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Escalade's (NASDAQ:ESCA) Profits Appear To Have Quality Issues

Escalade's (NASDAQ:ESCA) Profits Appear To Have Quality Issues

escalade(納斯達克:ESCA)的利潤似乎存在質量問題
Simply Wall St ·  11/01 18:24

The recent earnings posted by Escalade, Incorporated (NASDAQ:ESCA) 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.

納斯達克上市公司Escalade,Inc.(納斯達克股票代碼:ESCA)最近公佈的收益表現不錯,但股價並未如我們預期的那樣上漲。然而,法定利潤數字並不能完全反映全貌,我們發現一些可能令股東擔憂的因素。

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NasdaqGM:ESCA Earnings and Revenue History November 1st 2024
納斯達克GM:ESCA收益和營業收入歷史數據2024年11月1日

Examining Cashflow Against Escalade's Earnings

對比Escalade業績的現金流狀況

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

在高級金融領域,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(從現金流量中)。簡而言之,此比率將FCF從淨利潤中扣除,然後將該數字除以該期間內公司的平均營運資產。這個比率告訴我們公司利潤中有多少不由自由現金流支持。

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. 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,負淨應計比率對公司來說是一個積極的因素,而正淨應計比率則是一個消極因素。雖然淨應計比率高於零並不令人擔憂,但我們認爲,當一個公司的淨應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,高淨應計比率通常是短期利潤的一個不良跡象。

Escalade has an accrual ratio of -0.14 for the year to September 2024. 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$42m in the last year, which was a lot more than its statutory profit of US$13.2m. Escalade shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.

截至2024年9月,Escalade的應計比率爲-0.14。這表明其自由現金流比其法定利潤要多不少。事實上,在過去一年裏,其自由現金流爲4200萬美元,遠遠超過其1320萬美元的法定利潤。Escalade股東無疑對自由現金流在過去十二個月內的改善感到高興。然而,還有一些其他因素需要考慮。我們可以看到,異常項目影響了其法定利潤,從而影響了應計比率。

Note: we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Escalade.

注意:我們始終建議投資者檢查資產負債表實力。請點擊這裏查看Escalade資產負債表分析。

How Do Unusual Items Influence Profit?

非常規項目如何影響利潤?

Surprisingly, given Escalade's accrual ratio implied strong cash conversion, its paper profit was actually boosted by US$3.9m in unusual items. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. Which is hardly surprising, given the name. If Escalade doesn't see that contribution repeat, then all else being equal we'd expect its profit to drop over the current year.

令人驚訝的是,考慮到escalade的應計比率暗示強勁的現金轉換能力,其賬面利潤實際上被不尋常項目提振了390萬美元。我們不得不承認,更高的利潤通常讓我們感到樂觀,但如果利潤能夠持續下去的話,我們會更加欣慰。我們對全球大多數上市公司進行了數據分析,不尋常項目一般只會出現一次,這並不奇怪,考慮到其名稱。如果escalade沒有看到這種貢獻再次出現,那麼其他條件相等的情況下,我們預計其今年的利潤將會下降。

Our Take On Escalade's Profit Performance

我們對escalade的盈利表現的看法

In conclusion, Escalade'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, it's hard to tell if Escalade's profits are a reasonable reflection of its underlying profitability. 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. Our analysis shows 2 warning signs for Escalade (1 is concerning!) and we strongly recommend you look at them before investing.

總的來說,escalade的應計比率表明其法定收益質量不錯,但另一方面,利潤被不尋常項目提振。基於這些因素,很難判斷escalade的利潤是否合理反映了其潛在盈利能力。鑑於此,如果您想對該公司進行更多分析,了解所涉風險是至關重要的。我們的分析顯示escalade存在2個警示信號(其中1個令人擔憂!),強烈建議您在投資之前查看這些信息。

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

我們對escalade的檢驗側重於一些因素,這些因素可能使其盈利看起來比實際情況更好。但還有很多其他方法可以幫助您形成對公司的看法。有些人認爲股權回報率高是一個優質業務的良好跡象。雖然這可能需要您進行一些研究,但您可能會發現,這個免費的公司收益率高的集合,或者這個持有大量內部股份的股票清單,會對您有所幫助。

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.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

譯文內容由第三人軟體翻譯。


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