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）。
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 | 902.7 | 1,109 | 1,368 | 1,619 | 1,825 | 2,576 | 2,828 | 3,074 | 3,500 | 4,028 |
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 | 237.2 | 261.8 | 275.2 | 342.3 | 412.2 | 787.1 | 748.4 | 842.9 | 1,124 | 1,290 |
| 净利润 | 194.8 | 126.6 | 307.4 | 343.4 | 402.7 | 760.3 | 599.7 | 738.0 | 1,001 | 1,322 |
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） | 56.7x | 46.1x | 34.0x | 25.7x | 14.4x |
| 实际市盈率（主业口径） | 54.1x | 46.9x | 36.2x | 31.7x | 26.5x |
最新滚动 12 个月（FY2025Q4–FY2026Q3）：总市值 34,033.3 亿美元；账面净利润 2,356.9 亿美元 → 表观市盈率 14.4x；剔除税后非主业净收益 1,070.7 亿美元（投资/股权及利息等营业外收支税前 1,306.6 亿，有效税率 18.1%）后，实际主业盈利 1,286.3 亿美元 → 实际市盈率 26.5x（表观市盈率被非主业收益拉低 12.0x）。
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 | 194.8 | 126.6 | 307.4 | 343.4 | 402.7 | 760.3 | 599.7 | 738.0 | 1,001 | 1,322 | 2,357 |
| 实际主业盈利 | 191.3 | 121.9 | 242.3 | 296.7 | 345.3 | 659.6 | 629.3 | 725.7 | 939.1 | 1,074 | 1,286 |
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 | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| 营业利润率 | 26.3% | 23.6% | 20.1% | 21.1% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.0% |
| 税后营业利润率 | 21.2% | 11.0% | 17.7% | 18.3% | 18.9% | 25.6% | 22.2% | 23.6% | 26.8% | 26.7% |
| 净利率 | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
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 | 102.1 | 131.8 | 251.4 | 235.5 | 222.8 | 246.4 | 314.9 | 322.5 | 525.4 | 914.5 |
| 自由现金流 | 258.2 | 239.1 | 228.3 | 309.7 | 428.4 | 670.1 | 600.1 | 695.0 | 727.6 | 732.7 |
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 | 15.0% | 8.7% | 18.6% | 18.1% | 19.0% | 32.1% | 23.6% | 27.4% | 32.9% | 35.7% |
| ROIC | 14.7% | 8.4% | 14.7% | 15.9% | 16.3% | 26.8% | 25.2% | 26.8% | 30.1% | 24.9% |
| 三年增量 ROIC | -1.4% | 13.7% | 18.5% | 34.0% | 51.4% | 53.1% | 63.6% | 42.1% | 24.5% |
FY2025 ROIC 24.9% = 税后营业利润（NOPAT）1,073.8 亿美元 ÷ 投入资本 4,311.0 亿美元（杜邦拆解：税后营业利润率 26.7% × 投入资本周转率 0.93x）；三年增量 ROIC 24.5%。
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） | 191.3 | 121.9 | 242.3 | 296.7 | 345.3 | 659.6 | 629.3 | 725.7 | 939.1 | 1,074 |
| 投入资本 | 1,301 | 1,457 | 1,649 | 1,869 | 2,114 | 2,461 | 2,496 | 2,712 | 3,125 | 4,311 |
| 科目 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 902.7 | 1,108.6 | 1,368.2 | 1,618.6 | 1,825.3 | 2,576.4 | 2,828.4 | 3,073.9 | 3,500.2 | 4,028.4 |
| 营业成本IS_COGS | 351.4 | 455.8 | 595.5 | 719.0 | 847.3 | 1,109.4 | 1,262.0 | 1,333.3 | 1,463.1 | 1,625.4 |
| 毛利IS_GROSS_PROFIT | 551.3 | 652.7 | 772.7 | 899.6 | 978.0 | 1,467.0 | 1,566.3 | 1,740.6 | 2,037.1 | 2,403.0 |
