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AI核心结论
APTV reported Q1 FY2025 revenue of $5.09B (+5.4% YoY) but saw operating income fall 15.6% to $378M as rising costs and SG&A pressures compressed margins, while net income surged to $189M versus a prior-year loss, aided by a significant financing inflow that boosted cash to $3.17B.
营业收入
$5.09B
同比 ++5.41%
每股收益（基本）
$0.89
同比 ++1880.00%
营业利润
$378M
同比 -15.63%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Aptiv (APTV) Q1 FY2025 营收 $5.09B，同比增长 5.4%。 净利润 $189M，稀释每股收益 $0.88。
Revenue grew 5.4% YoY to $5.09B in Q1 FY2025, but cost of revenue rose faster at 6.7% YoY to $4.17B, squeezing gross profit and pushing operating margin down from 9.3% to 7.4%. This indicates top-line momentum is being offset by cost inflation and operational pressures.
来源: Source: 10-Q Income Statement
SG&A expenses increased 11.2% YoY to $427M, outpacing revenue growth of 5.4%, which was a key contributor to the 15.6% decline in operating income to $378M. This suggests increased overhead or restructuring-related costs weighing on profitability.
来源: Source: 10-Q Income Statement
Net income swung dramatically to $189M from a loss of $11M in the prior-year period, a YoY increase of over 1,800%. This recovery was driven by factors below the operating line, such as favorable non-operating items, rather than core operating improvement.
来源: Source: 10-Q Income Statement
Financing cash flow surged to $1.69B (vs. -$553M prior year), driving cash and equivalents up 188.5% YoY to $3.17B. Long-term debt also rose 21.0% to $9.25B, suggesting APTV raised significant new debt during the quarter.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
Operating cash flow turned negative at -$143M compared to +$273M in Q1 FY2024, a deterioration of over 152%. This raises questions about working capital management and the quality of earnings despite the reported net income improvement.
来源: Source: 10-Q Cash Flow Statement
APTV generated -$143M in operating cash flow in Q1 FY2025, a sharp reversal from +$273M in the prior year. Sustained negative operating cash flow could pressure liquidity and limit the company's ability to fund capital expenditures and debt service without relying on external financing.
来源: Source: 10-Q Cash Flow Statement
Long-term debt increased 21.0% YoY to $9.25B, and the debt-to-equity ratio stands at approximately 1.70. The significant financing inflow of $1.69B suggests new borrowings, which increases interest expense obligations and financial leverage risk in a potentially slowing auto market.
来源: Source: 10-Q Balance Sheet
Cost of revenue grew 6.7% YoY versus revenue growth of 5.4%, and SG&A rose 11.2%, collectively driving operating margin down nearly 190 basis points to 7.4%. If input cost inflation or pricing pressure persists, further margin erosion could materially impact profitability.
来源: Source: 10-Q Income Statement
The dramatic improvement in net income (from -$11M to +$189M) appears driven by below-the-line items rather than core operating performance, which actually declined 15.6%. This creates earnings quality concerns, as non-operating gains may not be sustainable.
来源: Source: 10-Q Income Statement
While current assets rose 38.5% YoY to $10.72B (largely due to the cash increase from financing), current liabilities also grew 5.7% to $5.07B. The current ratio of 2.11 appears healthy, but the reliance on debt-funded cash to maintain liquidity is a concern if refinancing conditions tighten.
来源: Source: 10-Q Balance Sheet
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $5.09B | $4.83B | +5.41% |
营业成本 | $4.17B | $3.9B | +6.68% |
营业利润 | $378M | $448M | -15.63% |
净利润 | $189M | $-11M | +1818.18% |
每股收益（基本） | $0.89 | $-0.05 | +1880.00% |
每股收益（稀释） | $0.88 | $-0.05 | +1860.00% |
销售及管理费用 | $427M | $384M | +11.20% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $25.2B | $23.1B | +9.09% |
流动资产 | $10.72B | $7.74B | +38.54% |
总负债 | $15.68B | $13.85B | +13.24% |
流动负债 | $5.07B | $4.79B | +5.74% |
股东权益 | $9.23B | $8.96B | +3.04% |
现金及等价物 | $3.17B | $1.1B | +188.45% |
长期债务 | $9.25B | $7.65B | +20.95% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-143M | $273M | -152.38% |
投资活动现金流 | $-221M | $-203M | -8.87% |
筹资活动现金流 | $1.69B | $-553M | +405.97% |
股票回购 | $76M | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 7.4% | 9.3% | -1.85% |
净利率 | 3.7% | — | — |
净资产收益率 | 2.0% | — | — |
总资产收益率 | 0.7% | — | — |
流动比率 | $2.115 | — | — |
资产负债率 | $1.698 | — | — |
APTV reported Q1 FY2025 revenue of $5.09B, up 5.4% YoY, but operating income fell 15.6% to $378M due to rising costs and higher SG&A. Net income recovered strongly to $189M from a prior-year loss of $11M, though this was largely driven by non-operating items rather than core business improvement.
APTV's operating income fell 15.6% YoY to $378M in Q1 FY2025 because cost of revenue grew 6.7% (faster than revenue growth of 5.4%) and SG&A expenses surged 11.2% to $427M. These combined cost pressures compressed operating margin from 9.3% to 7.4%.
APTV's cash and equivalents surged 188.5% YoY to $3.17B, primarily driven by $1.69B in financing cash flows, which likely reflects new debt issuance. However, operating cash flow turned negative at -$143M, compared to +$273M in Q1 FY2024, raising questions about underlying cash generation.
Key risks include a sharp deterioration in operating cash flow to -$143M, a 21% increase in long-term debt to $9.25B raising leverage concerns, and ongoing margin compression as costs rise faster than revenue. The reliance on non-operating items to drive net income recovery also raises earnings quality concerns.
APTV's current ratio of 2.11 suggests adequate short-term liquidity, and stockholders' equity grew modestly to $9.23B. However, long-term debt rose 21% YoY to $9.25B, pushing the debt-to-equity ratio to approximately 1.70, and negative operating cash flow of -$143M indicates the company is relying on external financing rather than operations to fund its activities.