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甲骨文違約風險 16年高點

https://money.udn.com/money/story/123398/9195561

2025/12/11 01:38:31
經濟日報 編譯林文彬／綜合外電











心得
剛剛財報公布
甲骨文跳水10%
債務比預期高
營收比預期低

ORCL posted mixed Nov-Q results, with revenue rising 14% to $16.1B, slightly mis
sing the 15% forecast, while non-GAAP EPS of $2.26 significantly beat consensus
of $1.64 from $2.7B Ampere gain. Operating margins compressed to 29% from 30% de
spite revenue growth due to infrastructure mix. We believe rising debt (exceeded
 $108B gross), negative FCF (-$13.2B LTM), high OpenAI concentration risk, and m
argin compression create increasing investment risks. Remaining performance obli
gations surged to $523B (+438%), slightly above our view, but remain highly conc
entrated to OpenAI's +$300B commitment. Cloud revenue rose 34% to $8.0B, led by
Infrastructure as a Service at $4.1B (+68%), while multicloud database emerged a
s the fastest-growing segment at +817% from low levels. We expect ORCL to remain
 FCF negative through at least FY 27 as capex of $35.5B outpaces operating cash
flow. In our view, although growth potential is enticing, investors should be lo
oking for cleaner AI stories given financial concerns.


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※ 作者: f12sd2e2aa 2025-12-11 06:40:04
※ 文章代碼(AID): #1fEVR611 (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1765406406.A.041.html