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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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 69.1 | 97.1 | 117.2 | 109.2 | 166.8 | 269.1 | 269.7 | 609.2 | 1,305 | 2,159 |
年度利润（亿美元）
营业利润净利润
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 19.3 | 32.1 | 38.0 | 28.5 | 45.3 | 100.4 | 42.2 | 329.7 | 814.5 | 1,304 |
| 净利润 | 16.7 | 30.5 | 41.4 | 28.0 | 43.3 | 97.5 | 43.7 | 297.6 | 728.8 | 1,201 |
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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| FY24 | FY25 | FY26 | TTM | |
|---|---|---|---|---|
| 表观市盈率（账面口径） | 162.4x | 66.3x | 40.3x | 25.1x |
| 实际市盈率（主业口径） | 166.6x | 68.4x | 43.7x | 29.1x |
最新滚动 12 个月（FY2026Q3–FY2027Q2）：总市值 48,335.2 亿美元；账面净利润 1,928.8 亿美元 → 表观市盈率 25.1x；剔除税后非主业净收益 270.0 亿美元（投资/股权及利息等营业外收支税前 321.6 亿，有效税率 16.0%）后，实际主业盈利 1,658.8 亿美元 → 实际市盈率 29.1x（表观市盈率被非主业收益拉低 4.1x）。
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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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 16.7 | 30.5 | 41.4 | 28.0 | 43.3 | 97.5 | 43.7 | 297.6 | 728.8 | 1,201 | 1,929 |
| 实际主业盈利 | 16.9 | 30.6 | 38.0 | 26.8 | 44.5 | 98.5 | 42.2 | 290.2 | 706.5 | 1,107 | 1,659 |
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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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 58.8% | 59.9% | 61.2% | 62.0% | 62.3% | 64.9% | 56.9% | 72.7% | 75.0% | 71.1% |
| 营业利润率 | 28.0% | 33.0% | 32.5% | 26.1% | 27.2% | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% |
| 税后营业利润率 | 24.5% | 31.5% | 24.5% | 26.7% | 36.6% | 47.6% | 54.1% | 51.3% | ||
| 净利率 | 24.1% | 31.4% | 35.3% | 25.6% | 26.0% | 36.2% | 16.2% | 48.8% | 55.8% | 55.6% |
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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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 9.8 | 18.3 | 10.7 | 32.4 | 60.4 | |||||
| 自由现金流 | 81.3 | 38.1 | 270.2 | 608.5 | 966.8 |
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 32.6% | 46.1% | 49.3% | 26.0% | 29.8% | 44.8% | 17.9% | 91.5% | 119.2% | 101.5% |
| ROIC | 28.3% | 56.1% | 38.3% | 81.2% | 20.2% | 27.7% | 15.5% | 65.7% | 89.2% | 71.8% |
| 三年增量 ROIC | 95.7% | 51.3% | 8.4% | 23.2% | 6.9% | 110.9% | 139.3% | 84.5% |
FY2026 ROIC 71.8% = 税后营业利润（NOPAT）1,106.8 亿美元 ÷ 投入资本 1,541.6 亿美元（杜邦拆解：税后营业利润率 51.3% × 投入资本周转率 1.40x）；三年增量 ROIC 84.5%。
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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| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 16.9 | 30.6 | 40.4 | 26.8 | 44.5 | 98.5 | 44.1 | 290.2 | 706.5 | 1,107 |
