$Masco (MAS.US)$ Masco (MAS) It is an American company liste...

Masco (MAS) It is an American company listed in 1969. From 2002 to now, the stock price has risen from 24.5 to 53.94, and the average return in 20 years is 4%, which is lackluster.

Over the past five years, gross margin has basically been around 34%. Since the company's net assets are basically 0 or negative, the return on net assets has no reference value.

In the past five years, revenue first increased for two years, then fell 20% in 2019 and then increased for two years. Overall, the operating profit curve was similar. However, in 2019, the operating profit curve was similar. However, in 2019, it only fell 9.4%. After the next two years, it surpassed the previous high. After 4 years of continuous growth, net profit plummeted 62.5% in 2021.

In the first two quarters of 2022, revenue increased 9.7%, operating profit fell 5.1%, and net profit increased nearly 9 times to 511 million. Net profit is likely to return to 1 billion dollars throughout the year.

The income statement shows that interest expenses accounted for 19% of operating profit. Net profit declined seriously in 2021 due to 484 million other expenses. However, even if it is added back, net profit in 2021 will still decline. It is not ruled out that management will reduce 2021 profits and make the 2022 report look good.

Over the past five years, the balance ratio has risen from 96.8% to 110.3%, and the company has basically zero investment in operations.

The balance sheet shows that the share of receivables and inventory is relatively normal, but 2021 inventory increased by 340 million dollars, indicating that the situation in 2021 was more serious than shown. Profits not only declined, but they were also overreported through inventory.

The long-term loan was 2,946 billion yuan, accounting for more than half of the total assets of 5.467 billion yuan. The loan burden was heavy. The company's net assets were -563 million yuan.

The net investment amount over the past five years has been a net inflow. The net operating amount is generally higher than the net profit, and there is a lot of shareholder surplus.

The current liquidity ratio is 1.36 and the floating ratio is 0.76. Cash flow is a bit tight, mainly due to stock repurchases, and should be controlled.

The current price-earnings ratio is 33.3, and the price-earnings ratio is TTM 15. If the profit for the whole year can reach double that of the first half of the year, the price-earnings ratio will drop one step further to 12. The company's net assets are about half a year's net profit, so it's not too much of a problem.

Combining the above analysis, you can select (⭐️⭐️).