share_log

Air Products and Chemicals' (NYSE:APD) Profits May Not Reveal Underlying Issues

Air Products and Chemicals' (NYSE:APD) Profits May Not Reveal Underlying Issues

空气化工产品公司(纽约证券交易所代码:APD)的利润可能不会透露潜在问题
Simply Wall St ·  05/12 22:20

The recent earnings posted by Air Products and Chemicals, Inc. (NYSE:APD) were solid, but the stock didn't move as much as we expected. However the statutory profit number doesn't tell the whole story, and we have found some factors which might be of concern to shareholders.

空气化工产品公司(纽约证券交易所代码:APD)最近公布的收益稳健,但该股的波动幅度没有我们预期的那么大。但是,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。

earnings-and-revenue-history
NYSE:APD Earnings and Revenue History May 12th 2024
纽约证券交易所:APD 收益和收入历史记录 2024 年 5 月 12 日

Zooming In On Air Products and Chemicals' Earnings

放大空气产品和化工产品的收益

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

正如金融迷已经知道的那样,现金流的应计比率是评估公司自由现金流(FCF)与利润匹配程度的关键指标。为了获得应计比率,我们首先从一段时期的利润中减去FCF,然后将该数字除以该期间的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

因此,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

Over the twelve months to March 2024, Air Products and Chemicals recorded an accrual ratio of 0.21. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of US$2.6b, in contrast to the aforementioned profit of US$2.46b. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of US$2.6b, this year, indicates high risk.

在截至2024年3月的十二个月中,空气产品与化工公司的应计比率为0.21。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为26亿美元,而上述利润为24.6亿美元。在去年自由现金流为负的背景下,我们想象一些股东可能会怀疑其今年26亿美元的现金消耗是否表明存在高风险。

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.

这可能会让你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根据他们的估计描绘未来盈利能力的交互式图表。

Our Take On Air Products and Chemicals' Profit Performance

我们对空气产品和化工公司利润表现的看法

Air Products and Chemicals' 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 Air Products and Chemicals' true underlying earnings power is actually less than its statutory profit. Nonetheless, it's still worth noting that its earnings per share have grown at 31% 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. Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. For example, Air Products and Chemicals has 3 warning signs (and 1 which is significant) we think you should know about.

空气化工产品公司过去十二个月的应计比率表明现金转化率不理想,从我们对收益的看法来看,这是负数。因此,在我们看来,空气化工产品的真正潜在盈利能力实际上可能低于其法定利润。尽管如此,仍然值得注意的是,其每股收益在过去三年中增长了31%。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。请记住,在分析股票时,值得注意所涉及的风险。例如,空气化工产品公司有 3 个警告标志(以及 1 个重要警示标志),我们认为您应该知道。

This note has only looked at a single factor that sheds light on the nature of Air Products and Chemicals' 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. 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 that insiders are buying to be useful.

本报告仅研究了揭示空气产品和化工公司利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。例如,许多人认为高股本回报率是有利的商业经济的标志,而另一些人则喜欢 “关注资金”,寻找内部人士正在买入的股票。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单很有用。

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.

对这篇文章有反馈吗?对内容感到担忧?直接联系我们。 或者,给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

译文内容由第三方软件翻译。


以上内容仅用作资讯或教育之目的,不构成与富途相关的任何投资建议。富途竭力但不能保证上述全部内容的真实性、准确性和原创性。
    抢沙发