{"id":963,"date":"2026-09-11T20:14:31","date_gmt":"2026-09-11T20:14:31","guid":{"rendered":"https:\/\/cumbreresearch.com\/?page_id=963"},"modified":"2026-09-11T20:14:31","modified_gmt":"2026-09-11T20:14:31","slug":"demo-premium","status":"publish","type":"page","link":"https:\/\/cumbreresearch.com\/en\/demo-premium\/","title":{"rendered":"Pro Demo"},"content":{"rendered":"    <div class=\"cr-editorial cr-demo cr-demo-v2\"><header class=\"cr-demo-hero\"><div class=\"cr-container\"><div><p class=\"cr-eyebrow\">CUMBRE RESEARCH \u00b7 DEMO PREMIUM<\/p><h1>Explor\u00e1 un informe.<br><em>Prob\u00e1 tu propia valoraci\u00f3n.<\/em><\/h1><p>Consult\u00e1 los n\u00fameros, compar\u00e1 m\u00e9tricas y cambi\u00e1 los supuestos de Apple en un mismo espacio.<\/p><\/div><div class=\"cr-demo-company\"><span class=\"cr-demo-ticker\">AAPL<\/span><div><strong>Apple Inc.<\/strong><span>Datos p\u00fablicos \u00b7 Ejercicios 2024 y 2025<\/span><\/div><span class=\"cr-demo-badge\">Demo abierta<\/span><\/div><\/div><\/header><div class=\"cr-container cr-demo-workspace\" id=\"cr-apple-page\"><div class=\"cr-demo-context\"><span>Base al 27\/09\/2025 \u00b7 Sin cotizaciones en tiempo real<\/span><a href=\"https:\/\/cumbreresearch.com\/en\/planes\/\">Qu\u00e9 incluye Pro \u2197<\/a><\/div><nav class=\"cr-apple-tabs cr-demo-nav\" aria-label=\"Secciones de la demostraci\u00f3n\"><a href=\"#apple-datos\" data-apple-section=\"apple-datos\" aria-current=\"page\">Datos financieros<\/a><a href=\"#apple-multiplos\" data-apple-section=\"apple-multiplos\">M\u00faltiplos<\/a><a href=\"#analisis-escrito\" data-apple-section=\"analisis-escrito\">An\u00e1lisis<\/a><a href=\"#apple-modelo\" data-apple-section=\"apple-modelo\">Mi valoraci\u00f3n<\/a><a href=\"#apple-guardados\" data-apple-section=\"apple-guardados\">Mis escenarios<\/a><\/nav><section id=\"apple-datos\" data-apple-panel><div class=\"cr-demo-section-head\"><div><h2>Los datos detr\u00e1s del an\u00e1lisis<\/h2><p>Seleccion\u00e1 Ventas y Resultado neto para compararlos en un gr\u00e1fico. Cambi\u00e1 a % para ver la variaci\u00f3n interanual.<\/p><\/div><span class=\"cr-demo-chip\">Tablas y gr\u00e1ficos interactivos<\/span><\/div><div id=\"apple-financials\" data-financials=\"{&quot;company&quot;:&quot;Apple Inc.&quot;,&quot;currency&quot;:&quot;USD&quot;,&quot;as_of&quot;:&quot;2025-09-27&quot;,&quot;annual_years&quot;:[2024,2025],&quot;premium&quot;:true,&quot;periods&quot;:{&quot;income&quot;:[{&quot;key&quot;:&quot;2024&quot;,&quot;label&quot;:&quot;2024&quot;,&quot;year&quot;:2024,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2024-09-28&quot;},{&quot;key&quot;:&quot;2025&quot;,&quot;label&quot;:&quot;2025&quot;,&quot;year&quot;:2025,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2025-09-27&quot;,&quot;current&quot;:true}],&quot;balance&quot;:[{&quot;key&quot;:&quot;2024&quot;,&quot;label&quot;:&quot;2024&quot;,&quot;year&quot;:2024,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2024-09-28&quot;},{&quot;key&quot;:&quot;2025&quot;,&quot;label&quot;:&quot;2025&quot;,&quot;year&quot;:2025,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2025-09-27&quot;,&quot;current&quot;:true}],&quot;cashflow&quot;:[{&quot;key&quot;:&quot;2024&quot;,&quot;label&quot;:&quot;2024&quot;,&quot;year&quot;:2024,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2024-09-28&quot;},{&quot;key&quot;:&quot;2025&quot;,&quot;label&quot;:&quot;2025&quot;,&quot;year&quot;:2025,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2025-09-27&quot;,&quot;current&quot;:true}],&quot;ratios&quot;:[{&quot;key&quot;:&quot;2024&quot;,&quot;label&quot;:&quot;2024&quot;,&quot;year&quot;:2024,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2024-09-28&quot;},{&quot;key&quot;:&quot;2025&quot;,&quot;label&quot;:&quot;2025&quot;,&quot;year&quot;:2025,&quot;type&quot;:&quot;annual&quot;,&quot;months&quot;:12,&quot;end&quot;:&quot;2025-09-27&quot;,&quot;current&quot;:true}]},&quot;rows&quot;:{&quot;income&quot;:[{&quot;id&quot;:&quot;sales&quot;,&quot;label&quot;:&quot;Ventas&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:391035,&quot;2025&quot;:416161,&quot;current&quot;:416161},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;cost_of_sales&quot;,&quot;label&quot;:&quot;Coste de ventas&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:210352,&quot;2025&quot;:220960,&quot;current&quot;:220960},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;gross_profit&quot;,&quot;label&quot;:&quot;Beneficio bruto&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:180683,&quot;2025&quot;:195201,&quot;current&quot;:195201},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;research&quot;,&quot;label&quot;:&quot;Investigaci\\u00f3n y desarrollo&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:31370,&quot;2025&quot;:34550,&quot;current&quot;:34550},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;selling&quot;,&quot;label&quot;:&quot;Gastos de venta y administraci\\u00f3n&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:26097,&quot;2025&quot;:27601,&quot;current&quot;:27601},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;opex&quot;,&quot;label&quot;:&quot;Gastos operativos&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:57467,&quot;2025&quot;:62151,&quot;current&quot;:62151},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;operating&quot;,&quot;label&quot;:&quot;Resultado operativo&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:123216,&quot;2025&quot;:133050,&quot;current&quot;:133050},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;other&quot;,&quot;label&quot;:&quot;Otros resultados&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:269,&quot;2025&quot;:-321,&quot;current&quot;:-321},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;pretax&quot;,&quot;label&quot;:&quot;Resultado antes de impuestos&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:123485,&quot;2025&quot;:132729,&quot;current&quot;:132729},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;tax&quot;,&quot;label&quot;:&quot;Impuesto sobre resultados&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:29749,&quot;2025&quot;:20719,&quot;current&quot;:20719},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;net&quot;,&quot;label&quot;:&quot;Resultado neto&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:93736,&quot;2025&quot;:112010,&quot;current&quot;:112010},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;eps&quot;,&quot;label&quot;:&quot;Beneficio diluido por acci\\u00f3n&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:6.08,&quot;2025&quot;:7.46,&quot;current&quot;:7.46},&quot;emphasis&quot;:false}],&quot;balance&quot;:[{&quot;id&quot;:&quot;cash&quot;,&quot;label&quot;:&quot;Efectivo y equivalentes&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:29943,&quot;2025&quot;:35934,&quot;current&quot;:35934},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;current_securities&quot;,&quot;label&quot;:&quot;T\\u00edtulos negociables corrientes&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:35228,&quot;2025&quot;:18763,&quot;current&quot;:18763},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;receivables&quot;,&quot;label&quot;:&quot;Cuentas por cobrar&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:33410,&quot;2025&quot;:39777,&quot;current&quot;:39777},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;inventory&quot;,&quot;label&quot;:&quot;Inventarios&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:7286,&quot;2025&quot;:5718,&quot;current&quot;:5718},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;current_assets&quot;,&quot;label&quot;:&quot;Activos corrientes&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:152987,&quot;2025&quot;:147957,&quot;current&quot;:147957},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;noncurrent_securities&quot;,&quot;label&quot;:&quot;T\\u00edtulos negociables no corrientes&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:91479,&quot;2025&quot;:77723,&quot;current&quot;:77723},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;ppe&quot;,&quot;label&quot;:&quot;Propiedades, planta y equipo&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:45680,&quot;2025&quot;:49834,&quot;current&quot;:49834},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;assets&quot;,&quot;label&quot;:&quot;Activos totales&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:364980,&quot;2025&quot;:359241,&quot;current&quot;:359241},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;payables&quot;,&quot;label&quot;:&quot;Cuentas por pagar&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:68960,&quot;2025&quot;:69860,&quot;current&quot;:69860},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;current_liabilities&quot;,&quot;label&quot;:&quot;Pasivos corrientes&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:176392,&quot;2025&quot;:165631,&quot;current&quot;:165631},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;debt&quot;,&quot;label&quot;:&quot;Deuda financiera&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:106629,&quot;2025&quot;:98657,&quot;current&quot;:98657},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;liabilities&quot;,&quot;label&quot;:&quot;Pasivos totales&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:308030,&quot;2025&quot;:285508,&quot;current&quot;:285508},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;equity&quot;,&quot;label&quot;:&quot;Patrimonio neto&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:56950,&quot;2025&quot;:73733,&quot;current&quot;:73733},&quot;emphasis&quot;:true}],&quot;cashflow&quot;:[{&quot;id&quot;:&quot;net&quot;,&quot;label&quot;:&quot;Resultado