财务数据
金额单位：亿美元；每股数据：美元；股数：亿股。* 为推导值（如第四季度 = 全年 − 前三季度；半年报公司的下半年 = 全年 − 上半年），悬停任一数字可查看来源（XBRL 标签 / PDF 页码 / 计算公式）。
收入确认变更（FY2027Q1 起）：自 2027 财年第一季度（12 月季度）起，所售硬件设备的捆绑服务递延收入新增纳入 Siri AI（在设备使用寿命期内确认），同时 Siri AI 相关云端成本计入服务业务营业成本，两项均影响毛利率（受影响：营业收入、营业成本、毛利率）；同比不可比：FY2027、FY2027Q1、FY2027Q2、FY2027Q3、FY2027Q4
年度营收（亿美元）
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 2,156 | 2,292 | 2,656 | 2,602 | 2,745 | 3,658 | 3,943 | 3,833 | 3,910 | 4,162 |
年度利润（亿美元）
营业利润净利润
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 600.2 | 613.4 | 709.0 | 639.3 | 662.9 | 1,089 | 1,194 | 1,143 | 1,232 | 1,330 |
| 净利润 | 456.9 | 483.5 | 595.3 | 552.6 | 574.1 | 946.8 | 998.0 | 970.0 | 937.4 | 1,120 |
市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（账面口径）实际市盈率（主业口径）
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| FY22 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|
| 表观市盈率（账面口径） | 50.8x | 52.2x | 54.1x | 45.2x | 39.3x |
| 实际市盈率（主业口径） | 50.6x | 52.0x | 54.2x | 45.1x | 39.6x |
最新滚动 12 个月（FY2025Q4–FY2026Q3）：总市值 50,668.8 亿美元；账面净利润 1,289.3 亿美元 → 表观市盈率 39.3x；剔除税后非主业净收益 8.7 亿美元（投资/股权及利息等营业外收支税前 10.5 亿，有效税率 17.3%）后，实际主业盈利 1,280.6 亿美元 → 实际市盈率 39.6x（表观市盈率被非主业收益拉低 0.3x）。
年度账面盈利 vs 实际主业盈利（亿美元，含 TTM）
账面净利润实际主业盈利
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 456.9 | 483.5 | 595.3 | 552.6 | 574.1 | 946.8 | 998.0 | 970.0 | 937.4 | 1,120 | 1,289 |
| 实际主业盈利 | 446.8 | 462.8 | 578.9 | 537.4 | 567.2 | 944.6 | 1,001 | 974.8 | 935.3 | 1,123 | 1,281 |
年度利润率
毛利率营业利润率税后营业利润率净利率
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| 营业利润率 | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| 税后营业利润率 | 20.7% | 20.2% | 21.8% | 20.7% | 20.7% | 25.8% | 25.4% | 25.4% | 23.9% | 27.0% |
| 净利率 | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
资本开支与自由现金流（亿美元）
资本开支自由现金流
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 127.3 | 124.5 | 133.1 | 105.0 | 73.1 | 110.8 | 107.1 | 109.6 | 94.5 | 127.2 |
| 自由现金流 | 535.0 | 517.7 | 641.2 | 589.0 | 733.6 | 929.5 | 1,114 | 995.8 | 1,088 | 987.7 |
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.9% | 36.9% | 49.4% | 55.9% | 73.7% | 147.4% | 175.5% | 171.9% | 157.4% | 171.4% |
| ROIC | 24.4% | 21.9% | 33.1% | 40.3% | 45.0% | 68.8% | 79.4% | 76.5% | 82.9% | 96.7% |
| 三年增量 ROIC | 14.9% | 8.9% |
FY2025 ROIC 96.7% = 税后营业利润（NOPAT）1,122.8 亿美元 ÷ 投入资本 1,161.3 亿美元（杜邦拆解：税后营业利润率 27.0% × 投入资本周转率 3.58x）。
年度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
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| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 446.8 | 462.8 | 578.9 | 537.4 | 567.2 | 944.6 | 1,001 | 974.8 | 935.3 | 1,123 |
