Supply Chain
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FY2025 Q4
개선
Aptiv PLC 실적 발표
Buzzberg 분석
Aptiv confident on semiconductor cost recoveries, sees minimal 2026 supply impact
Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M.
Buzzberg 분석 Aptiv confident on semiconductor cost recoveries, sees minimal 2026 supply impact Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M. 전체 분석 보기분석 접기
Aptiv reported strong Q4 2025 results with record revenue of $5.2 billion, driven by solid execution despite FX and commodity headwinds. Management provided 2026 guidance for both newly standalone Aptiv and Versagen, emphasizing growth in non-auto markets and confidence in navigating supply chain challenges. Q4 revenue of $5.2B, up 3%, with adjusted EPS of $1.86; operating cash flow of $818M.
- FY2025 bookings of $27B fell short of $31B target due to timing shifts into 2026, but management expects >$30B in 2026.
- Management guided 2026 revenue for new Aptiv (ex-EDS) at $12.8-13.2B and Versagen at $9.1-9.4B.
- Aptiv is building semiconductor inventory to 12 weeks, mitigating DRAM shortage and passing through low-double-digit price increases.
매출$5.153B보고값
주당순이익(EPS)$1.86보고값
매출총이익률19.76%보고값
영업이익률7.61%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Bookings
Q4 bookings short of target on timing, stronger 2026 expected
AI
Wind River sees $6 billion robotics TAM, more partnerships coming
핵심 내용 3개 더 보기
Margins
Aptiv expects to pass on higher semiconductor costs to customers
Capital Allocation
Versagen spin on track for April 1, with planned debt paydown
Demand
2026 EV growth expected at 15%, mostly driven by China
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $5.153B | 보고값 |
| 주당순이익(EPS) | $1.86 | 보고값 |
| 매출총이익률 | 19.76% | 보고값 |
| 영업이익률 | 7.61% | 보고값 |
| 잉여현금흐름 | $0.651B | 보고값 |
| 자본지출 | $0.167B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $5.70–$6.10 | $5.90 | 신규 제시 |
| 잉여현금흐름 | FY2026 | $0.75B | $0.75B | 신규 제시 |
| 잉여현금흐름VERSAGEN | FY2026 | $0.25B | $0.25B | 신규 제시 |
| 매출 | FY2026 | $12.8B–$13.2B | $13B | 유지 |
| 매출 | FY2026 | $9.1B–$9.4B | $9.25B | 유지 |
| 매출 | FY2026 Q1 | $5.05B | $5.05B | 신규 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in executing through a dynamic macro environment, highlighting strong bookings, margin expansion plans, and successful cost pass-through.
경영진의 AI 분석
Management discussed AI and robotics as a growing non-automotive opportunity, announcing partnerships with robotics companies and investing in AI-powered software solutions, with an estimated $6 billion TAM and expected further commercial announcements.
투자 및 생산능력
Aptiv is making targeted investments in engineering and go-to-market capabilities for non-auto markets, with $35 million in 2026, and investing in semiconductor inventory build ($200 million) and footprint rotation/automation for Versagen.
아래에 언급된 기업 5개 모두 표시
기업발표 이후 수익률
공급망
공급망
Varen Laroia
Aptiv has built 12 weeks of semiconductor inventory, insulating its supply chain against the 2026 DRAM shortage, and has locked in pricing at low-double-digit increases, far below spot market 100-120% increases. — Aptiv's forward-buying signals tighter DRAM supply but also the ability to pass through higher costs, potentially squeezing OEM margins.
근거
“As we mentioned at the beginning of last year, we have worked diligently to strengthen the resiliency of our supply chain and invested to build semiconductor inventory coverage to approximately 12 weeks.”
공급망
Kevin Clark
Aptiv is embedding Wind River software and its sensing portfolio into robots, creating a $4,000-$5,000 content opportunity per unit, and expects more partnership announcements in Q1 2026. — Aptiv's pivot to robotics and non-auto markets creates new cross-company signals for industrial automation and robotics suppliers.
근거
“We think during the first quarter, we'll have more commercial relationships or partnerships that we'll be announcing that will show the traction that we have in place.”
공급망
Kevin Clark
Aptiv is selectively receiving cash recoveries from automakers for canceled EV programs, with negotiations underway, particularly in North America. — Cash recoveries from canceled EV programs provide an upside cushion to Aptiv's 2026 margin outlook, signaling ongoing weakness in North American EV demand.
근거
“As it relates to some of the larger decisions, principally in North America, as it relates to EV programs, those are discussions that are underway now at this point in time.”
공급망
Kevin Clark
Aptiv's China bookings are shifting heavily toward local OEMs, with around 80% of 2025 China awards coming from local players, signaling their growing influence in the global supply chain. — Aptiv's China revenue mix is improving but at lower margins, reflecting the pricing pressure exerted by Chinese EV makers.
근거
“And of note, approximately 80% of our China New Business Awards in 2025 were from the local OEMs.”
외부 신호
공급망 알파 · 4발표 이후 수익률
Aptiv has built 12 weeks of semiconductor inventory, insulating its supply chain against the 2026 DRAM shortage, and has locked in pricing at low-double-digit increases, far below spot market 100-120% increases.
Aptiv is embedding Wind River software and its sensing portfolio into robots, creating a $4,000-$5,000 content opportunity per unit, and expects more partnership announcements in Q1 2026.
Aptiv is selectively receiving cash recoveries from automakers for canceled EV programs, with negotiations underway, particularly in North America.
Aptiv's China bookings are shifting heavily toward local OEMs, with around 80% of 2025 China awards coming from local players, signaling their growing influence in the global supply chain.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 5개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.