Degree of Operating Leverage (DOL) Calculator
From contribution margin and operating income, compute the DOL — how much a sales change amplifies the change in operating profit.
輸入資料
計算結果
重點速覽：DOL = contribution margin / operating income (EBIT). It measures how many times a sales change amplifies the operating-profit change. Higher fixed-cost share = higher DOL: profits grow faster when sales rise but fall harder when sales drop. Example: CM 600k, OI 200k → DOL 3 (1% sales → 3% profit). WARNING: DOL varies with output level — near break-even, OI→0 and DOL→∞; at OI=0 it is undefined (tool returns 0); it is operating only, not financial leverage. Education, not advice.
計算公式
DOL = 邊際貢獻 ÷ 營業利潤 (EBIT)。
$$經營槓桿度：$DOL = \dfrac{\text{邊際貢獻}}{\text{營業利潤(EBIT)}}$$$$$意義：$\%\Delta EBIT \approx DOL\times\%\Delta \text{銷售}$$$$$示例：$\dfrac{600{,}000}{200{,}000}=3$$$使用說明
- Enter the contribution margin (sales - total variable costs).
- Enter the operating income (contribution margin - fixed costs).
- View the DOL (amplification of sales on profit).
邊際貢獻固定為 600,000 時，營業利潤越低 DOL 越高
| 邊際貢獻 (HK$) | 營業利潤 EBIT (HK$) | DOL | 銷售升 10% → EBIT 約升 |
|---|---|---|---|
| 600,000 | 500,000 | 1.2 倍 | 12% |
| 600,000 | 200,000 | 3 倍 | 30% |
| 600,000 | 100,000 | 6 倍 | 60% |
理財情境案例
案例一：DOL 如何放大銷售變動
某公司邊際貢獻 (銷售額 − 變動成本) 為 HK$600,000，營業利潤 (EBIT) 為 HK$200,000。
DOL = 600,000 ÷ 200,000 = 3 倍。這代表：若銷售額上升 10%,營業利潤約上升 3 × 10% = 30%;若銷售額下跌 10%,營業利潤約下跌 30%。
解讀：DOL = 3 意味著這家公司的營業利潤對銷售變動相當敏感——銷售的每一分變化，都會被放大三倍反映在營業利潤上。這種放大效應源於『固定成本』:因為固定成本不隨銷售增減，多賣的邊際貢獻幾乎全變成利潤 (放大獲利),少賣時固定成本仍要付 (放大虧損)。
案例二：越接近盈虧平衡，DOL 越大、風險越高
同樣邊際貢獻 HK$600,000，但比較兩種情況：公司甲營業利潤 HK$500,000 (生意興旺、遠離盈虧平衡),DOL = 600,000 ÷ 500,000 = 1.2 倍；公司乙營業利潤只有 HK$100,000 (勉強有賺、接近盈虧平衡),DOL = 600,000 ÷ 100,000 = 6 倍。
公司甲銷售升 10%,EBIT 約升 12%;公司乙銷售升 10%,EBIT 約升 60%——但若銷售各跌 10%,乙的 EBIT 會暴跌約 60%,遠比甲的 12% 兇險。
解讀：越接近盈虧平衡點 (營業利潤越薄),DOL 越大。這是因為分母 (營業利潤) 很小，銷售的任何波動在比例上都被劇烈放大。所以高 DOL 的公司 (通常是重資產、高固定成本行業，如製造、航空、酒店) 在景氣時利潤爆發力強，但在衰退或銷售下滑時虧損風險也極高。理解 DOL 有助評估企業的營運風險與盈利的波動性。⚠️ 本計算器僅算 DOL，實際經營決策需結合更全面的財務分析。
常見問題
What does high operating leverage mean?
High DOL means a large fixed-cost share and strong amplification of sales changes on profit. When sales rise, profit grows faster; when sales fall, profit drops faster. So high operating leverage is a 'high-risk, high-return' cost structure, common in asset-heavy industries (manufacturing, airlines, hotels). Low-DOL firms have steadier profit but less growth elasticity.
Why does DOL get larger near the break-even point?
DOL = contribution margin / operating income. As the business nears break-even, operating income approaches zero, the denominator shrinks, and DOL balloons — meaning a tiny sales change swings profit hugely. As sales move away from break-even and profit grows, DOL falls and stabilises. So DOL is a relative metric that changes with the output level.
How is operating leverage different from financial leverage?
Operating leverage (DOL) comes from fixed OPERATING costs and amplifies sales → EBIT. Financial leverage (DFL) comes from fixed FINANCING costs (interest) and amplifies EBIT → EPS. Their product is total leverage (DTL), reflecting the overall amplification of sales on shareholder profit. This calculator only covers operating leverage.
Is high DOL necessarily bad? How should firms view it?
DOL is not simply good or bad — it is a double-edged sword. In an upturn, high fixed costs are already covered, so every extra sale's contribution margin flows almost entirely to profit, making earnings surge. In a downturn, fixed costs remain, so profit deteriorates fast or turns to loss. Firms should know their cost-cycle sensitivity, pursue scale and stable sales, and where volatility is high, shift some fixed to variable costs (outsourcing, leasing, flexible staffing) to lower DOL and risk — while avoiding stacking high operating AND financial leverage.
How does DOL differ from financial leverage, again?
Both leverage concepts amplify profit volatility but from different sources and at different stages. Operating leverage (DOL) comes from the cost STRUCTURE — specifically the share of fixed operating costs (plant, equipment, rent, fixed payroll). The more fixed (and less variable) the costs, the higher the DOL, because once sales move, those fixed costs make EBIT swing. It measures the 'sales → EBIT' amplification, via DOL = contribution margin / EBIT. Financial leverage (DFL) comes from the financing STRUCTURE — specifically debt (interest), a fixed cost that does not move with profit; after EBIT changes, deducting fixed interest amplifies the 'EBIT → EPS' change, measured by DFL. In short: operating leverage comes from fixed costs and amplifies sales→EBIT; financial leverage comes from fixed interest/debt and amplifies EBIT→EPS. Their product is DTL, reflecting the total sales→EPS amplification. A firm with both high DOL and high DFL has violently volatile earnings. This calculator computes DOL.
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參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。