| 研发费用IS_RND | 139.5 | 166.2 | 214.2 | 260.2 | 275.7 | 315.6 | 395.0 | 454.3 | 493.3 | 610.9 |
| 营业利润IS_OPERATING_PROFIT | 237.2 | 261.8 | 275.2 | 342.3 | 412.2 | 787.1 | 748.4 | 842.9 | 1,123.9 | 1,290.4 |
| 营业外收支净额IS_NONOPERATING | 4.3 | 10.2 | 73.9 | 53.9 | 68.6 | 120.2 | -35.1 | 14.2 | 74.2 | 297.9 |
| 税前利润IS_PRETAX_PROFIT | 241.5 | 271.9 | 349.1 | 396.2 | 480.8 | 907.3 | 713.3 | 857.2 | 1,198.2 | 1,588.3 |
| 所得税IS_TAX | 46.7 | 145.3 | 41.8 | 52.8 | 78.1 | 147.0 | 113.6 | 119.2 | 197.0 | 266.6 |
| 净利润IS_NET_PROFIT | 194.8 | 126.6 | 307.4 | 343.4 | 402.7 | 760.3 | 599.7 | 738.0 | 1,001.2 | 1,321.7 |
| 基本每股收益IS_EPS_BASIC | 28.32 | 18.27 | 44.22 | 49.59 | 2.96 | 5.69 | 4.59 | 5.84 | 8.13 | 10.91 |
| 摊薄每股收益IS_EPS_DILUTED | 27.85 | 18.00 | 43.70 | 49.16 | 2.93 | 5.61 | 4.56 | 5.80 | 8.04 | 10.81 |
| 基本加权股数IS_SHARES_BASIC | 130.63 | 126.30 | 123.19 | 121.16 | ||||||
| 摊薄加权股数IS_SHARES_DILUTED | 131.59 | 127.22 | 124.47 | 122.30 | ||||||
| 每股宣派股息IS_DPS_DECLARED | 0.60 | 0.83 | ||||||||
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 1,675.0 | 1,973.0 | 2,327.9 | 2,759.1 | 3,196.2 | 3,592.7 | 3,652.6 | 4,023.9 | 4,502.6 | 5,952.8 |
| 流动资产BS_CURRENT_ASSETS | 1,054.1 | 1,243.1 | 1,356.8 | 1,525.8 | 1,743.0 | 1,881.4 | 1,648.0 | 1,715.3 | 1,637.1 | 2,060.4 |
| 现金及等价物BS_CASH | 129.2 | 107.2 | 167.0 | 185.0 | 264.6 | 209.4 | 218.8 | 240.5 | 234.7 | 307.1 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 734.2 | 911.6 | 924.4 | 1,011.8 | 1,102.3 | 1,187.0 | 918.8 | 868.7 | 721.9 | 961.4 |
| 应收账款BS_AR | 141.4 | 183.4 | 208.4 | 253.3 | 309.3 | 393.0 | 402.6 | 479.6 | 523.4 | 628.9 |
| 存货BS_INVENTORY | 2.7 | 7.5 | 11.1 | 10.0 | 7.3 | 11.7 | 26.7 | 24.4 | ||
| 固定资产净值BS_PPE_NET | 342.3 | 423.8 | 597.2 | 736.5 | 847.5 | 976.0 | 1,126.7 | 1,343.4 | 1,710.4 | 2,466.0 |
| 在建工程BS_CIP | 351.4 | 506.0 | ||||||||
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 58.8 | 78.1 | 138.6 | 130.8 | 207.0 | 295.5 | 304.9 | 310.1 | 379.8 | 686.9 |
| 总负债BS_TOTAL_LIABILITIES | 284.6 | 447.9 | 551.6 | 744.7 | 970.7 | 1,076.3 | 1,091.2 | 1,190.1 | 1,251.7 | 1,800.2 |
| 流动负债BS_CURRENT_LIABILITIES | 167.6 | 241.8 | 346.2 | 452.2 | 568.3 | 642.5 | 693.0 | 818.1 | 891.2 | 1,027.4 |
| 一年内到期借款BS_ST_DEBT | 0.0 | 0.0 | 0.0 | 0.0 | 10.0 | 0.0 | 0.0 | 10.0 | 33.0 | 20.0 |
| 应付账款BS_AP | 20.4 | 31.4 | 43.8 | 55.6 | 55.9 | 60.4 | 51.3 | 74.9 | 79.9 | 122.0 |
| 合同负债BS_CONTRACT_LIAB | 11.0 | 14.3 | 17.8 | 19.1 | 25.4 | 32.9 | 39.1 | 41.4 | 50.4 | 65.8 |
| 长期借款BS_LT_DEBT | 39.4 | 39.4 | 39.5 | 39.6 | 153.2 | 154.4 | 153.1 | 118.7 | 108.8 | 465.5 |
| 股东权益BS_TOTAL_EQUITY | 1,390.4 | 1,525.0 | 1,776.3 | 2,014.4 | 2,225.4 | 2,516.4 | 2,561.4 | 2,833.8 | 3,250.8 | 4,152.6 |