| 投入资本 | 59.8 | 54.5 | 105.5 | 33.0 | 220.1 | 355.7 | 284.1 | 441.6 | 792.0 | 1,542 |
| 科目 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||
| 营业收入IS_REVENUE | 69.1 | 97.1 | 117.2 | 109.2 | 166.8 | 269.1 | 269.7 | 609.2 | 1,305.0 | 2,159.4 |
| 营业成本IS_COGS | 28.5 | 38.9 | 45.4 | 41.5 | 62.8 | 94.4 | 116.2 | 166.2 | 326.4 | 624.8 |
| 毛利IS_GROSS_PROFIT | 40.6 | 58.2 | 71.7 | 67.7 | 104.0 | 174.8 | 153.6 | 443.0 | 978.6 | 1,534.6 |
| 研发费用IS_RND | 14.6 | 18.0 | 23.8 | 28.3 | 39.2 | 52.7 | 73.4 | 86.8 | 129.1 | 185.0 |
| 销售及管理费用IS_SGA | 6.6 | 8.2 | 9.9 | 10.9 | 19.4 | 21.7 | 24.4 | 26.5 | 34.9 | 45.8 |
| 营业费用IS_OPEX | 21.3 | 26.1 | 33.7 | 39.2 | 58.6 | 74.3 | 111.3 | 113.3 | 164.0 | 230.8 |
| 营业利润IS_OPERATING_PROFIT | 19.3 | 32.1 | 38.0 | 28.5 | 45.3 | 100.4 | 42.2 | 329.7 | 814.5 | 1,303.9 |
| 营业外收支净额IS_NONOPERATING | -0.3 | -0.1 | 0.9 | 1.2 | -1.2 | -1.0 | -0.4 | 8.5 | 25.7 | 110.6 |
| 税前利润IS_PRETAX_PROFIT | 19.0 | 32.0 | 39.0 | 29.7 | 44.1 | 99.4 | 41.8 | 338.2 | 840.3 | 1,414.5 |
| 所得税IS_TAX | 2.4 | 1.5 | -2.4 | 1.7 | 0.8 | 1.9 | -1.9 | 40.6 | 111.5 | 213.8 |
| 净利润IS_NET_PROFIT | 16.7 | 30.5 | 41.4 | 28.0 | 43.3 | 97.5 | 43.7 | 297.6 | 728.8 | 1,200.7 |
| 基本每股收益IS_EPS_BASIC | 3.08 | 5.09 | 6.81 | 1.15 | 1.76 | 3.91 | 0.18 | 1.21 | 2.97 | 4.93 |
| 摊薄每股收益IS_EPS_DILUTED | 2.57 | 4.82 | 6.63 | 1.13 | 1.73 | 3.85 | 0.17 | 1.19 | 2.94 | 4.90 |
| 基本加权股数IS_SHARES_BASIC | 5.41 | 5.99 | 6.08 | 24.39 | 24.67 | 24.96 | 248.70 | 246.90 | 245.55 | 243.59 |
| 摊薄加权股数IS_SHARES_DILUTED | 6.49 | 6.32 | 6.25 | 24.72 | 25.10 | 25.35 | 250.70 | 249.40 | 248.04 | 245.14 |
| 每股宣派股息IS_DPS_DECLARED | 0.48 | 0.57 | 0.61 | 0.16 | 0.16 | 0.16 | 0.02 | 0.02 | 0.03 | 0.04 |
| 资产负债表 | ||||||||||
| 总资产BS_TOTAL_ASSETS | 98.4 | 112.4 | 132.9 | 173.2 | 287.9 | 441.9 | 411.8 | 657.3 | 1,116.0 | 2,068.0 |
| 流动资产BS_CURRENT_ASSETS | 85.4 | 92.6 | 105.6 | 136.9 | 160.6 | 288.3 | 230.7 | 443.4 | 801.3 | 1,256.0 |
| 现金及等价物BS_CASH | 17.7 | 40.0 | 7.8 | 109.0 | 8.5 | 19.9 | 33.9 | 72.8 | 85.9 | 106.0 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 50.3 | 31.1 | 66.4 | 0.0 | 107.1 | 192.2 | 99.1 | 187.0 | 346.2 | 390.6 |
| 应收账款BS_AR | 8.3 | 12.6 | 14.2 | 16.6 | 24.3 | 46.5 | 38.3 | 100.0 | 230.6 | 384.7 |
| 存货BS_INVENTORY | 7.9 | 8.0 | 15.8 | 9.8 | 18.3 | 26.0 | 51.6 | 52.8 | 100.8 | 214.0 |
| 固定资产净值BS_PPE_NET | 5.2 | 10.0 | 14.0 | 16.7 | 21.5 | 27.8 | 38.1 | 39.1 | 62.8 | 103.8 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 0.8 | 1.4 | 2.7 | 3.0 | 15.5 | 33.9 | 351.4 | |||
