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Statutory Earnings May Not Be The Best Way To Understand Sarepta Therapeutics' (NASDAQ:SRPT) True Position

Statutory Earnings May Not Be The Best Way To Understand Sarepta Therapeutics' (NASDAQ:SRPT) True Position

法定盈利可能不是了解sarepta therapeutics(納斯達克:SRPT)真實位置的最佳方式
Simply Wall St ·  11/13 05:42

Strong earnings weren't enough to please Sarepta Therapeutics, Inc.'s (NASDAQ:SRPT) shareholders over the last week. Our analysis found several concerning factors in the earnings report beyond the strong statutory profit number.

強勁的收益不足以取悅Sarepta Therapeutics, Inc.”s(納斯達克股票代碼:SRPT)的股東上週的走勢。我們的分析發現,除了強勁的法定利潤數字外,收益報告中還有一些令人擔憂的因素。

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NasdaqGS:SRPT Earnings and Revenue History November 13th 2024
NASDAQGS: SRPT 收益和收入歷史記錄 2024 年 11 月 13 日

Examining Cashflow Against Sarepta Therapeutics' Earnings

根據Sarepta Therapeutics的收益檢查現金流

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.

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。簡而言之,該比率從淨利潤中減去FCF,然後將該數字除以該時期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。

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」。

Over the twelve months to September 2024, Sarepta Therapeutics recorded an accrual ratio of 0.79. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Over the last year it actually had negative free cash flow of US$480m, in contrast to the aforementioned profit of US$121.8m. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of US$480m, this year, indicates high risk. 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.

在截至2024年9月的十二個月中,Sarepta Therapeutics的應計比率爲0.79。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。去年,它的自由現金流實際上爲負4.8億美元,而上述利潤爲1.218億美元。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年4.8億美元的現金消耗是否表明存在高風險。話雖如此,故事還有更多。應計比率至少部分反映了不尋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。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Given the accrual ratio, it's not overly surprising that Sarepta Therapeutics' profit was boosted by unusual items worth US$37m in the last twelve months. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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. And that's as you'd expect, given these boosts are described as 'unusual'. Sarepta Therapeutics had a rather significant contribution from unusual items relative to its profit to September 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.

考慮到應計比率,在過去十二個月中,Sarepta Therapeutics的利潤因價值3700萬美元的不尋常項目而提振也就不足爲奇了。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。這正如你所預料的那樣,因爲這些增強被描述爲 「不尋常」。相對於其截至2024年9月的利潤,Sarepta Therapeutics從不尋常的項目中做出了相當大的貢獻。在其他條件相同的情況下,這可能會使法定利潤成爲衡量潛在盈利能力的不良指導。

Our Take On Sarepta Therapeutics' Profit Performance

我們對Sarepta Therapeutics盈利表現的看法

Summing up, Sarepta Therapeutics received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. For all the reasons mentioned above, we think that, at a glance, Sarepta Therapeutics' statutory profits could be considered to be low quality, because they are likely to give investors an overly positive impression of the company. If you want to do dive deeper into Sarepta Therapeutics, you'd also look into what risks it is currently facing. Case in point: We've spotted 2 warning signs for Sarepta Therapeutics you should be mindful of and 1 of these is a bit unpleasant.

總而言之,Sarepta Therapeutics從不尋常的項目中獲得了不錯的利潤提振,但其紙面利潤無法與自由現金流相提並論。出於上述所有原因,我們認爲,乍一看,Sarepta Therapeutics的法定利潤可以被認爲是低質量的,因爲它們可能會給投資者留下過於積極的公司印象。如果你想更深入地研究Sarepta Therapeutics,你還需要研究它目前面臨的風險。一個很好的例子:我們發現了兩個你應該注意的Sarepta Therapeutics警告信號,其中一個有點不愉快。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。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。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。

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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.

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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。

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