Demonstrações financeiras detalhadas de Telecom Argentina S.A. (TEO): 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
Telecom Argentina S.A. registou receitas de $8.33T no último exercício, com um CAGR de 5 anos de 56.5%.
Margens dos últimos 12 meses: margem bruta 62.6%, margem operacional 25.6%, margem líquida 7.5%. O fluxo de caixa livre cresceu a CAGR de 35.0% em 5 anos.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $60.41B | $102.53B | $351.95B | $487.07B | $886.76B | $2.58T | $4.94T | $5.90T | $4.14T | $8.33T |
| Custo da Receita | $17.93B | $27.96B | $91.95B | $129.27B | $222.19B | $695.18B | $1.30T | $1.57T | $1.11T | $2.05T |
| Lucro Bruto | $42.47B | $74.57B | $260.00B | $357.80B | $664.58B | $1.89T | $3.65T | $4.33T | $3.03T | $6.28T |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $14.93B | $25.35B | $92.75B | $129.74B | $227.12B | $745.70B | $1.45T | $1.82T | $1.18T | $2.28T |
| Despesas Operacionais | $30.16B | $52.56B | $215.48B | $325.34B | $604.91B | $1.90T | $5.65T | $4.49T | $3.18T | $5.42T |
| Lucro Operacional | $12.32B | $22.01B | $44.52B | $32.46B | $59.67B | -$16.91B | -$2.00T | -$159.83B | -$146.47B | $861.44B |
| EBITDA | $26.20B | $40.36B | $83.89B | $163.88B | $297.50B | $1.18T | $238.59B | $526.57B | $2.91T | $2.34T |
| Despesas com Juros | $1.76B | $1.63B | $9.08B | $220.1M | $46.51B | $103.21B | $100.0M | $193.68B | $256.5M | $479.66B |
| Lucro Antes de Impostos | $16.56B | $23.65B | $5.65B | $21.13B | $9.25B | $262.40B | -$1.57T | -$1.68T | $1.44T | -$191.74B |
| Imposto | $6.01B | $8.49B | -$5.94B | $29.12B | $24.26B | $202.10B | -$179.73B | -$968.99B | $409.15B | -$46.43B |
| Lucro Líquido | $10.46B | $14.97B | $11.09B | -$9.03B | -$16.80B | $8.66B | -$1.41T | -$738.31B | $1.01T | -$170.01B |
| LPA | $20.50 | $21.05 | $12.30 | $-10.20 | $-39.00 | $20.10 | $-3272.00 | $-1714.05 | $2350.40 | $-394.70 |
| LPA Diluído | $20.50 | $21.05 | $12.30 | $-10.20 | $-39.00 | $20.10 | $-3272.00 | $-1714.05 | $2350.40 | $-394.70 |
| Ações em Circulação (Diluídas) | $193.8M | $362.2M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $2.07T | $2.71T | $2.36T | $2.56T |
| Lucro Bruto | $1.54T | $2.07T | $1.80T | $1.98T |
| Lucro Operacional | $649.13B | -$864.36B | $823.75B | $921.27B |
| EBITDA | $350.16B | $1.02T | $1.64T | $994.89B |
| Lucro Líquido | -$200.36B | $119.15B | $636.68B | $174.15B |
| LPA | $-465.15 | $275.70 | $1478.10 | $404.30 |
| LPA Diluído | $-465.15 | $275.70 | $1478.10 | $404.30 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $3.94B | $6.52B | $10.60B | $427.3M | $27.96B | $38.66B | $124.72B | $347.93B | $318.32B | $468.87B |
| Investimentos de Curto Prazo | $1.75B | $162.0M | $2.11B | $7.2M | $7.80B | $21.01B | $26.07B | $269.96B | $33.58B | $322.94B |
| Contas a Receber | $7.96B | $3.03B | $31.12B | $340.4M | $36.63B | $51.22B | $157.50B | $325.57B | $317.26B | $882.16B |
| Estoque | $1.28B | $136.0M | $4.21B | $53.6M | $5.62B | $6.07B | $20.08B | $68.66B | $60.44B | $87.90B |