| 剩余履约义务（RPO）BS_RPO | 114.0 | 298.0 | 510.0 | 643.0 | 741.0 | 932.0 | 2,428.0 | |||
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 360.4 | 370.9 | 479.7 | 545.2 | 651.2 | 916.5 | 915.0 | 1,017.5 | 1,253.0 | 1,647.1 |
| 折旧摊销CF_DEPRECIATION | 102.7 | 134.8 | 119.5 | 153.1 | 211.4 | |||||
| 股权激励费用CF_SBC | 67.0 | 76.8 | 93.5 | 107.9 | 129.9 | 153.8 | 193.6 | 224.6 | 227.8 | 249.5 |
| 投资活动现金流CF_INVESTING | -311.6 | -314.0 | -285.0 | -294.9 | -327.7 | -355.2 | -203.0 | -270.6 | -455.4 | -1,202.9 |
| 资本开支CF_CAPEX | 102.1 | 131.8 | 251.4 | 235.5 | 222.8 | 246.4 | 314.8 | 322.5 | 525.4 | 914.5 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 5.8 | 5.6 | 3.1 | 16.1 | ||||||
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 43.9 | 27.6 | 29.5 | 43.8 | 28.8 | 25.1 | 40.7 | |||
| 筹资活动现金流CF_FINANCING | -83.3 | -83.0 | -131.8 | -232.1 | -244.1 | -613.6 | -697.6 | -720.9 | -797.3 | -373.9 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 5.9 | 7.0 | 4.0 | 19.9 | ||||||
| 派息CF_DIVIDEND | 0.0 | 0.0 | 0.0 | 0.0 | 73.6 | 100.5 | ||||
| 回购CF_BUYBACK | 36.9 | 48.5 | 90.8 | 184.0 | 311.5 | 502.7 | 593.0 | 615.0 | 622.2 | 457.1 |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 61.1% | 58.9% | 56.5% | 55.6% | 53.6% | 56.9% | 55.4% | 56.6% | 58.2% | 59.7% |
| 营业利润率OPERATING_MARGIN | 26.3% | 23.6% | 20.1% | 21.1% | 22.6% | 30.6% | 26.5% | 27.4% | 32.1% | 32.0% |
| 净利率NET_MARGIN | 21.6% | 11.4% | 22.5% | 21.2% | 22.1% | 29.5% | 21.2% | 24.0% | 28.6% | 32.8% |
| 税后营业利润NOPAT | 191.3 | 121.9 | 242.3 | 296.7 | 345.3 | 659.6 | 629.3 | 725.7 | 939.1 | 1,073.8 |
| 税后营业利润率NOPAT_MARGIN | 21.2% | 11.0% | 17.7% | 18.3% | 18.9% | 25.6% | 22.2% | 23.6% | 26.8% | 26.7% |
| 投入资本INVESTED_CAPITAL | 1,300.5 | 1,457.3 | 1,648.8 | 1,869.0 | 2,114.0 | 2,461.3 | 2,495.8 | 2,712.0 | 3,125.0 | 4,311.0 |
| 投入资本周转率CAPITAL_TURNOVER | 0.69 | 0.76 | 0.83 | 0.87 | 0.86 | 1.05 | 1.13 | 1.13 | 1.12 | 0.93 |
| ROEROE | 15.0% | 8.7% | 18.6% | 18.1% | 19.0% | 32.1% | 23.6% | 27.4% | 32.9% | 35.7% |
| ROICROIC | 14.7% | 8.4% | 14.7% | 15.9% | 16.3% | 26.8% | 25.2% | 26.8% | 30.1% | 24.9% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | -1.4% | 13.7% | 18.5% | 34.0% | 51.4% | 53.1% | 63.6% | 42.1% | 24.5% | |
| 资产负债率DEBT_RATIO | 17.0% | 22.7% | 23.7% | 27.0% | 30.4% | 30.0% | 29.9% | 29.6% | 27.8% | 30.2% |
| 经营现金流/净利润OCF_TO_PROFIT | 185.0% | 292.9% | 156.1% | 158.8% | 161.7% | 120.5% | 152.6% | 137.9% | 125.2% | 124.6% |
| 应计比率ACCRUAL_RATIO | -9.9% | -12.4% | -7.4% | -7.3% | -7.8% | -4.3% | -8.6% | -6.9% | -5.6% | -5.5% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 1.8% | 3.7% | 21.2% | 13.6% | 14.3% | 13.2% | -4.9% | 1.7% | 6.2% | 18.8% |
