Market Context
报告对应赛道与标的
04 研究对象: VRT
财务数据
口径说明
| 项目 |
口径 |
| VRT 历史财务数据 |
采用本步骤提供的 Financial Modeling Prep Phase 2 预取数据；FMP 文档列示其覆盖 income statement、balance sheet、cash flow statement、key metrics 与 ratios API [S1] |
| VRT 补充比率 |
若预取数据未给出，则使用 StockAnalysis 的 VRT ratios 页面；该页面列示 VRT 的 current、FY 2025、FY 2024、FY 2023、FY 2022、FY 2021 比率序列，并标注数据最近检查日期为 Jun 2, 2026 [S2] |
| 行业均值口径 |
ReadyRatios 的 SIC 36 “Electronic And Other Electrical Equipment And Components, Except Computer Equipment” U.S. listed companies median/recommended 口径，使用 2025 列 [S3] |
| ROIC 行业替代口径 |
ReadyRatios 未列示 ROIC；行业对比表中以 CSIMarket “Electronic Parts & Equipment Industry” 的 Return On Investment (TTM) 10.11% 作为 ROIC 近似基准，口径与 VRT ROIC 不完全一致 [S4] |
近三年收入、净利润、毛利率、净利率趋势
| 年度 |
Revenue |
Gross profit |
Net income |
毛利率 |
净利率 |
| 2025 [S1] |
10.23B [S1] |
3.51B [S1] |
1.33B [S1] |
34.3% [自测算：3.51B / 10.23B] |
13.0% [自测算：1.33B / 10.23B] |
| 2024 [S1] |
8.01B [S1] |
2.75B [S1] |
495.80M [S1] |
34.3% [自测算：2.75B / 8.01B] |
6.2% [自测算：495.80M / 8.01B] |
| 2023 [S1] |
6.86B [S1] |
2.22B [S1] |
460.20M [S1] |
32.4% [自测算：2.22B / 6.86B] |
6.7% [自测算：460.20M / 6.86B] |
| 指标 |
2023 至 2025 变化 |
解读 |
| Revenue |
从 6.86B 增至 10.23B [S1] |
收入连续扩张，2025 较 2023 增加 49.1% [自测算：(10.23B / 6.86B) - 1] |
| Gross profit |
从 2.22B 增至 3.51B [S1] |
毛利增长快于收入，2025 较 2023 增加 58.1% [自测算：(3.51B / 2.22B) - 1] |
| Net income |
从 460.20M 增至 1.33B [S1] |
净利润扩张更快，2025 较 2023 增加 189.0% [自测算：(1.33B / 460.20M) - 1] |
| 毛利率 |
从 32.4% 升至 34.3% [自测算：2.22B / 6.86B；3.51B / 10.23B] |
毛利率改善 1.9 pct [自测算：34.3% - 32.4%] |
| 净利率 |
从 6.7% 升至 13.0% [自测算：460.20M / 6.86B；1.33B / 10.23B] |
净利率改善 6.3 pct [自测算：13.0% - 6.7%] |
ROE / ROA / ROIC 分析
| 指标 |
VRT 数值 |
计算或来源 |
分析 |
| ROE |
42.1% [S1] |
FMP TTM ROE 0.421 [S1] |
股东权益回报率高于 ReadyRatios 2025 行业 ROE -5.5% [S3]，差值为 47.6 pct [自测算：42.1% - (-5.5%)] |
| ROA |
10.9% [自测算：1.33B / 12.21B] |
2025 net income 1.33B [S1] / latest total assets 12.21B [S1] |
资产回报率高于 ReadyRatios 2025 行业 ROA -2.4% [S3]，差值为 13.3 pct [自测算：10.9% - (-2.4%)] |
| ROIC |
20.3% [S1] |
FMP TTM ROIC 0.203 [S1] |
投入资本回报率高于 CSIMarket Q1 2026 行业 ROI 10.11% [S4]，差值为 10.2 pct [自测算：20.3% - 10.11%] |
| ROE 与 ROIC 差异 |
21.8 pct [自测算：42.1% - 20.3%] |
ROE 42.1% [S1] 与 ROIC 20.3% [S1] |
ROE 明显高于 ROIC，说明权益回报受到资本结构影响；同时 ROIC 20.3% 仍显示经营资本回报较强 [S1] |
