EMS 内幕：资本效率与整体赢家
EMS 公司近期发布的业绩消息以增长和盈利能力改善为主。即便处境最艰难的 Lacroix 与 TT Electronics，也释放出复苏信号。
原文深度解读
本文是“EMS under the hood”系列第三部分，作者 Riku Hynninen（Agame Oy 首席执行官兼创始人）基于 2025 年已报告财务数据，分析欧洲中型 EMS 公司的资本效率、净营运资本（NWC）、资产负债结构（Gearing）与净资产收益率（ROE）之间的关系。涉及 Hanza、Kitron、Incap、Lacroix、TT Electronics、NOTE、Inission、Cicor、GPV、Scanfil 等公司，并对比大型 EMS 的库存（约 10%）与 NWC（约 15%）基准。文章与电子元器件供应链的关系在于：NWC 中库存与应收账款占比、客户预付款、保理/反向保理安排、元器件价格波动与呆滞料处理条款，都会直接影响 EMS 的短期流动性与供应链韧性。
- 原文以 2025 年已报告财务数据为基础，比较欧洲中型 EMS 公司的净营运资本（NWC）占收入比例：Hanza、Kitron、Incap 低于 20%，Lacroix 与 TT Electronics 也低于 20%，但后者是在终止业务重大清理、减记和亏损之后。
- 原文称 Hanza 与 Incap 没有明显保理或反向保理，也没有大量客户预付款来美化数字，因此可视为 NWC 效率领先者；Kitron 有 1.17 亿欧元客户存款计入应付账款/预收款，若仅计贸易应付账款，NWC 将升至约收入的 34%，但原文认为这主要受最强有机增长拉动，暂不视为结构性问题。
- 原文指出 NOTE、Inission、Cicor 和 GPV 的 NWC 最高，约 30%，且 NOTE 与 GPV 还活跃使用保理；保理金额未明确披露，但基于财务数据推测 NOTE 和 GPV 的规模在数千万欧元级别，因此三者仍有资本效率改善空间。
- 原文将中型欧洲 EMS 与大型 EMS 基准对比：大型 EMS 库存约占 10%、NWC 约占 15%，这代表低混合/高量产业务的好水平；高混合低量产厂商可能难以持续达到，但可作为基准，且作者对大型 EMS 参考数字做了调整以增强可比性。
- 原文图 2 显示 Gearing（净债务/权益）与 ROE% 的关系：ROE% 高于 10% 可在净现金和高杠杆两种状态下实现；Incap 净利率第二高（6.5%）但 ROE% 仅第六（10.4%），被低杠杆和过度资本化拖累；TT Electronics 与 Lacroix 的重启对 ROE% 造成显著负面影响，Lacroix 的 Gearing 明显最高。
- 原文总结三个排行榜：净利率为 NOTE（7.4%）、Incap（6.5%）、Kitron（5.9%）；NWC 效率为 Hanza（16.2%）、Kitron（18.3%）、Incap（18.8%）；ROE 为 NOTE（17.1%）、Kitron（14.0%）、Hanza/Scanfil（约 13.5%）。NOTE 的 TIDA 率最低之一（5.8%），但 NWC 接近收入 30%，若降至基准可释放 3500 万至 5000 万欧元资本。
供应链影响
- EMS 公司 NWC 占收入 15%–30% 的差异，可能意味着在元器件价格波动或供应紧张时，不同公司的短期流动性缓冲能力存在明显分化。
- NOTE 与 GPV 使用保理或反向保理，可能使其报表上的 NWC 效率优于实际供应链资金占用；若保理安排收紧，其流动性可能承压。
- Kitron 的 1.17 亿欧元客户存款虽改善 NWC，但若客户需求或预付款政策变化，其营运资本水平可能快速上升，取决于订单与客户结构。
- 大型 EMS 库存约 10%、NWC 约 15% 的基准，可能被中型高混合低量产 EMS 视为改善方向，但能否持续达到取决于产品组合与客户合同条款。
- EMS 商业模式依赖开放账本定价，可将部分元器件价格波动风险调整至售价，但呆滞料处理与责任条款仍可能影响其库存风险和资本效率。
系统解读，仅作为判断线索，不构成备货、出货、涨价或投资建议。
作者：Riku Hynninen - Agame Oy 首席执行官兼创始人
