0000890564-25-000063
SEC filingASGN 三季度营收下滑 1.9%，但毛利率提升 30bps，盈利质量稳健。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,011.4M | $1,031.0M | -1.9% |
| Gross Profit | $296.9M | $300.4M | -1.2% |
| Gross Margin | 29.4% | 29.1% | +30bps |
| Operating Income | $67.9M | $78.9M | -13.9% |
| Operating Margin | 6.7% | 7.7% | -100bps |
| Net Income | $38.1M | $47.5M | -19.8% |
| Diluted EPS | $0.87 | $1.06 | -17.9% |
| Operating Cash Flow | $225.6M | $299.8M | -24.7% |
| Free Cash Flow | $194.4M | $275.8M | -29.5% |
营收下滑 1.9%，主要受 Assignment 业务（同比 -13.2%）拖累，但 Consulting 业务（同比 +6.3%）部分抵消。毛利率提升 30bps 至 29.4%，得益于 Commercial Segment 中 Consulting 占比提升。经营利润率下降 100bps，主要因 SG&A 费用率上升（含 $4.2M 收购相关费用）及无形资产摊销增加。净利下滑 19.8%，但经营现金流仍高于净利，盈利质量尚可。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Commercial | $711.3M | -1.0% | $67.9M | 9.5% | Consulting 增长 17.5%，Assignment 下滑 13.2% |
| Federal Government | $300.1M | -3.9% | $25.4M | 8.5% | 受 DOGE 相关合同流失影响 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $126.5M | $205.2M |
| Total Debt | $1,165.7M | $1,033.5M |
| Inventory | — | — |
| RPO/Deferred revenue | — | — |
| Operating Cash Flow | $225.6M | $299.8M |
| Capex | $31.2M | $24.0M |
| Free Cash Flow | $194.4M | $275.8M |
| FCF 转化率 | 220% | 208% |
Net Debt = $1,165.7M - $126.5M = $1,039.2M。Net Debt/EBITDA 未披露，无法计算。