| 总负债BS_TOTAL_LIABILITIES | 40.5 | 37.7 | 39.5 | 51.1 | 119.0 | 175.8 | 190.8 | 227.5 | 322.7 | 495.1 |
| 流动负债BS_CURRENT_LIABILITIES | 17.9 | 11.5 | 13.3 | 17.8 | 39.2 | 43.4 | 65.6 | 106.3 | 180.5 | 321.6 |
| 一年内到期借款BS_ST_DEBT | 0.0 | 0.0 | 10.0 | 0.0 | 12.5 | 12.5 | 0.0 | 10.0 | ||
| 应付账款BS_AP | 4.8 | 6.0 | 5.1 | 6.9 | 11.5 | 17.8 | 11.9 | 27.0 | 63.1 | 98.1 |
| 合同负债BS_CONTRACT_LIAB | 0.8 | 0.5 | 0.9 | 1.4 | 2.9 | 3.0 | 3.5 | 7.6 | 8.4 | 13.8 |
| 长期借款BS_LT_DEBT | 19.8 | 19.8 | 19.9 | 19.9 | 59.6 | 109.5 | 97.0 | 84.6 | 84.6 | 74.7 |
| 股东权益BS_TOTAL_EQUITY | 57.6 | 74.7 | 93.4 | 122.0 | 168.9 | 266.1 | 221.0 | 429.8 | 793.3 | 1,572.9 |
| 剩余履约义务（RPO）BS_RPO | 3.0 | 3.6 | 6.8 | 6.2 | 6.5 | 11.0 | 17.0 | 23.0 | ||
| 现金流量表 | ||||||||||
| 经营活动现金流CF_OPERATING | 16.7 | 35.0 | 37.4 | 47.6 | 58.2 | 91.1 | 56.4 | 280.9 | 640.9 | 1,027.2 |
| 折旧摊销CF_DEPRECIATION | 1.2 | 1.4 | 2.3 | 3.8 | 11.0 | 11.7 | 15.4 | 15.1 | 18.6 | 28.4 |
| 股权激励费用CF_SBC | 2.5 | 3.9 | 5.6 | 8.4 | 14.0 | 20.0 | 27.1 | 35.5 | 47.4 | 63.9 |
| 投资活动现金流CF_INVESTING | -7.9 | 12.8 | -41.0 | 61.4 | -196.8 | -98.3 | 73.8 | -105.7 | -204.2 | -522.3 |
| 资本开支CF_CAPEX | 9.8 | 18.3 | 10.7 | 32.4 | 60.4 | |||||
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 2.4 | 2.0 | 2.7 | 3.6 | 5.3 | 8.8 | 14.4 | |||
| 筹资活动现金流CF_FINANCING | 2.9 | -25.4 | -28.7 | -7.9 | 38.0 | 18.6 | -116.2 | -136.3 | -423.6 | -484.7 |
| 派息CF_DIVIDEND | 2.6 | 3.4 | 3.7 | 3.9 | 4.0 | 4.0 | 4.0 | 4.0 | 8.3 | 9.7 |
| 回购CF_BUYBACK | 7.4 | 9.1 | 15.8 | 0.0 | 0.0 | 0.0 | 100.4 | 95.3 | 337.1 | 400.9 |
| 财务指标 | ||||||||||
| 毛利率GROSS_MARGIN | 58.8% | 59.9% | 61.2% | 62.0% | 62.3% | 64.9% | 56.9% | 72.7% | 75.0% | 71.1% |
| 营业利润率OPERATING_MARGIN | 28.0% | 33.0% | 32.5% | 26.1% | 27.2% | 37.3% | 15.7% | 54.1% | 62.4% | 60.4% |
| 净利率NET_MARGIN | 24.1% | 31.4% | 35.3% | 25.6% | 26.0% | 36.2% | 16.2% | 48.8% | 55.8% | 55.6% |
| 税后营业利润NOPAT | 16.9 | 30.6 | 40.4 | 26.8 | 44.5 | 98.5 | 44.1 | 290.2 | 706.5 | 1,106.8 |
| 税后营业利润率NOPAT_MARGIN | 24.5% | 31.5% | 24.5% | 26.7% | 36.6% | 47.6% | 54.1% | 51.3% | ||
| 投入资本INVESTED_CAPITAL | 59.8 | 54.5 | 105.5 | 33.0 | 220.1 | 355.7 | 284.2 | 441.6 | 792.0 | 1,541.6 |
| 投入资本周转率CAPITAL_TURNOVER | 1.16 | 1.78 | 1.11 | 3.31 | 0.76 | 0.76 | 0.95 | 1.38 | 1.65 | 1.40 |
| ROEROE | 32.6% | 46.1% | 49.3% | 26.0% | 29.8% | 44.8% | 17.9% | 91.5% | 119.2% | 101.5% |
| ROICROIC | 28.3% | 56.1% | 38.3% | 81.2% | 20.2% | 27.7% | 15.5% | 65.7% | 89.2% | 71.8% |
| 三年增量 ROICINCREMENTAL_ROIC_3Y | 95.7% | 51.3% | 8.4% | 23.2% | 6.9% | 110.9% | 139.3% | 84.5% | ||
| 资产负债率DEBT_RATIO | 41.1% | 33.5% | 29.7% | 29.5% | 41.3% | 39.8% | 46.3% | 34.6% | 28.9% | 23.9% |
