There May Be Some Bright Spots In Weyco Group's (NASDAQ:WEYS) Earnings
There May Be Some Bright Spots In Weyco Group's (NASDAQ:WEYS) Earnings
Soft earnings didn't appear to concern Weyco Group, Inc.'s (NASDAQ:WEYS) shareholders over the last week. Our analysis suggests that while the profits are soft, the foundations of the business are strong.
最近一周,韦科鞋业(NASDAQ:WEYS)的股东似乎对盈利稍微发生了一些变化,但我们的分析表明,尽管利润收缩,业务基础依然强劲。
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Zooming In On Weyco Group's Earnings
聚焦韦科鞋业的盈利能力
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. 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. This ratio tells us how much of a company's profit is not backed by free cashflow.
正如财务控制狂所知,从现金流中的应计比率是评估公司自由现金流(FCF)与其利润匹配程度的关键指标。应计比率从给定期间的FCF中减去利润,并将结果除以公司在该时间内的平均经营资产。该比率告诉我们公司利润中有多少不受自由现金流支持。
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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,负应计比率对公司是有益的,而正应计比率则是不利的。这并不是说我们应该担心正应计比率,但值得注意的是应计比率相当高的地方。值得注意的是,有一些学术证据表明,高应计比率通常是短期利润的不良迹象。
Over the twelve months to June 2024, Weyco Group recorded an accrual ratio of -0.21. Therefore, its statutory earnings were very significantly less than its free cashflow. Indeed, in the last twelve months it reported free cash flow of US$70m, well over the US$30.1m it reported in profit. Weyco Group's free cash flow improved over the last year, which is generally good to see.
在2024年6月期间的过去12个月中,韦科鞋业的应计比率为-0.21。因此,其财务报表的损益收入明显低于自由现金流。事实上,在过去12个月中,它报告的自由现金流为7000万美元,远高于其3010万美元的利润。韦科鞋业的自由现金流在过去一年中有所改善,这通常是一个好现象。
Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Weyco Group.
注:我们始终建议投资者检查资产负债表的实力。单击此处,进入我们对韦科鞋业资产负债表的分析。
Our Take On Weyco Group's Profit Performance
我们对韦科鞋业的盈利表现的看法
Happily for shareholders, Weyco Group produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that Weyco Group's statutory profit actually understates its earnings potential! Better yet, its EPS are growing strongly, which is nice to see. 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. Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. If you're interested we have a graphic representation of Weyco Group's balance sheet.
对于股东而言,韦科鞋业产生了足够的自由现金流来支撑其财务报表的利润数字。基于这一观察,我们认为韦科鞋业的财务报表利润实际上可能低估了其盈利潜力!更好的是,它的每股收益正在强劲增长,这是一个好现象。本文的目的是评估我们能否依靠财务报表利润反映公司潜力的程度,但还有很多要考虑的。正如投资者必须考虑盈利一样,考虑公司资产负债表的实力也很重要。如果您感兴趣,我们有一份关于韦科鞋业资产负债表的图形化呈现。
This note has only looked at a single factor that sheds light on the nature of Weyco Group'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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.
本说明仅考虑了揭示韦科鞋业盈利性质的单一因素。然而,还有很多其他方法可以宣传您对公司的看法。例如,许多人认为高股本回报是良好企业经济的指标,而其他人则喜欢“跟随资本”并寻找内部人员正在购买的股票。尽管您可能需要一些研究,但您可能会发现此免费收录的公司集合具有高股本回报的公司或此股票列表,拥有重大内部持股的公司列表很有用。
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