| ROE 与 ROA 差异 |
31.2 pct [自测算：42.1% - 10.9%] |
ROE 42.1% [S1] 与 ROA 10.9% [自测算：1.33B / 12.21B] |
ROE 高于 ROA，反映负债与资产周转对权益回报有放大作用 [自测算] |
杠杆与偿债指标
| 指标 |
VRT 数值 |
计算或来源 |
分析 |
| Total assets |
12.21B [S1] |
FMP latest balance sheet [S1] |
资产规模为偿债能力分析基数 [S1] |
| Total debt |
3.40B [S1] |
FMP latest balance sheet [S1] |
债务规模低于 total assets 12.21B [S1] |
| Cash |
1.73B [S1] |
FMP latest balance sheet [S1] |
现金覆盖 total debt 的 50.9% [自测算：1.73B / 3.40B] |
| Equity |
3.94B [S1] |
FMP latest balance sheet [S1] |
权益占 total assets 的 32.3% [自测算：3.94B / 12.21B] |
| Net debt |
1.67B [自测算：3.40B - 1.73B] |
Total debt 3.40B [S1] - cash 1.73B [S1] |
净债务为正，但绝对规模低于 equity 3.94B [S1] |
| Debt / equity |
0.86x [自测算：3.40B / 3.94B] |
Total debt 3.40B [S1] / equity 3.94B [S1] |
高于 ReadyRatios 2025 行业 debt-to-equity ratio 0.80x [S3]，差值为 0.06x [自测算：0.86x - 0.80x] |
| Net debt / equity |
0.42x [自测算：1.67B / 3.94B] |
Net debt 1.67B [自测算] / equity 3.94B [S1] |
现金抵减后杠杆低于总债务权益比 [自测算] |
| Total debt / assets |
27.8% [自测算：3.40B / 12.21B] |
Total debt 3.40B [S1] / total assets 12.21B [S1] |
债务占资产比例低于 30.0% [自测算：3.40B / 12.21B] |
| Net debt / EBITDA |
0.444x [S1] |
FMP TTM key metrics [S1] |
净杠杆低于 1.0x [S1] |
| Current ratio |
1.49x [S2] |
StockAnalysis current ratio current period [S2] |
低于 ReadyRatios 2025 行业 current ratio 2.36x [S3]，差值为 -0.87x [自测算：1.49x - 2.36x] |
| Quick ratio |
1.06x [S2] |
StockAnalysis quick ratio current period [S2] |
低于 ReadyRatios 2025 行业 quick ratio 1.43x [S3]，差值为 -0.37x [自测算：1.06x - 1.43x] |
现金流质量
| 年度 |
OCF |
Net income |
OCF / net income |
Capex |
FCF |
FCF / net income |
分析 |
| 2025 [S1] |
2.11B [S1] |
1.33B [S1] |
1.59x [自测算：2.11B / 1.33B] |
220.00M [S1] |
1.89B [S1] |
1.42x [自测算：1.89B / 1.33B] |
OCF 高于 net income，FCF 也高于 net income，利润现金转化强 [自测算] |
| 2024 [S1] |
1.32B [S1] |
495.80M [S1] |
2.66x [自测算：1.32B / 495.80M] |
184.10M [S1] |
1.14B [S1] |
2.30x [自测算：1.14B / 495.80M] |
OCF / net income 高于 1.0x，现金流覆盖利润 [自测算] |
| 2023 [S1] |
900.50M [S1] |
460.20M [S1] |
1.96x [自测算：900.50M / 460.20M] |
134.60M [S1] |
765.90M [S1] |
1.66x [自测算：765.90M / 460.20M] |
OCF 与 FCF 均高于 net income，现金利润质量较好 [自测算] |
| 指标 |
2023 至 2025 观察 |
分析 |
| OCF 趋势 |
从 900.50M 增至 2.11B [S1] |
OCF 增幅 134.3% [自测算：(2.11B / 900.50M) - 1]，高于同期 revenue 增幅 49.1% [自测算：(10.23B / 6.86B) - 1] |