| 经营现金流/净利润OCF_TO_PROFIT | 100.4% | 114.9% | 90.4% | 170.3% | 134.4% | 93.4% | 129.1% | 94.4% | 87.9% | 85.6% |
| 应计比率ACCRUAL_RATIO | -0.1% | -4.0% | 3.0% | -11.3% | -5.2% | 1.5% | -3.1% | 2.5% | 7.9% | 8.4% |
| 营业外收支/税前利润NONOP_TO_PRETAX | -1.5% | -0.4% | 2.4% | 4.2% | -2.8% | -1.0% | -1.0% | 2.5% | 3.1% | 7.8% |
| 自由现金流FCF | 81.3 | 38.1 | 270.2 | 608.5 | 966.8 | |||||
| 自由现金流利润率FCF_MARGIN | 30.2% | 14.1% | 44.4% | 46.6% | 44.8% | |||||
| 股权激励/营收SBC_TO_REVENUE | 3.6% | 4.0% | 4.8% | 7.7% | 8.4% | 7.4% | 10.0% | 5.8% | 3.6% | 3.0% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 61.3 | 11.0 | 234.7 | 561.2 | 902.9 | |||||
| 资本开支/折旧摊销CAPEX_TO_DA | 0.83 | 1.19 | 0.71 | 1.74 | 2.13 | |||||
| 固定资产周转率PPE_TURNOVER | 13.26 | 9.74 | 8.34 | 6.52 | 7.76 | 9.69 | 7.09 | 15.57 | 20.77 | 20.80 |
| 总资产周转率ASSET_TURNOVER | 0.80 | 0.92 | 0.96 | 0.71 | 0.72 | 0.74 | 0.63 | 1.14 | 1.47 | 1.36 |
| 权益乘数EQUITY_MULTIPLIER | 1.68 | 1.59 | 1.46 | 1.42 | 1.58 | 1.68 | 1.75 | 1.64 | 1.45 | 1.35 |
| 应收周转天数DSO | 43.6 | 47.5 | 44.4 | 55.4 | 53.2 | 63.1 | 51.8 | 59.9 | 64.5 | 65.0 |
| 存货周转天数DIO | 101.8 | 74.7 | 126.5 | 86.1 | 106.1 | 100.7 | 162.1 | 116.0 | 112.7 | 125.0 |
| 应付周转天数DPO | 62.2 | 55.9 | 41.0 | 60.4 | 66.8 | 68.9 | 37.5 | 59.3 | 70.6 | 57.3 |
| 现金转换周期CCC | 83.2 | 66.3 | 129.8 | 81.1 | 92.5 | 94.8 | 176.4 | 116.6 | 106.7 | 132.7 |
| 合同负债同比CONTRACT_LIAB_YOY | -73.6% | -37.6% | 73.6% | 53.3% | 104.3% | 4.2% | 18.0% | 115.8% | 9.6% | 64.8% |
| RPO 同比RPO_YOY | 19.3% | 87.6% | -8.6% | 4.5% | 68.7% | 54.5% | 35.3% | |||
| 所有者盈余OWNER_EARNINGS | 15.5 | 33.6 | 35.1 | 43.8 | 47.2 | 79.3 | 41.0 | 265.8 | 622.2 | 998.8 |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 10.0 | 12.5 | 19.5 | 3.9 | 4.0 | 4.0 | 104.4 | 99.3 | 345.4 | 410.6 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 4.9% | 274.1% | 36.7% | 56.8% | 42.5% | |||||
| 派息率PAYOUT_RATIO | 15.7% | 11.2% | 9.0% | 13.9% | 9.1% | 4.1% | 9.1% | 1.3% | 1.1% | 0.8% |
| 稀释率DILUTION_RATE | 20.0% | 5.5% | 2.8% | 1.4% | 1.7% | 1.6% | 0.8% | 1.0% | 1.0% | 0.6% |
| 摊薄股数同比SHARES_DILUTED_CHANGE | 14.1% | -2.6% | -1.1% | 295.5% | 1.5% | 1.0% | 889.0% | -0.5% | -0.5% | -1.2% |
| 摊薄 EPS 同比EPS_DILUTED_GROWTH | 138.0% | 87.5% | 37.6% | -83.0% | 53.1% | 122.5% | -95.6% | 600.0% | 147.1% | 66.7% |
勾稽校验（所示期间）：10 项，
1 项未通过
· FY2017 BS_BALANCE：期望 98.1，实际 98.4，差 0.3 亿
季度营收（亿美元）
查看数据表
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业收入 | 181.2 | 221.0 | 260.4 | 300.4 | 350.8 | 393.3 | 440.6 | 467.4 | 570.1 | 681.3 | 816.1 | 962.2 |
季度利润（亿美元）
营业利润净利润
查看数据表
