未知机构：史丹利百得2025年报及牧田2026财年三季报核心梳理全年营收-20260210

Company and Industry Summary Company: Stanley Black & Decker and Makita Key Points from Stanley Black & Decker's 2025 Report - Revenue Performance: Total revenue reached $15.1 billion, with an organic decline of 1%, yet gross margin improved despite tariff headwinds [1] - Cost Reduction and Efficiency: The global cost-cutting initiative concluded, combined with pricing actions, led to a gross margin increase of 70 basis points to 30.7%, with adjusted EPS rising 7% to $4.67 [1] - Asset Optimization and Cash Flow: The divestiture of the Aerospace Fastening Systems (CAM) business is expected to generate over $1.5 billion for debt reduction; free cash flow for the year was nearly $700 million, with a net debt/EBITDA leverage ratio reduced by 2.5 times over two years [1] - Adjusted EPS Guidance: The adjusted EPS is projected to be between $4.90 and $5.70, indicating a median growth of 13% [1] - Gross Margin Expansion Target: The goal for gross margin expansion is set at 150 basis points for the year, aiming for a year-end target of 35% [1] Key Points from Makita's 2026 Q3 Report - Revenue Stability: Revenue for the first three quarters of FY2026 (April 1, 2025 - December 31, 2025) was 568.8 billion yen, showing a year-on-year stability; however, operating profit declined by 7.4% to 76.2 billion yen due to increased sales personnel and advertising costs [2] - Regional Performance Variance: The Japanese and Asian markets grew by 3.2% and 8.2% respectively, driven by the 40Vmax series and infrastructure demand, while North America saw a significant decline of 12.7% due to high interest rates and intensified competition [2] - Financial Structure: Net profit attributable to the parent company was 57.5 billion yen, with the equity ratio increasing to 84.2% [2] - FY2026 Outlook: The company raised its full-year revenue forecast to 760 billion yen and net profit to 73 billion yen, with EPS guidance adjusted to 274.87 yen, reflecting increases of 4.11%, 6.57%, and 6.78% compared to previous estimates [2] Additional Insights - Profit Improvement Logic: The exchange rate assumption was revised from 143 yen/USD to 150 yen/USD, which is expected to offset uncertainties from trade friction and geopolitical issues [3] - Dividend Policy: The company maintains a total return policy of 35% or more, ensuring shareholder returns remain resilient amid industry fluctuations [3]