这是文章系列“EMS under the hood”的第三部分——完成第一部分《剖析欧洲制造业领导者的财务引擎》和第二部分《整合战争基金：谁有火力购买增长》。
- 在本文第三部分中，我将研究资本效率：在制造业中，净营运资本可能差异很大，并对在紧张杠杆下遭遇困难供应链条件的公司构成短期流动性风险。这些公司在资本结构方面有何不同？哪些公司的净资产收益率最高，这是否与 Gearing 相关？
资本效率：多少才算好？
在分析的最后部分，让我们看看有多少资本被绑定在供应链运营中，公司在净资产收益率（ROE）方面有何不同，以及是否存在一个 Gearing 的最佳点以最大化 ROE。提醒一下，本报告讨论的是 2025 年已报告的财务数据。
图 1. 库存和净营运资本占收入的百分比。© Agame
NWC 光谱：精益领导者
净营运资本效率最好、低于收入 20% 的三家公司是 Hanza、Kitron 和 Incap。此外，Lacroix 和 TT Electronics 也低于 20%；然而，这是在终止业务进行重大清理、减记和显著亏损之后。
再仔细看，Hanza 和 Incap 似乎没有保理或反向保理来推高其 NWC 效率的迹象。它们也没有大量客户预付款来美化数字。Hanza 和 Incap 完全可以被视为净营运资本效率领导者。
Kitron 的 1.17 亿欧元秘密：存款如何扭曲数据
Kitron 去年已停止使用保理，拥有最大量的客户存款：总计 1.17 亿欧元计入应付账款/已收存款。调整这一点，仅考虑贸易应付账款，净营运资本将增至约收入的 34%。可以理解，NWC 被纳入公司中最强的有机增长拉高。因此，至少目前我不会将其视为 Kitron 的结构性问题。
高 NWC 和保理爱好者
NOTE、Inission、Cicor 和 GPV 的净营运资本最高，约为 30%，而有机增长并非像 Kitron 那样明显的原因。此外，NOTE 和 GPV 还活跃于保理。保理意味着将其应收账款出售给第三方，并将保理部分从应收账款转移到短期有息债务。同样，反向保理是关于在向供应商付款时使用第三方。
保理金额没有明确说明，但根据财务数据可以假设 NOTE 和 GPV 的规模都在数千万欧元级别。这为这三家公司留下了资本效率改善的空间。
大型 EMS 基准
最后，将中型欧洲 EMS 公司与大型 EMS 的库存（约 10%）和净营运资本（约 15%）基准进行比较时，它显示了低混合/高量产业务中的良好水平是什么样子。这些水平是高混合低量产参与者可能无法持续达到的，但可以将其视为基准。
请注意，我对大型 EMS 的参考数字做了一些调整以提高可比性，因为其中一些也使用了相当激进的保理/反向保理。
Gearing 是否存在最佳点？
图 2 可视化了 Gearing（净债务/权益）与净资产收益率% 的相关性。图表显示，ROE% 高于 10% 可以在净现金和高杠杆状态下实现。低杠杆和过度资本化的拖累主要体现在 Incap 上，其净利润第二高（6.5%），但 ROE% 仅排第六（10.4%）。TT Electronics 和 Lacroix 的“重启”显示为对 ROE% 的巨大负面影响，而 Lacroix 的 Gearing 显然最高 *）。
图 2. 净债务/权益与净资产收益率之间的相关性
*) 请注意，为可比性，净债务计算包括 IFRS 16 租赁负债和收购相关债务。公司有各种规则来计算和呈现其净债务。
让我们暂时排除陷入困境的 TT Electronics 和正在重组的 Lacroix。再仔细看 ROE% 最低的 Inission 和 GPV，两个故事正在形成。Inission 的折旧与摊销以及财务与税费比率很高——总计占销售额的 7.7%，而其 EBITDA% 约为 9%，低于大多数同行。GPV 的低 ROE% 主要与其 EBITDA%（7.4%）有关，这是同行中最低的。
NOTE 以最高的 ROE%（17.1%）脱颖而出。这得益于其最高的净利润（7.4%）以及有效的净债务/权益% 为 32.2%。
总结与结论
让我们以三个领奖台来结束分析：所有者盈利能力、营运资本效率和净资产收益率
类别 | 金牌 | 银牌 | 铜牌
净利润% | NOTE (7.4%) | Incap (6.5%) | Kitron (5.9%)