| 投入资本 | 1,832 | 2,110 | 1,750 | 1,335 | 1,260 | 1,373 | 1,260 | 1,275 | 1,128 | 1,161 |
| 科目 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 2,156.4 | 2,292.3 | 2,656.0 | 2,601.7 | 2,745.2 | 3,658.2 | 3,943.3 | 3,832.8 | 3,910.4 | 4,161.6 |
| 营业成本IS_COGS | 1,313.8 | 1,410.5 | 1,637.6 | 1,617.8 | 1,695.6 | 2,129.8 | 2,235.5 | 2,141.4 | 2,103.5 | 2,209.6 |
| 毛利IS_GROSS_PROFIT | 842.6 | 881.9 | 1,018.4 | 983.9 | 1,049.6 | 1,528.4 | 1,707.8 | 1,691.5 | 1,806.8 | 1,952.0 |
| 研发费用IS_RND | 100.4 | 115.8 | 142.4 | 162.2 | 187.5 | 219.1 | 262.5 | 299.2 | 313.7 | 345.5 |
| 销售及管理费用IS_SGA | 141.9 | 152.6 | 167.0 | 182.4 | 199.2 | 219.7 | 250.9 | 249.3 | 261.0 | 276.0 |
| 营业费用IS_OPEX | 242.4 | 268.4 | 309.4 | 344.6 | 386.7 | 438.9 | 513.4 | 548.5 | 574.7 | 621.5 |
| 营业利润IS_OPERATING_PROFIT | 600.2 | 613.4 | 709.0 | 639.3 | 662.9 | 1,089.5 | 1,194.4 | 1,143.0 | 1,232.2 | 1,330.5 |
| 营业外收支净额IS_NONOPERATING | 13.5 | 27.4 | 20.0 | 18.1 | 8.0 | 2.6 | -3.3 | -5.6 | 2.7 | -3.2 |
| 税前利润IS_PRETAX_PROFIT | 613.7 | 640.9 | 729.0 | 657.4 | 670.9 | 1,092.1 | 1,191.0 | 1,137.4 | 1,234.8 | 1,327.3 |
| 所得税IS_TAX | 156.8 | 157.4 | 133.7 | 104.8 | 96.8 | 145.3 | 193.0 | 167.4 | 297.5 | 207.2 |
| 净利润IS_NET_PROFIT | 456.9 | 483.5 | 595.3 | 552.6 | 574.1 | 946.8 | 998.0 | 970.0 | 937.4 | 1,120.1 |
| 基本每股收益IS_EPS_BASIC | 8.35 | 9.27 | 3.00 | 2.99 | 3.31 | 5.67 | 6.15 | 6.16 | 6.11 | 7.49 |
| 摊薄每股收益IS_EPS_DILUTED | 8.31 | 9.21 | 2.98 | 2.97 | 3.28 | 5.61 | 6.11 | 6.13 | 6.08 | 7.46 |
| 基本加权股数IS_SHARES_BASIC | 54.71 | 52.17 | 198.22 | 184.71 | 173.52 | 167.01 | 162.16 | 157.44 | 153.44 | 149.48 |
| 摊薄加权股数IS_SHARES_DILUTED | 55.00 | 52.52 | 200.00 | 185.96 | 175.28 | 168.65 | 163.26 | 158.13 | 154.08 | 150.05 |
| 每股宣派股息IS_DPS_DECLARED | 2.18 | 2.40 | 0.68 | 0.75 | 0.80 | 0.85 | 0.90 | 0.94 | 0.98 | 1.02 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 3,216.9 | 3,753.2 | 3,657.2 | 3,385.2 | 3,238.9 | 3,510.0 | 3,527.6 | 3,525.8 | 3,649.8 | 3,592.4 |
| 流动资产BS_CURRENT_ASSETS | 1,068.7 | 1,286.4 | 1,313.4 | 1,628.2 | 1,437.1 | 1,348.4 | 1,354.0 | 1,435.7 | 1,529.9 | 1,479.6 |
| 现金及等价物BS_CASH | 204.8 | 202.9 | 259.1 | 488.4 | 380.2 | 349.4 | 236.5 | 299.6 | 299.4 | 359.3 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 466.7 | 538.9 | 403.9 | 517.1 | 529.3 | 277.0 | 246.6 | 315.9 | 352.3 | 187.6 |
| 应收账款BS_AR | 157.5 | 178.7 | 231.9 | 229.3 | 161.2 | 262.8 | 281.8 | 295.1 | 334.1 | 397.8 |
| 存货BS_INVENTORY | 21.3 | 48.6 | 39.6 | 41.1 | 40.6 | 65.8 | 49.5 | 63.3 | 72.9 | 57.2 |
