Hudson Technologies' (NASDAQ:HDSN) Conservative Accounting Might Explain Soft Earnings
Hudson Technologies' (NASDAQ:HDSN) Conservative Accounting Might Explain Soft Earnings
Investors were disappointed with the weak earnings posted by Hudson Technologies, Inc. (NASDAQ:HDSN ). While the headline numbers were soft, we believe that investors might be missing some encouraging factors.
投资者对哈德逊科技公司(纳斯达克股票代码:HDSN)公布的疲软收益感到失望。尽管标题数据疲软,但我们认为投资者可能遗漏了一些令人鼓舞的因素。
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A Closer Look At Hudson Technologies' Earnings
仔细看看哈德森科技的收益
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. The ratio shows us how much a company's profit exceeds its FCF.
用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,当公司的应计比率为负时,这实际上被认为是一件好事,但是如果应计比率为正,则被认为是一件坏事。尽管应计比率为正(表明非现金利润达到一定水平)不是问题,但高应计比率可以说是一件坏事,因为它表明纸质利润与现金流不匹配。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长放缓。
Over the twelve months to June 2024, Hudson Technologies recorded an accrual ratio of -0.16. Therefore, its statutory earnings were very significantly less than its free cashflow. In fact, it had free cash flow of US$73m in the last year, which was a lot more than its statutory profit of US$36.7m. Hudson Technologies' free cash flow improved over the last year, which is generally good to see.
在截至2024年6月的十二个月中,哈德森科技的应计比率为-0.16。因此,其法定收入大大低于其自由现金流。实际上,它去年的自由现金流为7300万美元,远远超过其3670万美元的法定利润。哈德森科技的自由现金流比去年有所改善,总体而言,这是值得期待的。
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.
这可能会让你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根据他们的估计描绘未来盈利能力的交互式图表。
Our Take On Hudson Technologies' Profit Performance
我们对哈德森科技盈利表现的看法
Happily for shareholders, Hudson Technologies produced plenty of free cash flow to back up its statutory profit numbers. Because of this, we think Hudson Technologies' underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! Better yet, its EPS are growing strongly, which is nice to see. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you want to do dive deeper into Hudson Technologies, you'd also look into what risks it is currently facing. For example - Hudson Technologies has 2 warning signs we think you should be aware of.
令股东高兴的是,哈德森科技产生了充足的自由现金流来支持其法定利润数字。因此,我们认为哈德森科技的潜在盈利潜力与法定利润看上去一样好,甚至可能更好!更好的是,其每股收益强劲增长,这很高兴看到。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。如果你想更深入地研究哈德森科技,你还需要研究它目前面临的风险。例如,哈德森科技有两个警告标志,我们认为你应该注意。
This note has only looked at a single factor that sheds light on the nature of Hudson Technologies' profit. But there are plenty of other ways to inform your opinion of a company. Some people consider a high return on equity to be a good sign of a quality business. 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.
这份报告只研究了揭示哈德森科技利润性质的单一因素。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份拥有高股本回报率的公司的免费集合,或者这份内部所有权高的股票清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。