NWC 效率 | Hanza (16.2%) | Kitron (18.3%) | Incap (18.8%)
净资产收益率 | NOTE (17.1%) | Kitron (14.0%) | Hanza/Scanfil (~13.5%)
利润、NWC% 和 ROE% 的领导者
北欧领导者
Kitron 在所有类别中都登上领奖台，其低净营运资本得益于我们之前讨论的高客户存款。考虑到其由国防和航空航天业务驱动的出色增长，他们在当前业绩和潜力方面脱颖而出，成为欧洲 EMS 公司中的整体明星。
NOTE 在净利润和 ROE% 方面都是领导者。他们拥有最精简的税费、利息、折旧和摊销（TIDA）率之一（5.8%），但他们在供应链中绑定了大量营运资本。其净营运资本接近收入的 30%。如果他们将其降至基准水平，3500 万欧元至 5000 万欧元的额外资本可用于增长、收购或股息，或只是减少对保理安排的需求。
Hanza 和 Incap 都有两个领奖台位置。Hanza 是资本效率领先者，Incap 紧随其后。Incap 作为 EBITDA% 的领导者，将受益于恢复到往年较低的税率。据我了解，2025 年的高税率是印度实体股息政策和爱沙尼亚实体利润保留政策的函数。在爱沙尼亚，公司不为保留或再投资的利润缴纳所得税。
本分析中包括的大多数公司都是健康的，并且处于并购游戏中的活跃参与者地位。两家正在转型的公司表明其持续业务是健康的。未来几个季度和几年将显示这是否真的如此。
通过低风险低回报的商业模式和保守的杠杆率实现可预测的盈利能力
EMS 公司的盈利能力通常相当可预测。EMS 商业模式需要开放账本定价，这阻止了维持过高利润率，另一方面允许部分利润率风险，即突然的元器件价格波动，在销售价格中调整。EMS 需要专注于确保与客户签订合理的合同条款（即元器件价格波动、材料呆滞处理、责任条款），以及自身的运营绩效、成本效率和客户关系。
EMS 公司的杠杆率相对较低。原因之一是需要为净营运资本波动提供缓冲，此外还要被视为拥有能够处理特殊情况的弹性资产负债表的可信赖合作伙伴。客户将其核心流程之一委托给 EMS，它必须在可靠的手中。
EMS 业务有很高的净营运资本要求，可能快速波动。在中型 EMS 参与者中，NWC 占收入的百分比在 15% 到 30% 之间变化。大型 EMS 公司凭借其快速移动、高产量，介于 10% - 15% 之间，有些通过保理甚至更低。EMS 公司持有大量流动资产，高达其年收入的 30%（库存和应收账款），他们需要无情地关注呆滞和客户破产风险。
纳入的中型 EMS 公司的 ROE% 水平（不包括正在进行的业务重组）从低个位数到 17% 以上不等。平均值和中位数略高于 10%——属于低到中等盈利层级。ROE% 低于资本成本（通常为 8% - 10%）的公司需要改进，以免破坏股东价值。
在 2026 年 10 月 22 日的 Evertiq Expo Warsaw 上，Riku Hynninen 将登台展示对 10 家领先欧洲 EMS 公司的财务基准分析。他的演讲将探讨盈利能力如何受到折旧、利息和税收等因素的影响，同时确定在近期行业整合后哪些公司最适合未来的并购活动。
从制造和设计到供应链和新兴技术，电子行业从未停滞。在即将到来的 Evertiq Expo 活动中结识推动它前进的人们。下一站是 10 月 22 日的 Evertiq Expo Warsaw，行业专业人士聚集在一起交流知识、发现新解决方案并建立有价值的业务联系。
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Author: Riku Hynninen - CEO & Founder - Agame Oy
This is part 3 of the article series "EMS under the hood" – completing part 1, Dissecting the financial engines of Europe’s manufacturing leaders and part 2, The consolidation war chest: Who has the firepower to buy the growth.
