share_log

Some Investors May Be Willing To Look Past Patrick Industries' (NASDAQ:PATK) Soft Earnings

Some Investors May Be Willing To Look Past Patrick Industries' (NASDAQ:PATK) Soft Earnings

一些投資者可能願意忽視帕特里克工業公司(納斯達克股票代碼:PATK)的軟收益
Simply Wall St ·  05/21 18:02

The market was pleased with the recent earnings report from Patrick Industries, Inc. (NASDAQ:PATK), despite the profit numbers being soft. However, we think the company is showing some signs that things are more promising than they seem.

儘管利潤數字疲軟,但市場對帕特里克工業公司(納斯達克股票代碼:PATK)最近的收益報告感到滿意。但是,我們認爲該公司顯示出一些跡象,表明情況比看起來更有希望。

earnings-and-revenue-history
NasdaqGS:PATK Earnings and Revenue History May 21st 2024
NASDAQGS: PATK 收益和收入歷史記錄 2024 年 5 月 21 日

Examining Cashflow Against Patrick Industries' Earnings

將現金流與帕特里克工業公司的收益進行對比

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. This ratio tells us how much of a company's profit is not backed by free cashflow.

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。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流比其利潤所暗示的要多。雖然正應計比率表明非現金利潤達到一定水平不是問題,但高應計比率可以說是一件壞事,因爲它表明紙面利潤與現金流不匹配。這是因爲一些學術研究表明,高應計率往往會導致利潤下降或利潤增長減弱。

For the year to March 2024, Patrick Industries had an accrual ratio of -0.10. That indicates that its free cash flow was a fair bit more than its statutory profit. In fact, it had free cash flow of US$388m in the last year, which was a lot more than its statutory profit of US$147.8m. Patrick Industries shareholders are no doubt pleased that free cash flow improved over the last twelve months.

在截至2024年3月的一年中,帕特里克工業公司的應計比率爲-0.10。這表明其自由現金流遠超過其法定利潤。實際上,它去年的自由現金流爲3.88億美元,遠遠超過其1.478億美元的法定利潤。毫無疑問,帕特里克工業公司的股東對過去十二個月自由現金流的改善感到高興。

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,您可以單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 Patrick Industries' Profit Performance

我們對帕特里克工業公司利潤表現的看法

As we discussed above, Patrick Industries has perfectly satisfactory free cash flow relative to profit. Because of this, we think Patrick Industries' earnings potential is at least as good as it seems, and maybe even better! And the EPS is up 24% annually, over the last three years. 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. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 3 warning signs for Patrick Industries you should know about.

正如我們上面討論的那樣,帕特里克工業的自由現金流相對於利潤來說非常令人滿意。因此,我們認爲帕特里克工業公司的盈利潛力至少和看起來一樣好,甚至可能更好!在過去三年中,每股收益每年增長24%。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。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。每家公司都有風險,我們發現了你應該知道的3個帕特里克工業警告信號。

This note has only looked at a single factor that sheds light on the nature of Patrick Industries' 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. 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.

這份報告只研究了揭示帕特里克工業公司利潤性質的單一因素。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。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。

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.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。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,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
    搶先評論