<p><strong>NEXON Co., Ltd.</strong>（东京证券交易所代码：3659）最近的财报让股东感到失望。尽管利润数字不佳，但我们的分析对收入报表的整体质量持乐观态度。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/142745502-earnings-and-revenue-history-1-dark-2/1771541951661?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/142745502-earnings-and-revenue-history-1-dark-2/1771541951661"/></p>
<p>东京证券交易所：3659 收益和收入历史 2026 年 2 月 19 日</p>
<h2>检视 NEXON 的现金流与收益</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。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。虽然拥有正的应计比率并不成问题，这表明存在一定程度的非现金利润，但高应计比率可以说是坏事，因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明，高应计比率往往导致利润下降或利润增长乏力。</p>
<p>NEXON 在截至 2025 年 12 月的年度应计比率为-0.21。这意味着它的现金转化能力非常好，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 1620 亿日元，远高于其法定利润的 921 亿日元。NEXON 的股东无疑对过去 12 个月自由现金流的改善感到满意。然而，这并不是唯一需要考虑的因素。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 NEXON 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>异常项目如何影响利润？</h2>
<p>NEXON 的利润在过去 12 个月因异常项目减少了 130 亿日元，这帮助它实现了高现金转化，正如其异常项目所反映的。这是你在公司有非现金费用减少纸面利润时所期望看到的情况。虽然由于异常项目的扣除在第一时间是令人失望的，但也有积极的一面。我们查看了数千家上市公司，发现异常项目通常是一次性的。这并不令人惊讶，因为这些项目被视为异常。假设这些异常费用不会再次出现，我们预计 NEXON 明年的利润会更高，其他条件不变。</p>
<h2>我们对 NEXON 利润表现的看法</h2>
<p>总之，NEXON 的应计比率和异常项目都表明其法定收益可能相对保守。在考虑了这一切之后，我们认为 NEXON 的法定利润可能低估了其盈利潜力！请记住，在分析股票时，值得注意相关风险。举个例子：我们发现了 <strong>NEXON 的 3 个警示信号</strong>，你应该了解。</p>
<p>在我们对 NEXON 利润性质的审查后，我们对该公司持乐观态度。但还有很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 “追随资金”，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，或这份内部持股显著的股票名单对你有帮助。</p>
<h3>估值是复杂的，但我们在这里简化它。</h3>
<p>通过我们的详细分析，发现 NEXON 是否可能被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易及其财务状况。</strong></p>
<p>获取免费分析</p>

3659

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NEXOY

<p>NEXON Co., Ltd. (TSE:3659) 报告了令人失望的收益，但分析表明现金转换能力强，负应计比率为 -0.21，表明收益可能低估了自由现金流。异常项目减少了利润 130 亿日元，但这些通常是一次性的，暗示未来利润有潜在增长。尽管当前面临挑战，但对 NEXON 收益潜力的乐观情绪依然存在，投资者应注意相关风险</p>

<p>The most recent earnings report from <strong>NEXON Co., Ltd.</strong> (TSE:3659) was disappointing for shareholders. Despite the soft profit numbers, our analysis has optimistic about the overall quality of the income statement.</p>
<div class="lb-trans"><p><strong>NEXON Co., Ltd.</strong>（东京证券交易所代码：3659）最近的财报让股东感到失望。尽管利润数字不佳，但我们的分析对收入报表的整体质量持乐观态度。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/142745502-earnings-and-revenue-history-1-dark-2/1771541951661" alt="" original-src="https://images.simplywall.st/asset/chart/142745502-earnings-and-revenue-history-1-dark-2/1771541951661"/></p>
<p>TSE:3659 Earnings and Revenue History February 19th 2026</p>
<div class="lb-trans"><p>东京证券交易所：3659 收益和收入历史 2026 年 2 月 19 日</p>
</div><h2>Examining Cashflow Against NEXON's Earnings</h2>
<div class="lb-trans"><h2>检视 NEXON 的现金流与收益</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。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. 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. That's because some academic studies have suggested that high accruals ratios tend to lead to lower profit or less profit growth.</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。虽然拥有正的应计比率并不成问题，这表明存在一定程度的非现金利润，但高应计比率可以说是坏事，因为它表明纸面利润与现金流不匹配。这是因为一些学术研究表明，高应计比率往往导致利润下降或利润增长乏力。</p>
</div><p>NEXON has an accrual ratio of -0.21 for the year to December 2025. 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 JP¥162b in the last year, which was a lot more than its statutory profit of JP¥92.1b. NEXON shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.</p>
<div class="lb-trans"><p>NEXON 在截至 2025 年 12 月的年度应计比率为-0.21。这意味着它的现金转化能力非常好，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 1620 亿日元，远高于其法定利润的 921 亿日元。NEXON 的股东无疑对过去 12 个月自由现金流的改善感到满意。然而，这并不是唯一需要考虑的因素。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>Check out our latest analysis for NEXON</p>
<div class="lb-trans"><p>查看我们对 NEXON 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>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>NEXON's profit was reduced by unusual items worth JP¥13b in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect NEXON to produce a higher profit next year, all else being equal.</p>
<div class="lb-trans"><p>NEXON 的利润在过去 12 个月因异常项目减少了 130 亿日元，这帮助它实现了高现金转化，正如其异常项目所反映的。这是你在公司有非现金费用减少纸面利润时所期望看到的情况。虽然由于异常项目的扣除在第一时间是令人失望的，但也有积极的一面。我们查看了数千家上市公司，发现异常项目通常是一次性的。这并不令人惊讶，因为这些项目被视为异常。假设这些异常费用不会再次出现，我们预计 NEXON 明年的利润会更高，其他条件不变。</p>
</div><h2>Our Take On NEXON's Profit Performance</h2>
<div class="lb-trans"><h2>我们对 NEXON 利润表现的看法</h2>
</div><p>In conclusion, both NEXON's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. After considering all this, we reckon NEXON's statutory profit probably understates its earnings potential! Keep in mind, when it comes to analysing a stock it's worth noting the risks involved. Case in point: We've spotted <strong>3 warning signs for NEXON</strong> you should be aware of.</p>
<div class="lb-trans"><p>总之，NEXON 的应计比率和异常项目都表明其法定收益可能相对保守。在考虑了这一切之后，我们认为 NEXON 的法定利润可能低估了其盈利潜力！请记住，在分析股票时，值得注意相关风险。举个例子：我们发现了 <strong>NEXON 的 3 个警示信号</strong>，你应该了解。</p>
</div><p>After our examination into the nature of NEXON's profit, we've come away optimistic for the company. 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>在我们对 NEXON 利润性质的审查后，我们对该公司持乐观态度。但还有很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 “追随资金”，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，或这份内部持股显著的股票名单对你有帮助。</p>
</div><h3>Valuation is complex, but we're here to simplify it.</h3>
<div class="lb-trans"><h3>估值是复杂的，但我们在这里简化它。</h3>
</div><p>Discover if NEXON might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p>
<div class="lb-trans"><p>通过我们的详细分析，发现 NEXON 是否可能被低估或高估，分析内容包括 <strong>公允价值估计、潜在风险、股息、内部交易及其财务状况。</strong></p>
</div><p>Access Free Analysis</p>
<div class="lb-trans"><p>获取免费分析</p>
</div>

我们认为您可以超越 NEXON（TSE:3659）平淡的收益表现