- In this article, part 3, I will look into the capital efficiency: in the manufacturing industry, net working capital may vary significantly and pose a short-term liquidity risk for companies that hit difficult supply chain conditions under stretched leverage. How do the companies differ in terms of capital structure? Which companies have the best Return on Equity and does that correlate with Gearing?
Capital Efficiency: How Much Is Good?
In the final part of the analysis, let’s look at how much capital is tied in running the supply chain, how do companies differ in return on their equity (ROE), and is there a sweet spot of gearing in order to maximize the ROE. As a reminder, the report is discussing the reported financials for 2025.
Figure 1. Inventory and net working capital percentage of revenue. © Agame
The NWC spectrum: The lean leaders
The three companies with the best net working capital efficiency below 20 % of revenue are Hanza, Kitron and Incap. Also, Lacroix and TT Electronics stood below 20%; however, this is following a significant clean-up and write-offs and remarkable losses in their discontinued business.
Looking a bit closer, it seems that Hanza and Incap have no indication of factoring or reverse factoring pumping up their NWC efficiency. Neither do they have a material amount of customer prepayments that would polish their numbers. Hanza and Incap can well be considered as the net working capital efficiency leaders.
Kitron’s €117M secret: How deposits can twist the data
Kitron, who has moved away from the use of factoring last year, has the most significant amount of customer deposits: a total of 117 M€ accounted in accounts payable / deposits received. Adjusting this, and taking only trade payables into account, the net working capital would increase to about 34 % of revenue. Understandably, the NWC is pulled higher by the strongest organic growth among the included companies. For this reason, I wouldn’t see it as a structural concern for Kitron, at least yet.
High NWC and factoring fans
NOTE, Inission, Cicor and GPV have the highest net working capital at around 30 %, and the organic growth is not the obvious reason as with Kitron. In addition, NOTE and GPV are also active in factoring. Factoring means selling their receivables to a third party and moving the factored portion from account receivables to short-term interest-bearing debt. Likewise, reverse factoring is about using a third party in payments to suppliers.
The factoring amounts are not explicitly stated, but based on the financial data it can be assumed that the magnitude is in the tens of millions of euros for both NOTE and GPV. This leaves room for capital efficiency improvement for all three.
Giant EMS benchmark
Finally, when comparing the mid-size European EMS companies with giant EMSs’ benchmark for inventory (~10 %) and net working capital (~15 %), it shows what the good looks like in low-mix / high-volume business. These are levels that high-mix low-volume players will likely not be able to sustainably achieve but it can be considered as a benchmark.
Do note that I made some adjustments to the giant EMSs' reference numbers for comparability, as some of them use rather aggressive factoring/reverse factoring as well.
Is there a sweet spot for Gearing?
Figure 2 is visualising how Gearing (Net Debt / Equity) is correlating with Return on Equity %. The graph shows that ROE% above 10% can be achieved in both net cash and high gearing positions. The drag of low gearing and excessive capitalisation is mainly visible with Incap, which has the second highest net profit (6.5 %) but is only number six in ROE% (10.4 %). TT Electronics and Lacroix “reboots” are shown as a dramatic negative impact on ROE% while Lacroix Gearing is clearly the highest *).
Figure 2. Correlation between Net Debt / Equity and Return on Equity
*) Note that the net debt calculations include IFRS 16 lease liabilities and acquisition related debt for comparability. Companies have various rules to calculate and present their net debt.
Let’s exclude the struggling TT Electronics and Lacroix under restructuring for a while. Looking closer at Inission and GPV who have the lowest ROE%, two stories are building up. Inission has a high rate of depreciation & amortizations and financials & taxes - a total 7.7 % of sales, while their EBITDA% of ~9% is lower than most of their peers’. GPVs low ROE% is primarily related to their EBITDA% (7.4 %), which is the lowest in the peer group.
