BLX

MKT CAP:$2B

Banco Latinoamericano de Comercio Exterior, S. A.

Market Cap

$2B

Financial Services·Banks - Regional· Panama·NYSE

Financials·Banks - Regional·NYSE

Stock Price

$56.89+$13.07 (+29.83%)

Apr 23, 2026

Company Details

Banco Latinoamericano de Comercio Exterior, S. A., a multinational bank, primarily engages in the financing of foreign trade in Latin America and the Caribbean. The company operates through two segments, Commercial and Treasury. It offers s...

CEO

Jorge L. Salas

IPO Date

Sep 24, 1992

Website

www.bladex.com

Key Metrics TTM

Revenue

$717M

-11.6% YoY

Net Income

$227M

EPS (Diluted)

$6.11

Free Cash Flow

$1.1B

Revenue / Share

$19.20

Gross Margin

44.3%

Operating Margin

31.7%

Net Margin

31.7%

FCF Margin

158.9%

P/S

3.0x

P/E

9.4x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Dec 30, 2025

$340M-58.1%EPS $6.11

Q4 2025

Feb 13, 2026

$89M-53.3%EPS $1.50

Q3 2025

Oct 30, 2025

$209M-0.3%EPS $1.48

Q2 2025

Aug 6, 2025

$217M+4.4%EPS $1.73

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$40M	$22M	$11M
Q2 22	$68M	$36M	$23M
Q3 22	$99M	$41M	$27M
Q4 22	$114M	$27M	$31M
Q1 23	$150M	$53M	$37M
Q2 23	$162M	$53M	$37M
Q3 23	$194M	$65M	$46M
Q4 23	$177M	$39M	$46M
Q1 24	$203M	$70M	$51M
Q2 24	$208M	$68M	$50M
Q3 24	$210M	$74M	$53M
Q4 24	$190M	$60M	$51M
Q1 25	$202M	$73M	$52M
Q2 25	$217M	$85M	$64M
Q3 25	$209M	$76M	$55M
Q4 25	$89M	$83M	$56M

Valuation

Quarter	P/S	P/E
Q1 22	13.0x	35.0x
Q2 22	11.0x	30.5x
Q3 22	8.4x	26.3x
Q4 22	6.6x	23.2x
Q1 23	4.9x	18.1x
Q2 23	4.1x	16.2x
Q3 23	3.4x	14.1x
Q4 23	3.1x	12.8x
Q1 24	2.9x	11.8x
Q2 24	2.7x	11.0x
Q3 24	2.7x	10.6x
Q4 24	2.6x	10.4x
Q1 25	2.6x	10.3x
Q2 25	2.6x	9.7x
Q3 25	2.6x	9.6x
Q4 25	3.0x	9.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$481M	-$482M
Q2 22	-$439M	-$439M
Q3 22	-$10M	-$11M
Q4 22	$161M	$160M
Q1 23	$518M	$518M
Q2 23	$468M	$468M
Q3 23	$64M	$64M
Q4 23	$25M	$25M
Q1 24	$176M	$175M
Q2 24	-$59M	-$59M
Q3 24	-$623M	-$624M
Q4 24	-$305M	-$306M
Q1 25	$197M	$196M
Q2 25	$875M	$874M
Q3 25	$68M	$69M
Q4 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q1 22	$296.0K
Q2 22	$407.0K
Q3 22	$1M
Q4 22	$788.0K
Q1 23	$595.0K
Q2 23	$360.0K
Q3 23	$707.0K
Q4 23	$434.0K
Q1 24	$314.0K
Q2 24	$128.0K
Q3 24	$818.0K
Q4 24	$2M
Q1 25	$311.0K
Q2 25	$1M
Q3 25	$980.0K
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+12.4%	+26.5%
Q2 22	+76.2%	+83.4%
Q3 22	+150.1%	+202.4%
Q4 22	+154.8%	+236.1%
Q1 23	+270.8%	+285.4%
Q2 23	+137.9%	+177.0%
Q3 23	+96.0%	+105.6%
Q4 23	+55.4%	+57.7%
Q1 24	+35.6%	+34.5%
Q2 24	+27.8%	+25.7%
Q3 24	+8.2%	+5.9%
Q4 24	+7.1%	+5.8%
Q1 25	-0.6%	-1.1%
Q2 25	+4.4%	-3.2%
Q3 25	-0.3%	-1.6%
Q4 25	-53.3%	-76.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$418.0K	1.0%
Q2 22	$796.0K	1.2%
Q3 22	$701.0K	0.7%
Q4 22	$242.0K	0.2%
Q1 23	$2M	1.0%
Q2 23	$1M	0.8%
Q3 23	$2M	0.8%
Q4 23	$1M	0.6%
Q1 24	$1M	0.7%
Q2 24	$2M	0.8%
Q3 24	$2M	0.8%
Q4 24	$3M	1.4%
Q1 25	$2M	0.9%
Q2 25	$2M	0.9%
Q3 25	$2M	1.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$7M	—
Q2 22	$8M	—
Q3 22	$9M	—
Q4 22	$20M	$557.0K
Q1 23	$10M	—
Q2 23	$10M	—
Q3 23	$14M	—
Q4 23	$26M	$1M
Q1 24	$12M	—
Q2 24	$12M	—
Q3 24	$14M	—
Q4 24	$29M	$987.0K
Q1 25	$14M	—
Q2 25	$12M	—
Q3 25	$13M	—
Q4 25	$16M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$654M	$0	$654M
Q2 22	$867M	$0	$867M
Q3 22	$1.0B	$0	$1.0B
Q4 22	$1.2B	$0	$1.2B
Q1 23	$1.3B	$0	$1.3B
Q2 23	$1.8B	$0	$1.8B
Q3 23	$1.6B	$0	$1.6B
Q4 23	$2.0B	$12M	$2.1B
Q1 24	$1.7B	$99M	$1.8B
Q2 24	$1.9B	$98M	$2.0B
Q3 24	$1.7B	$101M	$1.8B
Q4 24	$2.0B	$99M	$2.1B
Q1 25	$1.9B	$129M	$2.0B
Q2 25	$2.0B	$99M	$2.1B
Q3 25	$2.0B	$92M	$2.1B
Q4 25	$1.9B	$2M	$1.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	36M	-6.6%	-8.7%
Q2 22	36M	+0.2%	-8.4%
Q3 22	36M	+0.0%	-6.3%
Q4 22	36M	-0.0%	-6.4%
Q1 23	36M	+0.1%	+0.3%
Q2 23	36M	+0.4%	+0.5%
Q3 23	37M	+0.1%	+0.6%
Q4 23	37M	+0.0%	+0.6%
Q1 24	37M	+0.2%	+0.7%
Q2 24	37M	+0.5%	+0.8%
Q3 24	37M	+0.0%	+0.7%
Q4 24	37M	+0.0%	+0.7%
Q1 25	37M	+0.4%	+0.9%
Q2 25	37M	0.0%	+0.5%
Q3 25	37M	+0.8%	+1.2%
Q4 25	37M	+0.3%	+1.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$219.7K	184
Q2 22	$371.0K	184
Q3 22	$537.1K	184
Q4 22	$479.5K	238
Q1 23	$630.0K	238
Q2 23	$682.5K	238
Q3 23	$813.7K	238
Q4 23	$661.9K	268
Q1 24	$758.5K	268
Q2 24	$774.8K	268
Q3 24	$782.2K	268
Q4 24	$590.2K	322
Q1 25	$627.7K	322
Q2 25	$673.1K	322
Q3 25	$649.2K	322
Q4 25	$275.8K	322

Revenue / Employee