Demonstrações financeiras detalhadas de Heritage Commerce Corp (HTBK): 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
Heritage Commerce Corp registou receitas de $266.1M no último exercício, com um CAGR de 5 anos de 10.7%. O lucro líquido atingiu $47.8M, com CAGR de 5 anos de 6.3%.
Margens dos últimos 12 meses: margem bruta 72.6%, margem operacional 25.4%, margem líquida 18.0%. O fluxo de caixa livre cresceu a CAGR de 2.3% em 5 anos.
Ao preço atual de $13.45, HTBK negocia a um P/L de 17.24 e um ROE de 6.83%. A capitalização de mercado é de $828M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $106.1M | $116.5M | $139.4M | $152.9M | $160.4M | $162.9M | $198.9M | $243.3M | $251.4M | $266.1M |
| Custo da Receita | $4.4M | $5.5M | $15.2M | $11.7M | $21.8M | $4.0M | $9.7M | $51.8M | $81.2M | $72.8M |
| Lucro Bruto | $101.6M | $111.0M | $124.2M | $141.2M | $138.6M | $158.9M | $189.2M | $191.5M | $170.3M | $193.3M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $34.7M | $37.2M | $45.6M | $52.6M | $53.2M | $55.1M | $60.3M | $63.1M | $70.7M | $73.9M |
| Despesas Operacionais | $57.6M | $60.7M | $75.5M | $84.9M | $89.5M | $93.1M | $94.9M | $101.1M | $113.6M | $125.6M |
| Lucro Operacional | $44.0M | $50.3M | $48.7M | $56.3M | $49.1M | $65.9M | $94.4M | $90.4M | $56.7M | $67.7M |
| EBITDA | $46.3M | $52.4M | $51.4M | $59.9M | $53.8M | $69.9M | $98.1M | $93.9M | $60.2M | $71.2M |
| Despesas com Juros | $3.2M | $5.4M | $7.8M | $10.8M | $8.6M | $7.1M | $8.9M | $51.1M | $79.1M | $71.6M |
| Lucro Antes de Impostos | $44.0M | $50.3M | $48.7M | $56.3M | $49.1M | $65.9M | $94.4M | $90.4M | $56.7M | $67.8M |
| Imposto | $16.6M | $26.5M | $13.3M | $15.9M | $13.8M | $18.2M | $27.8M | $26.0M | $16.1M | $20.0M |
| Lucro Líquido | $27.4M | $23.8M | $35.3M | $40.5M | $35.3M | $47.7M | $66.6M | $64.4M | $40.5M | $47.8M |
| LPA | $0.72 | $0.63 | $0.85 | $0.87 | $0.59 | $0.79 | $1.10 | $1.06 | $0.66 | $0.78 |
| LPA Diluído | $0.72 | $0.62 | $0.84 | $0.84 | $0.59 | $0.79 | $1.09 | $1.05 | $0.66 | $0.78 |
| Ações em Circulação (Diluídas) | $34.2M | $38.6M | $42.2M | $47.9M | $60.2M | $60.7M | $61.1M | $61.3M | $61.5M | $61.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Receita | $63.6M | $65.0M | $67.2M | $70.2M |
| Lucro Bruto | $44.9M | $46.3M | $48.5M | $53.6M |
| Lucro Operacional | $16.3M | $8.9M | $20.6M | $21.9M |
| EBITDA | $17.1M | $9.7M | $21.3M | $23.1M |
| Lucro Líquido | $11.6M | $6.4M | $14.7M | $15.1M |
| LPA | $0.19 | $0.10 | $0.24 | $0.25 |
| LPA Diluído | $0.19 | $0.10 | $0.24 | $0.25 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $266.1M | $316.2M | $164.6M | $457.4M | $1.13B | $1.31B | $306.6M | $408.1M | $968.1M | $21.7M |
| Investimentos de Curto Prazo | $306.6M | $391.9M | $459.0M | $404.8M | $235.8M | $102.3M | $489.6M | $442.6M | $256.3M | $593.0M |
| Contas a Receber | $50.5M | $33.3M | $44.6M | $67.1M | $87.5M | $85.1M | $93.5M | 0 | 0 | 0 |
| Estoque | -$15.2M | -$17.8M | -$25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $623.2M | $741.4M | $668.2M | $929.3M | $1.45B | $1.49B | $889.7M | $850.8M | $1.22B | $614.6M |
| Imobilizado | $7.5M | $7.4M | $7.1M | $8.2M | $10.5M | $9.6M | $9.3M | $9.9M | $10.1M | $9.2M |