neto&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:93736,&quot;2025&quot;:112010,&quot;current&quot;:112010},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;depreciation&quot;,&quot;label&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:11445,&quot;2025&quot;:11698,&quot;current&quot;:11698},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;sbc&quot;,&quot;label&quot;:&quot;Compensaci\\u00f3n en t\\u00edtulos&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:11688,&quot;2025&quot;:12863,&quot;current&quot;:12863},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;operating_cash&quot;,&quot;label&quot;:&quot;Flujo de actividades operativas&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:118254,&quot;2025&quot;:111482,&quot;current&quot;:111482},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;capex&quot;,&quot;label&quot;:&quot;Inversi\\u00f3n en capital&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:9447,&quot;2025&quot;:12715,&quot;current&quot;:12715},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;fcf&quot;,&quot;label&quot;:&quot;FCF operativo menos inversi\\u00f3n&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:108807,&quot;2025&quot;:98767,&quot;current&quot;:98767},&quot;emphasis&quot;:true},{&quot;id&quot;:&quot;investing&quot;,&quot;label&quot;:&quot;Flujo de actividades de inversi\\u00f3n&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:2935,&quot;2025&quot;:15195,&quot;current&quot;:15195},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;financing&quot;,&quot;label&quot;:&quot;Flujo de actividades de financiaci\\u00f3n&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:-121983,&quot;2025&quot;:-120686,&quot;current&quot;:-120686},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;dividends&quot;,&quot;label&quot;:&quot;Dividendos pagados&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:15234,&quot;2025&quot;:15421,&quot;current&quot;:15421},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;buybacks&quot;,&quot;label&quot;:&quot;Recompras de t\\u00edtulos&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:94949,&quot;2025&quot;:90711,&quot;current&quot;:90711},&quot;emphasis&quot;:false},{&quot;id&quot;:&quot;cash_change&quot;,&quot;label&quot;:&quot;Cambio de efectivo&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;&quot;,&quot;values&quot;:{&quot;2024&quot;:-794,&quot;2025&quot;:5991,&quot;current&quot;:5991},&quot;emphasis&quot;:false}],&quot;ratios&quot;:[{&quot;id&quot;:&quot;calculated-sales_growth&quot;,&quot;label&quot;:&quot;Crecimiento de ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.06425511782832749,&quot;current&quot;:0.06425511782832749},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ventas \\\/ ventas del ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Ventas \\\/ ventas del ejercicio anterior \\u2212 1&quot;,&quot;current&quot;:&quot;Ventas \\\/ ventas del ejercicio anterior \\u2212 1&quot;}},{&quot;id&quot;:&quot;calculated-ebitda_growth&quot;,&quot;label&quot;:&quot;Crecimiento del resultado antes de intereses, impuestos, depreciaci\\u00f3n y amortizaci\\u00f3n (EBITDA)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.07490661735766113,&quot;current&quot;:0.07490661735766113},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n) \\\/ ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;(Resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n) \\\/ ejercicio anterior \\u2212 1&quot;,&quot;current&quot;:&quot;(Resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n) \\\/ ejercicio anterior \\u2212 1&quot;}},{&quot;id&quot;:&quot;calculated-ebit_growth&quot;,&quot;label&quot;:&quot;Crecimiento del resultado operativo (EBIT)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.07981106349824696,&quot;current&quot;:0.07981106349824696},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado operativo \\\/ ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Resultado operativo \\\/ ejercicio anterior \\u2212 1&quot;,&quot;current&quot;:&quot;Resultado operativo \\\/ ejercicio anterior \\u2212 1&quot;}},{&quot;id&quot;:&quot;calculated-sales_per_share&quot;,&quot;label&quot;:&quot;Ventas por acci\\u00f3n diluida&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ventas \\\/ promedio diluido de t\\u00edtulos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-eps_growth&quot;,&quot;label&quot;:&quot;Crecimiento interanual del beneficio por acci\\u00f3n&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.22697368421052633,&quot;current&quot;:0.22697368421052633},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Beneficio por t\\u00edtulo calculado \\\/ ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Beneficio por t\\u00edtulo calculado \\\/ ejercicio anterior \\u2212 1&quot;,&quot;current&quot;:&quot;Beneficio por t\\u00edtulo calculado \\\/ ejercicio anterior \\u2212 1&quot;}},{&quot;id&quot;:&quot;calculated-fcf_growth&quot;,&quot;label&quot;:&quot;Crecimiento interanual de FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:-0.09227347505215655,&quot;current&quot;:-0.09227347505215655},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;FCF contable \\\/ FCF del ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;FCF contable \\\/ FCF del ejercicio anterior \\u2212 1&quot;,&quot;current&quot;:&quot;FCF contable \\\/ FCF del ejercicio anterior \\u2212 1&quot;}},{&quot;id&quot;:&quot;calculated-subscription_growth&quot;,&quot;label&quot;:&quot;Crecimiento de ingresos de suscripci\\u00f3n (CIS)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ingresos por suscripci\\u00f3n \\\/ ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-subscription_share&quot;,&quot;label&quot;:&quot;Ingresos de suscripci\\u00f3n \\\/ ventas (IS\\\/V)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ingresos por suscripci\\u00f3n \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-rule40&quot;,&quot;label&quot;:&quot;Regla del 40 con FCF (R40)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.3015839400870206,&quot;current&quot;:0.3015839400870206},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Crecimiento anual de ventas + margen de FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Crecimiento anual de ventas + margen de FCF contable&quot;,&quot;current&quot;:&quot;Crecimiento anual de ventas + margen de FCF contable&quot;}},{&quot;id&quot;:&quot;calculated-rule40_economic&quot;,&quot;label&quot;:&quot;Regla del 40 econ\\u00f3mica (R40-E)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Ventas y crecimiento&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Crecimiento anual de ventas + margen de FCF despu\\u00e9s de compensaci\\u00f3n&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;gross_margin&quot;,&quot;label&quot;:&quot;Margen bruto&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:0.4620634981523393,&quot;2025&quot;:0.4690516410716045,&quot;current&quot;:0.4690516410716045},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Beneficio bruto \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Beneficio bruto \\\/ ventas&quot;,&quot;2025&quot;:&quot;Beneficio bruto \\\/ ventas&quot;,&quot;current&quot;:&quot;Beneficio bruto \\\/ ventas&quot;}},{&quot;id&quot;:&quot;operating_margin&quot;,&quot;label&quot;:&quot;Margen operativo&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:0.31510222870075566,&quot;2025&quot;:0.31970799762591884,&quot;current&quot;:0.31970799762591884},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado operativo \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Resultado operativo \\\/ ventas&quot;,&quot;2025&quot;:&quot;Resultado operativo \\\/ ventas&quot;,&quot;current&quot;:&quot;Resultado operativo \\\/ ventas&quot;}},{&quot;id&quot;:&quot;net_margin&quot;,&quot;label&quot;:&quot;Margen neto&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:0.23971255769943867,&quot;2025&quot;:0.2691506412181824,&quot;current&quot;:0.2691506412181824},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado neto \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Resultado neto \\\/ ventas&quot;,&quot;2025&quot;:&quot;Resultado neto \\\/ ventas&quot;,&quot;current&quot;:&quot;Resultado neto \\\/ ventas&quot;}},{&quot;id&quot;:&quot;calculated-roa&quot;,&quot;label&quot;:&quot;Retorno sobre activos (ROA)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.3093254683307996,&quot;current&quot;:0.3093254683307996},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado neto \\\/ promedio de activos al inicio y cierre anual&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Resultado neto \\\/ promedio de activos al inicio y cierre anual&quot;,&quot;current&quot;:&quot;Resultado neto \\\/ promedio de activos al inicio y cierre anual&quot;}},{&quot;id&quot;:&quot;calculated-roe&quot;,&quot;label&quot;:&quot;Retorno sobre patrimonio (ROE)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:1.7142244974480232,&quot;current&quot;:1.7142244974480232},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado neto \\\/ promedio de patrimonio al inicio y cierre anual&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Resultado neto \\\/ promedio de patrimonio al inicio y cierre anual&quot;,&quot;current&quot;:&quot;Resultado neto \\\/ promedio de patrimonio al inicio y cierre anual&quot;}},{&quot;id&quot;:&quot;calculated-roce&quot;,&quot;label&quot;:&quot;Retorno sobre capital empleado (ROCE)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.6962359823965588,&quot;current&quot;:0.6962359823965588},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado operativo \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes)&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Resultado operativo \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes)&quot;,&quot;current&quot;:&quot;Resultado operativo \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes)&quot;}},{&quot;id&quot;:&quot;calculated-effective_tax&quot;,&quot;label&quot;:&quot;Tasa efectiva&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:0.24091185164189982,&quot;2025&quot;:0.15610002335586043,&quot;current&quot;:0.15610002335586043},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Impuesto a las ganancias \\\/ resultado antes de impuestos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Impuesto a las ganancias \\\/ resultado antes de impuestos&quot;,&quot;2025&quot;:&quot;Impuesto a las ganancias \\\/ resultado antes de impuestos&quot;,&quot;current&quot;:&quot;Impuesto a las ganancias \\\/ resultado antes de impuestos&quot;}},{&quot;id&quot;:&quot;calculated-roic&quot;,&quot;label&quot;:&quot;Retorno sobre capital invertido (ROIC)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:0.5875535292832655,&quot;current&quot;:0.5875535292832655},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado operativo despu\\u00e9s de impuestos \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes). Aproximaci\\u00f3n; requiere tasa efectiva entre 0 y 100%.