0001628280-26-019656
SEC filing2025年营收增长16%至$4,379M，但净利仅$40M，受高杠杆与OWN Program成本拖累。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $4,379M | $3,764M | +16% |
| Gross Profit | $1,239M | $946M | +31% |
| Gross Margin | 28.3% | 25.1% | +320bps |
| Operating Income | $297M | $218M | +36% |
| Operating Margin | 6.8% | 5.8% | +100bps |
| Net Income | $40M | $3M | +1233% |
| Diluted EPS | $0.01 | -$0.48 | — |
| EBITDA (Non-GAAP) | $708M | $603M | +17% |
| Operating Cash Flow | $264M | $282M | -6% |
| Free Cash Flow | -$716M | -$1,060M | — |
2025年营收增长16%至$4,379M，主要由Equipment Rental and Related Services（+31%）驱动，得益于车队扩张（OEC +33%）和新增85家分支。但Equipment Sales下降8%，反映OWN Program销售放缓。毛利率提升320bps至28.3%，主要因高毛利的租赁业务占比提升，但OWN Program payouts同比+70%至$714M，侵蚀利润。
盈利质量方面，Net Income仅$40M，净利率不足1%，受高利息支出（$285M）和OWN Program成本拖累。剔除一次性项目（债务清偿损失$8M、资产出售收益$1M、投资重估收益$16M）后，run-rate盈利仍薄弱。经营性现金流$264M，同比下降6%，资本开支激增导致自由现金流为负$716M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Equipment Rental and Services Operations | $2,724M | +34% | $1,139M | 41.8% | 车队扩张、T3平台、新分支 |
| Equipment Sales | $1,541M | -8% | $276M | 17.9% | OWN Program销售下降，但利润率提升 |
| All Other | $114M | +115% | -$13M | -11.4% | Telematics和建材销售增长，但亏损扩大 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $306M | -$101M |
| Total Debt | $3,335M | +$709M |
| Net Debt | $3,029M | +$810M |
| Inventory | $401M | +$70M |
| Operating Cash Flow | $264M | -$18M |
| Capex | $2,067M | +$286M |
| Free Cash Flow | -$716M | +$344M |
| FCF 转化率 | -1790% | — |
Net Debt/EBITDA约为4.3倍（基于$708M EBITDA），杠杆水平较高。
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