| Ágio | $45.7M | $45.7M | $83.8M | $167.4M | $167.6M | $167.6M | $167.6M | $167.6M | $167.6M | $167.6M |
| Ativos Intangíveis | $7.0M | $5.6M | $12.0M | $20.4M | $16.7M | $13.7M | $11.0M | $8.6M | $6.4M | $4.6M |
| Ativos Totais | $2.57B | $2.84B | $3.10B | $4.11B | $4.63B | $5.50B | $5.15B | $5.19B | $5.65B | $5.76B |
| Contas a Pagar | $48.9M | $50.0M | $52.2M | $78.1M | $102.0M | $102.0M | $96.2M | 0 | 0 | 0 |
| Dívida de Curto Prazo | $490000 | 0 | 0 | $328000 | 0 | 0 | 0 | 0 | $24000 | 0 |
| Passivos Circulantes | $2.31B | $2.53B | $2.69B | $3.49B | $4.02B | $4.86B | $4.49B | $4.38B | $4.82B | $2.27B |
| Dívida de Longo Prazo | 0 | $39.2M | $39.4M | $39.6M | $39.7M | $39.9M | $39.4M | $39.5M | $39.7M | $39.8M |
| Passivos Totais | $2.31B | $2.57B | $2.73B | $3.53B | $4.06B | $4.90B | $4.52B | $4.52B | $4.96B | $5.06B |
| Reservas | $52.5M | $62.1M | $79.0M | $96.7M | $94.9M | $111.3M | $146.4M | $179.1M | $187.8M | $203.7M |
| Patrimônio Líquido | $259.9M | $271.4M | $367.5M | $576.7M | $577.9M | $598.0M | $632.5M | $672.9M | $689.7M | $708.6M |
| Dívida Total | 0 | $39.2M | $39.4M | $39.9M | $39.7M | $39.9M | $39.4M | $39.5M | $39.7M | $39.8M |
| Dívida Líquida | -$572.7M | -$668.9M | -$584.2M | -$822.3M | -$1.33B | -$1.37B | -$756.8M | -$811.3M | -$1.18B | -$574.8M |
| Capital de Giro | -$1.69B | -$1.79B | -$2.02B | -$2.56B | -$2.56B | -$3.37B | -$3.60B | -$3.53B | -$3.60B | -$1.65B |
Balanço (Trimestral)
| Ano | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Caixa e Equivalentes | $745.0M | $721.8M | $747.7M | $21.7M |
| Ativos Totais | $5.51B | $5.47B | $5.62B | $5.76B |
| Passivos Totais | $4.82B | $4.77B | $4.92B | $5.06B |
| Patrimônio Líquido | $696.2M | $694.7M | $700.0M | $708.6M |
| Dívida Total | $39.7M | $39.7M | $39.8M | $39.8M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $27.4M | $23.8M | $35.3M | $40.5M | $35.3M | $47.7M | $66.6M | $64.4M | $40.5M | $47.8M |
| Depreciação e Amortização | $2.3M | $2.1M | $2.7M | $3.6M | $4.7M | $4.1M | $3.8M | $3.5M | $3.5M | $3.1M |
| Compensação em Ações | $1.4M | $1.8M | $1.8M | $1.9M | $2.2M | $2.5M | $3.2M | $2.4M | $2.8M | $1.9M |
| Variação Capital de Giro | -$2.9M | $10.8M | $2.8M | $1.9M | $1.5M | $5.0M | -$1.1M | $8.5M | -$5.1M | $9.5M |
| Fluxo de Caixa Operacional | $25.9M | $41.4M | $48.6M | $50.3M | $57.3M | $56.8M | $69.9M | $73.0M | $39.0M | $61.1M |
| CapEx | -$480000 | -$649000 | -$187000 | -$203000 | -$3.2M | -$252000 | -$783000 | -$1.7M | -$1.6M | -$377000 |
| Aquisições | 0 | 0 | $36.0M | $118.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | $78.0M | $185.6M | 0 | 0 | -$2.0M | 0 | 0 | -$4.0M |
| Dividendos Pagos | -$13.6M | -$15.2M | -$18.5M | -$22.7M | -$31.1M | -$31.3M | -$31.5M | -$31.7M | -$31.9M | -$31.9M |
| Fluxo de Caixa Livre | $25.4M | $40.7M | $48.4M | $50.1M | $54.1M | $56.6M | $69.1M | $71.3M | $37.3M | $60.8M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|
| Fluxo de Caixa Operacional | $14.8M | $8.0M | $18.9M | $20.0M |
| CapEx | 0 | -$286000 | $28000 | -$307000 |
| Fluxo de Caixa Livre | $14.8M | $7.7M | $18.9M | $19.7M |
