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Some Investors May Be Willing To Look Past Patrick Industries' (NASDAQ:PATK) Soft Earnings

Some Investors May Be Willing To Look Past Patrick Industries' (NASDAQ:PATK) Soft Earnings

一些投资者可能愿意忽视帕特里克工业公司(纳斯达克股票代码:PATK)的软收益
Simply Wall St ·  05/21 06:02

The market was pleased with the recent earnings report from Patrick Industries, Inc. (NASDAQ:PATK), despite the profit numbers being soft. However, we think the company is showing some signs that things are more promising than they seem.

尽管利润数字疲软,但市场对帕特里克工业公司(纳斯达克股票代码:PATK)最近的收益报告感到满意。但是,我们认为该公司显示出一些迹象,表明情况比看起来更有希望。

earnings-and-revenue-history
NasdaqGS:PATK Earnings and Revenue History May 21st 2024
NASDAQGS: PATK 收益和收入历史记录 2024 年 5 月 21 日

Examining Cashflow Against Patrick Industries' Earnings

将现金流与帕特里克工业公司的收益进行对比

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. 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.

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。简而言之,该比率从净利润中减去FCF,然后将该数字除以该时期公司的平均运营资产。这个比率告诉我们,一家公司的利润中有多少没有自由现金流的支持。

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. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. 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比其利润所暗示的要多。虽然正应计比率表明非现金利润达到一定水平不是问题,但高应计比率可以说是一件坏事,因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明,高应计率往往会导致利润下降或利润增长减弱。

For the year to March 2024, Patrick Industries had an accrual ratio of -0.10. 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$388m in the last year, which was a lot more than its statutory profit of US$147.8m. Patrick Industries shareholders are no doubt pleased that free cash flow improved over the last twelve months.

在截至2024年3月的一年中,帕特里克工业公司的应计比率为-0.10。这表明其自由现金流远超过其法定利润。实际上,它去年的自由现金流为3.88亿美元,远远超过其1.478亿美元的法定利润。毫无疑问,帕特里克工业公司的股东对过去十二个月自由现金流的改善感到高兴。

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 Patrick Industries' Profit Performance

我们对帕特里克工业公司利润表现的看法

As we discussed above, Patrick Industries has perfectly satisfactory free cash flow relative to profit. Because of this, we think Patrick Industries' earnings potential is at least as good as it seems, and maybe even better! And the EPS is up 24% annually, over the last three years. 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. 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. Every company has risks, and we've spotted 3 warning signs for Patrick Industries you should know about.

正如我们上面讨论的那样,帕特里克工业的自由现金流相对于利润来说非常令人满意。因此,我们认为帕特里克工业公司的盈利潜力至少和看起来一样好,甚至可能更好!在过去三年中,每股收益每年增长24%。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。有鉴于此,如果你想对公司进行更多分析,了解所涉及的风险至关重要。每家公司都有风险,我们发现了你应该知道的3个帕特里克工业警告信号。

This note has only looked at a single factor that sheds light on the nature of Patrick Industries' 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.

这份报告只研究了揭示帕特里克工业公司利润性质的单一因素。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份拥有大量内幕持股的股票清单很有用。

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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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