# BofA的Ikeda表示，毛利美元成長仍是Twilio最重要的指標。

*genai · news · 2026-05-27 · Benzinga*

## Key points

- BofA將Twilio 2027財年自由現金流企業價值倍數從26.6倍調升至27.0倍。
- Twilio取得三項大型合約，最低營收總額達420億美元，保證金額為110億美元。
- 訊息服務毛利率約在30%低檔，電子郵件毛利率則約在80%中段。
- BofA預測2028財年Twilio整體毛利率為48.4%，營收為71.1億美元。
- 隨著產品組合轉向高利潤部門，Twilio毛利預計將比營收成長更快。

Gross Profit Growth Drives Bullish Outlook Ikeda said gross profit dollar growth remains the most important metric for Twilio as the Communications-Platform-as-a-Service company continues benefiting from rising demand for multi-channel communications, AI-driven customer engagement tools, and voice services. He added that Twilio's improving execution and go-to-market expansion strategy gave BofA more confidence to raise both forecasts and valuation multiples, increasing the firm's EV/CY27E free cash flow multiple to 27.0x from 26.6x. BofA now projects Twilio shares could deliver roughly 24% upside from current levels. Ikeda also argued that Twilio's gross margins could expand as revenue shifts away from lower-margin messaging products toward higher-margin businesses such as voice, email, Segment, and other communications services. Product Mix Shift Supports Margin Expansion Ikeda's analysis broke down Twilio's business by product category and highlighted major differences in profitability across segments. He estimated messaging gross margins in the low-30% range, making it the company's weakest-margin business, while email margins sit in the mid-80% range. BofA modeled voice margins at 73%, other communications products at 78%, and Segment margins at 74%. The analyst said Twilio's newer contract structures and broader communications offerings could help gross profit grow faster than overall revenue. He pointed to rising enterprise demand for AI-enabled communications, voice applications, authentication tools, and customer data platforms as key long-term growth drivers. Ikeda also noted that Twilio signed three major contracts last quarter, carrying approximately $42 billion in minimum contractual revenue, supported by more than $11 billion in financial guarantees across five agreements. BofA Raises Revenue, Gross Profit, And Free Cash Flow Forecasts BofA increased forecasts across multiple years following its proprietary gross margin analysis. For fiscal 2027, Ikeda projected total revenue of $6.45 billion, representing 10.7% year-over-year growth, while forecasting adjusted gross profit of $3.12 billion, up 9.9% annually. He also estimated fiscal 2027 free cash flow at $1.32 billion with a 20.5% margin, exceeding Street expectations. For fiscal 2028, BofA forecasts total revenue of $7.11 billion and an overall gross margin of 48.4%. Under its Blue Sky scenario, stronger growth in higher-margin products could push fiscal 2028 gross profit to $3.83 billion and gross margins to 50.4%. Ikeda said Twilio's long-term upside increasingly depends on the success of its multi-product platform strategy, particularly as enterprises expand AI communications deployments and demand more integrated customer engagement tools. TWLO Price Action: Twilio shares were down 3.03% at $190.48 at the time of publication on Wednesday, according to Benzinga Pro data. Photo: Shutterstock

**Companies:** Twilio

[Read the full story on Benzinga](https://www.benzinga.com/analyst-stock-ratings/reiteration/26/05/52821391/twilio-high-margin-voice-email-eclipse-legacy-messaging)

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