We Think On Holding's (NYSE:ONON) Profit Is Only A Baseline For What They Can Achieve
We Think On Holding's (NYSE:ONON) Profit Is Only A Baseline For What They Can Achieve
Even though On Holding AG's (NYSE:ONON) recent earnings release was robust, the market didn't seem to notice. Our analysis suggests that investors might be missing some promising details.
儘管On Holding AG(紐約證券交易所代碼:ONON)最近發佈的業績表現強勁,但市場似乎沒有注意到。我們的分析表明,投資者可能遺漏了一些令人鼓舞的細節。
A Closer Look At On Holding's Earnings
仔細觀察 On Holding 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. The ratio shows us how much a company's profit exceeds its FCF.
正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。
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正數,而正的應計比率是負數。儘管應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。引用Lewellen和Resutek在2014年發表的一篇論文,「應計額較高的公司未來的利潤往往會降低」。
For the year to September 2024, On Holding had an accrual ratio of -0.49. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of CHF400m during the period, dwarfing its reported profit of CHF126.0m. Given that On Holding had negative free cash flow in the prior corresponding period, the trailing twelve month resul of CHF400m would seem to be a step in the right direction.
在截至2024年9月的一年中,On Holding的應計比率爲-0.49。因此,其法定收入大大低於其自由現金流。換句話說,它在此期間產生的自由現金流爲40000萬瑞士法郎,與其報告的12600萬瑞士法郎的利潤相形見絀。鑑於On Holding在前一同期的自由現金流爲負,過去十二個月的40000萬瑞士法郎的業績似乎是朝着正確方向邁出的一步。
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,您可以點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 On Holding's Profit Performance
我們對控股盈利表現的看法
Happily for shareholders, On Holding produced plenty of free cash flow to back up its statutory profit numbers. Based on this observation, we consider it possible that On Holding's statutory profit actually understates its earnings potential! And the EPS is up 56% over the last twelve months. 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. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. At Simply Wall St, we have analyst estimates which you can view by clicking here.
令股東高興的是,On Holding產生了充足的自由現金流來支持其法定利潤數字。基於這一觀察,我們認爲On Holding的法定利潤實際上可能低估了其盈利潛力!在過去的十二個月中,每股收益增長了56%。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。顯然,我們喜歡考慮歷史數據來爲我們對公司的看法提供依據。但是,考慮其他分析師的預測可能非常有價值。在Simply Wall St,我們有分析師的估計,您可以點擊此處查看。
Today we've zoomed in on a single data point to better understand the nature of On Holding's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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.
今天,我們放大了單個數據點,以更好地了解On Holding利潤的性質。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。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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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?擔心內容嗎?直接聯繫我們。或者,發送電子郵件給編輯組(網址爲)simplywallst.com。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。