U-Haul Holding's (NYSE:UHAL) Problems Go Beyond Weak Profit
U-Haul Holding's (NYSE:UHAL) Problems Go Beyond Weak Profit
U-Haul Holding Company's (NYSE:UHAL) recent weak earnings report didn't cause a big stock movement. However, we believe that investors should be aware of some underlying factors which may be of concern.
U-Haul控股公司(NYSE:UHAL)最近的业绩低迷并没有引起大股价波动。然而,我们认为投资者应该意识到一些潜在的问题。
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Zooming In On U-Haul Holding's Earnings
深入探讨U-Haul控股的盈利
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. This ratio tells us how much of a company's profit is not backed by free cashflow.
用于衡量公司如何将其利润转化为自由现金流(FCF)的一个关键财务比率是应计比率。应计比率从给定期间的自由现金流中减去利润,然后将结果除以公司在那段时间内的平均营运资产。这个比率告诉我们,公司利润中有多少不受自由现金流支持。
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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.
因此,负的应计比率对公司是有利的,而正的应计比率则有害。虽然应计比率高于零不是什么大问题,但当一家公司的应计比率相对较高时,我们认为值得注意。因为一些学术研究表明,高应计比率往往会导致利润较低或利润增长较少。
Over the twelve months to June 2024, U-Haul Holding recorded an accrual ratio of 0.20. Therefore, we know that it's free cashflow was significantly lower than its statutory profit, which is hardly a good thing. In the last twelve months it actually had negative free cash flow, with an outflow of US$1.7b despite its profit of US$567.3m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of US$1.7b, this year, indicates high risk.
在过去的十二个月中,U-Haul控股的应计比率为0.20。因此,我们知道它的自由现金流显著低于其法定利润,这绝非好事。在过去的十二个月中,尽管上述利润为56730万美元,但其实际上出现了负自由现金流,流出了17亿美元。在经历去年的负自由现金流之后,我们想象一些股东可能会想知道,今年的17亿美元现金流是否表明高风险。
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.
这可能会让您想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看基于其估计的未来盈利能力的互动图表。
Our Take On U-Haul Holding's Profit Performance
我们对U-Haul控股的盈利表现的看法
U-Haul Holding's accrual ratio for the last twelve months signifies cash conversion is less than ideal, which is a negative when it comes to our view of its earnings. Therefore, it seems possible to us that U-Haul Holding's true underlying earnings power is actually less than its statutory profit. In further bad news, its earnings per share decreased in the last year. 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. With this in mind, we wouldn't consider investing in a stock unless we had a thorough understanding of the risks. Be aware that U-Haul Holding is showing 3 warning signs in our investment analysis and 1 of those is a bit unpleasant...
U-Haul控股过去十二个月的应计比率表明现金转换不是理想的,这在我们看来是其盈利的一个负面因素。因此,我们认为U-Haul控股的真正潜在盈利能力实际上低于其法定利润。更糟糕的是,它的每股收益在过去一年中下降了。总之,如果您想透彻理解公司,就必须考虑更多的因素。有了这个想法,除非我们充分了解风险,否则我们不会考虑投资股票。请注意,我们的投资分析中U-Haul控股显示了3个警告信号,其中1个有些不愉快……
Today we've zoomed in on a single data point to better understand the nature of U-Haul Holding's profit. But there is always more to discover if you are capable of focussing your mind on minutiae. 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,我们关注了一个单一的数据点,以更好地了解U-Haul控股公司的盈利性质。但是,如果您能够专注于细节,就总有更多的发现。例如,许多人认为高股权回报是有利业务经济的指标,而其他人则喜欢“跟随资金”并寻找内部人士正在购买的股票。因此,您可能希望查看这些具有高股权回报的公司的免费收藏,或这个拥有高内部所有权的股票列表。
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