Cadence Design Systems' (NASDAQ:CDNS) Promising Earnings May Rest On Soft Foundations
Cadence Design Systems' (NASDAQ:CDNS) Promising Earnings May Rest On Soft Foundations
Last week's profit announcement from Cadence Design Systems, Inc. (NASDAQ:CDNS) was underwhelming for investors, despite headline numbers being robust. Our analysis uncovered some concerning factors that we believe the market might be paying attention to.
儘管頭條數字表現強勁,但鏗騰電子公司(納斯達克:CDNS)上週公佈的利潤數據令投資者感到失望。我們的分析揭示了一些令人擔憂的因素,我們認爲市場可能正在關注這些因素。
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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。
Importantly, our data indicates that Cadence Design Systems' profit received a boost of US$86m in unusual items, over the last year. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. Which is hardly surprising, given the name. If Cadence Design Systems doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.
重要的是,我們的數據顯示,在過去一年中,鏗騰電子公司(Cadence Design Systems)的利潤因飛凡的因素獲得了8600萬美元的提振。我們不能否認,更高的利潤通常讓我們感到樂觀,但我們更希望利潤能夠持續。當我們在成千上萬家上市公司的數據上進行分析時,我們發現,在某一年中由於飛凡因素獲得的提振通常不會在下一年重複。這並不奇怪,鑑於其命名。如果鏗騰電子公司沒有看到這種貢獻的重複,則其他條件不變,我們預計其利潤在當前年份會下降。
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 Cadence Design Systems' Profit Performance
我們對鏗騰電子公司(Cadence Design Systems)的利潤表現看法是:
We'd posit that Cadence Design Systems' statutory earnings aren't a clean read on ongoing productivity, due to the large unusual item. Because of this, we think that it may be that Cadence Design Systems' statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 58% per annum growth in EPS for the last three. 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. 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. Luckily, you can check out what analysts are forecasting by clicking here.
我們認爲鏗騰電子公司的法定盈利不是對持續生產力的準確反映,因爲存在大量飛凡因素。正因如此,我們認爲,鏗騰電子公司的法定利潤可能比其潛在盈利能力更好。但至少持有人可以從過去三年每股收益年增長58%中獲得一些安慰。當然,當涉及其收益時,我們還只是觸及了表面,人們還可以考慮利潤率、預測增長和投資回報率等因素。最終,本文基於歷史數據形成了觀點。不過,思考分析師對未來的預測也可以很有意義。幸運的是,您可以點擊此處查看分析師預測。
This note has only looked at a single factor that sheds light on the nature of Cadence Design Systems' 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.
本文只考慮了影響鏗騰電子公司利潤性質的單一因素。但還有很多其他方法可以了解公司。例如,許多人認爲高淨資產回報率是有利的商業經濟指標,而其他人喜歡“跟着錢走”,尋找內部人員正在購買的股票。因此,您可能希望查看這些公司的高淨資產回報率、或這些具有高內部持股比例的股票的免費彙總。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。