We Think You Can Look Beyond Privia Health Group's (NASDAQ:PRVA) Lackluster Earnings
We Think You Can Look Beyond Privia Health Group's (NASDAQ:PRVA) Lackluster Earnings
Privia Health Group, Inc.'s (NASDAQ:PRVA) stock was strong despite it releasing a soft earnings report last week. We think that investors might be looking at some positive factors beyond the earnings numbers.
Privia Health Group, Inc.(納斯達克股票代碼:PRVA)的股票表現強勁,儘管上週發佈了一份不太理想的業績。我們認爲投資者可能正在關注一些超越盈利數字的積極因素。
Examining Cashflow Against Privia Health Group's Earnings
分析現金流與Privia Health Group的盈利情況
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow.
用於衡量公司如何將其利潤轉化爲自由現金流(FCF)的一個關鍵財務比率是應計比率。應計比率從給定期間的自由現金流中減去利潤,然後將結果除以公司在那段時間內的平均營運資產。這個比率告訴我們,公司利潤中有多少不受自由現金流支持。
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. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future".
因此,當公司的應計比率爲負時,實際上是一件好事,但如果其應計比率爲正,則是一件壞事。雖然應計比率爲零以上的事情無關緊要,但我們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:「應計越高的公司未來利潤率越低」。
Privia Health Group has an accrual ratio of -0.34 for the year to September 2024. 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$98m, well over the US$12.8m it reported in profit. Privia Health Group's free cash flow improved over the last year, which is generally good to see.
Privia Health Group到2024年9月已發生業績調節比率爲-0.34。這意味着其現金轉換非常好,實際上,過去一年的盈利實際上嚴重低估了其自由現金流。事實上,在過去十二個月中,其報告的自由現金流爲9800萬美元,遠高於其1280萬美元的利潤。Privia Health Group的自由現金流在過去一年有所改善,這通常是一個好的跡象。
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.
這可能會讓您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基於其估計的未來盈利能力的互動圖表。
Our Take On Privia Health Group's Profit Performance
我們對 Privia Health Group 的利潤表現持有看法
As we discussed above, Privia Health Group's accrual ratio indicates strong conversion of profit to free cash flow, which is a positive for the company. Because of this, we think Privia Health Group's underlying earnings potential is as good as, or possibly even better, than the statutory profit makes it seem! On the other hand, its EPS actually shrunk in the last twelve months. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So while earnings quality is important, it's equally important to consider the risks facing Privia Health Group at this point in time. For example - Privia Health Group has 1 warning sign we think you should be aware of.
正如我們上面討論的,Privia Health Group 的應計比率顯示出利潤轉化爲自由現金流的強勁能力,這對公司是一個積極的因素。因此,我們認爲 Prvia Health Group 的基本盈利潛力與法定利潤相當,甚至可能更好!另一方面,其每股收益實際上在過去十二個月內下降了。本文的目標是評估我們可以信賴法定收益來反映公司潛力的程度,但還有很多需要考慮的方面。因此,雖然盈利質量很重要,考慮到目前 Privia Health Group 面臨的風險同樣重要。例如,Privia Health Group 存在一個我們認爲您應該注意的警示標誌。
This note has only looked at a single factor that sheds light on the nature of Privia Health Group's 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.
這篇筆記僅考慮了揭示 Privia Health Group 利潤性質的單一因素。但是,如果您有能力專注於細枝末節,將會發現更多。有些人認爲高淨資產回報率是高質量企業的良好跡象。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高淨資產回報率公司收集,或者這份持股人持有大量股票的股票清單,會很有用。
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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.
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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。