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Resultado operativo despu\\u00e9s de impuestos \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes). Aproximaci\\u00f3n; requiere tasa efectiva entre 0 y 100%.&quot;,&quot;current&quot;:&quot;Resultado operativo despu\\u00e9s de impuestos \\\/ promedio anual de (activos totales \\u2212 pasivos corrientes). Aproximaci\\u00f3n; requiere tasa efectiva entre 0 y 100%.&quot;}},{&quot;id&quot;:&quot;calculated-assets_turnover&quot;,&quot;label&quot;:&quot;Rotaci\\u00f3n de activos&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Rentabilidad&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:1.149265210481331,&quot;current&quot;:1.149265210481331},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ventas \\\/ promedio anual de activos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Ventas \\\/ promedio anual de activos&quot;,&quot;current&quot;:&quot;Ventas \\\/ promedio anual de activos&quot;}},{&quot;id&quot;:&quot;current_ratio&quot;,&quot;label&quot;:&quot;Liquidez corriente (LC)&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Liquidez&quot;,&quot;values&quot;:{&quot;2024&quot;:0.8673125765340832,&quot;2025&quot;:0.8932929222186667,&quot;current&quot;:0.8932929222186667},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Activos corrientes \\\/ pasivos corrientes&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Activos corrientes \\\/ pasivos corrientes&quot;,&quot;2025&quot;:&quot;Activos corrientes \\\/ pasivos corrientes&quot;,&quot;current&quot;:&quot;Activos corrientes \\\/ pasivos corrientes&quot;}},{&quot;id&quot;:&quot;calculated-quick_ratio&quot;,&quot;label&quot;:&quot;Prueba \\u00e1cida (PA)&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Liquidez&quot;,&quot;values&quot;:{&quot;2024&quot;:0.8260068483831466,&quot;2025&quot;:0.858770399261008,&quot;current&quot;:0.858770399261008},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Activos corrientes \\u2212 inventarios) \\\/ pasivos corrientes&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;(Activos corrientes \\u2212 inventarios) \\\/ pasivos corrientes&quot;,&quot;2025&quot;:&quot;(Activos corrientes \\u2212 inventarios) \\\/ pasivos corrientes&quot;,&quot;current&quot;:&quot;(Activos corrientes \\u2212 inventarios) \\\/ pasivos corrientes&quot;}},{&quot;id&quot;:&quot;calculated-cash_ratio&quot;,&quot;label&quot;:&quot;Liquidez inmediata (LI)&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Liquidez&quot;,&quot;values&quot;:{&quot;2024&quot;:0.36946686924577077,&quot;2025&quot;:0.3302340745391865,&quot;current&quot;:0.3302340745391865},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ pasivos corrientes&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ pasivos corrientes&quot;,&quot;2025&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ pasivos corrientes&quot;,&quot;current&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ pasivos corrientes&quot;}},{&quot;id&quot;:&quot;calculated-working_capital&quot;,&quot;label&quot;:&quot;Capital de trabajo neto&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Liquidez&quot;,&quot;values&quot;:{&quot;2024&quot;:-23405,&quot;2025&quot;:-17674,&quot;current&quot;:-17674},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Activos corrientes \\u2212 pasivos corrientes&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Activos corrientes \\u2212 pasivos corrientes&quot;,&quot;2025&quot;:&quot;Activos corrientes \\u2212 pasivos corrientes&quot;,&quot;current&quot;:&quot;Activos corrientes \\u2212 pasivos corrientes&quot;}},{&quot;id&quot;:&quot;cash_ratio&quot;,&quot;label&quot;:&quot;Efectivo \\\/ pasivos corrientes&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Liquidez&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;emphasis&quot;:false,&quot;calculated&quot;:false,&quot;formula&quot;:&quot;N\\\/D \\u00b7 Esta m\\u00e9trica requiere una f\\u00f3rmula o datos espec\\u00edficos que a\\u00fan no est\\u00e1n mapeados. No se reutiliza el resultado del Excel.&quot;,&quot;calculation_notes&quot;:[]},{&quot;id&quot;:&quot;debt_equity&quot;,&quot;label&quot;:&quot;Deuda financiera \\\/ patrimonio&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:1.872326602282704,&quot;2025&quot;:1.3380304612588665,&quot;current&quot;:1.3380304612588665},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\\/ patrimonio&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\\/ patrimonio&quot;,&quot;2025&quot;:&quot;Deuda financiera \\\/ patrimonio&quot;,&quot;current&quot;:&quot;Deuda financiera \\\/ patrimonio&quot;}},{&quot;id&quot;:&quot;debt_assets&quot;,&quot;label&quot;:&quot;Deuda financiera \\\/ activos&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.29215025480848267,&quot;2025&quot;:0.2746262258483859,&quot;current&quot;:0.2746262258483859},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\\/ activos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\\/ activos&quot;,&quot;2025&quot;:&quot;Deuda financiera \\\/ activos&quot;,&quot;current&quot;:&quot;Deuda financiera \\\/ activos&quot;}},{&quot;id&quot;:&quot;calculated-debt_ocf&quot;,&quot;label&quot;:&quot;Deuda \\\/ flujo operativo&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.9016946572631792,&quot;2025&quot;:0.8849590068351841,&quot;current&quot;:0.8849590068351841},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\\/ flujo operativo&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\\/ flujo operativo&quot;,&quot;2025&quot;:&quot;Deuda financiera \\\/ flujo operativo&quot;,&quot;current&quot;:&quot;Deuda financiera \\\/ flujo operativo&quot;}},{&quot;id&quot;:&quot;calculated-debt_fcf&quot;,&quot;label&quot;:&quot;Deuda \\\/ FCF&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.979982905511594,&quot;2025&quot;:0.9988862676805006,&quot;current&quot;:0.9988862676805006},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\\/ FCF contable&quot;,&quot;2025&quot;:&quot;Deuda financiera \\\/ FCF contable&quot;,&quot;current&quot;:&quot;Deuda financiera \\\/ FCF contable&quot;}},{&quot;id&quot;:&quot;calculated-interest_cover&quot;,&quot;label&quot;:&quot;Cobertura de intereses&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Resultado operativo \\\/ gasto por intereses&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-gross_debt&quot;,&quot;label&quot;:&quot;Deuda financiera bruta&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:106629,&quot;2025&quot;:98657,&quot;current&quot;:98657},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera corriente + no corriente y pagar\\u00e9s comerciales si est\\u00e1n identificados, o total de deuda financiera reportado&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera corriente + no corriente y pagar\\u00e9s comerciales si est\\u00e1n identificados, o total de deuda financiera reportado&quot;,&quot;2025&quot;:&quot;Deuda financiera corriente + no corriente y pagar\\u00e9s comerciales si est\\u00e1n identificados, o total de deuda financiera reportado&quot;,&quot;current&quot;:&quot;Deuda financiera corriente + no corriente y pagar\\u00e9s comerciales si est\\u00e1n identificados, o total de deuda financiera reportado&quot;}},{&quot;id&quot;:&quot;calculated-net_debt&quot;,&quot;label&quot;:&quot;Deuda neta&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:41458,&quot;2025&quot;:43960,&quot;current&quot;:43960},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\u2212 efectivo e inversiones de corto plazo.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\u2212 efectivo e inversiones de corto plazo.&quot;,&quot;2025&quot;:&quot;Deuda financiera \\u2212 efectivo e inversiones de corto plazo.&quot;,&quot;current&quot;:&quot;Deuda financiera \\u2212 efectivo e inversiones de corto plazo.&quot;}},{&quot;id&quot;:&quot;calculated-net_cash&quot;,&quot;label&quot;:&quot;Caja neta \\\/ (deuda neta)&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:-41458,&quot;2025&quot;:-43960,&quot;current&quot;:-43960},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Efectivo e inversiones de corto plazo \\u2212 deuda financiera.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Efectivo e inversiones de corto plazo \\u2212 deuda financiera.&quot;,&quot;2025&quot;:&quot;Efectivo e inversiones de corto plazo \\u2212 deuda financiera.&quot;,&quot;current&quot;:&quot;Efectivo e inversiones de corto plazo \\u2212 deuda financiera.