Demonstrações financeiras detalhadas de TPG Mortgage Investment Trust Inc (MITT): 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
Margens dos últimos 12 meses: margem bruta 74.4%, margem operacional 75.3%, margem líquida 9.0%. O fluxo de caixa livre cresceu a CAGR de 70.3% em 5 anos.
Ao preço atual de $6.33, MITT negocia a um P/L de 8.55 e um ROE de 7.95%. A capitalização de mercado é de $201M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $124.2M | $114.8M | $127.4M | $147.3M | -$181.3M | $67.5M | $256.8M | $274.7M | $413.2M | $472.7M |
| Custo da Receita | $10.2M | $10.1M | $10.0M | $11.4M | $12.7M | $13.6M | $17.3M | $17.5M | $21.1M | $24.9M |
| Lucro Bruto | $114.0M | $104.7M | $117.4M | $135.9M | -$193.9M | $53.9M | $239.5M | $257.2M | $392.1M | $447.8M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | 0 | 0 | 0 | 0 | 0 | $6.8M | $8.1M | $7.7M | $7.5M | $2.1M |
| Despesas Operacionais | $34.6M | -$8.9M | $121.6M | $26.1M | $180.4M | -$53.0M | $146.9M | $8.6M | -$6.3M | -$10.0M |
| Lucro Operacional | $79.4M | $113.5M | -$4.2M | $109.7M | -$374.3M | $106.9M | $92.5M | $248.6M | $398.5M | $457.8M |
| EBITDA | $101.1M | $172.7M | $76.3M | $191.6M | -$384.6M | $137.5M | $71.3M | $266.3M | $398.5M | $476.3M |
| Despesas com Juros | $33.8M | $43.7M | $70.5M | $90.1M | $36.9M | $27.2M | $118.9M | $212.5M | $342.6M | $403.8M |
| Lucro Antes de Impostos | $63.7M | $118.6M | $3.5M | $97.3M | -$421.6M | $104.2M | -$53.1M | $53.8M | $55.8M | $49.6M |
| Imposto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $112000 | $888000 |
| Lucro Líquido | $63.7M | $118.6M | $1.6M | $92.9M | -$420.9M | $104.2M | -$53.1M | $53.8M | $55.7M | $48.7M |
| LPA | $5.40 | $11.31 | $0.17 | $7.16 | $-36.73 | $5.29 | $-3.12 | $1.68 | $1.23 | $0.90 |
| LPA Diluído | $5.40 | $11.31 | $0.17 | $7.15 | $-36.73 | $5.29 | $-3.12 | $1.68 | $1.23 | $0.90 |
| Ações em Circulação (Diluídas) | $9.3M | $9.3M | $9.5M | $10.7M | $11.7M | $16.2M | $22.9M | $21.1M | $29.5M | $31.1M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $122.2M | $132.4M | $109.8M | $122.5M |
| Lucro Bruto | $115.6M | $125.6M | $632000 | $120.2M |
| Lucro Operacional | $126.2M | $130.1M | -$3.4M | $113.5M |
| EBITDA | $139.7M | $128.6M | $105.8M | $118.4M |
| Lucro Líquido | $20.0M | $13.3M | -$3.6M | $14.3M |
| LPA | $0.47 | $0.25 | $-0.27 | $0.29 |
| LPA Diluído | $0.47 | $0.25 | $-0.27 | $0.29 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $52.5M | $15.2M | $31.6M | $125.4M | $47.9M | $68.1M | $84.6M | $111.5M | $118.7M | $76.3M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $8.6M | $12.6M | $24.8M | $15.2M | $547.0M | $2.64B | $21.4M | $30.6M | $6.48B | $47.9M |
| Estoque | -$3.7M | -$2.1M | -$1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $61.0M | $27.8M | $56.4M | 0 | $627.1M | $2.75B | 0 | 0 | $6.66B | $76.3M |