| 固定资产净值BS_PPE_NET | 270.1 | 337.8 | 413.0 | 373.8 | 367.7 | 394.4 | 421.2 | 437.2 | 456.8 | 498.3 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 29.0 | 28.0 | ||||||||
| 总负债BS_TOTAL_LIABILITIES | 1,934.4 | 2,412.7 | 2,585.8 | 2,480.3 | 2,585.5 | 2,879.1 | 3,020.8 | 2,904.4 | 3,080.3 | 2,855.1 |
| 流动负债BS_CURRENT_LIABILITIES | 790.1 | 1,008.1 | 1,159.3 | 1,057.2 | 1,053.9 | 1,254.8 | 1,539.8 | 1,453.1 | 1,763.9 | 1,656.3 |
| 一年内到期借款BS_ST_DEBT | 116.0 | 184.7 | 207.5 | 162.4 | 137.7 | 156.1 | 211.1 | 158.1 | 208.8 | 203.3 |
| 应付账款BS_AP | 372.9 | 442.4 | 558.9 | 462.4 | 423.0 | 547.6 | 641.2 | 626.1 | 689.6 | 698.6 |
| 合同负债BS_CONTRACT_LIAB | 80.8 | 75.5 | 59.7 | 55.2 | 66.4 | 76.1 | 79.1 | 80.6 | 82.5 | 90.6 |
| 长期借款BS_LT_DEBT | 754.3 | 972.1 | 937.4 | 918.1 | 986.7 | 1,091.1 | 989.6 | 952.8 | 857.5 | 783.3 |
| 股东权益BS_TOTAL_EQUITY | 1,282.5 | 1,340.5 | 1,071.5 | 904.9 | 653.4 | 630.9 | 506.7 | 621.5 | 569.5 | 737.3 |
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 662.3 | 642.2 | 774.3 | 693.9 | 806.7 | 1,040.4 | 1,221.5 | 1,105.4 | 1,182.5 | 1,114.8 |
| 折旧摊销CF_DEPRECIATION | 105.0 | 101.6 | 109.0 | 125.5 | 110.6 | 112.8 | 111.0 | 115.2 | 114.4 | 117.0 |
| 股权激励费用CF_SBC | 42.1 | 48.4 | 53.4 | 60.7 | 68.3 | 79.1 | 90.4 | 108.3 | 116.9 | 128.6 |
| 投资活动现金流CF_INVESTING | -459.8 | -464.5 | 160.7 | 459.0 | -42.9 | -145.4 | -223.5 | 37.0 | 29.4 | 152.0 |
| 资本开支CF_CAPEX | 127.3 | 124.5 | 133.1 | 105.0 | 73.1 | 110.8 | 107.1 | 109.6 | 94.5 | 127.2 |
| 筹资活动现金流CF_FINANCING | -208.9 | -179.7 | -878.8 | -909.8 | -868.2 | -933.5 | -1,107.5 | -1,084.9 | -1,219.8 | -1,206.9 |
| 派息CF_DIVIDEND | 121.5 | 127.7 | 137.1 | 141.2 | 140.8 | 144.7 | 148.4 | 150.2 | 152.3 | 154.2 |
| 回购CF_BUYBACK | 297.2 | 329.0 | 727.4 | 669.0 | 723.6 | 859.7 | 894.0 | 775.5 | 949.5 | 907.1 |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| 营业利润率OPERATING_MARGIN | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| 净利率NET_MARGIN | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
| 税后营业利润NOPAT | 446.8 | 462.8 | 578.9 | 537.4 | 567.2 | 944.6 | 1,000.8 | 974.8 | 935.3 | 1,122.8 |
| 税后营业利润率NOPAT_MARGIN | 20.7% | 20.2% | 21.8% | 20.7% | 20.7% | 25.8% | 25.4% | 25.4% | 23.9% | 27.0% |
| 投入资本INVESTED_CAPITAL | 1,831.9 | 2,109.6 | 1,749.7 | 1,334.5 | 1,259.9 | 1,372.6 | 1,259.8 | 1,274.6 | 1,127.6 | 1,161.3 |
| 投入资本周转率CAPITAL_TURNOVER | 1.18 | 1.09 | 1.52 | 1.95 | 2.18 | 2.67 | 3.13 | 3.01 | 3.47 | 3.58 |
| ROEROE | 36.9% | 36.9% | 49.4% | 55.9% | 73.7% | 147.4% | 175.5% | 171.9% | 157.4% | 171.4% |
| ROICROIC | 24.4% | 21.9% | 33.1% | 40.3% | 45.0% | 68.8% | 79.4% | 76.5% | 82.9% | 96.7% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | 14.9% | 8.9% | ||||||||