&quot;}},{&quot;id&quot;:&quot;calculated-net_debt_fcf&quot;,&quot;label&quot;:&quot;Deuda neta \\\/ FCF&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.38102327975222183,&quot;2025&quot;:0.44508793422904414,&quot;current&quot;:0.44508793422904414},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Deuda financiera \\u2212 efectivo e inversiones de corto plazo) \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;(Deuda financiera \\u2212 efectivo e inversiones de corto plazo) \\\/ FCF contable&quot;,&quot;2025&quot;:&quot;(Deuda financiera \\u2212 efectivo e inversiones de corto plazo) \\\/ FCF contable&quot;,&quot;current&quot;:&quot;(Deuda financiera \\u2212 efectivo e inversiones de corto plazo) \\\/ FCF contable&quot;}},{&quot;id&quot;:&quot;calculated-liabilities_assets&quot;,&quot;label&quot;:&quot;Pasivos \\\/ activos&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.8439640528248123,&quot;2025&quot;:0.7947533828265705,&quot;current&quot;:0.7947533828265705},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Pasivos totales \\\/ activos totales&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Pasivos totales \\\/ activos totales&quot;,&quot;2025&quot;:&quot;Pasivos totales \\\/ activos totales&quot;,&quot;current&quot;:&quot;Pasivos totales \\\/ activos totales&quot;}},{&quot;id&quot;:&quot;calculated-debt_ebitda&quot;,&quot;label&quot;:&quot;Deuda \\\/ EBITDA&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.791832824648562,&quot;2025&quot;:0.6815776383784232,&quot;current&quot;:0.6815776383784232},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera \\\/ (resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n)&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Deuda financiera \\\/ (resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n)&quot;,&quot;2025&quot;:&quot;Deuda financiera \\\/ (resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n)&quot;,&quot;current&quot;:&quot;Deuda financiera \\\/ (resultado operativo + depreciaci\\u00f3n y amortizaci\\u00f3n)&quot;}},{&quot;id&quot;:&quot;calculated-short_debt_share&quot;,&quot;label&quot;:&quot;Deuda CP \\\/ deuda total&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Deuda financiera corriente \\\/ deuda financiera total&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-cash_debt&quot;,&quot;label&quot;:&quot;Liquidez \\\/ deuda&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Deuda&quot;,&quot;values&quot;:{&quot;2024&quot;:0.6111939528646053,&quot;2025&quot;:0.5544158042510922,&quot;current&quot;:0.5544158042510922},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ deuda financiera&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ deuda financiera&quot;,&quot;2025&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ deuda financiera&quot;,&quot;current&quot;:&quot;Efectivo e inversiones de corto plazo \\\/ deuda financiera&quot;}},{&quot;id&quot;:&quot;fcf_margin&quot;,&quot;label&quot;:&quot;Margen de FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:0.27825386474356517,&quot;2025&quot;:0.23732882225869315,&quot;current&quot;:0.23732882225869315},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Flujo operativo \\u2212 inversi\\u00f3n en capital) \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;(Flujo operativo \\u2212 inversi\\u00f3n en capital) \\\/ ventas&quot;,&quot;2025&quot;:&quot;(Flujo operativo \\u2212 inversi\\u00f3n en capital) \\\/ ventas&quot;,&quot;current&quot;:&quot;(Flujo operativo \\u2212 inversi\\u00f3n en capital) \\\/ ventas&quot;}},{&quot;id&quot;:&quot;calculated-cash_conversion&quot;,&quot;label&quot;:&quot;Conversi\\u00f3n de beneficio en flujo operativo&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:1.2615643936161134,&quot;2025&quot;:0.995286135166503,&quot;current&quot;:0.995286135166503},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Flujo operativo \\\/ resultado neto&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Flujo operativo \\\/ resultado neto&quot;,&quot;2025&quot;:&quot;Flujo operativo \\\/ resultado neto&quot;,&quot;current&quot;:&quot;Flujo operativo \\\/ resultado neto&quot;}},{&quot;id&quot;:&quot;calculated-fcf_conversion&quot;,&quot;label&quot;:&quot;Conversi\\u00f3n FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:1.1607813433472731,&quot;2025&quot;:0.8817694848674226,&quot;current&quot;:0.8817694848674226},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;FCF contable \\\/ resultado neto&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;FCF contable \\\/ resultado neto&quot;,&quot;2025&quot;:&quot;FCF contable \\\/ resultado neto&quot;,&quot;current&quot;:&quot;FCF contable \\\/ resultado neto&quot;}},{&quot;id&quot;:&quot;calculated-economic_fcf_margin&quot;,&quot;label&quot;:&quot;FCF econ\\u00f3mico \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Flujo operativo \\u2212 inversi\\u00f3n en capital \\u2212 compensaci\\u00f3n en t\\u00edtulos) \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-ocf_per_share&quot;,&quot;label&quot;:&quot;Flujo operativo por acci\\u00f3n diluida&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Flujo operativo \\\/ promedio diluido de t\\u00edtulos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-fcf_per_share&quot;,&quot;label&quot;:&quot;FCF por acci\\u00f3n diluida&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;FCF contable \\\/ promedio diluido de t\\u00edtulos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-economic_fcf_per_share&quot;,&quot;label&quot;:&quot;FCF despu\\u00e9s de compensaci\\u00f3n por acci\\u00f3n diluida&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(FCF contable \\u2212 compensaci\\u00f3n en t\\u00edtulos) \\\/ promedio diluido de t\\u00edtulos&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-fcf&quot;,&quot;label&quot;:&quot;Flujo de caja libre (FCF)&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Generaci\\u00f3n y conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:108807,&quot;2025&quot;:98767,&quot;current&quot;:98767},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Flujo operativo \\u2212 inversi\\u00f3n en capital&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Flujo operativo \\u2212 inversi\\u00f3n en capital&quot;,&quot;2025&quot;:&quot;Flujo operativo \\u2212 inversi\\u00f3n en capital&quot;,&quot;current&quot;:&quot;Flujo operativo \\u2212 inversi\\u00f3n en capital&quot;}},{&quot;id&quot;:&quot;calculated-capex_sales&quot;,&quot;label&quot;:&quot;Inversi\\u00f3n propia en capital \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:0.02415896275269477,&quot;2025&quot;:0.030553079216937677,&quot;current&quot;:0.030553079216937677},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Inversi\\u00f3n en capital \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Inversi\\u00f3n en capital \\\/ ventas&quot;,&quot;2025&quot;:&quot;Inversi\\u00f3n en capital \\\/ ventas&quot;,&quot;current&quot;:&quot;Inversi\\u00f3n en capital \\\/ ventas&quot;}},{&quot;id&quot;:&quot;calculated-maintenance_capex&quot;,&quot;label&quot;:&quot;CAPEX de mantenimiento estimado&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:9447,&quot;2025&quot;:11698,&quot;current&quot;:11698},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Inversi\\u00f3n en capital reportada menos CAPEX de crecimiento estimado. Para ejercicios anuales, el CAPEX de crecimiento se estima con el aumento de ventas y la mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Inversi\\u00f3n en capital reportada menos CAPEX de crecimiento estimado. Para ejercicios anuales, el CAPEX de crecimiento se estima con el aumento de ventas y la mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores.&quot;,&quot;2025&quot;:&quot;Inversi\\u00f3n en capital reportada menos CAPEX de crecimiento estimado. Para ejercicios anuales, el CAPEX de crecimiento se estima con el aumento de ventas y la mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores.&quot;,&quot;current&quot;:&quot;Inversi\\u00f3n en capital reportada menos CAPEX de crecimiento estimado. Para ejercicios anuales, el CAPEX de crecimiento se estima con el aumento de ventas y la mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores.&quot;}},{&quot;id&quot;:&quot;calculated-investment_capex&quot;,&quot;label&quot;:&quot;CAPEX de inversi\\u00f3n estimado&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:0,&quot;2025&quot;:1017,&quot;current&quot;:1017},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Aumento positivo de ventas \\u00d7 mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores, limitado al CAPEX reportado. En per\\u00edodos sin historial anual suficiente se usa CAPEX menos depreciaci\\u00f3n y amortizaci\\u00f3n, con m\\u00ednimo de cero.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Aumento positivo de ventas \\u00d7 mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores, limitado al CAPEX reportado. En per\\u00edodos sin historial anual suficiente se usa CAPEX menos depreciaci\\u00f3n y amortizaci\\u00f3n, con m\\u00ednimo de cero.&quot;,&quot;2025&quot;:&quot;Aumento positivo de ventas \\u00d7 mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores, limitado al CAPEX reportado. En per\\u00edodos sin historial anual suficiente se usa CAPEX menos depreciaci\\u00f3n y amortizaci\\u00f3n, con m\\u00ednimo de cero.&quot;,&quot;current&quot;:&quot;Aumento positivo de ventas \\u00d7 mediana de CAPEX \\\/ ventas de hasta cinco ejercicios anteriores, limitado al CAPEX reportado. En per\\u00edodos sin historial anual suficiente se usa CAPEX menos depreciaci\\u00f3n y amortizaci\\u00f3n, con m\\u00ednimo de cero.