Official definition · 官方定义
“Inventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods that a company has accumulated.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Inventory is the stock of goods a company holds to sell: raw materials, work in progress and finished products. It sits on the balance sheet as an asset until the goods are sold.
库存是企业为销售而持有的存货：原材料、在制品、成品。在售出之前，它作为资产挂在资产负债表上。
Inventory is a leading indicator hiding in the balance sheet. When it grows faster than sales, either demand is slowing or the company over-ordered; both lead to discounts. Watch the inventory-to-sales ratio. In autos and retail it turns first, and the write-down comes two quarters later.
库存是藏在资产负债表里的领先指标。当库存增速快于销售，要么需求在放缓，要么公司订多了——两者都会导向降价。
盯库存销售比。在汽车和零售业它先转向，减值两个季度后才来。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 8% | Pricier coats, fewer shoppers 库存 · 第 6 张术语卡 | It rose 8%, just before the winter season. 库存对服装公司是双刃剑。旺季前备货是必须的——冬天的大衣要在十月就摆进店里；但如果卖不动，库存就会变成折扣，折扣再变成毛利下降。加拿大鹅这一季库存 4.966 亿加元、同比增 8%，公司说里面有一部分是「直营销售低于预期」造成的。所以库存增速快过销售增速，是一个要盯住的信号。 |
| 1.2% | US pending home sales fall to a 12-year low as mortgage rates top 7% 库存 · 第 5 张术语卡 | Total homes for sale rose 1.2% from August to the highest since March 2020, with active listings above 1.16 million, the most since 2019 — even though new listings added only 0.3%. 库存的关键是「它为什么变多」。如果是卖家恐慌抛售带来的库存激增，价格会快速下跌；如果是买家因利率退出而造成的库存堆积（本轮就是这样），价格通常先走平、再慢慢松动，同时成交时间拉长、撤约增加。所以读库存要同时读「新挂牌」和「成交速度」：新挂牌不变而库存上升，说明是需求端出事，而不是供给端出事。 |
| — | Oil Prices Fall as U.S.-Iran Diplomacy, Regional Tensions Remain in Focus 库存 · 第 7 张术语卡 | The IEA says observed global inventories have dropped 507 million barrels since the war began — an average draw of 2.8 million barrels a day. 读库存数据注意两点：一是「谁统计的」（IEA 看全球、EIA 看美国），二是「可观测」只是下限——漂在海上的油和各国战略储备常常没算全。本篇里全球在去库（利多油价），但美国商业库存反而增加近 300 万桶（阶段性利空），两个数字方向不同，要分开看。 |
Inventory is always an asset
It is an asset until it is not. Fashion and tech write down fast.
Rising inventory means restocking
It can mean unsold goods. Check the sales ratio.
Inventory is a cash item
It consumed cash when it was built.
· inventory build
· inventory-to-sales ratio
· stock write-down
· restocking cycle
· days inventory
inventory build 库存累积；inventory-to-sales ratio 库存销售比；stock write-down 存货减值；restocking cycle 补库周期；days inventory 库存天数。
· inventory vs backlog (unsold goods vs unfilled orders)
· LIFO vs FIFO
inventory 是卖不掉的货，backlog 是还没交付的订单；LIFO 后进先出，FIFO 先进先出。
Inventories rose X% while sales grew only Y%, pointing to a build-up.
财报句：库存增长 X%，销售只增长 Y%，指向库存累积——pointing to 是分析判断。
“It rose 8%, just before the winter season.”
“Total homes for sale rose 1.2% from August to the highest since March 2020, with active listings above 1.16 m…”
“The IEA says observed global inventories have dropped 507 million barrels since the war began — an average dr…”