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 营业利润 | 104.2 | 136.2 | 169.1 | 186.4 | 218.7 | 240.3 | 216.4 | 284.4 | 360.1 | 443.0 | 535.4 | 637.3 |
| 净利润 | 92.4 | 122.9 | 148.8 | 166.0 | 193.1 | 220.9 | 187.8 | 264.2 | 319.1 | 429.6 | 583.2 | 596.9 |
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
| 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|
| 表观市盈率（TTM） | 76.6x | 66.3x | 63.0x | 55.8x | 48.7x | 40.3x | 30.3x | 25.1x |
| 实际市盈率（TTM） | 78.7x | 68.4x | 64.8x | 58.5x | 51.4x | 43.7x | 35.4x | 29.1x |
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
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 账面净利润 | 92.4 | 122.9 | 148.8 | 166.0 | 193.1 | 220.9 | 187.8 | 264.2 | 319.1 | 429.6 | 583.2 | 596.9 |
| 实际主业盈利 | 91.5 | 118.6 | 145.6 | 161.0 | 189.2 | 210.5 | 185.4 | 240.8 | 302.9 | 377.6 | 446.7 | 532.0 |
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
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 毛利率 | 74.0% | 76.0% | 78.4% | 75.1% | 74.6% | 73.0% | 60.5% | 72.4% | 73.4% | 75.0% | 74.9% | 75.0% |
| 营业利润率 | 57.5% | 61.6% | 64.9% | 62.1% | 62.3% | 61.1% | 49.1% | 60.8% | 63.2% | 65.0% | 65.6% | 66.2% |
| 税后营业利润率 | 50.5% | 53.7% | 55.9% | 53.6% | 53.9% | 53.5% | 42.1% | 51.5% | 53.1% | 55.4% | 54.7% | 55.3% |
| 净利率 | 51.0% | 55.6% | 57.1% | 55.3% | 55.0% | 56.2% | 42.6% | 56.5% | 56.0% | 63.1% | 71.5% | 62.0% |
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
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 资本开支 | 2.8 | 2.5 | 3.7 | 9.8 | 8.1 | 10.8 | 12.3 | 18.9 | 16.4 | 12.8 | 17.6 | 26.8 |
| 自由现金流 | 70.5 | 112.5 | 149.8 | 135.1 | 168.1 | 155.5 | 261.9 | 134.7 | 221.2 | 349.0 | 485.9 | 214.0 |
季度ROE 与 ROIC
ROEROIC
查看数据表
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.8% | 28.6% | 30.3% | 28.5% | 29.3% | 27.8% | 22.4% | 26.4% | 26.8% | 27.3% | 29.8% | 26.1% |
| ROIC | 25.3% | 26.9% | 29.1% | 27.7% | 29.0% | 26.6% | 24.1% | 24.8% | 26.4% | 24.5% | 23.5% | 22.3% |
FY2027Q2 ROIC 22.3% = 税后营业利润（NOPAT）532.0 亿美元 ÷ 投入资本 2,389.1 亿美元（杜邦拆解：税后营业利润率 55.3% × 投入资本周转率 1.61x）。
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
| 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 税后营业利润（NOPAT） | 91.5 | 118.6 | 145.6 | 161.0 | 189.2 | 210.5 | 185.4 | 240.8 | 302.9 | 377.6 | 446.7 | 532.0 |
| 投入资本 | 362.0 | 441.6 | 500.1 | 580.5 | 652.5 | 792.0 | 770.7 | 969.6 | 1,149 | 1,542 | 1,897 | 2,389 |
| 科目 | 24Q3 | 24Q4 | 25Q1 | 25Q2 | 25Q3 | 25Q4 | 26Q1 | 26Q2 | 26Q3 | 26Q4 | 27Q1 | 27Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 利润表 | ||||||||||||
| 营业收入IS_REVENUE | 181.2 | 221.0 | 260.4 | 300.4 | 350.8 | 393.3 | 440.6 | 467.4 | 570.1 | 681.3 | 816.2 | 962.2 |
