AI & Infrastructure CapexAI 与基础设施资本开支
Oracle Corporation
ORCL 7Price and target zones价格与目标区间
Near the buy zone接近买入区间
What the company does公司做什么
Oracle sells the database that large organisations keep their records in, the business software that runs on it, and now rented computing power. Banks, governments and airlines have used the database for decades and moving off it is a multi-year project.Oracle卖的是大机构用来存放记录的数据库、运行在数据库之上的商业软件，以及现在的出租算力。银行、政府和航空公司用这个数据库已经几十年了，要换掉它是一个要花好几年的工程。
Earns from营收来源 software licences and support fees, which are steady, plus cloud capacity, which is growing fast and needs very heavy spending on data centres first.来自软件授权费和支持费，这部分很稳定；再加上云计算容量，这部分增长很快，但需要先在数据中心上投入非常大的开销。
Read the full description查看完整介绍
Oracle Corporation offers products and services that build, run and support enterprise information technology frameworks worldwide. Its Oracle cloud software as a service offering includes various cloud software applications, including Oracle Fusion cloud enterprise resource planning ERP, Oracle Fusion cloud enterprise performance management EPM, Oracle Fusion cloud supply chain and manufacturing management SCM, Oracle Fusion cloud human capital management HCM, and NetSuite applications suite, Oracle Health applications, as well as Oracle Fusion Sales, Service, and Marketing. The company also offers cloud-based industry solutions for various industries; Oracle cloud license and on-premise license; and Oracle license support services. In addition, it provides cloud and license business' infrastructure technologies, such as the Oracle Database and MySQL Database; Java, a software development language; and middleware, including development tools and others. The company's cloud and license business' infrastructure technologies also comprise cloud-based compute, storage, and networking capabilities; and Oracle autonomous database, as well as AI, Internet-of-Things, machine learning, digital assistant, and blockchain. Further, it provides hardware products and other hardware-related software offerings, including Oracle engineered systems, enterprise servers, storage solutions, industry-specific hardware, virtualization software, operating systems, management software, and related hardware support services, and consulting and advanced customer services. It markets and sells its cloud, license, hardware, support, and services offerings directly to businesses in various industries, government agencies, and educational institutions, as well as through indirect channels. Oracle Corporation has a strategic alliance with Metron, Inc. The company was founded in 1977 and is headquartered in Austin, Texas.
What the company sells公司卖什么share of revenue营收占比
Cloud services and licence support云服务与授权支持
The largest and steadiest part. Support fees on software the customer already owns.最大也最稳定的一部分。客户已经拥有的软件所收取的支持费。
- Oracle DatabaseOracle 数据库
- Stores and protects the core records of a business. It is the product the rest of the company was built on.存储和保护一家企业的核心记录。公司其余业务都是建立在这款产品之上的。
- Fusion and NetSuiteFusion 和 NetSuite
- Finance, human-resources and supply software delivered as a subscription.以订阅方式提供的财务、人力资源和供应链软件。
Cloud infrastructure (OCI)云基础设施（OCI）
Rented servers and storage, sold heavily to companies that train AI models.租用的服务器和存储，大量卖给训练AI模型的公司。
- AI training capacityAI 训练算力
- Large blocks of graphics processors rented under multi-year contracts. This is the reason the order book has grown so fast.以多年合同方式租出的大批图形处理器。这就是订单量增长如此之快的原因。
Plus:此外： Hardware and services硬件和服务 — Servers and consulting. A small and shrinking part服务器和咨询。这是一小块且在萎缩的业务.
Company facts公司资料
- Founded成立时间
- 1977
- Headquarters总部
- Austin, Texas
- Employees员工人数
- 141,000
- Industry行业
- Software - Infrastructure
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
👀 Approaching $110-115 stage. RPO $638B (+363%), OCI +93%; $75B of new AI contracts now BYO-hw/prepaid = real de-risking. BUT FCF −$23.7B → ~−$50B FY27, debt $156B (+$52B/yr), $20B dilutive ATM, ROIC ↓12%, active fraud suit, co-CEO transition. ~15.7x fwd for +34% guided growth = cheap on earnings, uninvestable on cash. FV $95-155. Small hard-capped satellite. Break: OCI <40% 2Q, OpenAI restructures, larger/distressed raise, IG-rating loss, or BYO mix reverses. A2026-07-23
❌ $110-115 的建仓位现在比现价低 24%。催化剂是真实的（Google Gemini 合作、$7B 国防合同、$400M CACI 合同、RPO $638B），但 FY27 自由现金流 −$23.7B → 约 −$50B 这一点没有改变。只能作为有硬性上限的卫星仓位。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 53%
- Revenue growth营收增长
- +21%
- Dividend yield股息率
- 1.54%
Competitors竞争对手
Why customers stay客户为什么留下
The database holds the records a business cannot risk losing, and the software written against it is expensive to rewrite. That protects the support fees. The cloud business does not yet have the same protection; it competes on price and capacity.数据库里存着企业不能冒险丢失的记录，而针对它编写的软件重写起来很贵。这保护了支持费收入。云业务目前还没有同样的保护，它靠价格和容量来竞争。
Related companies相关公司 🔴 AI capex
Datacenter buildout pace. SOX −28.6% (peak 6/22 → 7/29), $3.3T of sector cap gone in 5 weeks — every name fell regardless of its own results.
Size the bucket, not the name. (ORCL's own analysis says this.)