&quot;}},{&quot;id&quot;:&quot;calculated-sbc_fcf&quot;,&quot;label&quot;:&quot;Compensaci\\u00f3n en acciones \\\/ FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Compensaci\\u00f3n en t\\u00edtulos \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-buybacks_fcf&quot;,&quot;label&quot;:&quot;Recompras \\\/ FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Recompras pagadas \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-dividends_fcf&quot;,&quot;label&quot;:&quot;Dividendos \\\/ FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:0.14000937439686784,&quot;2025&quot;:0.1561351463545516,&quot;current&quot;:0.1561351463545516},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Dividendos pagados \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Dividendos pagados \\\/ FCF contable&quot;,&quot;2025&quot;:&quot;Dividendos pagados \\\/ FCF contable&quot;,&quot;current&quot;:&quot;Dividendos pagados \\\/ FCF contable&quot;}},{&quot;id&quot;:&quot;calculated-rd_sales&quot;,&quot;label&quot;:&quot;Investigaci\\u00f3n y desarrollo \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:0.08022299794136074,&quot;2025&quot;:0.08302075398703868,&quot;current&quot;:0.08302075398703868},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Investigaci\\u00f3n y desarrollo \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Investigaci\\u00f3n y desarrollo \\\/ ventas&quot;,&quot;2025&quot;:&quot;Investigaci\\u00f3n y desarrollo \\\/ ventas&quot;,&quot;current&quot;:&quot;Investigaci\\u00f3n y desarrollo \\\/ ventas&quot;}},{&quot;id&quot;:&quot;calculated-sbc_sales&quot;,&quot;label&quot;:&quot;Compensaci\\u00f3n en acciones \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Compensaci\\u00f3n en t\\u00edtulos \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-da_sales&quot;,&quot;label&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:0.029268479803598143,&quot;2025&quot;:0.028109313462818475,&quot;current&quot;:0.028109313462818475},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n \\\/ ventas&quot;,&quot;2025&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n \\\/ ventas&quot;,&quot;current&quot;:&quot;Depreciaci\\u00f3n y amortizaci\\u00f3n \\\/ ventas&quot;}},{&quot;id&quot;:&quot;calculated-distribution_fcf&quot;,&quot;label&quot;:&quot;Distribuci\\u00f3n total \\\/ FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Dividendos pagados + recompras pagadas) \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-withholding_fcf&quot;,&quot;label&quot;:&quot;Retenciones de acciones \\\/ FCF&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Retenciones impositivas sobre t\\u00edtulos \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-distribution_economic_fcf&quot;,&quot;label&quot;:&quot;Dividendos y recompras \\\/ FCF despu\\u00e9s de compensaci\\u00f3n&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Dividendos + recompras pagadas) \\\/ (FCF contable \\u2212 compensaci\\u00f3n en t\\u00edtulos)&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-share_change&quot;,&quot;label&quot;:&quot;Cambio de acciones diluidas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Promedio diluido de t\\u00edtulos \\\/ promedio del ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-closing_share_change&quot;,&quot;label&quot;:&quot;Evoluci\\u00f3n de acciones en circulaci\\u00f3n (\\u0394Acc)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;T\\u00edtulos en circulaci\\u00f3n al cierre \\\/ cierre del ejercicio anterior \\u2212 1&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-dividend_payout&quot;,&quot;label&quot;:&quot;Payout sobre EPS&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Dividendo declarado por t\\u00edtulo \\\/ beneficio por t\\u00edtulo recalculado&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-dps&quot;,&quot;label&quot;:&quot;Dividendo por acci\\u00f3n&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Dividendo declarado por t\\u00edtulo en los estados financieros; no se aproxima con dividendos pagados \\\/ t\\u00edtulos al cierre.&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-diluted&quot;,&quot;label&quot;:&quot;Acciones promedio diluidas (m)&quot;,&quot;unit&quot;:&quot;shares&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Promedio diluido reportado en los estados financieros&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-buybacks&quot;,&quot;label&quot;:&quot;Recompras de acciones&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Importe de recompras pagadas en el estado de flujo de efectivo&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-dividends&quot;,&quot;label&quot;:&quot;Dividendos (Div)&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:15234,&quot;2025&quot;:15421,&quot;current&quot;:15421},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Dividendos pagados en el estado de flujo de efectivo&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;Dividendos pagados en el estado de flujo de efectivo&quot;,&quot;2025&quot;:&quot;Dividendos pagados en el estado de flujo de efectivo&quot;,&quot;current&quot;:&quot;Dividendos pagados en el estado de flujo de efectivo&quot;}},{&quot;id&quot;:&quot;calculated-marketing_sales&quot;,&quot;label&quot;:&quot;Ventas y marketing \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Gastos de ventas y marketing \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-administration_sales&quot;,&quot;label&quot;:&quot;Administraci\\u00f3n general \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Gastos de administraci\\u00f3n \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-stock_issuance_fcf&quot;,&quot;label&quot;:&quot;Emisiones y planes de acciones \\\/ FCF (Emi\\\/FCF)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Emisiones por planes de t\\u00edtulos \\\/ FCF contable&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-reinvestment_sales&quot;,&quot;label&quot;:&quot;Reinversi\\u00f3n en producto y comercializaci\\u00f3n \\\/ ventas (RPC\\\/V)&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Inversi\\u00f3n y distribuci\\u00f3n&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;(Investigaci\\u00f3n y desarrollo + ventas y marketing) \\\/ ventas&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;calculated-dso&quot;,&quot;label&quot;:&quot;D\\u00edas de cobro (DSO)&quot;,&quot;unit&quot;:&quot;days&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:32.09485631762708,&quot;current&quot;:32.09485631762708},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Promedio anual de cuentas por cobrar \\\/ ventas \\u00d7 365&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Promedio anual de cuentas por cobrar \\\/ ventas \\u00d7 365&quot;,&quot;current&quot;:&quot;Promedio anual de cuentas por cobrar \\\/ ventas \\u00d7 365&quot;}},{&quot;id&quot;:&quot;calculated-dio&quot;,&quot;label&quot;:&quot;D\\u00edas de inventario (DIO)&quot;,&quot;unit&quot;:&quot;days&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:10.740541274438813,&quot;current&quot;:10.740541274438813},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Promedio anual de inventario \\\/ costo de ventas \\u00d7 365&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Promedio anual de inventario \\\/ costo de ventas \\u00d7 365&quot;,&quot;current&quot;:&quot;Promedio anual de inventario \\\/ costo de ventas \\u00d7 365&quot;}},{&quot;id&quot;:&quot;calculated-dpo&quot;,&quot;label&quot;:&quot;D\\u00edas de pago (DPO)&quot;,&quot;unit&quot;:&quot;days&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:114.65717776973207,&quot;current&quot;:114.65717776973207},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Promedio anual de cuentas por pagar \\\/ costo de ventas \\u00d7 365&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Promedio anual de cuentas por pagar \\\/ costo de ventas \\u00d7 365&quot;,&quot;current&quot;:&quot;Promedio anual de cuentas por pagar \\\/ costo de ventas \\u00d7 365&quot;}},{&quot;id&quot;:&quot;calculated-ccc&quot;,&quot;label&quot;:&quot;Ciclo de conversi\\u00f3n de caja (CCC)&quot;,&quot;unit&quot;:&quot;days&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:-71.82178017766618,&quot;current&quot;:-71.82178017766618},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;D\\u00edas de cobro + d\\u00edas de inventario \\u2212 d\\u00edas de pago&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;D\\u00edas de cobro + d\\u00edas de inventario \\u2212 d\\u00edas de pago&quot;,&quot;current&quot;:&quot;D\\u00edas de cobro + d\\u00edas de inventario \\u2212 d\\u00edas de pago&quot;}},{&quot;id&quot;:&quot;calculated-receivables_turnover&quot;,&quot;label&quot;:&quot;Rotaci\\u00f3n de cuentas por cobrar&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:11.372538838864825,&quot;current&quot;:11.372538838864825},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Ventas \\\/ promedio anual de cuentas por cobrar&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Ventas \\\/ promedio anual de cuentas por cobrar&quot;,&quot;current&quot;:&quot;Ventas \\\/ promedio anual de cuentas por cobrar&quot;}},{&quot;id&quot;:&quot;calculated-inventory_turnover&quot;,&quot;label&quot;:&quot;Rotaci\\u00f3n de inventarios&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:33.98338972623808,&quot;current&quot;:33.98338972623808},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Costo de ventas \\\/ promedio anual de inventarios&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Costo de ventas \\\/ promedio anual de inventarios&quot;,&quot;current&quot;:&quot;Costo de ventas \\\/ promedio anual de inventarios&quot;}},{&quot;id&quot;:&quot;calculated-payables_turnover&quot;,&quot;label&quot;:&quot;Rotaci\\u00f3n de cuentas por pagar&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Ciclo de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:3.1834029678720643,&quot;current&quot;:3.1834029678720643},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Costo de ventas \\\/ promedio anual de cuentas por pagar&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;Costo de ventas \\\/ promedio anual de cuentas por pagar&quot;,&quot;current&quot;:&quot;Costo de ventas \\\/ promedio anual de cuentas por pagar&quot;}},{&quot;id&quot;:&quot;calculated-cet1_ratio&quot;,&quot;label&quot;:&quot;Ratio de capital ordinario de nivel 1 (CET1) \\u2014 m\\u00e9todo estandarizado&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Capital regulatorio&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;calculated&quot;:true,&quot;formula&quot;:&quot;Capital ordinario de nivel 1 \\\/ activos ponderados por riesgo&quot;,&quot;calculation_notes&quot;:{&quot;2024&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;2025&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;,&quot;current&quot;:&quot;N\\\/D \\u00b7 Falta un componente, un per\\u00edodo equivalente o una base positiva. No se usa el ratio del Excel.