中文版正在生成中，先为你展示英文版分析。
AI核心结论
Nucor Corporation (NUE) reported FY2025 revenue of $32.5B (+5.7% YoY), but net income fell 14.0% to $1.74B as rising costs compressed margins and cash balances declined sharply.
营业收入
$32.49B
同比 ++5.73%
每股收益（基本）
$7.53
同比 -11.10%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Nucor (NUE) FY2025 营收 $32.49B，同比增长 5.7%。 净利润 $1.74B，同比下降 14.0%，稀释每股收益 $7.52。
Revenue grew 5.7% YoY to $32.5B, but Cost of Revenue rose faster at 7.4% to $28.6B, squeezing gross profit and indicating margin pressure from input costs or pricing dynamics in the steel industry.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Net income fell 14.0% to $1.74B and basic EPS dropped 11.1% to $7.53, suggesting that despite top-line growth, profitability was pressured by higher costs and elevated SG&A expenses (+8.5% to $1.22B).
来源: Source: 10-K Income Statement (XBRL Financial Data)
Operating cash flow declined 18.7% to $3.23B, reflecting lower net income and potentially unfavorable working capital movements, while investing outflows moderated to -$3.23B as capital expenditure pace may have eased.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Share repurchases fell 68.4% to $700M from $2.22B in the prior year, and financing cash flow improved to -$1.32B from -$3.06B, suggesting a more conservative capital return posture amid lower earnings and cash generation.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Total assets grew 3.4% to $35.1B and stockholders' equity increased 3.2% to $20.9B, but cash and equivalents dropped 36.5% to $2.26B, and current assets fell 5.7%, indicating reduced near-term liquidity despite a healthy current ratio of 2.94.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
Cost of Revenue grew 7.4% versus revenue growth of 5.7%, compressing gross margins. If steel input costs (scrap metal, energy) remain elevated or pricing power weakens, profitability could deteriorate further. This dynamic directly reduced net income by 14.0% in FY2025.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Cash and equivalents fell 36.5% to $2.26B, a significant reduction in liquid reserves. While the current ratio of 2.94 remains healthy, sustained capital expenditure needs and reduced operating cash flow could further strain liquidity if business conditions worsen.
来源: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
Share buybacks dropped 68.4% to $700M, signaling that management may be conserving cash amid lower earnings and cash generation. If earnings do not recover, Nucor's ability to sustain its historically robust shareholder return program may be limited.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
SG&A expenses rose 8.5% to $1.22B, outpacing revenue growth of 5.7%. Persistent increases in overhead costs without corresponding revenue gains could further erode operating margins in future periods.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Nucor's financials are highly sensitive to steel demand cycles tied to construction, automotive, and industrial activity. A slowdown in any of these end markets could amplify the existing margin and earnings pressure observed in FY2025.
来源: Source: 10-K Income Statement (XBRL Financial Data)
FY2025 实际 EPS $1.73，分析师一致预期 $1.93，不及预期 -10.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $32.49B | $30.73B | +5.73% |
营业成本 | $28.62B | $26.63B | +7.45% |
净利润 | $1.74B | $2.03B | -13.96% |
每股收益（基本） | $7.53 | $8.47 | -11.10% |
每股收益（稀释） | $7.52 | $8.46 | -11.11% |
销售及管理费用 | $1.22B | $1.12B | +8.55% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $35.1B | $33.94B | +3.43% |
流动资产 | $11.77B | $12.47B | -5.69% |
总负债 | $12.98B | $12.52B | +3.65% |
流动负债 | $4B | $4.98B | -19.55% |
股东权益 | $20.94B | $20.29B | +3.16% |
现金及等价物 | $2.26B | $3.56B | -36.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $3.23B | $3.98B | -18.72% |
投资活动现金流 | $-3.23B | $-3.73B | +13.60% |
筹资活动现金流 | $-1.31B | $-3.06B | +57.00% |
股票回购 | $700M | $2.22B | -68.43% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 5.4% | — | — |
净资产收益率 | 8.3% | — | — |
总资产收益率 | 5.0% | — | — |
流动比率 | $2.938 | — | — |
资产负债率 | $0.62 | — | — |
Nucor's revenue grew 5.7% to $32.5B in FY2025, but net income fell 14.0% to $1.74B as cost of revenue rose faster at 7.4%. Basic EPS declined 11.1% to $7.53, reflecting margin compression across the business.
Nucor's cost of revenue increased 7.4% to $28.6B, outpacing revenue growth of 5.7%, which compressed gross profit from approximately $4.10B to $3.88B. Additionally, SG&A expenses rose 8.5% to $1.22B, further weighing on the bottom line.
Nucor maintains a solid balance sheet with $35.1B in total assets, $20.9B in stockholders' equity, and a current ratio of 2.94, indicating strong short-term liquidity. However, cash declined 36.5% to $2.26B and free cash flow was nearly breakeven at approximately $8M, warranting monitoring.
Yes, Nucor significantly reduced share repurchases by 68.4% to $700M in FY2025, down from $2.22B in the prior year. This likely reflects management's decision to conserve cash amid lower earnings and reduced operating cash flow of $3.23B.
The primary risks include margin compression from rising input costs (cost of revenue grew faster than revenue), a 36.5% decline in cash reserves to $2.26B, and cyclical exposure to steel demand from construction and industrial end markets. Elevated SG&A growth of 8.5% also poses a risk to future operating margins if not controlled.