| 资产负债率DEBT_RATIO | 60.1% | 64.3% | 70.7% | 73.3% | 79.8% | 82.0% | 85.6% | 82.4% | 84.4% | 79.5% |
| 经营现金流/净利润OCF_TO_PROFIT | 145.0% | 132.8% | 130.1% | 125.6% | 140.5% | 109.9% | 122.4% | 114.0% | 126.2% | 99.5% |
| 应计比率ACCRUAL_RATIO | -6.4% | -4.2% | -4.9% | -4.2% | -7.2% | -2.7% | -6.3% | -3.8% | -6.7% | 0.1% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 2.2% | 4.3% | 2.8% | 2.7% | 1.2% | 0.2% | -0.3% | -0.5% | 0.2% | -0.2% |
| 自由现金流FCF | 535.0 | 517.7 | 641.2 | 589.0 | 733.6 | 929.5 | 1,114.4 | 995.8 | 1,088.1 | 987.7 |
| 自由现金流利润率FCF_MARGIN | 24.8% | 22.6% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
| 股权激励/营收SBC_TO_REVENUE | 2.0% | 2.1% | 2.0% | 2.3% | 2.5% | 2.2% | 2.3% | 2.8% | 3.0% | 3.1% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 492.9 | 469.3 | 587.8 | 528.3 | 665.4 | 850.5 | 1,024.0 | 887.5 | 971.2 | 859.0 |
| 资本开支/折旧摊销CAPEX_TO_DA | 1.21 | 1.23 | 1.22 | 0.84 | 0.66 | 0.98 | 0.96 | 0.95 | 0.83 | 1.09 |
| 固定资产周转率PPE_TURNOVER | 7.98 | 6.79 | 6.43 | 6.96 | 7.47 | 9.28 | 9.36 | 8.77 | 8.56 | 8.35 |
| 总资产周转率ASSET_TURNOVER | 0.70 | 0.66 | 0.72 | 0.74 | 0.83 | 1.08 | 1.12 | 1.09 | 1.09 | 1.15 |
| 权益乘数EQUITY_MULTIPLIER | 2.47 | 2.66 | 3.07 | 3.56 | 4.25 | 5.26 | 6.19 | 6.25 | 6.03 | 5.54 |
| 应收周转天数DSO | 26.7 | 28.5 | 31.9 | 32.2 | 21.4 | 26.2 | 26.1 | 28.1 | 31.2 | 34.9 |
| 存货周转天数DIO | 5.9 | 12.6 | 8.8 | 9.3 | 8.7 | 11.3 | 8.1 | 10.8 | 12.6 | 9.4 |
| 应付周转天数DPO | 103.6 | 114.5 | 124.6 | 104.3 | 91.0 | 93.9 | 104.7 | 106.7 | 119.7 | 115.4 |
| 现金转换周期CCC | -71.0 | -73.5 | -83.9 | -62.9 | -60.9 | -56.4 | -70.5 | -67.8 | -75.8 | -71.1 |
| 合同负债同比CONTRACT_LIAB_YOY | -9.6% | -6.6% | -21.0% | -7.4% | 20.3% | 14.6% | 3.9% | 1.9% | 2.3% | 9.8% |
| 所有者盈余OWNER_EARNINGS | 557.3 | 540.7 | 665.3 | 568.4 | 696.2 | 927.5 | 1,110.5 | 990.2 | 1,068.1 | 997.8 |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 418.7 | 456.7 | 864.5 | 810.2 | 864.4 | 1,004.4 | 1,042.4 | 925.8 | 1,101.8 | 1,061.3 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 78.3% | 88.2% | 134.8% | 137.6% | 117.8% | 108.1% | 93.5% | 93.0% | 101.3% | 107.5% |
| 派息率PAYOUT_RATIO | 26.6% | 26.4% | 23.0% | 25.6% | 24.5% | 15.3% | 14.9% | 15.5% | 16.3% | 13.8% |
| 稀释率DILUTION_RATE | 0.5% | 0.7% | 0.9% | 0.7% | 1.0% | 1.0% | 0.7% | 0.4% | 0.4% | 0.4% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | -5.1% | -4.5% | 280.8% | -7.0% | -5.7% | -3.8% | -3.2% | -3.1% | -2.6% | -2.6% |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | -9.9% | 10.8% | -67.6% | -0.3% | 10.4% | 71.0% | 8.9% | 0.3% | -0.8% | 22.7% |