| 营业成本IS_COGS | 47.2 | 53.1 | 56.4 | 74.7 | 89.3 | 106.1 | 173.9 | 128.9 | 151.6 | 170.3 | 204.6 | 240.8 |
| 毛利IS_GROSS_PROFIT | 134.0 | 167.9 | 204.1 | 225.7 | 261.6 | 287.2 | 266.7 | 338.5 | 418.5 | 510.9 | 611.6 | 721.4 |
| 研发费用IS_RND | 22.9 | 24.7 | 27.2 | 30.9 | 33.9 | 37.1 | 39.9 | 42.9 | 47.0 | 55.1 | 63.2 | 70.5 |
| 销售及管理费用IS_SGA | 6.9 | 7.1 | 7.8 | 8.4 | 9.0 | 9.8 | 10.4 | 11.2 | 11.3 | 12.8 | 13.0 | 13.5 |
| 营业费用IS_OPEX | 29.8 | 31.8 | 35.0 | 39.3 | 42.9 | 46.9 | 50.3 | 54.1 | 58.4 | 67.9 | 76.2 | 84.1 |
| 营业利润IS_OPERATING_PROFIT | 104.2 | 136.2 | 169.1 | 186.4 | 218.7 | 240.3 | 216.4 | 284.4 | 360.1 | 443.0 | 535.4 | 637.3 |
| 营业外收支净额IS_NONOPERATING | 1.0 | 4.9 | 3.7 | 5.7 | 4.5 | 11.8 | 2.7 | 27.7 | 19.3 | 61.0 | 163.7 | 77.7 |
| 税前利润IS_PRETAX_PROFIT | 105.2 | 141.1 | 172.8 | 192.1 | 223.2 | 252.2 | 219.1 | 312.1 | 379.4 | 504.0 | 699.0 | 715.1 |
| 所得税IS_TAX | 12.8 | 18.2 | 24.0 | 26.2 | 30.1 | 31.3 | 31.4 | 47.8 | 60.3 | 74.4 | 115.8 | 118.2 |
| 净利润IS_NET_PROFIT | 92.4 | 122.9 | 148.8 | 166.0 | 193.1 | 220.9 | 187.8 | 264.2 | 319.1 | 429.6 | 583.2 | 596.9 |
| 基本每股收益IS_EPS_BASIC | 0.37 | 0.60 | 0.68 | 0.79 | 0.77 | 1.08 | 1.31 | 2.40 | 2.47 | |||
| 摊薄每股收益IS_EPS_DILUTED | 0.37 | 0.60 | 0.67 | 0.78 | 0.76 | 1.08 | 1.30 | 2.39 | 2.46 | |||
| 基本加权股数IS_SHARES_BASIC | 246.80 | 246.20 | 245.78 | 245.33 | 244.41 | 243.66 | 243.27 | 242.86 | 241.90 | |||
| 摊薄加权股数IS_SHARES_DILUTED | 249.40 | 248.90 | 248.48 | 247.74 | 246.11 | 245.32 | 244.83 | 243.91 | 242.85 | |||
| 每股宣派股息IS_DPS_DECLARED | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.25 | |||
| 资产负债表 | ||||||||||||
| 总资产BS_TOTAL_ASSETS | 541.5 | 657.3 | 770.7 | 852.3 | 960.1 | 1,116.0 | 1,252.5 | 1,407.4 | 1,611.5 | 2,068.0 | 2,594.7 | 3,202.7 |
| 流动资产BS_CURRENT_ASSETS | 326.6 | 443.4 | 537.3 | 596.3 | 676.4 | 801.3 | 899.4 | 1,022.2 | 1,164.9 | 1,256.0 | 1,510.0 | 1,974.1 |
| 现金及等价物BS_CASH | 55.2 | 72.8 | 75.9 | 85.6 | 91.1 | 85.9 | 152.3 | 116.4 | 114.9 | 106.0 | 132.4 | 224.4 |
| 短期投资（有价证券/定期存款）BS_ST_INVESTMENTS | 127.6 | 187.0 | 238.5 | 262.4 | 293.8 | 346.2 | 384.6 | 451.5 | 491.2 | 390.6 | 371.0 | 341.4 |
| 应收账款BS_AR | 83.1 | 100.0 | 123.6 | 141.3 | 176.9 | 230.6 | 221.3 | 278.1 | 333.9 | 384.7 | 407.1 | 630.6 |
| 存货BS_INVENTORY | 47.8 | 52.8 | 58.6 | 66.8 | 76.5 | 100.8 | 113.3 | 149.6 | 197.8 | 214.0 | 258.0 | 315.8 |
| 固定资产净值BS_PPE_NET | 38.4 | 39.1 | 40.1 | 48.8 | 53.4 | 62.8 | 71.4 | 91.4 | 97.8 | 103.8 | 124.0 | 142.8 |
| 长期股权及金融资产投资BS_EQUITY_INVESTMENTS | 11.7 | 15.5 | 17.5 | 18.2 | 22.4 | 33.9 | 32.4 | 38.0 | 81.9 | 351.4 | 423.4 | 906.8 |
