Statutory Profit Doesn't Reflect How Good Oddity Tech's (NASDAQ:ODD) Earnings Are
Statutory Profit Doesn't Reflect How Good Oddity Tech's (NASDAQ:ODD) Earnings Are
When companies post strong earnings, the stock generally performs well, just like Oddity Tech Ltd.'s (NASDAQ:ODD) stock has recently. Our analysis found some more factors that we think are good for shareholders.
當公司發佈強勁業績時,股票通常表現良好,就像Oddity Tech Ltd.(納斯達克股票代碼:ODD)最近的股票表現一樣。我們的分析發現了一些更多因素,我們認爲這對股東是有利的。
Zooming In On Oddity Tech's Earnings
深入探討Oddity Tech的盈利能力
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
許多投資者並不了解從現金流量中計算的應計比率,但實際上它是一個衡量公司利潤由自由現金流(FCF)在一定期間內支持的程度的有用指標。簡單來說,這個比率將FCF從淨利潤中減去,然後將該數字除以公司在該期間內的平均經營資產。這個比率告訴我們公司的利潤超過其FCF的多少。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,負的應計比率對公司來說是積極的,而正的應計比率則是消極的。雖然應計比率高於零並不值得擔心,但當公司有相對較高的應計比率時,我們認爲這值得注意。引用Lewellen和Resutek 2014年的一篇論文:「應計比率較高的公司未來往往利潤較低」。
Oddity Tech has an accrual ratio of -0.13 for the year to September 2024. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of US$122m, well over the US$101.3m it reported in profit. Oddity Tech shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.
Oddity Tech截至2024年9月的年度應計比率爲-0.13。這表明其自由現金流比法定利潤要高出不少。事實上,在過去的十二個月中,它報告了12200萬美元的自由現金流,遠高於其報告的10130萬美元的利潤。Oddity Tech的股東們無疑對過去十二個月的自由現金流改善感到高興。話雖如此,故事並不止於此。應計比率反映了某種程度上異常項目對法定利潤的影響。
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。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
Oddity Tech's profit was reduced by unusual items worth US$17m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Oddity Tech doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
過去十二個月,奇特科技的利潤受到了價值1700萬美元的飛凡項目的影響,這有助於提供高現金轉化率,正如其飛凡項目所反映的那樣。這正是您希望在公司出現非現金費用降低紙面利潤時看到的情況。雖然由於飛凡項目而進行的扣除在第一時間令人失望,但也是有一線希望的。我們查看了成千上萬家上市公司,發現飛凡項目很多時候都是一次性的。畢竟,這正是會計術語所暗示的。如果奇特科技不再遇到這些飛凡費用的重複,那麼其他條件相同,我們預計其利潤在未來一年內將會增加。
Our Take On Oddity Tech's Profit Performance
Our Take On Oddity Tech's Profit Performance
In conclusion, both Oddity Tech's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Oddity Tech's earnings potential is at least as good as it seems, and maybe even better! Ultimately, this article has formed an opinion based on historical data. However, it can also be great to think about what analysts are forecasting for the future. At Simply Wall St, we have analyst estimates which you can view by clicking here.
總的來說,奇特科技的應計比率和其飛凡項目都顯示其法定收益可能相當保守。基於這些因素,我們認爲奇特科技的盈利潛力至少和其表現看起來一樣好,甚至可能更好!最終,本文是基於歷史數據形成的觀點。然而,考慮一下分析師對未來的預測也是很重要的。在Simply Wall St,我們有分析師的預估數據,您可以通過點擊這裏查看。
After our examination into the nature of Oddity Tech's profit, we've come away optimistic for the company. 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. 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.
經過我們對奇特科技利潤性質的調查,我們對該公司抱有樂觀態度。但有許多其他方式可以幫助您了解一家公司。有些人認爲高淨資產收益率是一家優質企業的良好跡象。雖然這可能需要您進行一些調查,但您可能會發現這個自由收集的公司列表,其中有高淨資產收益率,或者這個擁有顯著內部持股的股票列表會對您有所幫助。
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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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。