<p>我们没有看到 <strong>CareDx, Inc</strong>（纳斯达克：CDNA）最近报告强劲收益时股价的激增。我们决定深入研究一下，我们认为投资者可能对我们发现的几个令人担忧的因素感到担忧。</p>
<p>查看我们对 CareDx 的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052"/></p>
<p>纳斯达克 GM:CDNA 收益和收入历史 2025 年 3 月 11 日</p>
<h2>深入分析 CareDx 的收益</h2>
<p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。应计比率将某一时期的自由现金流从利润中减去，然后将结果除以该公司在此期间的平均运营资产。你可以将现金流中的应计比率视为 “非自由现金流利润比率”。</p>
<p>因此，当一家公司有负的应计比率时，实际上被认为是好事，而如果其应计比率为正则被视为坏事。虽然应计比率高于零并不令人担忧，但我们确实认为当一家公司有相对较高的应计比率时值得注意。引用 Lewellen 和 Resutek 在 2014 年的一篇论文，&#34;应计较高的公司往往在未来盈利能力较差&#34;。</p>
<p>截至 2024 年 12 月的 12 个月内，CareDx 记录的应计比率为 0.29。不幸的是，这意味着其自由现金流远低于法定利润，这让我们对利润作为指导的实用性产生怀疑。事实上，它在过去一年中的自由现金流为 3200 万美元，远低于其法定利润 5250 万美元。考虑到 CareDx 在前一个对应期间的自由现金流为负，过去 12 个月的 3200 万美元结果似乎是朝着正确方向迈出的一步。然而，这并不是故事的全部。我们还必须考虑异常项目对法定利润（因此也影响应计比率）的影响，以及公司发行新股的后果。对 CareDx 股东来说，一个积极的因素是其去年的应计比率显著改善，这为未来可能恢复更强的现金转化提供了理由。因此，一些股东可能在寻找当前年度更强的现金转化。</p>
<p>这可能让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
<p>为了理解每股回报的潜力，考虑公司稀释股东的程度至关重要。CareDx 在过去一年中增加了 7.0% 的发行股份。因此，其净收入现在在更多的股份之间分配。谈论净收入而不关注每股收益，就是被大数字分散了注意力，而忽视了与每股价值相关的小数字。点击此链接查看 CareDx 的历史每股收益增长。</p>
<h2>稀释如何影响 CareDx 的每股收益（EPS）？</h2>
<p>三年前，CareDx 还在亏损。聚焦到过去一年，我们仍然无法清晰地谈论增长率，因为它去年亏损。但抛开数学不谈，看到一个曾经不盈利的企业好转总是令人欣慰（尽管我们承认如果没有稀释，利润会更高）。因此，你可以清楚地看到稀释正在影响股东收益。</p>
<p>从长远来看，如果 CareDx 的每股收益能够增加，那么股价也应该会上涨。但另一方面，如果利润（但不是每股收益）在改善，我们就不会那么兴奋。因此，可以说在长期内，每股收益比净收入更重要，假设目标是评估公司的股价是否可能增长。</p>
<h2>异常项目如何影响利润？</h2>
<p>该公司在过去一年中有异常项目使利润增加了 9500 万美元，这在一定程度上解释了其应计比率为何如此疲弱。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。我们对全球大多数上市公司的数据进行了分析，发现异常项目通常是一次性的。这是可以预期的，因为这些增益被描述为 “异常”。我们可以看到，CareDx 的正向异常项目相对于其截至 2024 年 12 月的利润是相当显著的。在其他条件相同的情况下，这可能会导致法定利润成为潜在盈利能力的糟糕指南。</p>
<h2>我们对 CareDx 利润表现的看法</h2>
<p>CareDx 没有用自由现金流来支撑其收益，但考虑到利润被异常项目膨胀，这并不令人惊讶。同时，发行的新股意味着股东现在拥有的公司股份减少，除非他们自己投入更多现金。回顾上述因素，我们强烈感觉 CareDx 的潜在盈利能力并不像法定利润数字所显示的那样好。因此，虽然收益质量很重要，但同样重要的是考虑 CareDx 目前面临的风险。每家公司都有风险，我们发现了 <strong>2 个警告信号</strong>，你应该了解。</p>
<p>在这篇文章中，我们考察了多个可能削弱利润数字实用性的因素，并保持谨慎。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。虽然这可能需要你进行一些研究，但你可能会发现这份 <strong>免费</strong> 的高股本回报率公司集合，或者这份内部持股显著的股票列表对你有帮助。</p>
<p>如果您想交易 CareDx，请在专业人士信赖的最低成本平台 Interactive Brokers 开设账户。</p>
<p>IBKR 在超过 200 个国家和地区拥有客户，并可访问 160 个市场，让您可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
<p>享受没有隐藏费用、没有账户最低限额，以及低至 0.03% 的外汇转换率，远远优于大多数经纪商提供的服务。</p>
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CDNA

<p>CareDx, Inc.（纳斯达克代码：CDNA）公布的财报未能引发股价飙升，令投资者感到担忧。该公司的应计比率为 0.29，表明其自由现金流（FCF）远低于法定利润，暗示潜在的盈利问题。尽管现金流为 3200 万美元，但 7% 的股份稀释影响了每股收益（EPS）。此外，异常项目使利润增加了 9500 万美元，进一步复杂化了可持续盈利的评估。分析师对未来盈利持谨慎态度，强调每股收益在长期增长中的重要性，超过净收入</p>

<p>We didn't see <strong>CareDx, Inc's</strong> (NASDAQ:CDNA) stock surge when it reported robust earnings recently. We decided to have a deeper look, and we believe that investors might be worried about several concerning factors that we found.</p>
<div class="lb-trans"><p>我们没有看到 <strong>CareDx, Inc</strong>（纳斯达克：CDNA）最近报告强劲收益时股价的激增。我们决定深入研究一下，我们认为投资者可能对我们发现的几个令人担忧的因素感到担忧。</p>
</div><p>See our latest analysis for CareDx</p>
<div class="lb-trans"><p>查看我们对 CareDx 的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052" alt="" original-src="https://images.simplywall.st/asset/chart/9985914-earnings-and-revenue-history-1-dark/1741718054052"/></p>
<p>NasdaqGM:CDNA Earnings and Revenue History March 11th 2025</p>
<div class="lb-trans"><p>纳斯达克 GM:CDNA 收益和收入历史 2025 年 3 月 11 日</p>
</div><h2>Zooming In On CareDx's Earnings</h2>
<div class="lb-trans"><h2>深入分析 CareDx 的收益</h2>