NOTE stands out with the highest ROE% (17.1 %). This is contributed by the highest Net Profit (7.4 %) among the pack and their effective Net Debt / Equity % of 32.2 %.
Summary and Conclusions
Let’s finalise the analysis in three podiums: Profitability to owners, Working Capital Efficiency and Return on Equity
Category | Gold | Silver | Bronze
Net Profit % | NOTE (7.4%) | Incap (6.5%) | Kitron (5.9%)
NWC Efficiency | Hanza (16.2%) | Kitron (18.3%) | Incap (18.8%)
Return on Equity | NOTE (17.1%) | Kitron (14.0%) | Hanza/Scanfil (~13.5%)
Leaders in profit, NWC% and ROE%
Nordic leaders
Kitron is on the podium in all categories, with their low net working capital supported by the high customer deposits that we discussed earlier. Considering their outstanding growth driven by the defence and aerospace business, they stand out as the overall star among European EMS companies in current performance and potential.
NOTE stands out as the leader in both Net Profit and ROE%. They have one of the leanest Tax, Interest, Depreciation, and Amortisation (TIDA) rate (5.8%), but they tie a high amount of working capital in their supply chain. Their net working capital stands at almost 30 % of revenue. If they brought it on par with the benchmark, 35 M€ - 50 M€ of additional capital could be available to be injected in growth, acquisitions or dividends, or just to reduce the need for factoring arrangements.
Both Hanza and Incap have two podium positions. Hanza is the capital efficiency lead with Incap just slightly behind. Incap, being the leader in EBITDA%, will benefit from returning to lower tax rates as previous years. The high rate in 2025, to my understanding, is a function of Indian entity dividend policy and on the other hand retention policy of Estonian entity’s profits. In Estonia, companies are not paying income tax for retained or reinvested profits.
Most companies included in this analysis are healthy and in a position of an active player in the M&A game. The two companies undergoing transformation indicate that their continued business is healthy. The coming quarters and years will show if that will really be the case.
Predictable profitability through low-risk low-reward business model and conservative leverage ratio
Profitability of EMS companies is generally rather predictable. The EMS business model requires open book pricing, which prevents sustaining excessive margins, while on the other hand allows a part of the margin risk, i.e. sudden component price fluctuations, to be adjusted in the sales price. The EMSs need to focus on ensuring reasonable contract terms (i.e. for component price fluctuations, material obsolescence handling, liability clauses) with their customers, as well as on their own operational performance, cost efficiency and customer relationships.
EMS companies have comparably low leverage. One of the reasons is the need to buffer for net working capital fluctuations, and also additionally to be seen as a trusted partner with a resilient balance sheet that can handle exceptional circumstances. Customers are trusting one of their core processes to an EMS, and it must be in resilient hands.
EMS business has high net working capital requirements that can fluctuate fast. Among the medium-sized EMS players, the NWC % of revenue varies between 15 % and 30 %. The giant EMS companies with their fast-moving, high volumes stand between 10 % - 15 % and some go even lower with factoring. EMS companies are sitting on a big chunk of current assets up to 30 % of their annual revenue (inventory and account receivables) that they need to watch relentlessly in terms of obsolescence and customer bankruptcy risks.
The ROE% levels of the included medium-sized EMS companies (without ongoing business restructuring) vary between low single digit to above 17 %. The average and median values stand at slightly above 10 % - being a low-to-moderate profitability tier. Companies with ROE% below the cost of capital (typically 8 % - 10 %), need to improve in order not to destroy the shareholder value.
During Evertiq Expo Warsaw on October 22, 2026, Riku Hynninen will take the stage to present a financial benchmarking analysis of 10 leading European EMS companies. His presentation will explore how profitability is shaped by factors such as depreciation, interest and taxation, while also identifying which companies are best positioned for future M&A activity following recent industry consolidation.
From manufacturing and design to supply chains and emerging technologies, the electronics industry never stands still. Meet the people driving it forward at the upcoming Evertiq Expo events. The next stop is Evertiq Expo Warsaw on October 22, where industry professionals gather to exchange knowledge, discover new solutions and build valuable business connections.
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