| FCF 趋势 |
从 765.90M 增至 1.89B [S1] |
FCF 增幅 146.8% [自测算：(1.89B / 765.90M) - 1]，反映经营现金流增长足以覆盖 capex 扩张 [自测算] |
| OCF / net income |
2023 为 1.96x，2024 为 2.66x，2025 为 1.59x [自测算：900.50M / 460.20M；1.32B / 495.80M；2.11B / 1.33B] |
三个年度均高于 1.0x [自测算]，利润含金量较高 [自测算] |
关键财务指标 vs 行业均值
| 指标 |
VRT |
行业均值 / 基准 |
差值 |
评价 |
| Revenue |
10.23B [S1] |
不适用：ReadyRatios 行业表不列示平均收入 [S3] |
不适用 [来源不明] |
以收入规模进行行业均值比较缺少同口径公开均值 [来源不明] |
| Gross margin |
34.3% [自测算：3.51B / 10.23B] |
34.6% [S3] |
0.3 pct [自测算：34.3% - 34.6%] |
与 ReadyRatios 2025 行业 gross margin 基本接近 [S3] |
| Net margin / Profit margin |
13.0% [自测算：1.33B / 10.23B] |
5.5% [S3] |
+18.5 pct [自测算：13.0% - (-5.5%)] |
明显高于 ReadyRatios 2025 行业 profit margin [S3] |
| ROE |
42.1% [S1] |
5.5% [S3] |
+47.6 pct [自测算：42.1% - (-5.5%)] |
股东权益回报显著高于行业均值 [S1][S3] |
| ROA |
10.9% [自测算：1.33B / 12.21B] |
2.4% [S3] |
+13.3 pct [自测算：10.9% - (-2.4%)] |
资产盈利能力显著高于行业均值 [自测算][S3] |
| ROIC / ROI |
20.3% [S1] |
10.11% [S4] |
+10.2 pct [自测算：20.3% - 10.11%] |
VRT ROIC 高于 CSIMarket Q1 2026 行业 ROI，但该项为近似对比 [S1][S4] |
| Debt / equity |
0.86x [自测算：3.40B / 3.94B] |
0.80x [S3] |
+0.06x [自测算：0.86x - 0.80x] |
总债务权益比略高于 ReadyRatios 2025 行业均值 [S3] |
| Current ratio |
1.49x [S2] |
2.36x [S3] |
0.87x [自测算：1.49x - 2.36x] |
流动比率低于 ReadyRatios 2025 行业均值 [S2][S3] |
| Quick ratio |
1.06x [S2] |
1.43x [S3] |
0.37x [自测算：1.06x - 1.43x] |
速动比率低于 ReadyRatios 2025 行业均值 [S2][S3] |
| Net debt / EBITDA |
0.444x [S1] |
无同口径公开均值 [来源不明] |
不适用 [来源不明] |
单看 VRT，净杠杆低于 1.0x [S1] |
| FCF yield |
1.9% [S1] |
无同口径公开均值 [来源不明] |
不适用 [来源不明] |
FMP TTM FCF yield 为 0.019 [S1] |
资料来源 / Sources
[S1] Financial Modeling Prep, Developer Docs; 本工作流 Phase 2 prefetch supplied VRT data from FMP — https://site.financialmodelingprep.com/developer/docs
[S2] StockAnalysis.com, Vertiv Holdings Co (VRT) Financial Ratios — https://stockanalysis.com/stocks/vrt/financials/ratios/
[S3] ReadyRatios, Electronic And Other Electrical Equipment And Components, Except Computer Equipment: Average Industry Financial Ratios for U.S. Listed Companies — https://www.readyratios.com/sec/industry/36/
[S4] CSIMarket, Electronic Parts & Equipment Industry Management Effectiveness Information and Trends — https://csimarket.com/Industry/industry_ManagementEffectiveness.php?ind=403