</div><p>One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the <strong>accrual ratio</strong>. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.</p>
<div class="lb-trans"><p>一个用于衡量公司将利润转化为自由现金流（FCF）能力的关键财务比率是 <strong>应计比率</strong>。应计比率将某一时期的自由现金流从利润中减去，然后将结果除以该公司在此期间的平均运营资产。你可以将现金流中的应计比率视为 “非自由现金流利润比率”。</p>
</div><p>Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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. To quote a 2014 paper by Lewellen and Resutek, &#34;firms with higher accruals tend to be less profitable in the future&#34;.</p>
<div class="lb-trans"><p>因此，当一家公司有负的应计比率时，实际上被认为是好事，而如果其应计比率为正则被视为坏事。虽然应计比率高于零并不令人担忧，但我们确实认为当一家公司有相对较高的应计比率时值得注意。引用 Lewellen 和 Resutek 在 2014 年的一篇论文，&#34;应计较高的公司往往在未来盈利能力较差&#34;。</p>
</div><p>Over the twelve months to December 2024, CareDx recorded an accrual ratio of 0.29. 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. In fact, it had free cash flow of US$32m in the last year, which was a lot less than its statutory profit of US$52.5m. Given that CareDx had negative free cash flow in the prior corresponding period, the trailing twelve month resul of US$32m would seem to be a step in the right direction. However, that's not the end of the story. We must also consider the impact of unusual items on statutory profit (and thus the accrual ratio), as well as note the ramifications of the company issuing new shares. One positive for CareDx shareholders is that it's accrual ratio was significantly better last year, providing reason to believe that it may return to stronger cash conversion in the future. As a result, some shareholders may be looking for stronger cash conversion in the current year.</p>
<div class="lb-trans"><p>截至 2024 年 12 月的 12 个月内，CareDx 记录的应计比率为 0.29。不幸的是，这意味着其自由现金流远低于法定利润，这让我们对利润作为指导的实用性产生怀疑。事实上，它在过去一年中的自由现金流为 3200 万美元，远低于其法定利润 5250 万美元。考虑到 CareDx 在前一个对应期间的自由现金流为负，过去 12 个月的 3200 万美元结果似乎是朝着正确方向迈出的一步。然而，这并不是故事的全部。我们还必须考虑异常项目对法定利润（因此也影响应计比率）的影响，以及公司发行新股的后果。对 CareDx 股东来说，一个积极的因素是其去年的应计比率显著改善，这为未来可能恢复更强的现金转化提供了理由。因此，一些股东可能在寻找当前年度更强的现金转化。</p>
</div><p>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.</p>
<div class="lb-trans"><p>这可能让你想知道分析师对未来盈利能力的预测。幸运的是，你可以点击这里查看基于他们估计的未来盈利能力的互动图表。</p>
</div><p>In order to understand the potential for per share returns, it is essential to consider how much a company is diluting shareholders. CareDx expanded the number of shares on issue by 7.0% over the last year. As a result, its net income is now split between a greater number of shares. To talk about net income, without noticing earnings per share, is to be distracted by the big numbers while ignoring the smaller numbers that talk to <em>per share</em> value. Check out CareDx's historical EPS growth by clicking on this link.</p>
<div class="lb-trans"><p>为了理解每股回报的潜力，考虑公司稀释股东的程度至关重要。CareDx 在过去一年中增加了 7.0% 的发行股份。因此，其净收入现在在更多的股份之间分配。谈论净收入而不关注每股收益，就是被大数字分散了注意力，而忽视了与每股价值相关的小数字。点击此链接查看 CareDx 的历史每股收益增长。</p>
</div><h2>How Is Dilution Impacting CareDx's Earnings Per Share (EPS)?</h2>
<div class="lb-trans"><h2>稀释如何影响 CareDx 的每股收益（EPS）？</h2>
</div><p>CareDx was losing money three years ago. Zooming in to the last year, we still can't talk about growth rates coherently, since it made a loss last year. But mathematics aside, it is always good to see when a formerly unprofitable business come good (though we accept profit would have been higher if dilution had not been required). And so, you can see quite clearly that dilution is influencing shareholder earnings.</p>
