Gross Profit Margin

By Andrew Bloomenthal

Updated June 12, 2023

Reviewed by Margaret James

Fact checked by Amanda Bellucco-Chatham

毛利率

作者：Andrew Bloomenthal

更新时间：2023年6月12日

审阅人：Margaret James

事实核查人：Amanda Bellucco-Chatham

What Is Gross Profit Margin?

什么是毛利率？

The term gross profit margin refers to a financial metric that analysts use to assess a company's financial health. Gross profit margin is the profit after subtracting the cost of goods sold (COGS). Put simply, a company's gross profit margin is the money it makes after accounting for the cost of doing business. This metric is commonly expressed as a percentage of sales and may also be known as the gross margin ratio.

毛利率一词指分析师用来评估公司财务健康状况的财务指标。毛利率是减去销货成本（COGS）后的利润。简单来说，公司的毛利率就是扣除过经营成本之后所赚的钱。这一指标通常以销售额的百分比表示，也称为毛利润率。

KEY TAKEAWAYS

文章要点

Gross profit margin is an analytical metric expressed as a company's net sales minus the cost of goods sold.

毛利率是一个分析指标，表现为公司的净销售额减去销货成本。

Gross profit margin is often shown as the gross profit as a percentage of net sales.

毛利率通常显示为毛利润与净销售额的百分比。

The gross profit margin shows the amount of profit made before deducting selling, general, and administrative costs, which is the firm's net profit margin.

毛利率显示的是扣除销售、一般和管理成本之前的利润，即公司的净利润率。

Formula and Calculation of Gross Profit Margin

毛利率的计算公司

A company's gross profit margin is calculated using the following formula:

公司的毛利率按以下公式计算：

Gross Profit Margin = (Net Sales − COGS)/Net Sales

毛利率=（净销售额-销货成本）/净销售额

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This requires first subtracting the COGS from a company's net sales or its gross revenues minus returns, allowances, and discounts. This figure is then divided by net sales, to calculate the gross profit margin in percentage terms.

这需要首先从公司的净销售额或总收入（去掉退货、折让和折扣）中减去销货成本。然后将这个数字除以净销售额，以百分比计算毛利率。

How Gross Profit Margin Works

毛利率有什么作用？

Gross profit is the total profit a company makes after deducting the cost of doing business. Put simply, gross profit is a company's total sales or revenue minus its COGS. This figure is expressed as a dollar value. Gross profit margin, on the other hand, is the profit a company makes expressed as a percentage using the formula above.

毛利润是公司扣除经营成本后的总利润。简单地说，毛利润是一家公司的总销售额或收入减去其销货成本。这一数字以美元价值表示。另一方面，毛利率是一家公司用上面的公式以百分比表示的利润。

It is one of the key metrics analysts and investors watch as it helps them determine whether a company is financially healthy. Companies can also use it to see where they can make improvements by cutting costs and/or improving sales. The sales and COGS can be found on a company's income statement. A high gross profit margin is desirable and means a company is operating efficiently while a low margin is evidence there are areas that need improvement.

毛利率是分析师和投资者关注的关键指标之一，因为它有助于分析师和投资者确定一家公司的财务状况是否健康。公司还可以使用它来查看他们可以通过削减成本和/或提高销售额来改进的地方。销售额和销货成本可以在公司的损益表上找到。高毛利率是很好的，意味着公司运营效率高，而低毛利率则证明存在需要改进的地方。

Product pricing adjustments may influence gross profit margins. With all other things equal, a company has a higher gross margin if it sells its products at a premium. But this can be a delicate balancing act because if it sets its prices overly high, fewer customers may buy the product. As a result, the company may consequently hemorrhage market share.

产品定价调整可能会影响毛利率。在其他条件相同的情况下，如果一家公司以溢价出售产品，它的毛利率会更高。但这可能是一个微妙的平衡行为，因为如果它把价格定得过高，可能会有更少的顾客购买该产品。因此，该公司可能会因此失去市场份额。

A wildly fluctuating margin may signal poor management and/or inferior products. But these changes may be justified when sweeping operational changes are made. As such, any temporary volatility shouldn't be a concern. For instance, the initial investment may be high if a company automates certain supply chain formations, but the cost of goods ultimately decreases due to lower labor costs associated with the automation.

大幅波动的利润可能预示着管理不善和/或劣质产品。但是，当进行全面的运营变革时，这些变革可能是合理的。因此，任何暂时的波动都不应该成为问题。例如，如果一家公司对某些供应链实行自动化，则初始投资可能会很高，但由于自动化相关的劳动力成本降低，商品成本最终会降低。

Gross Profit Margin vs. Net Profit Margin vs. Operating Profit Margin

毛利率和净利率和营业利润率

Gross profit margin is among the key profitability metrics that analysts and investors watch. The other two are net profit margin and operating profit margin

毛利率是分析师和投资者关注的关键盈利指标之一。另外两项为净利率及营业利润率

Net Profit Margin

净利率

Net profit margin is a key financial metric that also points to a company's financial health. Also referred to as net margin, it indicates the amount of profit generated as a percentage of a company's revenue. Put simply, a company's net profit margin is the ratio of its net profit to its revenues.

