Some May Be Optimistic About NetApp's (NASDAQ:NTAP) Earnings
Some May Be Optimistic About NetApp's (NASDAQ:NTAP) Earnings
Shareholders appeared unconcerned with NetApp, Inc.'s (NASDAQ:NTAP) lackluster earnings report last week. We did some digging, and we believe the earnings are stronger than they seem.
上周美国网存(NetApp, Inc.,纳斯达克股票代码:NTAP)发布了业绩报告,但股东并未感到担忧。我们进行了一些调查,认为实际业绩要强于看上去的表现。
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Zooming In On NetApp's Earnings
深入分析美国网存的收益情况
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.
衡量公司将其利润转化为自由现金流(FCF)的一个重要财务比率是应计比率。 应计比率将FCF从给定时期的利润中减去,并将结果除以公司在该期间的平均运营资产。 您可以将非自由现金流获利比率视为从现金流中提取的应计比率。
Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,当一个公司有一个负的应计比率时,实际上是一件好事,但如果它的应计比率是正的,那就是一件坏事。虽然有一个正的应计比率并不是一个问题,表明了一定程度的非现金利润,但高的应计比率则是一个坏事,因为它表明纸上的利润不与现金流匹配。引用Lewellen和Resutek在2014年发表的论文,“应计比率更高的公司未来的盈利能力往往更低。”
For the year to April 2024, NetApp had an accrual ratio of -1.45. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of US$1.5b during the period, dwarfing its reported profit of US$986.0m. NetApp's free cash flow improved over the last year, which is generally good to see.
截至2024年4月,美国网存的应计项目比率为-1.45。因此,其法定收益明显低于其自由现金流。换言之,该公司在此期间产生了15亿美元的自由现金流,远远超过了其报告的利润(9.86亿美元)。美国网存的自由现金流在过去一年中有所改善,这通常是一个好兆头。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
Our Take On NetApp's Profit Performance
我们对美国网存的利润表现的看法
Happily for shareholders, NetApp produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think NetApp's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! And on top of that, its earnings per share have grown at 45% per year over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. For example, we've discovered 1 warning sign that you should run your eye over to get a better picture of NetApp.
令股东欣慰的是,美国网存产生了大量的自由现金流来支持其法定利润。因此,我们认为美国网存的潜在盈利能力可能与法定利润看上去一样好,甚至更好!此外,其每股收益在过去三年中增长了45%。当然,在分析其收益时,我们只是触及到了冰山一角;还有利润率、预测增长和投资回报等因素需要考虑。考虑到这一点,如果您想深入分析该公司,了解其中的风险至关重要。例如,我们发现了1个警告信号,您需要关注,以获取更好的美国网存的图片。
This note has only looked at a single factor that sheds light on the nature of NetApp's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
本文只从一个方面探讨了揭示美国网存利润性质的因素。但如果您能关注细节,总会发现更多的内容。例如,许多人认为高股本回报率是有利的商业经济的指标,而另一些人则喜欢“跟着钱走”,寻找内部人员正在购买的股票。因此,您可能希望查看这个免费的高股本回报率的公司收藏,或这个高内部所有权的股票列表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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