<div class="lb-trans"><p>三年前，CareDx 还在亏损。聚焦到过去一年，我们仍然无法清晰地谈论增长率，因为它去年亏损。但抛开数学不谈，看到一个曾经不盈利的企业好转总是令人欣慰（尽管我们承认如果没有稀释，利润会更高）。因此，你可以清楚地看到稀释正在影响股东收益。</p>
</div><p>In the long term, if CareDx's earnings <em>per share</em> can increase, then the share price should too. But on the other hand, we'd be far less excited to learn profit (but not EPS) was improving. For that reason, you could say that EPS is more important that net income in the long run, assuming the goal is to assess whether a company's share price might grow.</p>
<div class="lb-trans"><p>从长远来看，如果 CareDx 的每股收益能够增加，那么股价也应该会上涨。但另一方面，如果利润（但不是每股收益）在改善，我们就不会那么兴奋。因此，可以说在长期内，每股收益比净收入更重要，假设目标是评估公司的股价是否可能增长。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>异常项目如何影响利润？</h2>
</div><p>The fact that the company had unusual items boosting profit by US$95m, in the last year, probably goes some way to explain why its accrual ratio was so weak. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. We ran the numbers on most publicly listed companies worldwide, and it's very common for unusual items to be once-off in nature. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that CareDx's positive unusual items were quite significant relative to its profit in the year to December 2024. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power.</p>
<div class="lb-trans"><p>该公司在过去一年中有异常项目使利润增加了 9500 万美元，这在一定程度上解释了其应计比率为何如此疲弱。我们不能否认更高的利润通常让我们感到乐观，但我们更希望利润是可持续的。我们对全球大多数上市公司的数据进行了分析，发现异常项目通常是一次性的。这是可以预期的，因为这些增益被描述为 “异常”。我们可以看到，CareDx 的正向异常项目相对于其截至 2024 年 12 月的利润是相当显著的。在其他条件相同的情况下，这可能会导致法定利润成为潜在盈利能力的糟糕指南。</p>
</div><h2>Our Take On CareDx's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 CareDx 利润表现的看法</h2>
</div><p>CareDx didn't back up its earnings with free cashflow, but this isn't too surprising given profits were inflated by unusual items. Meanwhile, the new shares issued mean that shareholders now own less of the company, unless they tipped in more cash themselves. On reflection, the above-mentioned factors give us the strong impression that CareDx'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. So while earnings quality is important, it's equally important to consider the risks facing CareDx at this point in time. Every company has risks, and we've spotted <strong>2 warning signs for CareDx</strong> you should know about.</p>
<div class="lb-trans"><p>CareDx 没有用自由现金流来支撑其收益，但考虑到利润被异常项目膨胀，这并不令人惊讶。同时，发行的新股意味着股东现在拥有的公司股份减少，除非他们自己投入更多现金。回顾上述因素，我们强烈感觉 CareDx 的潜在盈利能力并不像法定利润数字所显示的那样好。因此，虽然收益质量很重要，但同样重要的是考虑 CareDx 目前面临的风险。每家公司都有风险，我们发现了 <strong>2 个警告信号</strong>，你应该了解。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.</p>
<div class="lb-trans"><p>在这篇文章中，我们考察了多个可能削弱利润数字实用性的因素，并保持谨慎。但还有许多其他方式可以帮助你形成对公司的看法。例如，许多人认为高股本回报率是良好商业经济的标志，而其他人则喜欢 “追踪资金”，寻找内部人士正在购买的股票。虽然这可能需要你进行一些研究，但你可能会发现这份 <strong>免费</strong> 的高股本回报率公司集合，或者这份内部持股显著的股票列表对你有帮助。</p>
</div><p>If you're looking to trade CareDx, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果您想交易 CareDx，请在专业人士信赖的最低成本平台 Interactive Brokers 开设账户。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在超过 200 个国家和地区拥有客户，并可访问 160 个市场，让您可以通过一个集成账户交易股票、期权、期货、外汇、债券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受没有隐藏费用、没有账户最低限额，以及低至 0.03% 的外汇转换率，远远优于大多数经纪商提供的服务。</p>
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<div class="lb-trans"><p>赞助内容</p>
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为什么 CareDx（NASDAQ:CDNA）的收益比表面看起来更弱