A company's value divided by a measure of its business, such as revenue or earnings, used to compare it with peers.
「倍数」
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $1.2tn | The market did not cut Anthropic's valuation. It asked for a price. 「倍数」 · 第 4 张术语卡 | At $1.2 trillion Anthropic is 17.7 times annualised revenue; at $2 trillion it was 29.5 times. 亏损公司没有市盈率，只能用市销率。而市销率的隐含假设是「未来利润率会收敛到某个水平」——所以同一家公司倍数从 29.5 掉到 17.7，等于市场对未来利润率的信仰打了六折。营收没变，倍数变了，变的是对未来的耐心。 |
| — | Nvidia sets biggest-ever buyback plan as AI chip competition weighs on stock performance 「倍数」 · 第 6 张术语卡 | Reuters says 16.5 times is Nvidia’s “lowest multiple since January 2015”, well below its 15-year average of 30. 同一个词在不同场景含义不同，读财报要认上下文：P/E multiple＝市盈率倍数；EV/EBITDA multiple＝企业价值／息税折旧摊销前利润倍数（用来比较负债水平不同的公司）；multiple compression（倍数收缩）指公司本身没变差，但市场愿意给的倍数下降，股价照样跌。本篇里「最低倍数」暗示分析师担心的是盈利增长在放缓，而不只是股价便宜。 |
“At $1.2 trillion Anthropic is 17.7 times annualised revenue; at $2 trillion it was 29.5 times.”
“Reuters says 16.5 times is Nvidia’s “lowest multiple since January 2015”, well below its 15-year average of 3…”