&quot;}},{&quot;id&quot;:&quot;cash_conversion&quot;,&quot;label&quot;:&quot;Flujo operativo \\\/ resultado neto&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;category&quot;:&quot;Conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;emphasis&quot;:false,&quot;calculated&quot;:false,&quot;formula&quot;:&quot;N\\\/D \\u00b7 Esta m\\u00e9trica requiere una f\\u00f3rmula o datos espec\\u00edficos que a\\u00fan no est\\u00e1n mapeados. No se reutiliza el resultado del Excel.&quot;,&quot;calculation_notes&quot;:[]},{&quot;id&quot;:&quot;capex_sales&quot;,&quot;label&quot;:&quot;Inversi\\u00f3n en capital \\\/ ventas&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;category&quot;:&quot;Conversi\\u00f3n de caja&quot;,&quot;values&quot;:{&quot;2024&quot;:null,&quot;2025&quot;:null,&quot;current&quot;:null},&quot;emphasis&quot;:false,&quot;calculated&quot;:false,&quot;formula&quot;:&quot;N\\\/D \\u00b7 Esta m\\u00e9trica requiere una f\\u00f3rmula o datos espec\\u00edficos que a\\u00fan no est\\u00e1n mapeados. No se reutiliza el resultado del Excel.&quot;,&quot;calculation_notes&quot;:[]}]},&quot;calculation_engine&quot;:&quot;cumbre-calculations\\\/1&quot;}\"><p class=\"cr-fin-calculation-note\">Ratios calculados por Cumbre a partir de los estados financieros. Seleccion\u00e1 una m\u00e9trica para consultar su f\u00f3rmula. N\/D indica datos o una equivalencia pendiente; no se reutiliza el ratio del Excel.<\/p><div class=\"cr-fin-toolbar\"><div><label>Moneda<\/label><span class=\"cr-fin-currency\">USD<\/span><\/div><div><label for=\"fin-period\">Per\u00edodo<\/label><select id=\"fin-period\"><option value=\"annual\">Anual<\/option><option value=\"nine\">Trimestral<\/option><option value=\"current\">\u00daltimo disponible<\/option><\/select><\/div><div><label for=\"fin-unit\">Unidades de visualizaci\u00f3n<\/label><select id=\"fin-unit\"><option value=\"million\">Millones<\/option><option value=\"thousand\">Miles<\/option><option value=\"unit\">Unidades<\/option><\/select><\/div><div class=\"cr-fin-mode-control\"><span>Vista<\/span><label class=\"cr-mode-switch\" for=\"fin-mode\"><input type=\"checkbox\" role=\"switch\" id=\"fin-mode\" aria-label=\"Mostrar variaci\u00f3n interanual en porcentaje\"><span class=\"cr-mode-track\" aria-hidden=\"true\"><span>$<\/span><span>%<\/span><\/span><\/label><\/div><div class=\"cr-fin-decimals\"><span>Decimales<\/span><button type=\"button\" id=\"fin-less\" aria-label=\"Mostrar menos decimales\">\u2212<\/button><output id=\"fin-decimals\">2<\/output><button type=\"button\" id=\"fin-more\" aria-label=\"Mostrar m\u00e1s decimales\">+<\/button><\/div><\/div><div class=\"cr-fin-range\" id=\"fin-range\"><span>Historial disponible<\/span><label for=\"fin-from\">Desde<\/label><select id=\"fin-from\"><option value=\"2024\">2024<\/option><option value=\"2025\">2025<\/option><\/select><div class=\"cr-fin-years\" aria-hidden=\"true\"><span>2024<\/span><span>2025<\/span><\/div><label for=\"fin-to\">Hasta<\/label><select id=\"fin-to\"><option value=\"2024\">2024<\/option><option value=\"2025\" selected>2025<\/option><\/select><\/div><div class=\"cr-fin-tabs\" role=\"tablist\" aria-label=\"Datos financieros y ratios\"><button type=\"button\" role=\"tab\" id=\"fin-tab-income\" aria-selected=\"true\" aria-controls=\"fin-table-panel\" data-fin-tab=\"income\">Cuenta de resultados<\/button><button type=\"button\" role=\"tab\" id=\"fin-tab-balance\" aria-selected=\"false\" aria-controls=\"fin-table-panel\" data-fin-tab=\"balance\">Balance<\/button><button type=\"button\" role=\"tab\" id=\"fin-tab-cashflow\" aria-selected=\"false\" aria-controls=\"fin-table-panel\" data-fin-tab=\"cashflow\">Flujos de efectivo<\/button><button type=\"button\" role=\"tab\" id=\"fin-tab-ratios\" aria-selected=\"false\" aria-controls=\"fin-table-panel\" data-fin-tab=\"ratios\">Ratios<\/button><\/div><div id=\"fin-ratio-categories\" hidden><label for=\"fin-category\">Categor\u00eda de ratios<\/label><select id=\"fin-category\"><option value=\"all\">Todas las categor\u00edas<\/option><option value=\"Ventas y crecimiento\">Ventas y crecimiento<\/option><option value=\"Rentabilidad\">Rentabilidad<\/option><option value=\"Liquidez\">Liquidez<\/option><option value=\"Deuda\">Deuda<\/option><option value=\"Generaci\u00f3n y conversi\u00f3n de caja\">Generaci\u00f3n y conversi\u00f3n de caja<\/option><option value=\"Inversi\u00f3n y distribuci\u00f3n\">Inversi\u00f3n y distribuci\u00f3n<\/option><option value=\"Ciclo de caja\">Ciclo de caja<\/option><option value=\"Capital regulatorio\">Capital regulatorio<\/option><option value=\"Conversi\u00f3n de caja\">Conversi\u00f3n de caja<\/option><\/select><\/div><p id=\"fin-caption\" class=\"cr-fin-caption\"><\/p><p id=\"fin-plan-note\" class=\"cr-fin-plan-note\" hidden>Free incluye los ratios del \u00faltimo per\u00edodo disponible. El historial de ratios est\u00e1 incluido en Pro. <a href=\"https:\/\/cumbreresearch.com\/en\/planes\/\">Ver Pro<\/a><\/p><p class=\"cr-fin-hint\" id=\"fin-mode-note\"><\/p><p id=\"fin-chart-message\" class=\"cr-chart-message\" role=\"status\"><\/p><div id=\"fin-chart\" class=\"cr-fin-chart\" hidden><\/div><div class=\"cr-table-wrap\" id=\"fin-table-panel\" role=\"tabpanel\" aria-labelledby=\"fin-tab-income\"><div id=\"fin-table\"><\/div><\/div><noscript><p>Activ\u00e1 JavaScript para consultar las tablas y cambiar el per\u00edodo.<\/p><\/noscript><\/div><p class=\"cr-demo-footnote\">Selecci\u00f3n de estados financieros y ratios calculados a partir de ellos. Los costes de ventas, gastos e inversi\u00f3n se muestran como importes positivos. Las variaciones de rubros con base negativa figuran como N\/A. En los informes, los a\u00f1os y rubros disponibles dependen de los datos incorporados.<\/p><p class=\"cr-demo-footnote\">Base p\u00fablica: <a href=\"https:\/\/www.apple.com\/newsroom\/pdfs\/fy2025-q4\/FY25_Q4_Consolidated_Financial_Statements.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">estados financieros de Apple de 2025, con comparaci\u00f3n de 2024<\/a> \u00b7 Consulta: 11\/09\/2026.<\/p><\/section><section id=\"apple-multiplos\" data-apple-panel hidden><div class=\"cr-demo-section-head\"><div><h2>M\u00faltiplos y comparables<\/h2><p>Explor\u00e1 la misma tabla del informe. Posicionate sobre una denominaci\u00f3n para ver su significado.<\/p><\/div><span class=\"cr-demo-chip\">Vista de la herramienta<\/span><\/div><div class=\"cr-demo-notice\">Esta muestra no incluye precios de mercado, consenso ni comparables revisados. Por eso ver\u00e1s N\/D. Pro permite consultar y graficar los m\u00faltiplos que est\u00e9n cargados en cada informe.<\/div><div id=\"cr-multiples\" data-multiples=\"{&quot;company&quot;:&quot;Apple Inc.&quot;,&quot;as_of&quot;:&quot;2025-09-27&quot;,&quot;currency&quot;:&quot;USD&quot;,&quot;premium&quot;:true,&quot;metrics&quot;:[{&quot;id&quot;:&quot;per&quot;,&quot;label&quot;:&quot;Precio \\\/ beneficio (PER)&quot;},{&quot;id&quot;:&quot;price_sales&quot;,&quot;label&quot;:&quot;Precio \\\/ ventas&quot;},{&quot;id&quot;:&quot;ev_sales&quot;,&quot;label&quot;:&quot;Valor de empresa \\\/ ventas&quot;},{&quot;id&quot;:&quot;ev_ebitda&quot;,&quot;label&quot;:&quot;Valor de empresa \\\/ beneficio antes de intereses, impuestos, depreciaci\\u00f3n y amortizaci\\u00f3n&quot;}],&quot;entities&quot;:[{&quot;name&quot;:&quot;Apple Inc.&quot;,&quot;values&quot;:[],&quot;basis&quot;:&quot;Sin precio de referencia&quot;,&quot;note&quot;:&quot;No se utiliza el valor calculado por el simulador como si fuera un precio de mercado.&quot;}],&quot;history&quot;:[],&quot;note&quot;:&quot;Esta demo no incluye cotizaciones ni datos revisados de otras empresas. Los comparables aparecen en los informes cuando se incorporan al an\\u00e1lisis.&quot;,&quot;history_note&quot;:&quot;N\\\/D. La demo no contiene una serie de precios hist\\u00f3ricos revisada.&quot;,&quot;matrix&quot;:{&quot;version&quot;:&quot;cumbre-multiples\\\/1&quot;,&quot;columns&quot;:[{&quot;key&quot;:&quot;reference&quot;,&quot;label&quot;:&quot;Referencia de la demo&quot;,&quot;current&quot;:true}],&quot;rows&quot;:[],&quot;catalog&quot;:{&quot;ev_sales&quot;:{&quot;label&quot;:&quot;Valor de empresa \\\/ ingresos totales&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;price_sales&quot;:{&quot;label&quot;:&quot;Precio \\\/ ventas&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;ev_gross_profit&quot;:{&quot;label&quot;:&quot;Valor de empresa \\\/ beneficio bruto&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;ev_ebitda&quot;:{&quot;label&quot;:&quot;Valor de empresa \\\/ beneficio antes de intereses, impuestos, depreciaci\\u00f3n y amortizaci\\u00f3n&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;ev_operating&quot;:{&quot;label&quot;:&quot;Valor de empresa \\\/ resultado operativo&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;per_normalized&quot;:{&quot;label&quot;:&quot;Precio \\\/ beneficio normalizado (PER)&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;per&quot;:{&quot;label&quot;:&quot;Precio \\\/ beneficio diluido (PER)&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;price_book&quot;:{&quot;label&quot;:&quot;Precio \\\/ valor contable&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;balance&quot;},&quot;price_tangible_book&quot;:{&quot;label&quot;:&quot;Precio \\\/ valor contable tangible&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;balance&quot;},&quot;ev_unlevered_fcf&quot;:{&quot;label&quot;:&quot;Valor de empresa \\\/ flujo de caja libre sin apalancamiento&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;market_cap_equity_fcf&quot;:{&quot;label&quot;:&quot;Capitalizaci\\u00f3n burs\\u00e1til \\\/ flujo de caja libre para el accionista&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;equity_fcf_yield&quot;:{&quot;label&quot;:&quot;Rentabilidad del flujo de caja libre para el accionista&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;blocks&quot;:[&quot;forward&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;price_net_current_assets&quot;:{&quot;label&quot;:&quot;Precio \\\/ valor neto de activos corrientes&quot;,&quot;unit&quot;:&quot;multiple&quot;,&quot;blocks&quot;:[&quot;trailing&quot;],&quot;basis&quot;:&quot;balance&quot;},&quot;dividend_yield&quot;:{&quot;label&quot;:&quot;Rentabilidad por dividendos&quot;,&quot;unit&quot;:&quot;percent&quot;,&quot;blocks&quot;:[&quot;forward&quot;,&quot;trailing&quot;],&quot;basis&quot;:&quot;flow&quot;},&quot;price&quot;:{&quot;label&quot;:&quot;Precio&quot;,&quot;unit&quot;:&quot;per_share&quot;,&quot;blocks&quot;:[&quot;market&quot;],&quot;basis&quot;:&quot;spot&quot;},&quot;market_cap&quot;:{&quot;label&quot;:&quot;Capitalizaci\\u00f3n burs\\u00e1til&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;blocks&quot;:[&quot;market&quot;],&quot;basis&quot;:&quot;spot&quot;},&quot;enterprise_value&quot;:{&quot;label&quot;:&quot;Valor de empresa&quot;,&quot;unit&quot;:&quot;money&quot;,&quot;blocks&quot;:[&quot;market&quot;],&quot;basis&quot;:&quot;spot&quot;},&quot;shares&quot;:{&quot;label&quot;:&quot;Cantidad de acciones&quot;,&quot;unit&quot;:&quot;shares&quot;,&quot;blocks&quot;:[&quot;market&quot;],&quot;basis&quot;:&quot;spot&quot;}},&quot;blocks&quot;:{&quot;forward&quot;:&quot;M\\u00faltiplos sobre pr\\u00f3ximos doce meses&quot;,&quot;trailing&quot;:&quot;M\\u00faltiplos sobre \\u00faltimos doce meses&quot;,&quot;market&quot;:&quot;Datos de mercado&quot;},&quot;legacy_note&quot;:&quot;La base financiera es el ejercicio 2025. No hay precio de referencia ni estimaciones de los pr\\u00f3ximos doce meses; los m\\u00faltiplos se muestran como N\\\/D.&quot;}}\"><p class=\"cr-line-caption\">Datos del an\u00e1lisis al 27\/09\/2025. Sin cotizaciones en tiempo real. M\u00faltiplos en veces; rentabilidades en porcentaje e importes en la moneda del informe.<\/p><div id=\"cr-multiple-cards\" class=\"cr-multiple-cards\"><\/div><div class=\"cr-multiple-subtabs\" role=\"tablist\" aria-label=\"Comparaci\u00f3n de m\u00faltiplos\"><button type=\"button\" id=\"multiple-matrix-tab\" role=\"tab\" aria-selected=\"true\" aria-controls=\"multiple-matrix\">Por fecha<\/button><button type=\"button\" id=\"multiple-comparison-tab\" role=\"tab\" aria-selected=\"false\" aria-controls=\"multiple-comparison\">Comparables<\/button><button type=\"button\" id=\"multiple-history-tab\" role=\"tab\" aria-selected=\"false\" aria-controls=\"multiple-history\">Historial<\/button><\/div><div id=\"multiple-matrix\" role=\"tabpanel\" aria-labelledby=\"multiple-matrix-tab\"><p class=\"cr-line-caption\">Seleccion\u00e1 una fila con datos para ver su evoluci\u00f3n. Pr\u00f3ximos doce meses: estimaciones disponibles en cada fecha.<\/p><div id=\"multiple-matrix-chart\" class=\"cr-multiple-history\" hidden><\/div><div id=\"multiple-matrix-table\" class=\"cr-table-wrap\"><\/div><p id=\"multiple-matrix-note\" class=\"cr-line-caption\"><\/p><\/div><div id=\"multiple-comparison\" hidden role=\"tabpanel\" aria-labelledby=\"multiple-comparison-tab\"><div class=\"cr-table-wrap\" id=\"multiple-comparison-table\"><\/div><p class=\"cr-line-caption\">Esta demo no incluye cotizaciones ni datos revisados de otras empresas. Los comparables aparecen en los informes cuando se incorporan al an\u00e1lisis.<\/p><details class=\"cr-multiple-notes\"><summary>Leer la comparaci\u00f3n<\/summary><p>Un m\u00faltiplo menor no demuestra por s\u00ed solo que una empresa est\u00e9 barata. Las diferencias de crecimiento, rentabilidad, deuda y criterios contables influyen en la comparaci\u00f3n. La mediana excluye la empresa analizada y los valores no disponibles o no significativos. N\/D: dato no disponible. N\/M: m\u00faltiplo no significativo.<\/p><div id=\"multiple-entity-notes\"><\/div><\/details><\/div><div id=\"multiple-history\" role=\"tabpanel\" aria-labelledby=\"multiple-history-tab\" hidden><div class=\"cr-multiple-controls\"><label for=\"multiple-metric\">M\u00faltiplo<\/label><select id=\"multiple-metric\"><\/select><button type=\"button\" id=\"multiple-labels\">Ocultar etiquetas<\/button><\/div><div class=\"cr-multiple-history\" id=\"multiple-history-chart\"><\/div><p class=\"cr-line-caption\">N\/D. La demo no contiene una serie de precios hist\u00f3ricos revisada.<\/p><div class=\"cr-table-wrap\" id=\"multiple-history-table\"><\/div><\/div><\/div><\/section><section id=\"analisis-escrito\" data-apple-panel hidden><div class=\"cr-demo-section-head\"><div><h2>De los n\u00fameros a la interpretaci\u00f3n<\/h2><p>Ejemplo breve de lectura de los datos p\u00fablicos de esta demo. No es el informe Pro completo.<\/p><\/div><span class=\"cr-demo-chip\">Ejercicio 2025<\/span><\/div><div class=\"cr-demo-analysis\"><article><span>01 \u00b7 RESULTADOS<\/span><h3>Ventas y rentabilidad<\/h3><p>Las ventas crecieron un 6,4 % frente a 2024 y el margen bruto pas\u00f3 del 46,2 % al 46,9 %. Compar\u00e1 ambas m\u00e9tricas en Datos financieros.<\/p><\/article><article><span>02 \u00b7 CALIDAD DEL RESULTADO<\/span><h3>La comparaci\u00f3n necesita contexto<\/h3><p>El resultado neto creci\u00f3 un 19,5 %. La comparaci\u00f3n est\u00e1 influida por el cargo fiscal extraordinario reconocido en 2024; no conviene extrapolar ese crecimiento sin ajustar su efecto.<\/p><\/article><article><span>03 \u00b7 GENERACI\u00d3N DE EFECTIVO<\/span><h3>El beneficio y la caja difieren<\/h3><p>El flujo operativo cay\u00f3 un 5,7 % y aument\u00f3 la inversi\u00f3n en capital. El FCF calculado como flujo operativo menos inversi\u00f3n pas\u00f3 de 108.807 a 98.767 millones de USD.<\/p><\/article><article><span>04 \u00b7 TU HIP\u00d3TESIS<\/span><h3>Prob\u00e1 qu\u00e9 cambia el valor<\/h3><p>En Mi valoraci\u00f3n pod\u00e9s modificar crecimiento, m\u00e1rgenes, inversi\u00f3n, capital de trabajo y tasas. Las proyecciones son hip\u00f3tesis del ejercicio y no representan consenso ni una previsi\u00f3n de Apple.<\/p><a href=\"#apple-modelo\" data-apple-section=\"apple-modelo\">Abrir mi valoraci\u00f3n \u2192<\/a><\/article><\/div><\/section><section id=\"apple-modelo\" data-apple-panel hidden><div class=\"cr-demo-section-head\"><div><h2>Constru\u00ed tu valoraci\u00f3n<\/h2><p>Ajust\u00e1 los porcentajes y revis\u00e1 el efecto en cinco a\u00f1os de resultados y flujos descontados.<\/p><\/div><span class=\"cr-demo-chip\">2026e\u20132030e<\/span><\/div><form id=\"cr-demo-form\" method=\"post\" action=\"https:\/\/cumbreresearch.com\/en\/demo-premium\/#apple-modelo\" data-endpoint=\"https:\/\/cumbreresearch.com\/wp-admin\/admin-ajax.php\" data-baseline=\"118.82799554323\"><input type=\"hidden\" name=\"action\" value=\"cr_demo_calculate\"><input type=\"hidden\" name=\"cr_demo_form\" value=\"1\"><input type=\"hidden\" id=\"cr_nonce\" name=\"cr_nonce\" value=\"22494e0e0f\" \/><div class=\"cr-demo-inputs\"><div class=\"cr-demo-driver\"><label for=\"cr-demo-sales_growth\">Crecimiento de ventas<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-sales_growth\" name=\"sales_growth\" value=\"6.4\" min=\"-95\" max=\"200\" step=\"0.1\" required data-default=\"6.4\" aria-describedby=\"demo-help-sales_growth\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-sales_growth\">Porcentaje constante durante cinco a\u00f1os. Puede ser negativo.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-gross_margin\">Margen bruto<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-gross_margin\" name=\"gross_margin\" value=\"46.9\" min=\"0\" max=\"100\" step=\"0.1\" required data-default=\"46.9\" aria-describedby=\"demo-help-gross_margin\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-gross_margin\">Al modificarlo, se conserva la proporci\u00f3n de gastos operativos y cambia el margen neto.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-net_margin\">Margen neto<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-net_margin\" name=\"net_margin\" value=\"26.9\" min=\"0\" max=\"100\" step=\"0.1\" required data-default=\"26.9\" aria-describedby=\"demo-help-net_margin\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-net_margin\">Al modificarlo, se ajustan los gastos operativos necesarios para alcanzar ese margen.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-capex_ratio\">Inversi\u00f3n en capital \/ ventas<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-capex_ratio\" name=\"capex_ratio\" value=\"3.1\" min=\"0\" max=\"100\" step=\"0.1\" required data-default=\"3.1\" aria-describedby=\"demo-help-capex_ratio\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-capex_ratio\">Inversi\u00f3n como porcentaje de las ventas de cada a\u00f1o.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-working_capital_ratio\">Capital de trabajo \/ ventas<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-working_capital_ratio\" name=\"working_capital_ratio\" value=\"-12.5\" min=\"-100\" max=\"100\" step=\"0.1\" required data-default=\"-12.5\" aria-describedby=\"demo-help-working_capital_ratio\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-working_capital_ratio\">Saldo como porcentaje de ventas. Se descuenta su variaci\u00f3n anual.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-wacc\">WACC<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-wacc\" name=\"wacc\" value=\"10\" min=\"0.5\" max=\"60\" step=\"0.1\" required data-default=\"10\" aria-describedby=\"demo-help-wacc\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-wacc\">Tasa utilizada para descontar los flujos. Debe superar el crecimiento terminal.