share_log

Progyny's (NASDAQ:PGNY) Performance Is Even Better Than Its Earnings Suggest

Progyny's (NASDAQ:PGNY) Performance Is Even Better Than Its Earnings Suggest

Progyny(納斯達克股票代碼:PGNY)的表現甚至比其收益所顯示的還要好
Simply Wall St ·  05/23 20:49

Investors were underwhelmed by the solid earnings posted by Progyny, Inc. (NASDAQ:PGNY) recently. We did some digging and actually think they are being unnecessarily pessimistic.

Progyny, Inc.(納斯達克股票代碼:PGNY)最近公佈的穩健收益令投資者不知所措。我們進行了一些挖掘,實際上認爲他們過於悲觀。

earnings-and-revenue-history
NasdaqGS:PGNY Earnings and Revenue History May 23rd 2024
NASDAQGS: PGNY 收益和收入歷史記錄 2024 年 5 月 23 日

Zooming In On Progyny's Earnings

放大Progyny的收益

In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). 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.

在高級財務中,用於衡量公司將報告的利潤轉化爲自由現金流(FCF)的關鍵比率是應計比率(來自現金流)。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 March 2024, Progyny recorded an accrual ratio of -0.62. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. Indeed, in the last twelve months it reported free cash flow of US$190m, well over the US$61.3m it reported in profit. Progyny shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

在截至2024年3月的十二個月中,Progyny的應計比率爲-0.62。這意味着它的現金轉化率非常好,而且其去年的收益實際上大大低估了其自由現金流。事實上,在過去的十二個月中,它報告的自由現金流爲1.9億美元,遠遠超過其公佈的6,130萬美元的利潤。毫無疑問,Progyny的股東們對自由現金流在過去十二個月中有所改善感到高興。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。

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。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

Surprisingly, given Progyny's accrual ratio implied strong cash conversion, its paper profit was actually boosted by US$8.1m in unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is).

令人驚訝的是,鑑於Progyny的應計比率意味着強勁的現金轉換,其票面利潤實際上是由810萬美元的不尋常項目增加的。雖然我們希望看到利潤增加,但當不尋常的物品做出重大貢獻時,我們往往會更加謹慎一些。當我們分析全球絕大多數上市公司時,我們發現重大不尋常的事項往往不會重演。而且,畢竟,這正是會計術語的含義。假設這些不尋常的項目在本年度不會再次出現,因此我們預計明年的利潤將疲軟(也就是說,在業務沒有增長的情況下)。

Our Take On Progyny's Profit Performance

我們對Progyny利潤表現的看法

In conclusion, Progyny's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Based on these factors, we think that Progyny's profits are a reasonably conservative guide to its underlying profitability. Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. So feel free to check out our free graph representing analyst forecasts.

總之,Progyny的應計比率表明其法定收益質量良好,但另一方面,利潤是由不尋常的項目提振的。基於這些因素,我們認爲Progyny的利潤是衡量其潛在盈利能力的相當保守的指南。顯然,我們喜歡考慮歷史數據來爲我們對公司的看法提供依據。但是,考慮其他分析師的預測可能非常有價值。因此,請隨時查看我們代表分析師預測的免費圖表。

Our examination of Progyny has focussed on certain factors that can make its earnings look better than they are. 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.

我們對Progyny的審查側重於某些可能使其收益看起來好於實際的因素。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。例如,許多人認爲高股本回報率是有利的商業經濟的標誌,而另一些人則喜歡 “關注資金”,尋找內部人士正在買入的股票。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。

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