| Dividendos Pagos | -$8.0M | -$8.0M | -$8.0M | -$8.0M |
| Compensação em Ações | $540000 | $176000 | $736000 | $1.3M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +9.9% | +19.6% | +9.7% | +4.9% | +1.6% | +22.1% | +22.3% | +3.4% | +5.8% |
| Crescimento Lucro Líquido (anual) | | -13.0% | +48.3% | +14.5% | -12.8% | +35.1% | +39.5% | -3.2% | -37.1% | +18.0% |
| Crescimento LPA (anual) | | -12.5% | +34.9% | +2.4% | -32.2% | +33.9% | +39.2% | -3.6% | -37.7% | +18.2% |
| Variação de Ações (anual) | | +12.8% | +9.3% | +13.6% | +25.6% | +0.9% | +0.7% | +0.4% | +0.4% | +0.3% |
| Crescimento FCF (anual) | | +60.2% | +18.9% | +3.6% | +8.0% | +4.5% | +22.0% | +3.3% | -47.6% | +62.7% |
| Margem Bruta | 95.8% | 95.3% | 89.1% | 92.4% | 86.4% | 97.5% | 95.1% | 78.7% | 67.7% | 72.6% |
| Margem Operacional | 41.5% | 43.2% | 34.9% | 36.8% | 30.6% | 40.4% | 47.4% | 37.2% | 22.5% | 25.4% |
| Margem EBITDA | 43.7% | 45.0% | 36.8% | 39.2% | 33.5% | 42.9% | 49.3% | 38.6% | 23.9% | 26.8% |
| Margem Líquida | 25.8% | 20.4% | 25.3% | 26.5% | 22.0% | 29.3% | 33.5% | 26.5% | 16.1% | 18.0% |
| Margem FCF | 24.0% | 34.9% | 34.7% | 32.8% | 33.8% | 34.7% | 34.7% | 29.3% | 14.9% | 22.8% |
| Taxa Efetiva de Imposto | 37.7% | 52.6% | 27.4% | 28.1% | 28.1% | 27.6% | 29.5% | 28.7% | 28.5% | 29.4% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $0.74 | $1.05 | $1.15 | $1.05 | $0.90 | $0.93 | $1.13 | $1.16 | $0.61 | $0.98 |
| Dividendo por Ação | $0.40 | $0.39 | $0.44 | $0.47 | $0.52 | $0.52 | $0.52 | $0.52 | $0.52 | $0.52 |
| Ações em Circulação (Básicas) | $33.9M | $38.1M | $41.5M | $46.7M | $59.5M | $60.1M | $60.6M | $61.0M | $61.3M | $61.3M |
O que olhar em empresas de Financial Services
- Efficiency Ratio (≤55%) — Despesas operacionais / receita. Bancos top abaixo de 55%.
- ROA (≥1%) — Quanto ganham por cada euro de ativos. ROE engana em bancos pela alavancagem.
- ROTCE (≥12%) — Rentabilidade sobre Capital Tangível. Exclui goodwill e intangíveis.
- Capital / Ativos (proxy Tier 1) (≥8%) — Proxy do rácio de capital. FMP não expõe Tier 1 regulatório direto.
- P/B (1,0-1,5x) — Métrica clássica bancária. <1x pode ser oportunidade ou distress.
- Dividend yield sustentável (≥2%, <8%) — Bancos UE pagam 5-7% sem stress. >8% é sinal de distress.
Rentabilidade
| Retorno sobre patrimônio | 6.83% |
| Retorno sobre capital investido | -3.25% |
| Retorno sobre ativos | 0.83% |
| Margem bruta | 72.63% |
| Margem operacional | 25.44% |
| Margem líquida | 17.97% |
Saúde financeira
| Dívida / Patrimônio | 0.06 |
| Liquidez corrente | 0.27 |
| Piotroski F-Score | 8 |
| Altman Z-Score | -0.12 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 20.04 | 24.32 | 13.34 | 14.75 | 15.03 | 15.11 | 11.82 | 9.36 | 14.21 | 15.40 |
| P/VP | 1.88 | 2.15 | 1.28 | 1.04 | 0.91 | 1.20 | 1.25 | 0.90 | 0.83 | 1.04 |
| P/V | 4.62 | 5.01 | 3.37 | 3.92 | 3.29 | 4.41 | 3.96 | 2.49 | 2.29 | 2.77 |
| Margem Bruta | 95.8% | 95.3% | 89.1% | 92.4% | 86.4% | 97.5% | 95.1% | 78.7% | 67.7% | 72.6% |
| Margem Operacional | 41.5% | 43.2% | 34.9% | 36.8% | 30.6% | 40.4% | 47.4% | 37.2% | 22.5% | 25.4% |
| Margem Líquida | 25.8% | 20.4% | 25.3% | 26.5% | 22.0% | 29.3% | 33.5% | 26.5% | 16.1% | 18.0% |