勾稽校验（所示期间）：10 项， 全部通过
季度营收（亿美元）
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 895.0 | 1,196 | 907.5 | 857.8 | 949.3 | 1,243 | 953.6 | 940.4 | 1,025 | 1,438 | 1,112 | 1,094 |
季度利润（亿美元）
营业利润净利润
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 269.7 | 403.7 | 279.0 | 253.5 | 295.9 | 428.3 | 295.9 | 282.0 | 324.3 | 508.5 | 358.9 | 356.9 |
| 净利润 | 229.6 | 339.2 | 236.4 | 214.5 | 147.4 | 363.3 | 247.8 | 234.3 | 274.7 | 421.0 | 295.8 | 297.9 |
滚动 TTM 市盈率对比：表观 vs 实际（倍，按当前市值折算）
表观市盈率（TTM）实际市盈率（TTM）
查看数据表
| 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|
| 表观市盈率（TTM） | 54.1x | 52.7x | 52.1x | 51.0x | 45.2x | 43.0x | 41.3x | 39.3x |
| 实际市盈率（TTM） | 54.2x | 52.7x | 51.9x | 50.8x | 45.1x | 43.0x | 41.4x | 39.6x |
季度账面盈利 vs 实际主业盈利（亿美元）
账面净利润实际主业盈利
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 229.6 | 339.2 | 236.4 | 214.5 | 147.4 | 363.3 | 247.8 | 234.3 | 274.7 | 421.0 | 295.8 | 297.9 |
| 实际主业盈利 | 229.3 | 339.6 | 235.0 | 213.3 | 147.3 | 365.4 | 250.2 | 235.8 | 271.5 | 419.7 | 296.2 | 293.2 |
季度利润率
毛利率营业利润率税后营业利润率净利率
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 45.2% | 45.9% | 46.6% | 46.3% | 46.2% | 46.9% | 47.1% | 46.5% | 47.2% | 48.2% | 49.3% | 50.1% |
| 营业利润率 | 30.1% | 33.8% | 30.7% | 29.6% | 31.2% | 34.5% | 31.0% | 30.0% | 31.6% | 35.4% | 32.3% | 32.6% |
| 税后营业利润率 | 25.6% | 28.4% | 25.9% | 24.9% | 15.5% | 29.4% | 26.2% | 25.1% | 26.5% | 29.2% | 26.6% | 26.8% |
| 净利率 | 25.6% | 28.4% | 26.0% | 25.0% | 15.5% | 29.2% | 26.0% | 24.9% | 26.8% | 29.3% | 26.6% | 27.2% |
资本开支与自由现金流（亿美元）
资本开支自由现金流
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 21.6 | 23.9 | 20.0 | 21.5 | 29.1 | 29.4 | 30.7 | 34.6 | 32.4 | 23.7 | 19.7 | 24.6 |
| 自由现金流 | 194.3 | 375.0 | 206.9 | 267.1 | 239.0 | 269.9 | 208.8 | 244.1 | 264.9 | 515.5 | 267.3 | 319.1 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.9% | 45.8% | 31.9% | 32.2% | 25.9% | 54.4% | 37.1% | 35.6% | 37.3% | 47.7% | 27.8% | 27.7% |
| ROIC | 18.0% | 26.4% | 17.6% | 16.7% | 13.1% | 30.3% | 21.3% | 21.1% | 23.4% | 35.1% | 21.9% | 21.0% |
FY2026Q3 ROIC 21.0% = 税后营业利润（NOPAT）293.2 亿美元 ÷ 投入资本 1,393.2 亿美元（杜邦拆解：税后营业利润率 26.8% × 投入资本周转率 3.14x）。
季度税后营业利润（NOPAT）与投入资本（亿美元）
税后营业利润（NOPAT）投入资本
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 229.3 | 339.6 | 235.0 | 213.3 | 147.3 | 365.4 | 250.2 | 235.8 | 271.5 | 419.7 | 296.2 | 293.2 |
| 投入资本 | 1,275 | 1,284 | 1,333 | 1,273 | 1,128 | 1,204 | 1,172 | 1,120 | 1,161 | 1,196 | 1,353 | 1,393 |
| 科目 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 895.0 | 1,195.8 | 907.5 | 857.8 | 949.3 | 1,243.0 | 953.6 | 940.4 | 1,024.7 | 1,437.6 | 1,111.8 | 1,094.2 |