| 自由现金流FCF | 258.2 | 239.1 | 228.3 | 309.7 | 428.4 | 670.1 | 600.1 | 695.0 | 727.6 | 732.7 |
| 自由现金流利润率FCF_MARGIN | 28.6% | 21.6% | 16.7% | 19.1% | 23.5% | 26.0% | 21.2% | 22.6% | 20.8% | 18.2% |
| 股权激励/营收SBC_TO_REVENUE | 7.4% | 6.9% | 6.8% | 6.7% | 7.1% | 6.0% | 6.8% | 7.3% | 6.5% | 6.2% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 191.2 | 162.3 | 134.8 | 201.8 | 298.5 | 516.4 | 406.5 | 470.4 | 499.8 | 483.1 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | 594.2 | 687.9 | 723.6 | 712.8 | ||||||
| 资本开支/折旧摊销CAPEX_TO_DA | 2.40 | 2.34 | 2.70 | 3.43 | 4.33 | |||||
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 320.6 | 328.2 | 528.5 | 930.5 | ||||||
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 2.38 | 2.75 | 3.45 | 4.40 | ||||||
| 在建工程/固定资产净值CIP_TO_PPE | 26.2% | 29.6% | ||||||||
| 固定资产周转率PPE_TURNOVER | 2.64 | 2.62 | 2.29 | 2.20 | 2.15 | 2.64 | 2.51 | 2.29 | 2.05 | 1.63 |
| 总资产周转率ASSET_TURNOVER | 0.57 | 0.61 | 0.64 | 0.64 | 0.61 | 0.76 | 0.78 | 0.80 | 0.82 | 0.77 |
| 权益乘数EQUITY_MULTIPLIER | 1.21 | 1.25 | 1.30 | 1.34 | 1.40 | 1.43 | 1.43 | 1.42 | 1.40 | 1.41 |
| 应收周转天数DSO | 57.2 | 60.4 | 55.6 | 57.1 | 61.9 | 55.7 | 52.0 | 57.0 | 54.6 | 57.0 |
| 存货周转天数DIO | 2.8 | 6.0 | 6.8 | 5.1 | 3.1 | 3.8 | 7.7 | 5.5 | ||
| 应付周转天数DPO | 21.2 | 25.1 | 26.8 | 28.2 | 24.1 | 19.9 | 14.8 | 20.5 | 19.9 | 27.4 |
| 现金转换周期CCC | 38.7 | 41.3 | 35.5 | 34.0 | 40.9 | 39.7 | 44.8 | 35.1 | ||
| 合同负债同比CONTRACT_LIAB_YOY | 39.5% | 30.3% | 24.6% | 7.0% | 33.3% | 29.3% | 18.9% | 5.9% | 21.7% | 30.6% |
| RPO 同比RPO_YOY | 161.4% | 71.1% | 26.1% | 15.2% | 25.8% | 160.5% | ||||
| 所有者盈余OWNER_EARNINGS | 813.8 | 780.2 | 898.0 | 1,099.9 | 1,435.8 | |||||
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 36.9 | 48.5 | 90.8 | 184.0 | 311.5 | 502.7 | 593.0 | 615.0 | 695.8 | 557.6 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 14.3% | 20.3% | 39.7% | 59.4% | 72.7% | 75.0% | 98.8% | 88.5% | 95.6% | 76.1% |
| 派息率PAYOUT_RATIO | 0.0% | 0.0% | 0.0% | 0.0% | 7.4% | 7.6% | ||||
| 稀释率DILUTION_RATE | 0.7% | 0.7% | 1.0% | 0.9% | ||||||
| 摊薄股数同比SHARES_DILUTED_CHANGE | -3.3% | -2.2% | -1.7% | |||||||
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | -35.4% | 142.8% | 12.5% | -94.0% | 91.5% | -18.7% | 27.2% | 38.6% | 34.5% | |
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 | 863.1 | 805.4 | 847.4 | 882.7 | 964.7 | 902.3 | 964.3 | 1,023 | 1,138 | 1,099 | 1,198 | 1,276 |
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 | 237.0 | 254.7 | 274.2 | 285.2 | 309.7 | 306.1 | 312.7 | 312.3 | 359.3 | 397.0 | 407.7 | 405.8 |
| 净利润 | 206.9 | 236.6 | 236.2 | 263.0 | 265.4 | 345.4 | 282.0 | 349.8 | 344.6 | 625.8 | 1,122 | 264.7 |
