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Forestar Group's (NYSE:FOR) Weak Earnings May Only Reveal A Part Of The Whole Picture

Forestar Group's (NYSE:FOR) Weak Earnings May Only Reveal A Part Of The Whole Picture

福里斯特(紐交所:FOR)的疲弱收益可能僅揭示了整體情況的一部分
Simply Wall St ·  04/30 03:24

The subdued market reaction suggests that Forestar Group Inc.'s (NYSE:FOR) recent earnings didn't contain any surprises. However, we believe that investors should be aware of some underlying factors which may be of concern.

市場反應平淡,表明福里斯特集團公司(紐交所代碼:FOR)最近的收益沒有 surprises。然而,我們認爲投資者應該注意一些可能引起關注的潛在因素。

Our free stock report includes 2 warning signs investors should be aware of before investing in Forestar Group. Read for free now.
我們的免費股票報告包括投資者在投資福里斯特集團之前應該注意的兩個警告信號。現在可以免費閱讀。
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NYSE:FOR Earnings and Revenue History April 30th 2025
紐交所:FOR 收益和營業收入歷史 2025年4月30日

A Closer Look At Forestar Group's Earnings

深入分析福里斯特集團的收益

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). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.

在高端金融中,用於衡量公司將報告利潤轉換爲自由現金流(FCF)能力的關鍵比率是應計比率(來自現金流)。爲了得到應計比率,我們首先從一段時間的利潤中減去自由現金流,然後將該數字除以該段時間的平均營業資產。你可以將來自現金流的應計比率視爲「非FCF獲利比例」。

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 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.

這意味着負的應計比率是好事,因爲它表明公司所帶來的自由現金流超過了其利潤所暗示的水平。雖然應計比率高於零並不太令人擔憂,但我們確實認爲,當一家公司相對較高的應計比率時值得注意。這是因爲一些學術研究表明,高應計比率往往會導致利潤下降或利潤增長減少。

For the year to March 2025, Forestar Group had an accrual ratio of 0.28. Unfortunately, that means its free cash flow was a lot less than its statutory profit, which makes us doubt the utility of profit as a guide. Even though it reported a profit of US$168.3m, a look at free cash flow indicates it actually burnt through US$414m in the last year. We saw that FCF was US$125m a year ago though, so Forestar Group has at least been able to generate positive FCF in the past.

在截至2025年3月的一年中,福里斯特集團的應計比率爲0.28。不幸的是,這意味着它的自由現金流遠低於法定利潤,這使我們對利潤作爲指南的實用性產生懷疑。儘管它報告了利潤爲16830萬美元,但自由現金流數據顯示它在去年實際上消耗了41400萬美元。不過,我們注意到,一年前的自由現金流爲12500萬美元,因此福里斯特集團在過去至少能夠產生積極的自由現金流。

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.

這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以點擊這裏查看基於他們的估計的未來盈利能力的互動圖表。

Our Take On Forestar Group's Profit Performance

我們對福里斯特的獲利表現的看法

Forestar Group didn't convert much of its profit to free cash flow in the last year, which some investors may consider rather suboptimal. Because of this, we think that it may be that Forestar Group's statutory profits are better than its underlying earnings power. But at least holders can take some solace from the 11% per annum growth in EPS for the last three. 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. 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. Case in point: We've spotted 2 warning signs for Forestar Group you should be aware of.

福里斯特在過去一年中沒能將其利潤轉化爲自由現金流,這可能會被一些投資者視爲不太理想。由於這一點,我們認爲福里斯特的法定利潤可能好於其潛在的盈利能力。但至少持有者可以從過去三年的每股收益年增長11%中獲得一些安慰。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力,但還有更多需要考慮的因素。鑑於此,如果您想對該公司進行更多分析,了解涉及的風險是至關重要的。舉個例子:我們發現福里斯特有兩個預警信號您應該注意。

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

這篇筆記僅考慮了一個因素,該因素反映了福里斯特利潤的性質。但還有很多其他方式可以幫助您形成對公司的看法。有些人認爲高股本回報率是優質業務的良好標誌。雖然這可能需要您進行一些研究,但您可能會發現這份免費收錄高股本回報率公司的資料,或這份內幕持股顯著的股票列表對您有幫助。

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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.

對本文有反饋嗎?對內容有疑慮嗎?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
本文由Simply Wall ST撰寫,屬於一般性質。我們提供基於歷史數據和分析師預測的評論,僅使用無偏見的方法,我們的文章並不意圖提供財務建議。它不構成對買入或賣出任何股票的推薦,也未考慮您的目標或財務狀況。我們旨在提供基於基本數據的長期聚焦分析。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在提到的任何股票中沒有持倉。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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