| 营业成本IS_COGS | 490.7 | 647.2 | 484.8 | 461.0 | 510.5 | 660.2 | 504.9 | 503.2 | 541.2 | 745.2 | 564.0 | 546.5 |
| 毛利IS_GROSS_PROFIT | 404.3 | 548.6 | 422.7 | 396.8 | 438.8 | 582.8 | 448.7 | 437.2 | 483.4 | 692.3 | 547.8 | 547.7 |
| 研发费用IS_RND | 73.1 | 77.0 | 79.0 | 80.1 | 77.6 | 82.7 | 85.5 | 88.7 | 88.7 | 108.9 | 114.2 | 117.3 |
| 销售及管理费用IS_SGA | 61.5 | 67.9 | 64.7 | 63.2 | 65.2 | 71.8 | 67.3 | 66.5 | 70.5 | 74.9 | 74.8 | 73.5 |
| 营业费用IS_OPEX | 134.6 | 144.8 | 143.7 | 143.3 | 142.9 | 154.4 | 152.8 | 155.2 | 159.1 | 183.8 | 189.0 | 190.8 |
| 营业利润IS_OPERATING_PROFIT | 269.7 | 403.7 | 279.0 | 253.5 | 295.9 | 428.3 | 295.9 | 282.0 | 324.3 | 508.5 | 358.8 | 357.0 |
| 营业外收支净额IS_NONOPERATING | 0.3 | -0.5 | 1.6 | 1.4 | 0.2 | -2.5 | -2.8 | -1.7 | 3.8 | 1.5 | -0.5 | 5.7 |
| 税前利润IS_PRETAX_PROFIT | 270.0 | 403.2 | 280.6 | 254.9 | 296.1 | 425.8 | 293.1 | 280.3 | 328.0 | 510.0 | 358.3 | 362.7 |
| 所得税IS_TAX | 40.4 | 64.1 | 44.2 | 40.5 | 148.7 | 62.5 | 45.3 | 46.0 | 53.4 | 89.0 | 62.6 | 64.8 |
| 净利润IS_NET_PROFIT | 229.6 | 339.2 | 236.4 | 214.5 | 147.4 | 363.3 | 247.8 | 234.3 | 274.7 | 421.0 | 295.8 | 297.9 |
| 基本每股收益IS_EPS_BASIC | 2.19 | 1.53 | 1.40 | 2.41 | 1.65 | 1.57 | 2.85 | 2.02 | 2.03 | |||
| 摊薄每股收益IS_EPS_DILUTED | 2.18 | 1.53 | 1.40 | 2.40 | 1.65 | 1.57 | 2.84 | 2.01 | 2.02 | |||
| 基本加权股数IS_SHARES_BASIC | 155.10 | 154.06 | 152.88 | 150.82 | 149.94 | 149.03 | 147.48 | 146.73 | 146.56 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 155.77 | 154.65 | 153.48 | 151.51 | 150.56 | 149.48 | 148.10 | 147.26 | 147.15 | |||
| 每股宣派股息IS_DPS_DECLARED | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.26 | 0.26 | 0.26 | 0.27 | |||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 3,525.8 | 3,535.1 | 3,374.1 | 3,316.1 | 3,649.8 | 3,440.8 | 3,312.3 | 3,315.0 | 3,592.4 | 3,793.0 | 3,710.8 | 3,832.7 |
| 流动资产BS_CURRENT_ASSETS | 1,435.7 | 1,436.9 | 1,284.2 | 1,254.4 | 1,529.9 | 1,332.4 | 1,186.7 | 1,224.9 | 1,479.6 | 1,581.0 | 1,441.1 | 1,498.2 |
| 现金及等价物BS_CASH | 299.6 | 407.6 | 327.0 | 255.6 | 299.4 | 303.0 | 281.6 | 362.7 | 359.3 | 453.2 | 455.7 | 395.4 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 315.9 | 323.4 | 344.6 | 362.4 | 352.3 | 234.8 | 203.4 | 191.0 | 187.6 | 215.9 | 229.4 | 228.6 |
| 应收账款BS_AR | 295.1 | 231.9 | 218.4 | 228.0 | 334.1 | 296.4 | 261.4 | 275.6 | 397.8 | 399.2 | 303.4 | 314.0 |
| 存货BS_INVENTORY | 63.3 | 65.1 | 62.3 | 61.6 | 72.9 | 69.1 | 62.7 | 59.2 | 57.2 | 58.8 | 67.5 | 110.9 |
| 固定资产净值BS_PPE_NET | 437.2 | 436.7 | 435.5 | 445.0 | 456.8 | 460.7 | 468.8 | 485.1 | 498.3 | 501.6 | 501.2 | 514.3 |