| Ativos Circulantes | $15.56B | $10.63B | $51.52B | $848.1M | $80.40B | $126.91B | $351.83B | $1.05T | $754.86B | $1.83T |
| Imobilizado | $23.16B | $45.70B | $232.11B | $4.27B | $511.14B | $943.95B | $2.66T | $5.42T | $4.82T | $7.51T |
| Ágio | 0 | $31.95B | $185.29B | 0 | $380.23B | $738.46B | $1.54T | $3.36T | $3.37T | $4.44T |
| Ativos Intangíveis | $7.59B | $4.63B | $91.47B | $1.38B | $157.02B | $280.72B | $793.49B | $1.97T | $1.90T | $2.67T |
| Ativos Totais | $47.91B | $94.07B | $571.87B | $9.66B | $1.14T | $2.10T | $5.38T | $11.93T | $10.94T | $16.62T |
| Contas a Pagar | $3.03B | $5.74B | $35.16B | $533.8M | $59.41B | $95.90B | $277.95B | $777.10B | $444.69B | $1.11T |
| Dívida de Curto Prazo | $3.26B | $1.38B | $30.68B | $467.9M | $62.02B | $126.00B | $418.97B | $1.23T | $1.07T | $1.33T |
| Passivos Circulantes | $16.51B | $18.62B | $82.22B | $1.44B | $160.07B | $322.54B | $897.82B | $2.41T | $1.96T | $3.84T |
| Dívida de Longo Prazo | $8.65B | $14.63B | $91.18B | $1.95B | $239.37B | $393.58B | $1.04T | $3.41T | $1.81T | $2.75T |
| Passivos Totais | $28.04B | $39.04B | $219.72B | $4.48B | $548.22B | $1.03T | $2.85T | $7.04T | $5.41T | $9.64T |
| Reservas | $3.98B | $41.15B | $41.41B | $3.17B | -$8.70B | $16.74B | -$647.21B | -$561.24B | $1.01T | $3.10T |
| Patrimônio Líquido | $19.34B | $54.18B | $347.19B | $5.10B | $577.28B | $1.05T | $2.48T | $4.72T | $5.43T | $6.86T |
| Dívida Total | $11.91B | $16.01B | $121.86B | $2.48B | $316.94B | $556.43B | $1.55T | $4.83T | $3.09T | $4.31T |
| Dívida Líquida | $6.21B | $9.33B | $109.15B | $2.04B | $281.17B | $496.75B | $1.40T | $4.21T | $2.74T | $3.52T |
| Capital de Giro | -$949.0M | -$8.00B | -$30.70B | -$588.0M | -$79.68B | -$195.64B | -$545.99B | -$1.36T | -$1.20T | -$2.00T |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $382.86B | $468.87B | $675.48B | $401.24B |
| Ativos Totais | $15.63T | $16.62T | $18.28T | $19.26T |
| Passivos Totais | $9.09T | $9.64T | $10.06T | $10.33T |
| Patrimônio Líquido | $6.44T | $6.86T | $8.09T | $8.83T |
| Dívida Total | $5.49T | $4.31T | $5.89T | $6.01T |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $10.55B | $15.17B | $11.59B | -$4.40B | -$15.01B | $60.29B | -$1.39T | -$715.27B | $1.03T | -$198.07B |
| Depreciação e Amortização | $7.88B | $15.08B | $69.16B | $120.67B | $241.74B | $814.48B | $1.69T | $2.02T | $1.31T | $2.40T |
| Compensação em Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Variação Capital de Giro | -$1.16B | -$3.92B | -$35.40B | -$15.06B | -$19.36B | $1.63B | $27.39B | $527.23B | -$186.75B | -$474.76B |
| Fluxo de Caixa Operacional | $25.98B | $35.10B | $70.38B | $168.36B | $293.88B | $788.80B | $1.45T | $1.77T | $811.50B | $2.18T |
| CapEx | -$19.43B | -$30.65B | -$70.72B | -$101.04B | -$159.83B | -$461.78B | -$830.54B | -$1.33T | -$394.21B | -$1.58T |
| Aquisições | -$3.72B | $554.0M | $8.24B | -$61.0M | 0 | $1.6M | -$2.76B | $62.62B | -$10.66B | -$1.47T |
