 12.8% | 12.2% | 10.3% | 11.1% | 11.6% | 9.5% | 9.3% | 7.0% |
| Margem EBITDA | 18.7% | 13.7% | 18.1% | 17.1% | 16.4% | 16.6% | 17.7% | 17.1% | 17.3% | 12.2% |
| Margem Líquida | 11.1% | 7.4% | 9.9% | 8.2% | 6.7% | 7.4% | 8.4% | 7.6% | 6.9% | 4.2% |
| Margem FCF | 2.3% | 3.6% | 7.3% | 7.2% | 5.7% | 7.8% | 5.7% | 9.1% | 9.1% | 10.6% |
| Taxa Efetiva de Imposto | 28.5% | 21.0% | 23.5% | 21.8% | 29.2% | 22.8% | 22.5% | 20.0% | 19.7% | 25.3% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.21 | $0.41 | $1.04 | $1.27 | $1.17 | $2.41 | $2.38 | $4.40 | $4.96 | $5.80 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $34.4M | $34.9M | $35.7M | $36.6M | $38.5M | $40.9M | $41.9M | $42.6M | $44.6M | $44.9M |
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 | 5.33% |
| Retorno sobre capital investido | 5.43% |
| Retorno sobre ativos | 3.51% |
| Margem bruta | 32.26% |
| Margem operacional | 8.23% |
| Margem líquida | 4.63% |
Saúde financeira
| Dívida / Patrimônio | 0.25 |
| Liquidez corrente | 1.84 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 32.07 | 51.86 | 38.84 | 71.66 | 154.33 | 133.66 | 47.37 | 63.97 | 56.13 | 28.06 |
| P/VP | 5.48 | 5.96 | 5.96 | 8.84 | 9.52 | 9.85 | 4.68 | 5.86 | 4.86 | 1.40 |
| P/V | 3.55 | 3.81 | 3.85 | 5.88 | 10.29 | 9.91 | 3.96 | 4.84 | 3.95 | 1.20 |
| Margem Bruta | 40.9% | 36.5% | 35.8% | 38.5% | 37.4% | 38.2% | 37.6% | 36.1% | 35.7% | 35.0% |
| Margem Operacional | 15.4% | 8.0% | 12.8% | 12.2% | 10.3% | 11.1% | 11.6% | 9.5% | 9.3% | 7.0% |
| Margem Líquida | 11.1% | 7.4% | 9.9% | 8.2% | 6.7% | 7.4% | 8.4% | 7.6% | 6.9% | 4.2% |