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.
華斯科 (NYSE:WSO) 最近的收益報告令股東失望。雖然整體收益不佳,但我們認爲投資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
深入研究華斯科的收益
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,現金流量的應計比率是評估公司自由現金流(FCF)與盈利狀況匹配程度的重要指標。要獲得應計比率,我們首先要將某個時期的FCF從盈利中減去,然後將該數字除以該時期的平均經營資產。這個比率告訴我們公司多少盈利沒有由自由現金流備支。
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,負的應計負債比率對公司而言是正面的,正的應計負債比率則是負面的。這並不是要暗示我們應該擔心正的應計負債比率,但值得注意的是應計負債比率相當高。引用Lewellen和Resutek在2014年發表的一篇論文:「應計負債較高的公司未來不太可能有高利潤」。
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.
在過去的 12 個月中 (2023 年 6 月到 2024 年 6 月),華斯科記錄的應計比率爲-0.11。因此,其法定收益相當少,遠低於自由現金流。實際上,在過去一年中,其自由現金流爲 7,8100 萬美元,遠高於其法定利潤 4,8550 萬美元。華斯科的自由現金流在過去一年裏有所改善,這通常是一個好的跡象。
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.
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 Watsco's Profit Performance
我們對華斯科的利潤表現的看法
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.
正如我們上面所討論的,與利潤相比,華斯科的自由現金流非常令人滿意。因此,我們認爲華斯科的收益潛力至少與其表面上看起來一樣好,甚至可能更好!每股收益連續三年增長了44%。本文的目的是評估法定收益對反映公司潛力的可靠性有多大,但還有很多需要考慮的因素。如果你想深入了解華斯科,你還可以了解它目前面臨的風險。例如:我們發現了一個警示信號,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,我們重點關注了一個數據點,以更好地了解華斯科利潤的性質。但是,有很多其他方法可以了解一個公司的情況。例如,許多人認爲高的股權回報率是有利的業務經濟的標誌,而其他人則喜歡「跟隨資金流動」並尋找內部人士正在購買的股票。因此,您可能希望查看這個高股權回報率的公司免費收集,或者這個高內部所有權的股票清單。
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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.
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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。