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） | 34.0x | 30.7x | 29.4x | 27.4x | 25.7x | 21.2x | 13.9x | 14.4x |
| 实际市盈率（TTM） | 36.2x | 34.8x | 33.9x | 33.5x | 31.7x | 29.9x | 28.3x | 26.5x |
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 | 206.9 | 236.6 | 236.2 | 263.0 | 265.4 | 345.4 | 282.0 | 349.8 | 344.6 | 625.8 | 1,122 | 264.7 |
| 实际主业盈利 | 200.8 | 212.9 | 235.1 | 236.6 | 254.9 | 253.0 | 259.8 | 248.3 | 316.5 | 320.9 | 329.7 | 331.9 |
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 | 56.5% | 58.1% | 58.1% | 58.7% | 57.9% | 59.7% | 59.5% | 59.6% | 59.8% | 62.4% | 61.6% | 59.7% |
| 营业利润率 | 27.5% | 31.6% | 32.4% | 32.3% | 32.1% | 33.9% | 32.4% | 30.5% | 31.6% | 36.1% | 34.0% | 31.8% |
| 税后营业利润率 | 23.3% | 26.4% | 27.7% | 26.8% | 26.4% | 28.0% | 26.9% | 24.3% | 27.8% | 29.2% | 27.5% | 26.0% |
| 净利率 | 24.0% | 29.4% | 27.9% | 29.8% | 27.5% | 38.3% | 29.2% | 34.2% | 30.3% | 56.9% | 93.7% | 20.7% |
净利率受营业外收支影响大（营业外收支占税前利润：25Q1 26.8%、25Q3 29.0%、26Q1 48.7%、26Q2 70.6%、26Q3 -25.4%），这部分（投资收益、公允价值变动、利息等）不反映主业；看经营盈利用税后营业利润率（营业利润按当期有效税率扣税后 ÷ 营收）。
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 | 110.2 | 120.1 | 131.9 | 130.6 | 142.8 | 172.0 | 224.5 | 239.5 | 278.5 | 356.7 | 449.2 | 513.5 |
| 自由现金流 | 79.0 | 168.4 | 134.5 | 176.4 | 248.4 | 189.5 | 53.0 | 244.6 | 245.5 | 101.2 | -58.5 | -90.7 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 8.1% | 7.9% | 8.4% | 8.2% | 10.0% | 7.8% | 9.0% | 8.3% | 13.1% | 17.5% | 3.9% |
| ROIC | 7.4% | 7.6% | 8.2% | 7.7% | 8.2% | 7.6% | 7.1% | 6.4% | 7.3% | 6.2% | 4.8% | 4.4% |
FY2026Q3 ROIC 4.4% = 税后营业利润（NOPAT）331.9 亿美元 ÷ 投入资本 7,463.2 亿美元（杜邦拆解：税后营业利润率 26.0% × 投入资本周转率 0.68x）。
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） | 200.8 | 212.9 | 235.1 | 236.6 | 254.9 | 253.0 | 259.8 | 248.3 | 316.5 | 320.9 | 329.7 | 331.9 |
| 投入资本 | 2,712 | 2,816 | 2,868 | 3,065 | 3,125 | 3,329 | 3,655 | 3,854 | 4,311 | 5,182 | 6,827 | 7,463 |
| 科目 | 23Q4 | 24Q1 | 24Q2 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 863.1 | 805.4 | 847.4 | 882.7 | 964.7 | 902.3 | 964.3 | 1,023.5 | 1,138.3 | 1,099.0 | 1,198.0 | 1,275.8 |
| 营业成本IS_COGS | 375.8 | 337.1 | 355.1 | 364.7 | 406.1 | 363.6 | 390.4 | 413.7 | 457.7 | 412.7 | 459.4 | 514.2 |
| 毛利IS_GROSS_PROFIT | 487.4 | 468.3 | 492.4 | 517.9 | 558.6 | 538.7 | 573.9 | 609.8 | 680.6 | 686.2 | 738.5 | 761.6 |
| 研发费用IS_RND | 121.1 | 119.0 | 118.6 | 124.5 | 131.2 | 135.6 | 138.1 | 151.5 | 185.7 | 170.3 | 182.2 | 206.4 |
| 营业利润IS_OPERATING_PROFIT | 237.0 | 254.7 | 274.2 | 285.2 | 309.7 | 306.1 | 312.7 | 312.3 | 359.3 | 397.0 | 407.7 | 405.8 |
| 营业外收支净额IS_NONOPERATING | 7.2 | 28.4 | 1.3 | 31.8 | 12.7 | 111.8 | 26.6 | 127.6 | 31.8 | 377.2 | 979.8 | -82.2 |