| 总负债BS_TOTAL_LIABILITIES | 208.8 | 227.5 | 279.3 | 270.7 | 301.1 | 322.7 | 414.1 | 406.1 | 422.5 | 495.1 | 640.0 | 912.9 |
| 流动负债BS_CURRENT_LIABILITIES | 91.0 | 106.3 | 152.2 | 139.7 | 164.8 | 180.5 | 265.4 | 242.6 | 260.8 | 321.6 | 438.8 | 430.2 |
| 一年内到期借款BS_ST_DEBT | 12.5 | 12.5 | 12.5 | 0.0 | 0.0 | 0.0 | 10.0 | 10.0 | 10.0 | 10.0 | ||
| 应付账款BS_AP | 23.8 | 27.0 | 27.2 | 36.8 | 53.5 | 63.1 | 73.3 | 90.6 | 86.2 | 98.1 | 131.0 | 150.6 |
| 合同负债BS_CONTRACT_LIAB | 5.1 | 7.6 | 8.4 | 9.5 | 7.5 | 8.4 | 10.7 | 9.8 | 12.5 | 13.8 | 17.1 | 46.2 |
| 长期借款BS_LT_DEBT | 84.6 | 84.6 | 84.6 | 84.6 | 84.6 | 84.6 | 84.6 | 84.7 | 74.7 | 74.7 | 74.7 | 323.7 |
| 股东权益BS_TOTAL_EQUITY | 332.6 | 429.8 | 491.4 | 581.6 | 659.0 | 793.3 | 838.4 | 1,001.3 | 1,189.0 | 1,572.9 | 1,954.7 | 2,289.8 |
| 剩余履约义务（RPO）BS_RPO | 9.0 | 11.0 | 13.0 | 13.0 | 16.0 | 17.0 | 18.0 | 19.0 | 25.0 | 23.0 | 26.0 | 32.0 |
| 现金流量表 | ||||||||||||
| 经营活动现金流CF_OPERATING | 73.3 | 115.0 | 153.4 | 144.9 | 176.3 | 166.3 | 274.1 | 153.6 | 237.5 | 361.9 | 503.4 | 240.8 |
| 折旧摊销CF_DEPRECIATION | 3.7 | 3.9 | 4.1 | 4.3 | 4.8 | 5.4 | 6.1 | 6.7 | 7.5 | 8.1 | 10.0 | 11.3 |
| 股权激励费用CF_SBC | 9.8 | 9.9 | 10.1 | 11.5 | 12.5 | 13.2 | 14.7 | 16.2 | 16.5 | 16.3 | 19.3 | 20.3 |
| 投资活动现金流CF_INVESTING | -31.7 | -61.1 | -56.9 | -31.8 | -43.5 | -72.0 | -52.2 | -71.3 | -90.2 | -308.6 | -264.3 | -87.0 |
| 资本开支CF_CAPEX | 2.8 | 2.5 | 3.7 | 9.8 | 8.1 | 10.8 | 12.3 | 19.0 | 16.4 | 12.8 | 17.6 | 26.8 |
| 经营租赁新增使用权资产（非现金）CF_OPLEASE_ADDITIONS | 1.4 | 0.9 | 2.5 | 1.6 | 2.7 | 2.0 | 1.0 | 3.6 | 2.9 | 6.9 | 15.2 | 12.8 |
| 筹资活动现金流CF_FINANCING | -45.2 | -36.3 | -93.4 | -103.2 | -127.4 | -99.5 | -155.5 | -118.3 | -148.8 | -62.1 | -212.8 | -61.8 |
| 派息CF_DIVIDEND | 1.0 | 1.0 | 1.0 | 2.5 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 60.0 |
| 回购CF_BUYBACK | 38.1 | 26.6 | 77.4 | 71.6 | 110.0 | 78.1 | 141.0 | 97.2 | 124.6 | 38.2 | 193.1 | 197.3 |
| 财务指标 | ||||||||||||
| 毛利率GROSS_MARGIN | 74.0% | 76.0% | 78.4% | 75.1% | 74.6% | 73.0% | 60.5% | 72.4% | 73.4% | 75.0% | 74.9% | 75.0% |
| 营业利润率OPERATING_MARGIN | 57.5% | 61.6% | 64.9% | 62.1% | 62.3% | 61.1% | 49.1% | 60.8% | 63.2% | 65.0% | 65.6% | 66.2% |
| 净利率NET_MARGIN | 51.0% | 55.6% | 57.1% | 55.3% | 55.0% | 56.2% | 42.6% | 56.5% | 56.0% | 63.1% | 71.5% | 62.0% |
| 税后营业利润NOPAT | 91.5 | 118.6 | 145.6 | 161.0 | 189.2 | 210.5 | 185.4 | 240.8 | 302.9 | 377.6 | 446.7 | 532.0 |
| 税后营业利润率NOPAT_MARGIN | 50.5% | 53.7% | 55.9% | 53.6% | 53.9% | 53.5% | 42.1% | 51.5% | 53.1% | 55.4% | 54.7% | 55.3% |
| 投入资本INVESTED_CAPITAL | 362.0 | 441.6 | 500.2 | 580.6 | 652.5 | 792.0 | 770.7 | 969.6 | 1,148.8 | 1,541.6 | 1,897.1 | 2,389.1 |
