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Gen Digital's (NASDAQ:GEN) Soft Earnings Don't Show The Whole Picture

Gen Digital's (NASDAQ:GEN) Soft Earnings Don't Show The Whole Picture

Gen Digital(納斯達克股票代碼:GEN)的軟收益並不能顯示全貌
Simply Wall St ·  05/23 21:23

Gen Digital Inc.'s (NASDAQ:GEN) recent soft profit numbers didn't appear to worry shareholders, as the stock price showed strength. Our analysis suggests that investors may have noticed some promising signs beyond the statutory profit figures.

Gen Digital Inc. 's(納斯達克股票代碼:GEN)最近的疲軟利潤數字似乎並沒有讓股東感到擔憂,因爲股價表現出強勁。我們的分析表明,除了法定利潤數字外,投資者可能已經注意到一些令人鼓舞的跡象。

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

Zooming In On Gen Digital's Earnings

放大Gen Digital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.

正如金融迷已經知道的那樣,現金流的應計比率是評估公司自由現金流(FCF)與利潤匹配程度的關鍵指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。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。

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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

因此,當公司的應計比率爲負時,這實際上被認爲是一件好事,但是如果應計比率爲正,則被認爲是一件壞事。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。那是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長放緩。

For the year to March 2024, Gen Digital had an accrual ratio of -0.14. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of US$2.0b, well over the US$616.0m it reported in profit. Gen Digital's free cash flow improved over the last year, which is generally good to see. Importantly, we note an unusual tax situation, which we discuss below, has impacted the accruals ratio.

在截至2024年3月的一年中,Gen Digital的應計比率爲-0.14。這表明其自由現金流遠超過其法定利潤。事實上,在過去的十二個月中,它報告的自由現金流爲20億美元,遠遠超過其公佈的6.16億美元的利潤。Gen Digital的自由現金流比去年有所改善,總體而言,這是值得期待的。重要的是,我們注意到一種不尋常的稅收情況影響了應計比率,下文將對此進行討論。

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。

An Unusual Tax Situation

不尋常的稅收狀況

Moving on from the accrual ratio, we note that Gen Digital profited from a tax benefit which contributed US$157m to profit. This is of course a bit out of the ordinary, given it is more common for companies to be paying tax than receiving tax benefits! The receipt of a tax benefit is obviously a good thing, on its own. However, our data indicates that tax benefits can temporarily boost statutory profit in the year it is booked, but subsequently profit may fall back. Assuming the tax benefit is not repeated every year, we could see its profitability drop noticeably, all else being equal. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.

從應計比率來看,我們注意到Gen Digital從一項稅收優惠中獲利,該優惠爲利潤貢獻了1.57億美元。這當然有點不尋常,因爲公司納稅比獲得稅收優惠更爲普遍!獲得稅收優惠本身顯然是一件好事。但是,我們的數據表明,稅收優惠可以暫時增加賬面當年的法定利潤,但隨後利潤可能會回落。假設每年都不重複享受稅收優惠,在其他條件相同的情況下,我們可能會看到其盈利能力明顯下降。因此,儘管我們認爲獲得稅收優惠是件好事,但這確實意味着法定利潤誇大了企業可持續盈利能力的風險增加。

Our Take On Gen Digital's Profit Performance

我們對Gen Digital盈利表現的看法

While Gen Digital's accrual ratio stands testament to its strong cashflow, and indicates good quality earnings, the fact that it received a tax benefit suggests that this year's profit may not be a great guide to its sustainable profit run-rate. After taking into account all these factors, we think that Gen Digital's statutory results are a decent reflection of its underlying earnings power. 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. To that end, you should learn about the 4 warning signs we've spotted with Gen Digital (including 1 which makes us a bit uncomfortable).

儘管Gen Digital的應計比率證明了其強勁的現金流,並表明了高質量的收益,但它獲得稅收優惠的事實表明,今年的利潤可能不是其可持續利潤增長率的好指導。在考慮了所有這些因素之後,我們認爲Gen Digital的法定業績很好地反映了其潛在的盈利能力。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。爲此,你應該了解一下我們在Gen Digital中發現的4個警告信號(包括一個讓我們有點不舒服的信號)。

In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there are plenty of other ways to inform your opinion of a company. 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.

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,以此作爲企業的指南。但是,還有很多其他方法可以讓你對公司的看法。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。
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