【導讀】2026年2月10日，全球領先的智能電源和感知技術供應商安森美（onsemi）正式公布其2025年第四季度及全年財務業(yè)績。報告顯示，公司第四季度實現收入15.30億美元，各項關鍵財務指標均符合預期，其中非GAAP毛利率達38.2%，非GAAP每股攤薄收益為0.64美元。尤為引人注目的是，2025年全年自由現金流達到14億美元，自由現金流率創(chuàng)下24%的歷史新高，彰顯出公司強勁的盈利能力和卓越的運營效率。在業(yè)績發(fā)布的同時，安森美還宣布了一系列戰(zhàn)略合作與技術創(chuàng)新舉措，為未來發(fā)展奠定堅實基礎。
“我們在第四季度保持了嚴謹的執(zhí)行力，業(yè)績符合預期，并看到重點市場逐步企穩(wěn)的跡象，”安森美總裁兼CEO Hassane El-Khoury說，“我們將繼續(xù)投資于智能電源和感知技術，以在塑造行業(yè)未來的關鍵技術轉型中占據領先地位。我們的戰(zhàn)略非常清晰：通過創(chuàng)新，在汽車、工業(yè)以及人工智能（AI）數據中心電源領域引領市場，為客戶提供更高價值的解決方案，并為股東創(chuàng)造長期回報。”
“2025年，我們的自由現金流達到了14億美元，并通過股票回購向股東返還了全年100%的自由現金流。隨著主要投資周期的結束以及新技術逐步放量，公司的財務基礎持續(xù)夯實。通過在全公司范圍內推動成本結構的實質性改善，我們不斷增強運營模式的杠桿效應，”安森美執(zhí)行副總裁兼首席財務官Thad Trent表示，“我們將持續(xù)專注于卓越運營和利潤率提升，并已為市場環(huán)境改善做好充分準備。”
2025年第四季度業(yè)務亮點：
宣布授權一項新股票回購計劃，未來三年內回購規(guī)模最高可達60億美元
發(fā)布垂直氮化鎵（vGaN）功率半導體，在功率密度、能效和可靠性方面樹立了新的行業(yè)標桿
與英諾賽科（Innoscience）簽署諒解備忘錄（MoU），探索利用其成熟的200mm GaN?on?silicon工藝擴大氮化鎵功率器件產能
與格羅方德（GlobalFoundries，GF）達成新的合作協(xié)議，共同研發(fā)并制造下一代氮化鎵（GaN）功率器件，合作將從650V器件開始
下表概列2025年第四季度與可比較時期的部分財務業(yè)績:
下表概列2025年和2024年財務業(yè)績：
2026年第一季度展望
下表概列安森美預計2026年第一季度的GAAP及非GAAP展望：
Diluted shares outstanding can vary as a result of, among other things, the vesting of restricted stock units, the incremental dilutive shares from the Company's convertible notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. In periods when the quarterly average stock price per share exceeds $52.97 for the 0% Notes, and $103.87 for the 0.50% Notes, the non-GAAP diluted share count and non-GAAP net income per share include the anti-dilutive impact of the Company's hedge transactions entered concurrently with the 0% Notes and the 0.50% Notes, respectively. At an average stock price per share between $52.97 and $74.34 for the 0% Notes and $103.87 and $156.78 for the 0.50% Notes, the hedging activity offsets the potentially dilutive effect of the 0% Notes and 0.50% Notes, respectively. In periods when the quarterly average stock price exceeds $74.34 for the 0% Notes, and $156.78 for the 0.50% Notes, the dilutive impact of the warrants issued concurrently with such notes are included in the diluted shares outstanding. GAAP and non-GAAP diluted share counts are based on either the previous quarter's average stock price or the stock price as of the last day of the previous quarter, whichever is higher.
Special items may include: amortization of intangibles; expensing of appraised inventory fair market value step-up; purchased in-process research and development expenses; restructuring, asset impairments and other, net; goodwill and intangible asset impairment charges; gains and losses on debt prepayment; non-cash interest expense; actuarial (gains) losses on pension plans and other pension benefits; and certain other special items, as necessary. These special items are out of our control and could change significantly from period to period. As a result, we are not able to reasonably estimate and separately present the individual impact or probable significance of these special items, and we are similarly unable to provide a reconciliation of the non-GAAP measures. The reconciliation that is unavailable would include a forward-looking income statement, balance sheet and statement of cash flows in accordance with GAAP. For this reason, we use a projected range of the aggregate amount of special items in order to calculate our projected non-GAAP operating expense outlook.
We believe these non-GAAP measures provide important supplemental information to investors. We use these measures, together with GAAP measures, for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our releases, provide a more complete understanding of factors and trends affecting our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures, even if they have similar names.
總結
安森美2025年的財務表現充分驗證了其戰(zhàn)略轉型的成功與運營模式的持續(xù)優(yōu)化。通過聚焦汽車、工業(yè)及人工智能數據中心電源等核心增長領域，公司不僅實現了穩(wěn)健的財務回報，更在技術創(chuàng)新和產能布局上取得突破性進展——從垂直氮化鎵（vGaN）功率半導體的發(fā)布，到與英諾賽科、格羅方德的深度合作，均體現出安森美在下一代功率器件領域的領先雄心。
