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.
投資者對哈德遜科技公司(納斯達克股票代碼:HDSN)公佈的疲軟收益感到失望。儘管標題數據疲軟,但我們認爲投資者可能遺漏了一些令人鼓舞的因素。
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A Closer Look At Hudson Technologies' Earnings
仔細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.
用於衡量公司將其利潤轉換爲自由現金流(FCF)的情況的一個關鍵財務比率是應計比率。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。該比率向我們顯示了公司的利潤超過其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,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。儘管應計比率爲正(表明非現金利潤達到一定水平)不是問題,但高應計比率可以說是一件壞事,因爲它表明紙質利潤與現金流不匹配。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。
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月的十二個月中,哈德森科技的應計比率爲-0.16。因此,其法定收入大大低於其自由現金流。實際上,它去年的自由現金流爲7300萬美元,遠遠超過其3670萬美元的法定利潤。哈德森科技的自由現金流比去年有所改善,總體而言,這是值得期待的。
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.
這可能會讓你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根據他們的估計描繪未來盈利能力的交互式圖表。
Our Take On Hudson Technologies' Profit Performance
我們對哈德森科技盈利表現的看法
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.
令股東高興的是,哈德森科技產生了充足的自由現金流來支持其法定利潤數字。因此,我們認爲哈德森科技的潛在盈利潛力與法定利潤看上去一樣好,甚至可能更好!更好的是,其每股收益強勁增長,這很高興看到。歸根結底,如果你想正確地了解公司,必須考慮的不僅僅是上述因素。如果你想更深入地研究哈德森科技,你還需要研究它目前面臨的風險。例如,哈德森科技有兩個警告標誌,我們認爲你應該注意。
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.
這份報告只研究了揭示哈德森科技利潤性質的單一因素。但是,還有很多其他方法可以讓你對公司的看法。有些人認爲高股本回報率是優質業務的好兆頭。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。