<p><strong>Forval Corporation</strong>（东京证券交易所代码：8275）最近的财报没有带来任何惊喜，过去一周股价保持不变。我们的分析表明，股东可能忽视了财报中的一些积极潜在因素。</p>
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<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945?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/5663259-earnings-and-revenue-history-1-dark/1747704831945"/></p>
<p>东京证券交易所：8275 财报和收入历史 2025 年 5 月 20 日</p>
<h2>深入分析 Forval 的盈利情况</h2>
<p>在高端金融中，用于衡量公司如何将报告利润转化为自由现金流（FCF）的关键比率是 <strong>应计比率</strong>（来自现金流）。要计算应计比率，我们首先从某一期间的利润中减去 FCF，然后将该数字除以该期间的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
<p>这意味着负应计比率是一个好现象，因为它表明公司获得的自由现金流超过了其利润所暗示的水平。虽然拥有正应计比率并不成问题，表明存在一定程度的非现金利润，但高应计比率可以说是一个坏现象，因为它表明纸面利润与现金流不匹配。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
<p>截至 2025 年 3 月的 12 个月内，Forval 的应计比率为-0.12。这表明其自由现金流远高于法定利润。具体来说，在此期间它产生了 34 亿日元的自由现金流，远超其报告的 21.7 亿日元的利润。Forval 的股东无疑会对过去 12 个月自由现金流的改善感到满意。</p>
<p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对 Forval 资产负债表的分析。</p>
<h2>我们对 Forval 盈利表现的看法</h2>
<p>Forval 的应计比率稳健，表明强劲的自由现金流，正如我们上面讨论的那样。基于这一观察，我们认为 Forval 的法定利润实际上低估了其盈利潜力！而且过去三年每股收益年均增长 16%。当然，我们在分析其盈利时仅仅是刚刚开始；还可以考虑利润率、预测增长和投资回报等其他因素。虽然考虑损益表非常重要，但通过查看资产负债表也可以了解很多关于公司的信息。您可以在这里查看我们对 Forval 资产负债表健康状况的最新分析。</p>
<p>这篇文章仅关注了一个因素，揭示了 Forval 利润的性质。但还有很多其他方式可以帮助您形成对公司的看法。有些人认为高股本回报率是优质企业的良好标志。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票名单。</p>
<p>如果您想交易 Forval，请在专业人士信任的最低成本平台 Interactive Brokers 开设账户。</p>
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<p>享受无隐藏费用、无账户最低限额，外汇转换率低至 0.03%，远低于大多数经纪商提供的水平。</p>
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8275

<p>Forval Corporation 最近的财报显示，负应计比率为 -0.12，表明强劲的自由现金流超过了报告的利润。自由现金流为 34 亿日元，而利润为 21.7 亿日元，这些结果表明公司的盈利潜力可能被低估。此外，Forval 的每股收益在过去三年中年均增长 16%，尽管股价未变，但仍突显出积极的表现。投资者被鼓励考虑资产负债表的强度和其他财务指标，以进行全面分析</p>

<p><strong>Forval Corporation's</strong> (TSE:8275) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.</p>
<div class="lb-trans"><p><strong>Forval Corporation</strong>（东京证券交易所代码：8275）最近的财报没有带来任何惊喜，过去一周股价保持不变。我们的分析表明，股东可能忽视了财报中的一些积极潜在因素。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整名单，免费获取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945" alt="" original-src="https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945"/></p>
<p>TSE:8275 Earnings and Revenue History May 20th 2025</p>
<div class="lb-trans"><p>东京证券交易所：8275 财报和收入历史 2025 年 5 月 20 日</p>
</div><h2>Zooming In On Forval's Earnings</h2>
<div class="lb-trans"><h2>深入分析 Forval 的盈利情况</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (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. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>在高端金融中，用于衡量公司如何将报告利润转化为自由现金流（FCF）的关键比率是 <strong>应计比率</strong>（来自现金流）。要计算应计比率，我们首先从某一期间的利润中减去 FCF，然后将该数字除以该期间的平均运营资产。这个比率告诉我们公司有多少利润没有得到自由现金流的支持。</p>
</div><p>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. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.</p>
<div class="lb-trans"><p>这意味着负应计比率是一个好现象，因为它表明公司获得的自由现金流超过了其利润所暗示的水平。虽然拥有正应计比率并不成问题，表明存在一定程度的非现金利润，但高应计比率可以说是一个坏现象，因为它表明纸面利润与现金流不匹配。值得注意的是，有一些学术证据表明，高应计比率通常是短期利润的坏兆头。</p>
</div><p>Over the twelve months to March 2025, Forval recorded an accrual ratio of -0.12. That indicates that its free cash flow was a fair bit more than its statutory profit. To wit, it produced free cash flow of JP¥3.4b during the period, dwarfing its reported profit of JP¥2.17b. Forval shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>截至 2025 年 3 月的 12 个月内，Forval 的应计比率为-0.12。这表明其自由现金流远高于法定利润。具体来说，在此期间它产生了 34 亿日元的自由现金流，远超其报告的 21.7 亿日元的利润。Forval 的股东无疑会对过去 12 个月自由现金流的改善感到满意。</p>
</div><p><strong>Note:</strong> we always recommend investors check balance sheet strength. Click here to be taken to our balance sheet analysis of Forval.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我们始终建议投资者检查资产负债表的强度。点击这里查看我们对 Forval 资产负债表的分析。</p>
</div><h2>Our Take On Forval's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Forval 盈利表现的看法</h2>
</div><p>Forval's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Forval's statutory profit actually understates its earnings potential! And the EPS is up 16% annually, over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. You can see our latest analysis on Forval's balance sheet health here.</p>
<div class="lb-trans"><p>Forval 的应计比率稳健，表明强劲的自由现金流，正如我们上面讨论的那样。基于这一观察，我们认为 Forval 的法定利润实际上低估了其盈利潜力！而且过去三年每股收益年均增长 16%。当然，我们在分析其盈利时仅仅是刚刚开始；还可以考虑利润率、预测增长和投资回报等其他因素。虽然考虑损益表非常重要，但通过查看资产负债表也可以了解很多关于公司的信息。您可以在这里查看我们对 Forval 资产负债表健康状况的最新分析。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Forval'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 <strong>free</strong> collection of companies boasting high return on equity, or this list of stocks with high insider ownership.</p>
<div class="lb-trans"><p>这篇文章仅关注了一个因素，揭示了 Forval 利润的性质。但还有很多其他方式可以帮助您形成对公司的看法。有些人认为高股本回报率是优质企业的良好标志。因此，您可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份高内部持股的股票名单。</p>
</div><p>If you're looking to trade Forval, 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 Forval，请在专业人士信任的最低成本平台 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 200 多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>
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为什么 Forval（TSE:8275）的收益比表面上看起来更好