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.
上週美國網存(NetApp, Inc.,納斯達克股票代碼:NTAP)發佈了業績報告,但股東並未感到擔憂。我們進行了一些調查,認爲實際業績要強於看上去的表現。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240619/0-205e21623dd2422358067ce7b4ee2aad-0-cd0454e1d3aabf13058024617a05bfaa.png/big)
Zooming In On NetApp's Earnings
深入分析美國網存的收益情況
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'.
衡量公司將其利潤轉化爲自由現金流(FCF)的一個重要財務比率是應計比率。 應計比率將FCF從給定時期的利潤中減去,並將結果除以公司在該期間的平均運營資產。 您可以將非自由現金流獲利比率視爲從現金流中提取的應計比率。
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,當一個公司有一個負的應計比率時,實際上是一件好事,但如果它的應計比率是正的,那就是一件壞事。雖然有一個正的應計比率並不是一個問題,表明了一定程度的非現金利潤,但高的應計比率則是一個壞事,因爲它表明紙上的利潤不與現金流匹配。引用Lewellen和Resutek在2014年發表的論文,“應計比率更高的公司未來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,美國網存的應計項目比率爲-1.45。因此,其法定收益明顯低於其自由現金流。換言之,該公司在此期間產生了15億美元的自由現金流,遠遠超過了其報告的利潤(9.86億美元)。美國網存的自由現金流在過去一年中有所改善,這通常是一個好兆頭。
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.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
Our Take On NetApp's Profit Performance
我們對美國網存的利潤表現的看法
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.
令股東欣慰的是,美國網存產生了大量的自由現金流來支持其法定利潤。因此,我們認爲美國網存的潛在盈利能力可能與法定利潤看上去一樣好,甚至更好!此外,其每股收益在過去三年中增長了45%。當然,在分析其收益時,我們只是觸及到了冰山一角;還有利潤率、預測增長和投資回報等因素需要考慮。考慮到這一點,如果您想深入分析該公司,了解其中的風險至關重要。例如,我們發現了1個警告信號,您需要關注,以獲取更好的美國網存的圖片。
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.
本文只從一個方面探討了揭示美國網存利潤性質的因素。但如果您能關注細節,總會發現更多的內容。例如,許多人認爲高股本回報率是有利的商業經濟的指標,而另一些人則喜歡“跟着錢走”,尋找內部人員正在購買的股票。因此,您可能希望查看這個免費的高股本回報率的公司收藏,或這個高內部所有權的股票列表。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋?關於內容有所顧慮?直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。