| 税前利润IS_PRETAX_PROFIT | 244.1 | 283.2 | 275.5 | 317.1 | 322.4 | 417.9 | 339.3 | 439.9 | 391.2 | 774.1 | 1,387.5 | 323.6 |
| 所得税IS_TAX | 37.2 | 46.5 | 39.3 | 54.0 | 57.1 | 72.5 | 57.4 | 90.1 | 46.6 | 148.3 | 265.6 | 58.9 |
| 净利润IS_NET_PROFIT | 206.9 | 236.6 | 236.2 | 263.0 | 265.4 | 345.4 | 282.0 | 349.8 | 344.6 | 625.8 | 1,121.9 | 264.7 |
| 基本每股收益IS_EPS_BASIC | 1.91 | 1.91 | 2.14 | 2.84 | 2.33 | 2.89 | 5.17 | 9.23 | 2.14 | |||
| 摊薄每股收益IS_EPS_DILUTED | 1.89 | 1.89 | 2.12 | 2.81 | 2.31 | 2.87 | 5.11 | 9.11 | 2.12 | |||
| 基本加权股数IS_SHARES_BASIC | 124.15 | 123.43 | 122.90 | 121.83 | 121.22 | 120.86 | 120.99 | 121.51 | 122.56 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 125.27 | 124.95 | 124.19 | 122.91 | 121.98 | 122.03 | 122.38 | 123.09 | 123.68 | |||
| 每股宣派股息IS_DPS_DECLARED | 0.20 | 0.20 | 0.20 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | ||||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 4,023.9 | 4,073.5 | 4,147.7 | 4,302.7 | 4,502.6 | 4,753.7 | 5,020.5 | 5,364.7 | 5,952.8 | 7,039.2 | 9,219.8 | 10,033.1 |
| 流动资产BS_CURRENT_ASSETS | 1,715.3 | 1,654.7 | 1,620.0 | 1,575.4 | 1,637.1 | 1,620.5 | 1,662.2 | 1,739.5 | 2,060.4 | 2,137.5 | 3,435.2 | 3,746.6 |
| 现金及等价物BS_CASH | 240.5 | 244.9 | 272.2 | 199.6 | 234.7 | 232.6 | 210.4 | 230.9 | 307.1 | 380.6 | 559.1 | 563.3 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 868.7 | 836.0 | 735.0 | 732.7 | 721.9 | 720.6 | 741.1 | 754.1 | 961.4 | 887.8 | 1,865.6 | 2,087.6 |
| 应收账款BS_AR | 479.6 | 445.5 | 470.9 | 491.0 | 523.4 | 510.0 | 550.5 | 571.5 | 628.9 | 630.0 | 691.8 | 727.8 |
| 存货BS_INVENTORY | 24.4 | 99.9 | 133.1 | |||||||||
| 固定资产净值BS_PPE_NET | 1,343.4 | 1,431.8 | 1,511.6 | 1,612.7 | 1,710.4 | 1,850.6 | 2,032.3 | 2,237.9 | 2,466.0 | 2,810.2 | 3,212.1 | 3,728.3 |
| 在建工程BS_CIP | 351.4 | 506.0 | 556.4 | |||||||||
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 310.1 | 339.9 | 341.7 | 361.8 | 379.8 | 510.3 | 525.7 | 638.0 | 686.9 | 1,069.5 | 1,314.6 | 1,352.3 |
| 总负债BS_TOTAL_LIABILITIES | 1,190.1 | 1,145.1 | 1,140.2 | 1,161.5 | 1,251.7 | 1,301.1 | 1,391.4 | 1,496.0 | 1,800.2 | 2,251.7 | 2,815.0 | 3,257.6 |
| 流动负债BS_CURRENT_LIABILITIES | 818.1 | 770.0 | 779.1 | 808.0 | 891.2 | 916.5 | 873.1 | 995.5 | 1,027.4 | 1,111.9 | 1,261.1 | 1,345.0 |
| 一年内到期借款BS_ST_DEBT | 10.0 | 0.0 | 0.0 | 20.0 | 33.0 | 35.0 | 40.0 | 50.0 | 20.0 | 20.0 | 20.0 | 10.2 |
| 应付账款BS_AP | 74.9 | 62.0 | 60.9 | 70.5 | 79.9 | 85.0 | 83.5 | 105.5 | 122.0 | 168.5 | 202.6 | 219.8 |
| 合同负债BS_CONTRACT_LIAB | 41.4 | 39.7 | 42.5 | 49.0 | 50.4 | 49.1 | 49.7 | 55.4 | 65.8 | 71.6 | 71.5 | 94.3 |
| 长期借款BS_LT_DEBT | 118.7 | 132.3 | 132.4 | 123.0 | 108.8 | 108.9 | 236.1 | 216.1 | 465.5 | 775.0 | 981.6 | 1,251.0 |
