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Ubiquiti's (NYSE:UI) Profits Appear To Have Quality Issues

Ubiquiti's (NYSE:UI) Profits Appear To Have Quality Issues

Ubiquiti(纽约证券交易所代码:UI)的利润似乎存在质量问题
Simply Wall St ·  02/21 07:29

The recent earnings posted by Ubiquiti Inc. (NYSE:UI) 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.

Ubiquiti Inc.(纽约证券交易所代码:UI)最近公布的收益稳健,但该股的波动幅度没有我们预期的那么大。但是,法定利润数字并不能说明全部情况,我们发现了一些可能引起股东关注的因素。

earnings-and-revenue-history
NYSE:UI Earnings and Revenue History February 21st 2024
纽约证券交易所:UI 收益和收入历史记录 2024 年 2 月 21 日

A Closer Look At Ubiquiti's Earnings

仔细看看Ubiquiti的收益

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. The ratio shows us how much a company's profit exceeds its FCF.

用于衡量公司将其利润转换为自由现金流(FCF)的情况的一个关键财务比率是应计比率。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。该比率向我们显示了公司的利润超过其FCF的程度。

That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

这意味着负应计比率是一件好事,因为它表明该公司带来的自由现金流超过了其利润所暗示的水平。这并不意味着我们应该担心应计比率为正,但值得注意的是,应计比率相当高的地方。那是因为一些学术研究表明,高应计比率往往会导致利润下降或利润增长减少。

Over the twelve months to December 2023, Ubiquiti recorded an accrual ratio of 0.57. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of US$16m despite its profit of US$372.1m, mentioned above. We saw that FCF was US$156m a year ago though, so Ubiquiti has at least been able to generate positive FCF in the past.

在截至2023年12月的十二个月中,Ubiquiti的应计比率为0.57。从统计学上讲,这对未来的收益来说确实是负面的。换句话说,该公司在那段时间内没有产生一点自由现金流。在过去的十二个月里,它实际上有 负面的 自由现金流,尽管利润为3.721亿美元,但流出量为1600万美元,如上所述。但是,我们看到一年前的FCF为1.56亿美元,因此Ubiquiti过去至少能够产生正的FCF。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

Our Take On Ubiquiti's Profit Performance

我们对Ubiquiti盈利表现的看法

As we have made quite clear, we're a bit worried that Ubiquiti didn't back up the last year's profit with free cashflow. As a result, we think it may well be the case that Ubiquiti's underlying earnings power is lower than its statutory profit. But at least holders can take some solace from the 7.3% EPS growth in the last year. At the end of the day, it's essential to consider more than just the factors above, if you want to understand the company properly. If you'd like to know more about Ubiquiti as a business, it's important to be aware of any risks it's facing. For example, Ubiquiti has 4 warning signs (and 3 which are concerning) we think you should know about.

正如我们已经明确指出的那样,我们有点担心Ubiquiti没有用自由现金流来支持去年的利润。因此,我们认为Ubiquiti的潜在盈利能力很可能低于其法定利润。但至少持有人可以从去年7.3%的每股收益增长中得到一些安慰。归根结底,如果你想正确地了解公司,必须考虑的不仅仅是上述因素。如果您想进一步了解Ubiquiti作为一家企业,请务必了解其面临的任何风险。例如,Ubiquiti 有 4 个警告信号(以及 3 个令人担忧的),我们认为你应该知道。

This note has only looked at a single factor that sheds light on the nature of Ubiquiti's profit. 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. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

这份报告只研究了揭示Ubiquiti利润性质的单一因素。但是,还有很多其他方法可以让你对公司的看法。有些人认为高股本回报率是优质业务的好兆头。因此,你可能希望看到这份免费收藏的拥有高股本回报率的公司,或者这份内部人士正在购买的股票清单。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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