<p>温和的股价反应表明，<strong>Fleetwood Limited</strong>（ASX:FWD）强劲的收益并没有带来任何惊喜。投资者可能忽视了一些对公司未来有利的潜在因素。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970?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/8100286-earnings-and-revenue-history-1-dark-2/1756865471970"/></p>
<p>ASX:FWD 收益和收入历史 2025 年 9 月 3 日</p>
<h2>深入分析 Fleetwood 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>。要计算应计比率，我们首先从一个时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</p>
<p>因此，当一家公司有负的应计比率时，实际上被视为好事，而如果其应计比率为正则被视为坏事。这并不意味着我们应该担心正的应计比率，但值得注意的是应计比率相对较高。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的盈利能力较低&#34;。</p>
<p>截至 2025 年 6 月，Fleetwood 的应计比率为-0.18。这意味着它的现金转化能力非常好，并且其去年收益实际上显著低估了其自由现金流。事实上，去年它的自由现金流为 3600 万澳元，远高于其法定利润 1460 万澳元。Fleetwood 的自由现金流在过去一年有所改善，这通常是个好现象。尽管如此，事情还有更多的故事。我们可以看到，异常项目影响了其法定利润，因此影响了应计比率。</p>
<p>查看我们对 Fleetwood 的最新分析</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>
<h2>异常项目对利润的影响</h2>
<p>Fleetwood 的利润在过去 12 个月中因异常项目减少了 910 万澳元，这帮助它实现了高现金转化，正如其异常项目所反映的那样。在这些异常项目中如果包含非现金费用，我们会预期看到强劲的应计比率，而这正是本案例中发生的情况。看到异常项目使公司利润受损并不理想，但从积极的方面来看，情况可能会很快改善。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目通常不会重复。毕竟，这正是会计术语所暗示的。假设这些异常费用不会再次出现，我们因此预期 Fleetwood 明年会产生更高的利润，其他条件不变。</p>
<h2>我们对 Fleetwood 利润表现的看法</h2>
<p>总之，Fleetwood 的应计比率和异常项目都表明其法定收益可能相对保守。基于这些因素，我们认为 Fleetwood 的潜在收益能力与法定利润看起来一样好，甚至可能更好！因此，虽然收益质量很重要，但同样重要的是考虑 Fleetwood 目前面临的风险。在我们的分析中，我们发现 Fleetwood 有 <strong>2 个警告信号</strong>，忽视它们是不明智的。</p>
<p>我们对 Fleetwood 的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。它在这方面表现出色。但如果你能够专注于细节，总会有更多的发现。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。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>

<p>Fleetwood Limited（ASX:FWD）表现出强劲的盈利能力，但股价反应却较为平淡，这表明投资者可能忽视了积极的基本面因素。该公司报告的负应计比率为-0.18，表明现金转化能力优秀，自由现金流为 3600 万澳元，远超其法定利润 1460 万澳元。异常项目减少了 910 万澳元的利润，但如果这些项目不再出现，未来的盈利能力可能会改善。尽管盈利质量较高，Fleetwood 仍有两个警示信号值得投资者关注</p>

<p>The subdued stock price reaction suggests that <strong>Fleetwood Limited's</strong> (ASX:FWD) strong earnings didn't offer any surprises. Investors are probably missing some underlying factors which are encouraging for the future of the company.</p>
<div class="lb-trans"><p>温和的股价反应表明，<strong>Fleetwood Limited</strong>（ASX:FWD）强劲的收益并没有带来任何惊喜。投资者可能忽视了一些对公司未来有利的潜在因素。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970" alt="" original-src="https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970"/></p>
<p>ASX:FWD Earnings and Revenue History September 3rd 2025</p>
<div class="lb-trans"><p>ASX:FWD 收益和收入历史 2025 年 9 月 3 日</p>
</div><h2>Zooming In On Fleetwood's Earnings</h2>
<div class="lb-trans"><h2>深入分析 Fleetwood 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>. 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. The ratio shows us how much a company's profit exceeds its FCF.</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>。要计算应计比率，我们首先从一个时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。该比率显示了公司利润超过其 FCF 的程度。</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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. 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，实际上被视为好事，而如果其应计比率为正则被视为坏事。这并不意味着我们应该担心正的应计比率，但值得注意的是应计比率相对较高。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的盈利能力较低&#34;。</p>
</div><p>For the year to June 2025, Fleetwood had an accrual ratio of -0.18. That implies it has very good cash conversion, and that its earnings in the last year actually significantly understate its free cash flow. In fact, it had free cash flow of AU$36m in the last year, which was a lot more than its statutory profit of AU$14.6m. Fleetwood's free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.</p>
<div class="lb-trans"><p>截至 2025 年 6 月，Fleetwood 的应计比率为-0.18。这意味着它的现金转化能力非常好，并且其去年收益实际上显著低估了其自由现金流。事实上，去年它的自由现金流为 3600 万澳元，远高于其法定利润 1460 万澳元。Fleetwood 的自由现金流在过去一年有所改善，这通常是个好现象。尽管如此，事情还有更多的故事。我们可以看到，异常项目影响了其法定利润，因此影响了应计比率。</p>
</div><p>See our latest analysis for Fleetwood</p>
<div class="lb-trans"><p>查看我们对 Fleetwood 的最新分析</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><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>异常项目对利润的影响</h2>
</div><p>Fleetwood's profit was reduced by unusual items worth AU$9.1m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Fleetwood to produce a higher profit next year, all else being equal.</p>
<div class="lb-trans"><p>Fleetwood 的利润在过去 12 个月中因异常项目减少了 910 万澳元，这帮助它实现了高现金转化，正如其异常项目所反映的那样。在这些异常项目中如果包含非现金费用，我们会预期看到强劲的应计比率，而这正是本案例中发生的情况。看到异常项目使公司利润受损并不理想，但从积极的方面来看，情况可能会很快改善。当我们分析全球绝大多数上市公司时，我们发现显著的异常项目通常不会重复。毕竟，这正是会计术语所暗示的。假设这些异常费用不会再次出现，我们因此预期 Fleetwood 明年会产生更高的利润，其他条件不变。</p>
</div><h2>Our Take On Fleetwood's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Fleetwood 利润表现的看法</h2>
</div><p>In conclusion, both Fleetwood's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Fleetwood's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So while earnings quality is important, it's equally important to consider the risks facing Fleetwood at this point in time. While conducting our analysis, we found that Fleetwood has <strong>2 warning signs</strong> and it would be unwise to ignore them.</p>
<div class="lb-trans"><p>总之，Fleetwood 的应计比率和异常项目都表明其法定收益可能相对保守。基于这些因素，我们认为 Fleetwood 的潜在收益能力与法定利润看起来一样好，甚至可能更好！因此，虽然收益质量很重要，但同样重要的是考虑 Fleetwood 目前面临的风险。在我们的分析中，我们发现 Fleetwood 有 <strong>2 个警告信号</strong>，忽视它们是不明智的。</p>
</div><p>Our examination of Fleetwood has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. 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>我们对 Fleetwood 的审查集中在某些因素上，这些因素可能使其收益看起来比实际更好。它在这方面表现出色。但如果你能够专注于细节，总会有更多的发现。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。因此，你可能希望查看这份 <strong>免费</strong> 的高股本回报率公司集合，或这份内部持股比例高的股票列表。</p>
</div>

Fleetwood（ASX:FWD）的表现甚至优于其收益所显示的情况