净利率是一个关键的财务指标，也表明了公司的财务健康状况。它也被称为净利润率，表示产生的利润占公司收入的百分比。简单来说，一家公司的净利率就是其净利润与收入的比率。

A company's management can use its net profit margin to find inefficiencies and see whether its current business model is working.

公司的管理层可以利用其净利率来发现其效率较低的地方，并查看其当前的商业模式是否有效。

You can calculate a company's net profit margin by subtracting the COGS, operating and other expenses, interest, and taxes from its revenue. This figure is then divided by the total revenue during that period. To get the percentage, multiply the result by 100.

你可以通过从收入中减去销货成本、运营和其他费用、利息和税费来计算公司的净利率。然后将这个数字除以该期间的总收入。要得到百分比，将结果乘以100即可。

Operating Profit Margin

营业利润率

A company's operating profit margin or operating profit indicates how much profit it generates under its core operations by accounting for all operating expenses. This type of profit margin takes additional expenses into account, such as interest and expenses.

公司的营业利润率或营业利润能够通过核算所有营业费用表明该公司的核心业务创造了多少利润。这种利润率有将利息及支出等其他费用考虑在内。

This metric is calculated by subtracting all COGS, operating expenses, depreciation, and amortization from a company's total revenue. Like the gross and net profit margins, the operating profit margin is expressed as a percentage by multiplying the result by 100.

这一指标的计算方法是从公司的总收入中减去所有销货成本、运营费用、折旧和摊销。与毛利率和净利润率一样，营业利润率也是通过将结果乘以100来表示的百分比。

Example of Gross Profit Margin

毛利率示例

Let's assume that Company ABC and Company XYZ both produce widgets with identical characteristics and similar levels of quality.

我们可以假设ABC公司和XYZ公司都生产具有相同特性和相似质量水平的小部件。

If Company ABC finds a way to manufacture its product at one-fifth of the cost, it will command a higher gross margin because of its reduced costs of goods sold. This gives Company ABC a competitive edge in the market. But in an effort to make up for its loss in gross margin, XYZ counters by doubling its product price, as a method of bolstering revenue.

如果ABC公司找到一种以五分之一成本生产产品的方法，它将获得更高的毛利润，因为它降低了销售成本。这使ABC公司在市场上具有竞争优势。但为了弥补毛利润的损失，XYZ通过将产品价格提高一倍来支撑收入。

There is one downfall with this strategy as it may backfire if customers become deterred by the higher price tag, in which case, XYZ loses both gross margin and market share.

这种策略有一个缺点，因为如果客户被高价所吓倒，它可能会适得其反，在这种情况下，XYZ会失去毛利润和市场份额。

What Does Gross Profit Margin Indicate?

毛利率能够说明什么？

A company's gross profit margin indicates how much profit it makes after accounting for the direct costs associated with doing business. Put simply, it can tell you how well a company turns its sales into a profit. Expressed as a percentage, it is the revenue less the cost of goods sold, which include labor and materials.

公司的毛利率表明的是扣除过直接经营成本之后所赚的钱。简单地说，它可以告诉你公司如何将销售转化为利润。毛利率用百分比表示，指收入减去销货成本（包括劳动力和材料成本）。

What's the Difference Between a High and Low Gross Profit Margin?

毛利率高和低有什么区别？

Companies strive for high gross profit margins as they indicate greater degrees of profitability. When a company has a higher profit margin, it means that it operates efficiently. It can keep itself at this level as long as its operating expenses remain in check.

公司努力追求高毛利率，因为它们代表着更大程度的盈利能力。当一家公司有较高的利润率时，就意味着它的运营效率很高。只要运营费用得到控制，它就能保持在这一水平。

A lower gross profit margin, on the other hand, is a cause for concern. It can impact a company's bottom line and means there are areas that can be improved.

另一方面，低毛利率则是一个令人担忧的问题。低毛利率会影响公司的最终盈利或亏损，并表示公司存在可以改进的地方。

How Does a Company Increase Its Gross Profit Margin?

公司如何提高毛利率？

There are several ways a company can increase its gross profit margin and, therefore, its profitability. These include:

公司有几种方法可以提高毛利率，从而提高盈利能力。这些方法包括：

Reducing its operating expenses without lowering sales prices.

在不降低销售价格的情况下降低运营费用。

Increasing its prices without increasing the cost of doing business.

在不增加经营成本的情况下提高价格。

Improving its productivity and efficiencies.

提高生产力和效率。

Relying on its existing customers to increase its average order value.

依靠现有客户增加平均订单价值。

The Bottom Line

最终盈利或亏损

As an investor, you'll need to look at some key financial metrics so you can make well-informed decisions about the companies you add to your portfolio. Start by reviewing the gross profit margin of businesses you may find interesting. You can calculate this by subtracting the cost of goods sold from a company's revenue—both are figures you can find on the income statement. The higher the margin, the more profitable and efficient the company. But be sure to compare the margins of companies that are in the same industry as the variables are similar.

作为一名投资者，你需要关注一些关键的财务指标，这样你才能对你投资组合中的公司做出明智的决定。从回顾你可能感兴趣的企业的毛利率开始。你可以通过从公司收入中减去销货成本来计算这个数字——这两个数字你都可以在损益表上找到。利润率越高，公司的利润和效率就越高。但一定要比较同行业公司的利润率，因为它们拥有相似的变量。