Token Corporation (TSE:1766) 刚刚公布健康盈利，但股价波动不大

投资者可能错过了一些对公司未来有利的潜在因素。

Token Corporation (TSE:1766) recently reported strong earnings, but the stock price didn't show much movement. This could be due to several factors that investors might be overlooking, which bode well for the company's future.

Token Corporation (TSE:1766) 最近公布了强劲的盈利报告，但股价并未出现太大波动。这可能是由于投资者可能忽视的几个因素造成的，这对公司的未来来说是个好兆头。

View our latest analysis for Token

查看我们对 Token 的最新分析

Examining Cashflow Against Token's Earnings

根据 Token 的收益检查现金流

One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. This 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. Essentially, this ratio tells us how much of a company's profit is not backed by free cashflow.

用于衡量公司将利润转化为自由现金流 (FCF) 的情况的一项关键财务比率是应计比率。该比率从给定时期的利润中减去自由现金流，然后将结果除以该时期公司的平均运营资产。本质上，这个比率告诉我们公司的利润有多少不是由自由现金流支持的。

As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. 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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.

因此，负的应计比率对公司来说是积极的，而正的应计比率则是消极的。虽然应计比率高于零没什么问题，但我们确实认为当公司的应计比率相对较高时值得注意。值得注意的是，有一些学术证据表明，一般来说，高应计比率对于短期利润来说是一个坏兆头。

Over the twelve months to October 2024, Token recorded an accrual ratio of -1.45. This indicates that its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of JP¥18b during the period, dwarfing its reported profit of JP¥12.0b.

截至 2024 年 10 月的十二个月内，Token 的应计比率为-1.45。这表明其法定收益远低于其自由现金流。也就是说，该公司在此期间产生了 18 日元的自由现金流，使其报告的 12 日元的利润相形见绌。

Token shareholders are no doubt pleased that free cash flow improved over the last twelve months.

毫无疑问，代币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.

这可能会让您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 Token's Profit Performance

我们对代币盈利表现的看法

Happily for shareholders, Token produced plenty of free cash flow to back up its statutory profit numbers. This bodes very well for the company, as it suggests thatっちり earnings力的 potential is as good as, or possibly even better, than the statutory profit makes it seem! Furthermore, it has done a great job growing EPS over the last year.

令股东高兴的是，Token 产生了大量的自由现金流来支持其法定利润数字。这对公司来说是个好兆头，因为它表明っちり的盈利潜力与法定利润看起来一样好，甚至可能更好！此外，去年它在每股收益的增长方面也取得了出色的成绩。

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.

本文的目的是评估我们可以在多大程度上依靠法定收益来反映公司的潜力，但还有很多事情需要考虑。

While it's really important to consider how well a company's statutory earnings represent its true earnings power, it's also worth taking a look at what analysts are forecasting for the future. At Simply Wall St, we have analyst estimates which you can view by clicking here.

虽然考虑公司的法定收益在多大程度上代表其真实盈利能力确实很重要，但也值得看看分析师对未来的预测。在 Simply Wall St，我们有分析师的预测，您可以点击此处查看。

Today we've zoomed in on a single data point to better understand the nature of Token's profit. But there is always more to discover if you are capable of delving into the detail.

今天我们放大了单个数据点，以便更好地了解 Token 利润的本质。但如果你有能力深入研究细节，总会有更多东西有待发现。

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.

有些人认为高股本回报率是优质企业的良好标志。虽然您可能需要进行一些研究，但您可能会发现这份免费的拥有高股本回报率的公司集合或这份拥有大量内部人士持股的股票清单很有用。

Valuation is complex, but we're here to simplify it.

估值很复杂，但我们在这里是为了简化它。

Discover if Token might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.

通过我们的详细分析，了解 Token 是否可能被低估或高估，包括公允价值估计、潜在风险、股息、内幕交易及其财务状况。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

对本文有反馈吗？关注内容？直接与我们联系。或者，发送电子邮件至编辑团队 (at) simplewallst.com。

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.

Simply Wall St 的这篇文章本质上是一般性的。我们仅使用公正的方法根据历史数据和分析师预测提供评论，我们的文章无意提供财务建议。它不构成购买或出售任何股票的建议，并且不考虑您的目标或您的财务状况。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，我们的分析可能不会考虑最新的价格敏感公司公告或定性材料。 Simply Wall St 没有持有上述任何股票的头寸。