| Imobilizado | -$222.5M | -$172.0M | -$3.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | $412648 | $5.1M | $26.6M | 0 | $3.2M | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $2.63B | $3.79B | $3.55B | $4.35B | $1.40B | $3.36B | $4.37B | $6.13B | $6.91B | $8.71B |
| Contas a Pagar | $2.6M | $9.3M | $19.6M | 0 | $51.1M | 0 | $14.1M | $23.9M | 0 | $36.0M |
| Dívida de Curto Prazo | 0 | 0 | 0 | $3.29B | $68000 | $1.78B | 0 | 0 | $742.4M | $826.4M |
| Passivos Circulantes | $1.7M | $1.5M | $19.9M | $3.33B | $71.1M | $1.79B | 0 | 0 | $782.4M | $826.4M |
| Dívida de Longo Prazo | $21.5M | $3.02B | $10.9M | $168.3M | $919.2M | $999.2M | $3.88B | $5.56B | $5.59B | $7.27B |
| Passivos Totais | $1.97B | $3.08B | $2.89B | $3.50B | $990.3M | $2.79B | $3.91B | $5.60B | $6.37B | $8.15B |
| Reservas | -$81.9M | -$32.8M | -$100.9M | -$85.9M | -$518.1M | -$446.8M | -$536.5M | -$516.1M | -$501.7M | -$500.5M |
| Patrimônio Líquido | $655.9M | $714.3M | $656.0M | $849.0M | $409.7M | $570.4M | $462.8M | $528.4M | $543.4M | $560.7M |
| Dívida Total | $21.5M | $16.5M | $2.83B | $3.46B | $919.3M | $2.78B | $3.88B | $5.56B | $6.33B | $8.10B |
| Dívida Líquida | -$31.0M | $1.3M | $2.80B | $3.33B | $871.3M | $2.71B | $3.80B | $5.45B | $6.21B | $8.02B |
| Capital de Giro | $59.3M | $26.3M | $36.5M | -$3.33B | $556.0M | $958.7M | 0 | 0 | $5.88B | -$750.1M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $59.0M | $76.3M | $49.3M | $61.6M |
| Ativos Totais | $8.98B | $8.71B | $8.29B | $7.94B |
| Passivos Totais | $8.42B | $8.15B | $7.74B | $7.39B |
| Patrimônio Líquido | $559.8M | $560.7M | $544.4M | $546.0M |
| Dívida Total | $8.36B | $8.10B | $7.70B | $7.34B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $63.7M | $118.6M | $1.6M | $97.3M | -$421.6M | $104.2M | -$53.1M | $53.8M | $55.7M | $48.7M |
| Depreciação e Amortização | $3.7M | $10.4M | $2.3M | $4.1M | 0 | $6.1M | $5.5M | 0 | 0 | $23.0M |
| Compensação em Ações | $418494 | $540740 | $631000 | $748000 | $582000 | $320000 | $327000 | $380000 | $667000 | $712000 |
| Variação Capital de Giro | $63642 | $1.3M | $13.0M | -$1.8M | -$4.8M | -$5.6M | $1.1M | $2.2M | $4.4M | -$186000 |
| Fluxo de Caixa Operacional | $66.9M | $79.5M | $78.0M | $65.2M | $4.2M | $26.3M | $22.5M | $28.1M | $55.8M | $59.6M |
| CapEx | 0 | -$3.4M | -$25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Aquisições | 0 | $3.4M | $25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Ações | -$9.9M | 0 | 0 | 0 | 0 | -$3.6M | -$18.2M | -$6.4M | 0 | 0 |
| Dividendos Pagos | -$66.8M | -$69.2M | -$68.7M | -$77.6M | -$35.3M | -$29.6M | -$37.8M | -$35.8M | -$37.2M | -$45.7M |
| Fluxo de Caixa Livre | $66.9M | $76.1M | $52.9M | $65.2M | $4.2M | $26.3M | $22.5M | $28.1M | $55.8M | $59.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $17.4M | $18.7M | $20.3M | $22.7M |
| CapEx | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $17.4M | $18.7M | $20.3M | $22.7M |
| Dividendos Pagos | -$11.6M | -$11.9M | -$12.5M | -$12.8M |
| Compensação em Ações | $164000 | $164000 | $165000 | $342000 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -7.6% | +11.0% | +15.6% | -223.1% | +137.3% | +280.3% | +7.0% | +50.4% | +14.4% |