| 股东权益BS_TOTAL_EQUITY | 2,833.8 | 2,928.4 | 3,007.5 | 3,141.2 | 3,250.8 | 3,452.7 | 3,629.2 | 3,868.7 | 4,152.6 | 4,787.5 | 6,404.8 | 6,775.5 |
| 剩余履约义务（RPO）BS_RPO | 741.0 | 725.0 | 788.0 | 868.0 | 932.0 | 924.0 | 1,082.0 | 1,577.0 | 2,428.0 | 4,676.0 | 5,195.0 | 5,677.0 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 189.2 | 288.5 | 266.4 | 307.0 | 391.1 | 361.5 | 277.5 | 484.1 | 524.0 | 457.9 | 390.7 | 422.9 |
| 折旧摊销CF_DEPRECIATION | 33.2 | 34.1 | 37.1 | 39.8 | 42.0 | 44.9 | 50.0 | 56.1 | 60.4 | 64.8 | 71.0 | 83.7 |
| 股权激励费用CF_SBC | 56.6 | 52.6 | 58.6 | 58.5 | 58.1 | 55.2 | 60.0 | 63.7 | 70.7 | 67.5 | 79.6 | 86.3 |
| 投资活动现金流CF_INVESTING | -61.7 | -85.6 | -27.8 | -180.1 | -161.8 | -161.9 | -245.4 | -277.8 | -517.8 | -633.9 | -824.3 | -713.5 |
| 资本开支CF_CAPEX | 110.2 | 120.1 | 131.9 | 130.6 | 142.8 | 172.0 | 224.5 | 239.5 | 278.5 | 356.7 | 449.2 | 513.6 |
| 融资租赁新增资产（非现金）CF_FINANCE_LEASE_ADDITIONS | 0.2 | 1.5 | 0.8 | 0.7 | 5.2 | 0.8 | 3.8 | 6.2 | 2.1 | 6.9 | 20.8 | |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 4.0 | 4.9 | 6.8 | 9.3 | 7.0 | 8.3 | 10.6 | 14.8 | 10.8 | 26.6 | 32.6 | |
| 筹资活动现金流CF_FINANCING | -193.1 | -197.1 | -208.9 | -200.9 | -190.4 | -202.0 | -58.3 | -183.8 | 70.3 | 250.8 | 612.4 | 294.4 |
| 偿还融资租赁本金CF_FINANCE_LEASE_PRINCIPAL | 0.9 | 1.0 | 1.3 | 0.9 | 1.9 | 1.1 | 0.9 | 15.9 | 5.2 | 3.2 | 11.1 | |
| 派息CF_DIVIDEND | 0.0 | 0.0 | 24.7 | 24.6 | 24.4 | 24.3 | 25.4 | 25.4 | 25.4 | 25.4 | ||
| 回购CF_BUYBACK | 161.9 | 157.0 | 156.8 | 152.9 | 155.5 | 150.7 | 132.4 | 115.0 | 59.0 | 0.0 | 0.0 | 0.0 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 56.5% | 58.1% | 58.1% | 58.7% | 57.9% | 59.7% | 59.5% | 59.6% | 59.8% | 62.4% | 61.6% | 59.7% |
| 营业利润率OPERATING_MARGIN | 27.5% | 31.6% | 32.4% | 32.3% | 32.1% | 33.9% | 32.4% | 30.5% | 31.6% | 36.1% | 34.0% | 31.8% |
| 净利率NET_MARGIN | 24.0% | 29.4% | 27.9% | 29.8% | 27.5% | 38.3% | 29.2% | 34.2% | 30.3% | 56.9% | 93.7% | 20.7% |
| 税后营业利润NOPAT | 200.8 | 212.9 | 235.1 | 236.6 | 254.9 | 253.0 | 259.8 | 248.3 | 316.5 | 320.9 | 329.7 | 331.9 |
| 税后营业利润率NOPAT_MARGIN | 23.3% | 26.4% | 27.7% | 26.8% | 26.4% | 28.0% | 26.9% | 24.3% | 27.8% | 29.2% | 27.5% | 26.0% |
| 投入资本INVESTED_CAPITAL | 2,712.0 | 2,815.8 | 2,867.7 | 3,064.6 | 3,125.0 | 3,328.9 | 3,654.9 | 3,853.8 | 4,311.0 | 5,181.8 | 6,827.3 | 7,463.2 |
| 投入资本周转率CAPITAL_TURNOVER | 1.27 | 1.14 | 1.18 | 1.15 | 1.23 | 1.08 | 1.06 | 1.06 | 1.06 | 0.85 | 0.70 | 0.68 |
| ROEROE | 7.3% | 8.1% | 7.9% | 8.4% | 8.2% | 10.0% | 7.8% | 9.0% | 8.3% | 13.1% | 17.5% | 3.9% |
| ROICROIC | 7.4% | 7.6% | 8.2% | 7.7% | 8.2% | 7.6% | 7.1% | 6.4% | 7.3% | 6.2% | 4.8% | 4.4% |