| 总负债BS_TOTAL_LIABILITIES | 2,904.4 | 2,794.1 | 2,632.2 | 2,649.0 | 3,080.3 | 2,773.3 | 2,644.4 | 2,656.6 | 2,855.1 | 2,911.1 | 2,645.9 | 2,757.5 |
| 流动负债BS_CURRENT_LIABILITIES | 1,453.1 | 1,339.7 | 1,238.2 | 1,316.2 | 1,763.9 | 1,443.6 | 1,445.7 | 1,411.2 | 1,656.3 | 1,623.7 | 1,346.4 | 1,493.3 |
| 一年内到期借款BS_ST_DEBT | 158.1 | 129.5 | 127.6 | 151.1 | 208.8 | 128.4 | 196.2 | 192.7 | 203.3 | 138.2 | 103.1 | 130.0 |
| 应付账款BS_AP | 626.1 | 581.5 | 457.5 | 475.7 | 689.6 | 619.1 | 541.3 | 503.7 | 698.6 | 705.9 | 573.5 | 645.2 |
| 合同负债BS_CONTRACT_LIAB | 80.6 | 82.6 | 80.1 | 80.5 | 82.5 | 84.6 | 89.8 | 89.8 | 90.6 | 94.1 | 93.3 | 95.4 |
| 长期借款BS_LT_DEBT | 952.8 | 950.9 | 918.3 | 862.0 | 857.5 | 839.6 | 785.7 | 824.3 | 783.3 | 766.8 | 744.0 | 713.4 |
| 股东权益BS_TOTAL_EQUITY | 621.5 | 741.0 | 741.9 | 667.1 | 569.5 | 667.6 | 668.0 | 658.3 | 737.3 | 881.9 | 1,064.9 | 1,075.2 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 216.0 | 399.0 | 226.9 | 288.6 | 268.1 | 299.4 | 239.5 | 278.7 | 297.3 | 539.2 | 287.0 | 343.7 |
| 折旧摊销CF_DEPRECIATION | 26.5 | 28.5 | 28.4 | 28.5 | 29.1 | 30.8 | 26.6 | 28.3 | 31.3 | 32.1 | 34.4 | 33.2 |
| 股权激励费用CF_SBC | 26.2 | 30.0 | 29.6 | 28.7 | 28.6 | 32.9 | 32.3 | 31.7 | 31.8 | 35.9 | 35.3 | 34.0 |
| 投资活动现金流CF_INVESTING | 23.9 | 19.3 | -3.1 | -1.3 | 14.4 | 97.9 | 29.2 | 50.7 | -25.9 | -48.9 | -61.7 | -77.6 |
| 资本开支CF_CAPEX | 21.6 | 23.9 | 20.0 | 21.5 | 29.1 | 29.4 | 30.7 | 34.6 | 32.4 | 23.7 | 19.7 | 24.6 |
| 筹资活动现金流CF_FINANCING | -231.5 | -305.8 | -304.3 | -360.2 | -249.5 | -393.7 | -290.1 | -248.3 | -274.8 | -396.6 | -222.8 | -326.4 |
| 派息CF_DIVIDEND | 37.6 | 38.2 | 37.1 | 39.0 | 38.0 | 38.6 | 37.6 | 39.4 | 38.6 | 39.2 | 38.2 | 40.4 |
| 回购CF_BUYBACK | 210.0 | 201.4 | 232.0 | 265.2 | 250.8 | 236.1 | 259.0 | 210.8 | 201.3 | 247.0 | 122.9 | 251.0 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 45.2% | 45.9% | 46.6% | 46.3% | 46.2% | 46.9% | 47.1% | 46.5% | 47.2% | 48.2% | 49.3% | 50.1% |
| 营业利润率OPERATING_MARGIN | 30.1% | 33.8% | 30.7% | 29.6% | 31.2% | 34.5% | 31.0% | 30.0% | 31.6% | 35.4% | 32.3% | 32.6% |
| 净利率NET_MARGIN | 25.6% | 28.4% | 26.0% | 25.0% | 15.5% | 29.2% | 26.0% | 24.9% | 26.8% | 29.3% | 26.6% | 27.2% |
| 税后营业利润NOPAT | 229.3 | 339.6 | 235.0 | 213.3 | 147.3 | 365.4 | 250.2 | 235.8 | 271.5 | 419.7 | 296.2 | 293.2 |
| 税后营业利润率NOPAT_MARGIN | 25.6% | 28.4% | 25.9% | 24.9% | 15.5% | 29.4% | 26.2% | 25.1% | 26.5% | 29.2% | 26.6% | 26.8% |
| 投入资本INVESTED_CAPITAL | 1,274.6 | 1,284.3 | 1,333.3 | 1,273.4 | 1,127.6 | 1,204.2 | 1,172.0 | 1,119.9 | 1,161.3 | 1,195.6 | 1,353.2 | 1,393.2 |