| 投入资本周转率CAPITAL_TURNOVER | 2.00 | 2.00 | 2.08 | 2.07 | 2.15 | 1.99 | 2.29 | 1.93 | 1.98 | 1.77 | 1.72 | 1.61 |
| ROEROE | 27.8% | 28.6% | 30.3% | 28.5% | 29.3% | 27.8% | 22.4% | 26.4% | 26.8% | 27.3% | 29.8% | 26.1% |
| ROICROIC | 25.3% | 26.9% | 29.1% | 27.7% | 29.0% | 26.6% | 24.1% | 24.8% | 26.4% | 24.5% | 23.5% | 22.3% |
| 资产负债率DEBT_RATIO | 38.6% | 34.6% | 36.2% | 31.8% | 31.4% | 28.9% | 33.1% | 28.9% | 26.2% | 23.9% | 24.7% | 28.5% |
| 经营现金流/净利润OCF_TO_PROFIT | 79.3% | 93.6% | 103.1% | 87.3% | 91.3% | 75.3% | 146.0% | 58.2% | 74.4% | 84.2% | 86.3% | 40.3% |
| 应计比率ACCRUAL_RATIO | 3.5% | 1.2% | -0.6% | 2.5% | 1.8% | 4.9% | -6.9% | 7.9% | 5.1% | 3.3% | 3.1% | 11.1% |
| 营业外收支/税前利润NONOP_TO_PRETAX | 1.0% | 3.5% | 2.1% | 3.0% | 2.0% | 4.7% | 1.2% | 8.9% | 5.1% | 12.1% | 23.4% | 10.9% |
| 自由现金流FCF | 70.5 | 112.4 | 149.8 | 135.1 | 168.1 | 155.5 | 261.9 | 134.7 | 221.2 | 349.0 | 485.9 | 214.0 |
| 自由现金流利润率FCF_MARGIN | 38.9% | 50.9% | 57.5% | 45.0% | 47.9% | 39.5% | 59.4% | 28.8% | 38.8% | 51.2% | 59.5% | 22.2% |
| 股权激励/营收SBC_TO_REVENUE | 5.4% | 4.5% | 3.9% | 3.8% | 3.6% | 3.4% | 3.3% | 3.5% | 2.9% | 2.4% | 2.4% | 2.1% |
| 扣股权激励自由现金流FCF_AFTER_SBC | 60.8 | 102.5 | 139.6 | 123.6 | 155.6 | 142.3 | 247.1 | 118.4 | 204.6 | 332.7 | 466.6 | 193.7 |
| 资本开支/折旧摊销CAPEX_TO_DA | 0.75 | 0.66 | 0.90 | 2.26 | 1.70 | 1.98 | 2.01 | 2.83 | 2.18 | 1.58 | 1.76 | 2.38 |
| 固定资产周转率PPE_TURNOVER | 18.86 | 22.59 | 26.00 | 24.60 | 26.26 | 25.04 | 24.70 | 20.45 | 23.32 | 26.25 | 26.32 | 26.94 |
| 应收周转天数DSO | 41.8 | 41.3 | 43.3 | 42.9 | 46.0 | 53.5 | 45.8 | 54.3 | 53.4 | 51.5 | 45.5 | 59.8 |
| 存货周转天数DIO | 92.4 | 90.7 | 94.9 | 81.6 | 78.2 | 86.7 | 59.5 | 105.9 | 119.1 | 114.7 | 115.1 | 119.7 |
| 应付周转天数DPO | 46.0 | 46.4 | 43.9 | 45.0 | 54.7 | 54.3 | 38.5 | 64.2 | 51.9 | 52.6 | 58.4 | 57.1 |
| 现金转换周期CCC | 88.2 | 85.7 | 94.3 | 79.5 | 69.5 | 85.9 | 66.8 | 96.0 | 120.6 | 113.6 | 102.2 | 122.4 |
| 合同负债同比CONTRACT_LIAB_YOY | 51.8% | 115.8% | 130.2% | 125.2% | 46.6% | 9.6% | 27.1% | 3.4% | 66.0% | 64.8% | 59.6% | 371.0% |
| RPO 同比RPO_YOY | 31.6% | 68.7% | 103.4% | 81.3% | 78.6% | 54.5% | 38.5% | 46.2% | 56.2% | 35.3% | 44.4% | 68.4% |
| 股东回报（派息+回购）SHAREHOLDER_RETURN | 39.1 | 27.6 | 78.4 | 74.0 | 112.4 | 80.6 | 143.4 | 99.6 | 127.0 | 40.6 | 195.6 | 257.3 |
| 股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF | 55.4% | 24.5% | 52.3% | 54.8% | 66.9% | 51.8% | 54.8% | 74.0% | 57.4% | 11.6% | 40.2% | 120.2% |
| 派息率PAYOUT_RATIO | 1.1% | 0.8% | 0.7% | 1.5% | 1.3% | 1.1% | 1.3% | 0.9% | 0.8% | 0.6% | 0.4% | 10.1% |
| 稀释率DILUTION_RATE | 1.1% | 1.1% | 1.1% | 1.0% | 0.7% | 0.7% | 0.6% | 0.4% | 0.4% | |||
勾稽校验（所示期间）：12 项， 全部通过