<\/p><\/details><\/div><div class=\"cr-demo-driver\"><label for=\"cr-demo-terminal_growth\">Crecimiento terminal<\/label><div class=\"cr-demo-input-value\"><input type=\"number\" id=\"cr-demo-terminal_growth\" name=\"terminal_growth\" value=\"2\" min=\"-20\" max=\"10\" step=\"0.1\" required data-default=\"2\" aria-describedby=\"demo-help-terminal_growth\"><span>%<\/span><\/div><details><summary>C\u00f3mo influye<\/summary><p id=\"demo-help-terminal_growth\">Crecimiento perpetuo del flujo a partir de 2031e.<\/p><\/details><\/div><\/div><div class=\"cr-demo-actions\"><button type=\"submit\" class=\"cr-button cr-button-dark\">Recalcular valoraci\u00f3n<\/button><button type=\"reset\" class=\"cr-quiet-button\">Restablecer ejemplo<\/button><\/div><p id=\"cr-demo-status\" role=\"status\" aria-live=\"polite\"><\/p><\/form><section id=\"cr-demo-results\" aria-label=\"Resultado de la demostraci\u00f3n\"><div class=\"cr-demo-results-head\"><h2>Tu proyecci\u00f3n<\/h2><span>Apple \u00b7 Proyecciones en USD millones, salvo valor unitario<\/span><\/div><div class=\"cr-demo-cards\"><div><span>Valor estimado por acci\u00f3n<\/span><strong>USD 118.83<\/strong><\/div><div><span>Valor del escenario inicial<\/span><strong>USD 118.83<\/strong><\/div><div><span>Cambio frente al escenario inicial<\/span><strong>0.00 %<\/strong><\/div><\/div><details class=\"cr-demo-projection\"><summary>Proyecci\u00f3n completa <small>Resultados y flujos descontados \u00b7 2026e\u20132030e<\/small><\/summary><div class=\"cr-demo-table-wrap cr-table-wrap\" tabindex=\"0\" role=\"region\" aria-label=\"Proyecci\u00f3n completa, desplazar para ver todos los a\u00f1os\"><table class=\"cr-demo-table cr-fin-table\"><caption>Proyecci\u00f3n de resultados y flujos descontados<\/caption><thead><tr><th scope=\"col\">Concepto<\/th><th scope=\"col\">2026e<\/th><th scope=\"col\">2027e<\/th><th scope=\"col\">2028e<\/th><th scope=\"col\">2029e<\/th><th scope=\"col\">2030e<\/th><\/tr><\/thead><tbody><tr class=\"cr-demo-total\"><th scope=\"row\">Ventas<\/th><td>442,795.30<\/td><td>471,134.20<\/td><td>501,286.79<\/td><td>533,369.15<\/td><td>567,504.77<\/td><\/tr><tr><th scope=\"row\">Crecimiento de ventas<\/th><td>6.40 %<\/td><td>6.40 %<\/td><td>6.40 %<\/td><td>6.40 %<\/td><td>6.40 %<\/td><\/tr><tr><th scope=\"row\">Coste de ventas<\/th><td>-235,124.31<\/td><td>-250,172.26<\/td><td>-266,183.29<\/td><td>-283,219.02<\/td><td>-301,345.03<\/td><\/tr><tr class=\"cr-demo-total\"><th scope=\"row\">Beneficio bruto<\/th><td>207,671.00<\/td><td>220,961.94<\/td><td>235,103.51<\/td><td>250,150.13<\/td><td>266,159.74<\/td><\/tr><tr><th scope=\"row\">Margen bruto<\/th><td>46.90 %<\/td><td>46.90 %<\/td><td>46.90 %<\/td><td>46.90 %<\/td><td>46.90 %<\/td><\/tr><tr><th scope=\"row\">Gastos operativos<\/th><td>-65,871.07<\/td><td>-70,086.82<\/td><td>-74,572.38<\/td><td>-79,345.01<\/td><td>-84,423.09<\/td><\/tr><tr class=\"cr-demo-total\"><th scope=\"row\">Resultado operativo<\/th><td>141,799.92<\/td><td>150,875.12<\/td><td>160,531.13<\/td><td>170,805.12<\/td><td>181,736.65<\/td><\/tr><tr><th scope=\"row\">Impuesto sobre resultados<\/th><td>-22,687.99<\/td><td>-24,140.02<\/td><td>-25,684.98<\/td><td>-27,328.82<\/td><td>-29,077.86<\/td><\/tr><tr class=\"cr-demo-total\"><th scope=\"row\">Resultado neto<\/th><td>119,111.94<\/td><td>126,735.10<\/td><td>134,846.15<\/td><td>143,476.30<\/td><td>152,658.78<\/td><\/tr><tr><th scope=\"row\">Margen neto<\/th><td>26.90 %<\/td><td>26.90 %<\/td><td>26.90 %<\/td><td>26.90 %<\/td><td>26.90 %<\/td><\/tr><tr><th scope=\"row\">Resultado operativo despu\u00e9s de impuestos<\/th><td>119,111.94<\/td><td>126,735.10<\/td><td>134,846.15<\/td><td>143,476.30<\/td><td>152,658.78<\/td><\/tr><tr><th scope=\"row\">Depreciaci\u00f3n y amortizaci\u00f3n<\/th><td>12,398.27<\/td><td>13,191.76<\/td><td>14,036.03<\/td><td>14,934.34<\/td><td>15,890.13<\/td><\/tr><tr><th scope=\"row\">Inversi\u00f3n en capital<\/th><td>-13,726.65<\/td><td>-14,605.16<\/td><td>-15,539.89<\/td><td>-16,534.44<\/td><td>-17,592.65<\/td><\/tr><tr><th scope=\"row\">Saldo de capital de trabajo<\/th><td>-55,349.41<\/td><td>-58,891.78<\/td><td>-62,660.85<\/td><td>-66,671.14<\/td><td>-70,938.10<\/td><\/tr><tr><th scope=\"row\">Variaci\u00f3n del capital de trabajo (deducci\u00f3n)<\/th><td>3,307.41<\/td><td>3,542.36<\/td><td>3,769.07<\/td><td>4,010.29<\/td><td>4,266.95<\/td><\/tr><tr class=\"cr-demo-total\"><th scope=\"row\">FCF<\/th><td>121,090.96<\/td><td>128,864.06<\/td><td>137,111.36<\/td><td>145,886.49<\/td><td>155,223.22<\/td><\/tr><tr><th scope=\"row\">Factor de descuento<\/th><td>0.91<\/td><td>0.83<\/td><td>0.75<\/td><td>0.68<\/td><td>0.62<\/td><\/tr><tr class=\"cr-demo-total\"><th scope=\"row\">Valor presente del FCF<\/th><td>110,082.69<\/td><td>106,499.22<\/td><td>103,013.79<\/td><td>99,642.43<\/td><td>96,381.41<\/td><\/tr><\/tbody><\/table><\/div><\/details><details class=\"cr-demo-bridge\"><summary>Del flujo al valor por acci\u00f3n<\/summary><dl><div><dt>Valor presente de los cinco a\u00f1os<\/dt><dd>515,619.56<\/dd><\/div><div><dt>FCF del a\u00f1o terminal<\/dt><dd>155,394.16<\/dd><\/div><div><dt>Valor terminal al final del quinto a\u00f1o<\/dt><dd>1,942,426.96<\/dd><\/div><div><dt>Valor presente del terminal<\/dt><dd>1,206,094.32<\/dd><\/div><div><dt>Valor de las operaciones<\/dt><dd>1,721,713.87<\/dd><\/div><div><dt>M\u00e1s: efectivo y t\u00edtulos negociables<\/dt><dd>132,420.00<\/dd><\/div><div><dt>Menos: deuda<\/dt><dd>98,657.00<\/dd><\/div><div><dt>Valor del patrimonio<\/dt><dd>1,755,476.87<\/dd><\/div><div><dt>Cantidad de t\u00edtulos, en millones<\/dt><dd>14,773.26<\/dd><\/div><\/dl><p>El flujo terminal se calcula con el crecimiento terminal y su reinversi\u00f3n correspondiente. Se divide por WACC menos crecimiento terminal y se descuenta cinco a\u00f1os. Al valor de las operaciones se suma el efectivo y los t\u00edtulos negociables y se resta la deuda financiera. El resultado se divide por 14,773.26 millones de t\u00edtulos en circulaci\u00f3n al cierre de 2025. Se mantiene esa cantidad constante.<\/p><\/details><\/section><div class=\"cr-demo-save\"><div><label for=\"cr-demo-scenario-name\">Nombre de tu escenario de prueba<\/label><input id=\"cr-demo-scenario-name\" maxlength=\"80\" value=\"Mi valoraci\u00f3n de Apple\"><\/div><button id=\"cr-demo-save\" type=\"button\" class=\"cr-button cr-button-dark\">Conservar en esta demo<\/button><a href=\"#apple-guardados\" data-apple-section=\"apple-guardados\" class=\"cr-demo-saved-link\">Ver mis escenarios \u2192<\/a><span id=\"cr-demo-save-status\" role=\"status\" aria-live=\"polite\"><\/span><p>Hasta 3 pruebas en esta p\u00e1gina. Se pierden al recargar; en Pro tus escenarios se guardan de forma privada en tu cuenta.<\/p><\/div><details class=\"cr-demo-bridge\"><summary>Base y supuestos del ejemplo<\/summary><p>Ejercicio 2025. Efectivo y t\u00edtulos negociables: 132.420; deuda financiera: 98.657; capital de trabajo operativo: \u221252.042; cantidad de t\u00edtulos: 14.773,26. Importes y cantidades en millones.<\/p><p>El capital de trabajo excluye efectivo, t\u00edtulos negociables y deuda financiera de los saldos corrientes. Se mantienen fijos la caja, la deuda y los t\u00edtulos en circulaci\u00f3n.<\/p><p>Tasa fiscal: 16 %. Depreciaci\u00f3n y amortizaci\u00f3n: 2,8 % de ventas. Otros resultados: cero. Los gastos operativos concilian los m\u00e1rgenes seleccionados. En esta demo esos supuestos auxiliares permanecen fijos; el modelo Pro permite modificarlos. No se proyectan recompras ni se suma la compensaci\u00f3n en t\u00edtulos como entrada de efectivo.<\/p><p>El valor estimado se compara con el escenario inicial de la demo, no con una cotizaci\u00f3n. El FCF proyectado del modelo no equivale autom\u00e1ticamente al flujo contable hist\u00f3rico.<\/p><\/details><\/section><section id=\"apple-guardados\" data-apple-panel hidden><div class=\"cr-demo-section-head\"><div><h2>Tus escenarios de prueba<\/h2><p>Conserv\u00e1 un c\u00e1lculo desde Mi valoraci\u00f3n y recuperalo para comparar tus hip\u00f3tesis.<\/p><\/div><span class=\"cr-demo-chip\">S\u00f3lo en esta p\u00e1gina<\/span><\/div><div id=\"cr-demo-saved\" aria-live=\"polite\"><div class=\"cr-demo-empty\"><h3>Prob\u00e1 tu primera hip\u00f3tesis<\/h3><p>Modific\u00e1 los valores, recalcul\u00e1 y eleg\u00ed \u00abConservar en esta demo\u00bb.<\/p><a href=\"#apple-modelo\" data-apple-section=\"apple-modelo\" class=\"cr-button cr-button-dark\">Crear escenario de prueba<\/a><\/div><\/div><p class=\"cr-demo-footnote\">Esta prueba no crea datos en tu cuenta. En Pro pod\u00e9s guardar hasta 20 escenarios por informe y recuperar tus valoraciones desde Mi cuenta, junto con tus informes y notas.<\/p><\/section><aside class=\"cr-demo-cta\"><div><h2>Segu\u00ed con los informes de Cumbre<\/h2><p>Free: informes gratuitos, estados financieros y ratios actuales. Pro: contenido exclusivo, historial de ratios, valoraci\u00f3n editable y escenarios privados, seg\u00fan disponibilidad de cada informe.<\/p><\/div><a class=\"cr-button cr-button-dark\" href=\"https:\/\/cumbreresearch.com\/en\/planes\/\">Ver planes<\/a><\/aside><p class=\"cr-demo-fixed\">Demostraci\u00f3n p\u00fablica con datos hist\u00f3ricos seleccionados. No constituye una recomendaci\u00f3n de inversi\u00f3n. Los cambios de este ejemplo no modifican los informes ni tu cuenta.<\/p><\/div><\/div>\n    \n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-963","page","type-page","status-publish","hentry"],"_hostinger_reach_plugin_has_subscription_block":false,"_hostinger_reach_plugin_is_elementor":false,"_links":{"self":[{"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/pages\/963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/comments?post=963"}],"version-history":[{"count":1,"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/pages\/963\/revisions"}],"predecessor-version":[{"id":1049,"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/pages\/963\/revisions\/1049"}],"wp:attachment":[{"href":"https:\/\/cumbreresearch.com\/en\/wp-json\/wp\/v2\/media?parent=963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}