| 资产负债率DEBT_RATIO | 29.6% | 28.1% | 27.5% | 27.0% | 27.8% | 27.4% | 27.7% | 27.9% | 30.2% | 32.0% | 30.5% | 32.5% |
| 经营现金流/净利润OCF_TO_PROFIT | 91.4% | 121.9% | 112.8% | 116.7% | 147.4% | 104.7% | 98.4% | 138.4% | 152.1% | 73.2% | 34.8% | 159.8% |
| 应计比率ACCRUAL_RATIO | 0.4% | -1.3% | -0.7% | -1.0% | -2.8% | -0.3% | 0.1% | -2.5% | -3.0% | 2.4% | 7.9% | -1.6% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 2.9% | 10.0% | 0.5% | 10.0% | 3.9% | 26.8% | 7.8% | 29.0% | 8.1% | 48.7% | 70.6% | -25.4% |
| 自由现金流FCF | 79.0 | 168.4 | 134.5 | 176.4 | 248.4 | 189.5 | 53.0 | 244.6 | 245.5 | 101.2 | -58.6 | -90.6 |
| 自由现金流利润率FCF_MARGIN | 9.1% | 20.9% | 15.9% | 20.0% | 25.7% | 21.0% | 5.5% | 23.9% | 21.6% | 9.2% | -4.9% | -7.1% |
| 股权激励/营收SBC_TO_REVENUE | 6.6% | 6.5% | 6.9% | 6.6% | 6.0% | 6.1% | 6.2% | 6.2% | 6.2% | 6.1% | 6.6% | 6.8% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 22.4 | 115.7 | 75.9 | 117.9 | 190.3 | 134.4 | -7.0 | 180.9 | 174.8 | 33.6 | -138.1 | -177.0 |
| 扣融资租赁本金自由现金流FCF_AFTER_LEASES | 167.5 | 133.6 | 175.1 | 247.5 | 187.6 | 51.9 | 243.7 | 229.6 | 95.9 | -61.7 | -101.8 | |
| 资本开支/折旧摊销CAPEX_TO_DA | 3.32 | 3.52 | 3.56 | 3.28 | 3.40 | 3.83 | 4.49 | 4.27 | 4.61 | 5.50 | 6.32 | 6.14 |
| 资本开支（含融资租赁）CAPEX_INCL_LEASES | 120.3 | 133.3 | 131.4 | 143.5 | 177.2 | 225.3 | 243.4 | 284.7 | 358.8 | 456.2 | 534.4 | |
| 资本开支（含融资租赁）/折旧摊销CAPEX_INCL_LEASES_TO_DA | 3.53 | 3.60 | 3.30 | 3.41 | 3.95 | 4.51 | 4.34 | 4.71 | 5.54 | 6.42 | 6.39 | |
| 在建工程/固定资产净值CIP_TO_PPE | 26.2% | 29.6% | 30.1% | |||||||||
| 固定资产周转率PPE_TURNOVER | 2.57 | 2.25 | 2.24 | 2.19 | 2.26 | 1.95 | 1.90 | 1.83 | 1.85 | 1.56 | 1.49 | 1.37 |
| 应收周转天数DSO | 50.7 | 50.5 | 50.7 | 50.8 | 49.5 | 51.6 | 52.1 | 51.0 | 50.4 | 52.3 | 52.7 | 52.1 |
| 存货周转天数DIO | 4.9 | 19.8 | 23.6 | |||||||||
| 应付周转天数DPO | 18.2 | 16.8 | 15.7 | 17.6 | 17.9 | 21.3 | 19.5 | 23.3 | 24.3 | 37.3 | 40.2 | 39.0 |
| 现金转换周期CCC | 31.0 | 32.3 | 36.7 | |||||||||
| 合同负债同比CONTRACT_LIAB_YOY | 5.9% | 6.9% | 10.5% | 13.8% | 21.7% | 23.5% | 16.9% | 13.2% | 30.6% | 45.9% | 44.0% | 70.1% |
| RPO 同比RPO_YOY | 15.2% | 17.5% | 30.0% | 33.7% | 25.8% | 27.4% | 37.3% | 81.7% | 160.5% | 406.1% | 380.1% | 260.0% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 161.9 | 157.0 | 181.5 | 177.5 | 179.9 | 175.0 | 157.8 | 140.4 | 84.4 | 25.4 | 0.0 | 0.0 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 205.1% | 93.2% | 134.9% | 100.6% | 72.4% | 92.3% | 297.7% | 57.4% | 34.4% | 25.1% | ||
| 派息率PAYOUT_RATIO | 0.0% | 0.0% | 10.4% | 9.3% | 9.2% | 7.0% | 9.0% | 7.3% | 7.4% | 4.1% | ||
| 稀释率DILUTION_RATE | 0.9% | 1.2% | 1.0% | 0.9% | 0.6% | 1.0% | 1.1% | 1.3% | 0.9% | |||
勾稽校验（所示期间）：12 项， 全部通过