| 投入资本周转率CAPITAL_TURNOVER | 2.81 | 3.72 | 2.72 | 2.69 | 3.37 | 4.13 | 3.25 | 3.36 | 3.53 | 4.81 | 3.29 | 3.14 |
| ROEROE | 36.9% | 45.8% | 31.9% | 32.2% | 25.9% | 54.4% | 37.1% | 35.6% | 37.3% | 47.7% | 27.8% | 27.7% |
| ROICROIC | 18.0% | 26.4% | 17.6% | 16.7% | 13.1% | 30.3% | 21.3% | 21.1% | 23.4% | 35.1% | 21.9% | 21.0% |
| 资产负债率DEBT_RATIO | 82.4% | 79.0% | 78.0% | 79.9% | 84.4% | 80.6% | 79.8% | 80.1% | 79.5% | 76.7% | 71.3% | 71.9% |
| 经营现金流/净利润OCF_TO_PROFIT | 94.1% | 117.6% | 96.0% | 134.5% | 181.9% | 82.4% | 96.7% | 118.9% | 108.2% | 128.1% | 97.0% | 115.4% |
| 应计比率ACCRUAL_RATIO | 0.4% | -1.7% | 0.3% | -2.2% | -3.3% | 1.9% | 0.2% | -1.3% | -0.6% | -3.1% | 0.2% | -1.2% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 0.1% | -0.1% | 0.6% | 0.6% | 0.1% | -0.6% | -1.0% | -0.6% | 1.1% | 0.3% | -0.1% | 1.6% |
| 自由现金流FCF | 194.4 | 375.0 | 206.9 | 267.1 | 239.0 | 270.0 | 208.8 | 244.0 | 264.9 | 515.5 | 267.3 | 319.1 |
| 自由现金流利润率FCF_MARGIN | 21.7% | 31.4% | 22.8% | 31.1% | 25.2% | 21.7% | 21.9% | 26.0% | 25.8% | 35.9% | 24.0% | 29.2% |
| 股权激励/营收SBC_TO_REVENUE | 2.9% | 2.5% | 3.3% | 3.3% | 3.0% | 2.6% | 3.4% | 3.4% | 3.1% | 2.5% | 3.2% | 3.1% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 168.1 | 345.1 | 177.3 | 238.4 | 210.4 | 237.1 | 176.6 | 212.4 | 233.0 | 479.6 | 232.0 | 285.1 |
| 资本开支/折旧摊销CAPEX_TO_DA | 0.82 | 0.84 | 0.70 | 0.75 | 1.00 | 0.95 | 1.15 | 1.22 | 1.04 | 0.74 | 0.57 | 0.74 |
| 固定资产周转率PPE_TURNOVER | 8.19 | 10.95 | 8.34 | 7.71 | 8.31 | 10.79 | 8.14 | 7.75 | 8.22 | 11.46 | 8.87 | 8.51 |
| 应收周转天数DSO | 30.1 | 17.7 | 22.0 | 24.2 | 32.1 | 21.8 | 25.0 | 26.7 | 35.4 | 25.3 | 24.9 | 26.2 |
| 存货周转天数DIO | 11.8 | 9.2 | 11.7 | 12.2 | 13.0 | 9.6 | 11.3 | 10.7 | 9.6 | 7.2 | 10.9 | 18.5 |
| 应付周转天数DPO | 116.4 | 82.0 | 86.1 | 94.2 | 123.3 | 85.6 | 97.8 | 91.4 | 117.8 | 86.4 | 92.8 | 107.7 |
| 现金转换周期CCC | -74.6 | -55.1 | -52.4 | -57.7 | -78.1 | -54.3 | -61.5 | -53.9 | -72.7 | -53.9 | -57.0 | -63.0 |
| 合同负债同比CONTRACT_LIAB_YOY | 1.9% | 3.4% | -1.5% | -1.3% | 2.3% | 2.4% | 12.0% | 11.5% | 9.8% | 11.3% | 4.0% | 6.2% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 247.6 | 239.6 | 269.2 | 304.2 | 288.9 | 274.6 | 296.6 | 250.2 | 239.9 | 286.2 | 161.1 | 291.4 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 127.4% | 63.9% | 130.1% | 113.9% | 120.9% | 101.7% | 142.0% | 102.5% | 90.6% | 55.5% | 60.3% | 91.3% |
| 派息率PAYOUT_RATIO | 16.4% | 11.3% | 15.7% | 18.2% | 25.8% | 10.6% | 15.2% | 16.8% | 14.1% | 9.3% | 12.9% | 13.5% |
| 稀释率DILUTION_RATE | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% | |||
勾稽校验（所示期间）：12 项， 全部通过