| Crescimento Lucro Líquido (anual) | | +86.2% | -98.7% | +5826.1% | -553.0% | +124.8% | -151.0% | +201.3% | +3.6% | -12.7% |
| Crescimento LPA (anual) | | +109.4% | -98.5% | +4111.8% | -613.0% | +114.4% | -159.0% | +153.8% | -26.8% | -26.8% |
| Variação de Ações (anual) | | -0.3% | +1.8% | +13.4% | +9.3% | +38.4% | +41.0% | -7.8% | +39.9% | +5.3% |
| Crescimento FCF (anual) | | +13.7% | -30.5% | +23.4% | -93.6% | +532.8% | -14.4% | +24.9% | +98.5% | +6.7% |
| Margem Bruta | 91.8% | 91.2% | 92.2% | 92.2% | 107.0% | 79.8% | 93.3% | 93.6% | 94.9% | 94.7% |
| Margem Operacional | 63.9% | 98.9% | -3.3% | 74.5% | 206.5% | 158.3% | 36.0% | 90.5% | 96.4% | 96.9% |
| Margem EBITDA | 81.4% | 150.5% | 59.9% | 130.0% | 212.2% | 203.7% | 27.8% | 96.9% | 96.4% | 100.8% |
| Margem Líquida | 51.3% | 103.3% | 1.2% | 63.1% | 232.2% | 154.3% | -20.7% | 19.6% | 13.5% | 10.3% |
| Margem FCF | 53.9% | 66.3% | 41.5% | 44.3% | -2.3% | 38.9% | 8.8% | 10.2% | 13.5% | 12.6% |
| Taxa Efetiva de Imposto | 0.0% | 0.0% | 0.0% | 0.0% | -0.0% | 0.0% | -0.0% | 0.0% | 0.2% | 1.8% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $7.18 | $8.19 | $5.59 | $6.08 | $0.35 | $1.62 | $0.98 | $1.33 | $1.89 | $1.92 |
| Dividendo por Ação | $7.17 | $7.45 | $7.26 | $7.23 | $3.01 | $1.82 | $1.65 | $1.70 | $1.26 | $1.47 |
| Ações em Circulação (Básicas) | $9.3M | $9.3M | $9.5M | $10.7M | $11.7M | $16.2M | $17.0M | $21.1M | $29.5M | $31.0M |
O que olhar em empresas de Real Estate
- FFO / Ação (Crescimento positivo) — O 'EPS real' de um REIT — lucro + depreciação.
- Cobertura do dividendo (FFO/div) (≥1,1x) — O FFO deve cobrir o dividendo com margem.
- Dívida Líquida / EBITDA (≤6x) — Referência NAREIT. Normaliza alavancagem pela geração de caixa.
- Dívida / Ativos (40-60%) — REITs usam muita dívida por design. >65% frágil em subidas de juros.
- FFO Payout (proxy) (<80%) — Dividendos / Cash Flow operacional. REITs de qualidade retêm >20%.
- P/FFO (15-20x) — O P/L equivalente para REITs. Faixa típica saudável.
Rentabilidade
| Retorno sobre patrimônio | 7.95% |
| Retorno sobre capital investido | 4.49% |
| Retorno sobre ativos | 0.55% |
| Margem bruta | 74.36% |
| Margem operacional | 75.27% |
| Margem líquida | 9.03% |
Saúde financeira
| Dívida / Patrimônio | 13.45 |
| Liquidez corrente | 0.64 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 9.51 | 5.04 | 281.12 | 6.46 | -0.24 | 1.94 | -1.70 | 3.78 | 5.41 | 9.47 |
| P/VP | 0.73 | 0.74 | 0.69 | 0.58 | 0.25 | 0.29 | 0.20 | 0.25 | 0.36 | 0.47 |
| P/V | 3.85 | 4.62 | 3.55 | 3.37 | -0.57 | 2.46 | 0.35 | 0.49 | 0.47 | 0.56 |
| Margem Bruta | 91.8% | 91.2% | 92.2% | 92.2% | 107.0% | 79.8% | 93.3% | 93.6% | 94.9% | 94.7% |
| Margem Operacional | 63.9% | 98.9% | -3.3% | 74.5% | 206.5% | 158.3% | 36.0% | 90.5% | 96.4% | 96.9% |
| Margem Líquida | 51.3% | 103.3% | 1.2% | 63.1% | 232.2% | 154.3% | -20.7% | 19.6% | 13.5% | 10.3% |