<p>尽管 <strong>Create Corporation</strong> (TSE:3024) 最近的财报表现强劲，但市场似乎并没有注意到。我们认为投资者忽视了一些支持利润数据的积极因素。</p>
<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。查看完整列表，免费获取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889?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/6465745-earnings-and-revenue-history-1-dark-2/1763156852889"/></p>
<p>TSE:3024 收益和收入历史 2025 年 11 月 14 日</p>
<h2>更深入地了解 Create 的收益</h2>
<p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司在特定时期内利润是否得到自由现金流（FCF）支持的有用指标。要计算应计比率，我们首先从某一时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。你可以将现金流的应计比率视为 “非 FCF 利润比率”。</p>
<p>因此，当一家公司有负的应计比率时，实际上被视为好事，而如果其应计比率为正则被视为坏事。这并不是说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的情况。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差&#34;。</p>
<p>Create 在截至 2025 年 9 月的年度应计比率为-0.14。因此，其法定收益显著低于其自由现金流。具体来说，在此期间，它产生了 14 亿日元的自由现金流，远超其报告的 5.36 亿日元的利润。Create 的股东无疑会对过去十二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 Create 的资产负债表分析。</p>
<h2>我们对 Create 盈利表现的看法</h2>
<p>正如我们上面讨论的，Create 的自由现金流相对于利润是完全令人满意的。因此，我们认为 Create 的盈利潜力至少和看起来一样好，甚至更好！此外，它在过去一年中成功地提高了每股收益。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有许多其他因素需要考虑。因此，虽然收益质量很重要，但同样重要的是考虑 Create 目前面临的风险。例如 - Create 有 <strong>2 个警告信号</strong> 我们认为你应该注意。</p>
<p>这篇文章仅关注了一个因素，揭示了 Create 利润的性质。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指标，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>

3024

<p>Create Corporation (TSE:3024) 发布了强劲的财报，但市场忽视了关键因素。该公司的应计比率为 -0.14，表明其自由现金流（14 亿日元）显著超过报告利润（5.36 亿日元），这暗示了强劲的盈利潜力。尽管盈利和每股收益增长积极，投资者仍应考虑风险，包括两个警示信号。分析强调了自由现金流的重要性，并暗示 Create 的盈利可能比表面上看起来要好</p>

<p>Even though <strong>Create Corporation's</strong> (TSE:3024) recent earnings release was robust, the market didn't seem to notice. We think that investors have missed some encouraging factors underlying the profit figures.</p>
<div class="lb-trans"><p>尽管 <strong>Create Corporation</strong> (TSE:3024) 最近的财报表现强劲，但市场似乎并没有注意到。我们认为投资者忽视了一些支持利润数据的积极因素。</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。查看完整列表，免费获取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889" alt="" original-src="https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889"/></p>
<p>TSE:3024 Earnings and Revenue History November 14th 2025</p>
<div class="lb-trans"><p>TSE:3024 收益和收入历史 2025 年 11 月 14 日</p>
</div><h2>A Closer Look At Create's Earnings</h2>
<div class="lb-trans"><h2>更深入地了解 Create 的收益</h2>
</div><p>Many investors haven't heard of the <strong>accrual ratio from cashflow</strong>, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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'.</p>
<div class="lb-trans"><p>许多投资者可能没有听说过 <strong>现金流的应计比率</strong>，但它实际上是衡量公司在特定时期内利润是否得到自由现金流（FCF）支持的有用指标。要计算应计比率，我们首先从某一时期的利润中减去 FCF，然后将该数字除以该时期的平均运营资产。你可以将现金流的应计比率视为 “非 FCF 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. 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。这并不是说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的情况。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差&#34;。</p>
</div><p>Create has an accrual ratio of -0.14 for the year to September 2025. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of JP¥1.4b during the period, dwarfing its reported profit of JP¥536.0m. Create shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>Create 在截至 2025 年 9 月的年度应计比率为-0.14。因此，其法定收益显著低于其自由现金流。具体来说，在此期间，它产生了 14 亿日元的自由现金流，远超其报告的 5.36 亿日元的利润。Create 的股东无疑会对过去十二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 Create.</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 Create 的资产负债表分析。</p>
</div><h2>Our Take On Create's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 Create 盈利表现的看法</h2>
</div><p>As we discussed above, Create has perfectly satisfactory free cash flow relative to profit. Because of this, we think Create's earnings potential is at least as good as it seems, and maybe even better! Furthermore, it has done a great job growing EPS over the last year. 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. So while earnings quality is important, it's equally important to consider the risks facing Create at this point in time. For example - Create has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>正如我们上面讨论的，Create 的自由现金流相对于利润是完全令人满意的。因此，我们认为 Create 的盈利潜力至少和看起来一样好，甚至更好！此外，它在过去一年中成功地提高了每股收益。本文的目标是评估我们在多大程度上可以依赖法定收益来反映公司的潜力，但还有许多其他因素需要考虑。因此，虽然收益质量很重要，但同样重要的是考虑 Create 目前面临的风险。例如 - Create 有 <strong>2 个警告信号</strong> 我们认为你应该注意。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Create's profit. 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. 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 Create 利润的性质。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指标，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>

Create（TSE:3024）发布的强劲收益表明了其业务的强大实力