Some May Be Optimistic About Watsco's (NYSE:WSO) Earnings
Some May Be Optimistic About Watsco's (NYSE:WSO) Earnings
The most recent earnings report from Watsco, Inc. (NYSE:WSO) was disappointing for shareholders. While the headline numbers were soft, we believe that investors might be missing some encouraging factors.
华斯科 (NYSE:WSO) 最近的收益报告令股东失望。虽然整体收益不佳,但我们认为投资者可能忽略了一些令人鼓舞的因素。
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A Closer Look At Watsco's Earnings
深入研究华斯科的收益
As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如金融迷所知,现金流量的应计比率是评估公司自由现金流(FCF)与盈利状况匹配程度的重要指标。要获得应计比率,我们首先要将某个时期的FCF从盈利中减去,然后将该数字除以该时期的平均经营资产。这个比率告诉我们公司多少盈利没有由自由现金流备支。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,负的应计负债比率对公司而言是正面的,正的应计负债比率则是负面的。这并不是要暗示我们应该担心正的应计负债比率,但值得注意的是应计负债比率相当高。引用Lewellen和Resutek在2014年发表的一篇论文:“应计负债较高的公司未来不太可能有高利润”。
Over the twelve months to June 2024, Watsco recorded an accrual ratio of -0.11. Therefore, its statutory earnings were quite a lot less than its free cashflow. In fact, it had free cash flow of US$781m in the last year, which was a lot more than its statutory profit of US$485.5m. Watsco's free cash flow improved over the last year, which is generally good to see.
在过去的 12 个月中 (2023 年 6 月到 2024 年 6 月),华斯科记录的应计比率为-0.11。因此,其法定收益相当少,远低于自由现金流。实际上,在过去一年中,其自由现金流为 7,8100 万美元,远高于其法定利润 4,8550 万美元。华斯科的自由现金流在过去一年里有所改善,这通常是一个好的迹象。
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 Watsco's Profit Performance
我们对华斯科的利润表现的看法
As we discussed above, Watsco has perfectly satisfactory free cash flow relative to profit. Because of this, we think Watsco's earnings potential is at least as good as it seems, and maybe even better! And the EPS is up 44% annually, over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Watsco, you'd also look into what risks it is currently facing. Case in point: We've spotted 1 warning sign for Watsco you should be aware of.
正如我们上面所讨论的,与利润相比,华斯科的自由现金流非常令人满意。因此,我们认为华斯科的收益潜力至少与其表面上看起来一样好,甚至可能更好!每股收益连续三年增长了44%。本文的目的是评估法定收益对反映公司潜力的可靠性有多大,但还有很多需要考虑的因素。如果你想深入了解华斯科,你还可以了解它目前面临的风险。例如:我们发现了一个警示信号,值得注意。
Today we've zoomed in on a single data point to better understand the nature of Watsco's profit. But there are plenty of other ways to inform your opinion of a company. 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.
今天,我们重点关注了一个数据点,以更好地了解华斯科利润的性质。但是,有很多其他方法可以了解一个公司的情况。例如,许多人认为高的股权回报率是有利的业务经济的标志,而其他人则喜欢“跟随资金流动”并寻找内部人士正在购买的股票。因此,您可能希望查看这个高股权回报率的公司免费收集,或者这个高内部所有权的股票清单。
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