PerpEquities

Lenovo Group Limited (HKEX 0992) (HK0992) financials

HKSE · Technology · Computer Hardware · 73,500 employees · CEO Yuanqing Yang

Price
HK$20.94 +2.15%
Market cap
HK$269B
Enterprise value
$35B
Last report
Q1 '27 filed 2026-06-30
Next report
2026-11-19
Revenue (TTM)$91.1B+25.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)4.7%+1.3 pp vs a year agoOperating income $4.26B
Net income (TTM)$797M-51.6% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$2.01B-75.5% vs a year agoCapex $1.29B
Diluted EPS (TTM)$0.05-58.1% vs a year agoSum of the last 4 quarters
Net cash-$585M+68.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
HK$269B
EV $35B
Revenue
$91.1B
Trailing 12 months
Revenue growth
+31%
FY2027 consensus
Profit margin
0.9%
Net income / revenue, TTM
P/E
40.2×
P/S
0.4×
Price / sales, TTM
EV / EBITDA
6.1×
TTM
Free cash flow
$2.01B
Trailing 12 months
Net income
$797M
Trailing 12 months
Revenue estimate
$108B
FY2027 consensus
Earnings
2026-11-19
Dividend
HK$0.42
Per share, last 12 months

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 42.9% year on yearQ1 '27 revenue $26.9B, against an average of 20.3% over the four quarters before.
  • Operating margin 4.7% (TTM), +1.3 pp on a year agoOperating income grew 73.7% while revenue grew 25.7%.
  • 128.6% of pre-tax profit is eaten by non-operating lossesPre-tax income $1.87B vs operating income $4.26B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
  • Capex 1.4% of revenue (a year ago 2.6%)$1.29B invested in the last 4 quarters (-31.8% on a year earlier). Free cash flow $2.01B = 252.7% of net income.
  • Returned $1.74B to shareholders = 86.6% of free cash flowBuybacks $1.13B (a year earlier $243M), dividends $614M, stock-based pay $82.3M (TTM).
  • Diluted share count down 12.7% in a year12.1B diluted shares in Q1 '27, 13.8B a year earlier.
  • Net debt $585MCash + short-term investments $6.08B, debt incl. leases $6.67B; a year ago net debt $1.86B.

Last quarter: Q1 '27

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q1 '27Year agoChange
Revenue$26.9B$18.8B+42.9%
Gross margin15.9%14.7%+1.2 pp
Operating income$1.87B$785M+137.6%
Operating margin6.9%4.2%+2.8 pp
Net income-$608M$505M-220.4%
Diluted EPS-$0.05$0.04-236.2%
Operating cash flow$408M$9.74B-95.8%
Capex$206M$1.38B-85.1%
Free cash flow$202M$8.36B-97.6%
R&D$681M$524M+30.0%
Stock-based compensation$0$0–

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
$3.3B
Capex
-$1.29B
Buybacks
-$1.13B
Dividends
-$614M
Acquisitions
-$288M
Net debt issued
$1.17B
Stock-based compensation
$82.3M
Free cash flow
$2.01B
Returned to shareholders / FCF
86.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)40.2×9.4×6.4× – 13.2×
EV / EBITDA6.1×3.6×2.9× – 4.8×
EV / Sales0.4×0.2×0.2× – 0.3×
Price / FCF17.0×9.8× 4 of 5 years4.5× – 19.0×
Price / Book4.5×2.4×1.9× – 2.8×
FCF yield5.9%11.3%-0.3% – 22.1%
Return on invested capital13.5%15.3%12.6% – 18.8%
Return on equity11.3%28.1%18.1% – 45.7%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2027$108B+30.8%$0.29+109.0%–14
FY2028$129B+19.3%$0.41+40.3%–14
FY2029$149B+15.7%$0.52+25.8%–6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02 · Amounts in USD as reported; price and market cap in HKD.