| Recompra de Ações | 0 | 0 | 0 | -$125.0M | 0 | -$59.0M | 0 | 0 | 0 | -$17.49B |
| Dividendos Pagos | -$3.00B | -$4.01B | -$71.25B | -$35.53B | -$1.08B | -$744.0M | 0 | 0 | 0 | -$23.63B |
| Fluxo de Caixa Livre | $6.56B | $4.45B | -$339.0M | $63.98B | $134.05B | $327.01B | $620.82B | $441.70B | $417.29B | $601.69B |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $379.08B | $980.28B | $765.30B | $947.05B |
| CapEx | -$159.19B | -$744.09B | -$465.81B | -$633.09B |
| Fluxo de Caixa Livre | $219.89B | $236.19B | $299.50B | $313.96B |
| Dividendos Pagos | 0 | -$23.90B | 0 | -$54.59B |
| 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) | | +69.7% | +243.3% | +38.4% | +82.1% | +191.1% | +91.6% | +19.3% | -29.9% | +101.3% |
| Crescimento Lucro Líquido (anual) | | +43.1% | -25.9% | -181.5% | -86.0% | +151.6% | -16365.2% | +47.6% | +237.1% | -116.8% |
| Crescimento LPA (anual) | | +2.7% | -41.6% | -182.9% | -282.4% | +151.5% | -16378.6% | +47.6% | +237.1% | -116.8% |
| Variação de Ações (anual) | | +86.8% | +18.9% | -0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% | +0.0% |
| Crescimento FCF (anual) | | -32.2% | -107.6% | +18972.0% | +109.5% | +143.9% | +89.8% | -28.9% | -5.5% | +44.2% |
| Margem Bruta | 70.3% | 72.7% | 73.9% | 73.5% | 74.9% | 73.1% | 73.8% | 73.4% | 73.3% | 75.4% |
| Margem Operacional | 20.4% | 21.5% | 12.6% | 6.7% | 6.7% | -0.7% | -40.4% | -2.7% | -3.5% | 10.3% |
| Margem EBITDA | 43.4% | 39.4% | 23.8% | 33.6% | 33.5% | 45.7% | 4.8% | 8.9% | 70.4% | 28.1% |
| Margem Líquida | 17.3% | 14.6% | 3.2% | -1.9% | -1.9% | 0.3% | -28.5% | -12.5% | 24.5% | -2.0% |
| Margem FCF | 10.9% | 4.3% | -0.1% | 13.1% | 15.1% | 12.7% | 12.6% | 7.5% | 10.1% | 7.2% |
| Taxa Efetiva de Imposto | 36.3% | 35.9% | -105.2% | 137.8% | 262.2% | 77.0% | 11.4% | 57.5% | 28.4% | 24.2% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $33.82 | $12.28 | $-0.79 | $148.53 | $311.21 | $759.19 | $1441.30 | $1025.45 | $968.78 | $1396.89 |
| Dividendo por Ação | $15.50 | $11.08 | $165.43 | $82.48 | $2.51 | $1.73 | $0.00 | $0.00 | $0.00 | $54.87 |
| Ações em Circulação (Básicas) | $193.8M | $362.2M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M | $430.7M |
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
| Margem bruta | 62.55% |
| Margem operacional | 25.65% |
| Margem líquida | 7.53% |
Saúde financeira
| Dívida / Patrimônio | 0.68 |
| Liquidez corrente | 0.58 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 14.05 | 32.91 | 47.59 | -66.61 | -14.14 | 26.05 | -0.29 | -3.37 | 5.52 | -42.68 |
| P/VP | 2.89 | 4.63 | 0.73 | 57.43 | 0.41 | 0.21 | 0.17 | 0.53 | 1.03 | 1.06 |
| P/V | 0.92 | 2.45 | 0.72 | 0.60 | 0.27 | 0.09 | 0.08 | 0.42 | 1.35 | 0.87 |
| Margem Bruta | 70.3% | 72.7% | 73.9% | 73.5% | 74.9% | 73.1% | 73.8% | 73.4% | 73.3% | 75.4% |
| Margem Operacional | 20.4% | 21.5% | 12.6% | 6.7% | 6.7% | -0.7% | -40.4% | -2.7% | -3.5% | 10.3% |
| Margem Líquida | 17.3% | 14.6% | 3.2% | -1.9% | -1.9% | 0.3% | -28.5% | -12.5% | 24.5% | -2.0% |