<p><strong>山泽株式会社</strong>（TSE:9993）强劲的财报并未能推动其股价上涨。我们的分析表明，这可能是因为股东注意到了一些令人担忧的潜在因素。</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入场。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652?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/883919-earnings-and-revenue-history-1-dark-2/1777323618652"/></p>
<p>TSE:9993 收益和收入历史 2026 年 4 月 27 日</p>
<h2>深入了解山泽的收益</h2>
<p>用于衡量公司将利润转化为自由现金流（FCF）能力的一个关键财务比率是 <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。你可以将应计比率视为现金流的 “非 FCF 利润比率”。</p>
<p>因此，当一家公司拥有负的应计比率时，实际上被视为一件好事，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，这表明存在一定水平的非现金利润，但高应计比率可以说是一个坏事，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>山泽在截至 2026 年 2 月的年度应计比率为-0.12。这表明其自由现金流远高于法定利润。实际上，在过去的 12 个月中，它报告的自由现金流为 49 亿日元，远超其报告的 12.4 亿日元的利润。山泽的股东无疑对过去 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。应计比率反映了不寻常项目对法定利润的影响，至少在某种程度上。</p>
<p>查看我们对山泽的最新分析</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山泽的资产负债表分析。</p>
<h2>不寻常项目如何影响利润？</h2>
<p>令人惊讶的是，尽管山泽的应计比率暗示强劲的现金转化能力，但其纸面利润实际上受到 6.39 亿日元不寻常项目的推动。虽然利润更高总是令人愉快，但来自不寻常项目的大额贡献有时会抑制我们的热情。当我们分析全球绝大多数上市公司时，我们发现显著的不寻常项目往往不会重复。毕竟，这正是会计术语所暗示的。我们可以看到，山泽的正面不寻常项目相对于其截至 2026 年 2 月的利润而言是相当显著的。因此，我们可以推测，这些不寻常项目使其法定利润显著强于本应如此的水平。</p>
<h2>我们对山泽利润表现的看法</h2>
<p>总之，山泽的应计比率表明其法定收益质量良好，但另一方面，利润受到不寻常项目的推动。考虑到这些因素，我们认为山泽的法定利润并未对业务产生过于严厉的看法。因此，虽然收益质量很重要，但同样重要的是考虑山泽目前面临的风险。例如，我们发现山泽有 <strong>4 个警告信号</strong>（其中 1 个不能忽视！）值得你在进一步分析之前关注。</p>
<p>在本文中，我们考察了一些可能影响利润数字效用的因素，作为对业务的指导。但如果你能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。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，或这份高内部持股的股票列表。</p>
<h3><strong>新功能：</strong> 在一个地方管理所有股票投资组合</h3>
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9993

<p>山泽株式会社（TSE:9993）报告了强劲的收益，但由于对基本因素的担忧，市场反应平淡。该公司的应计比率为-0.12，表明现金流转化良好，自由现金流为 49 亿日元，超过法定利润的 12.4 亿日元。然而，利润因 639 百万日元的非常规项目而被夸大，这引发了对可持续性的质疑。尽管应计比率为正，但非常规项目的存在表明需要谨慎。投资者在进一步分析之前应注意山泽的财务健康状况的四个警示信号</p>

<p><strong>Yamazawa Co., Ltd.'s</strong> (TSE:9993) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.</p>
<div class="lb-trans"><p><strong>山泽株式会社</strong>（TSE:9993）强劲的财报并未能推动其股价上涨。我们的分析表明，这可能是因为股东注意到了一些令人担忧的潜在因素。</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入场。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652" alt="" original-src="https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652"/></p>
<p>TSE:9993 Earnings and Revenue History April 27th 2026</p>
<div class="lb-trans"><p>TSE:9993 收益和收入历史 2026 年 4 月 27 日</p>
</div><h2>A Closer Look At Yamazawa's Earnings</h2>
<div class="lb-trans"><h2>深入了解山泽的收益</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>用于衡量公司将利润转化为自由现金流（FCF）能力的一个关键财务比率是 <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。你可以将应计比率视为现金流的 “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. 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>因此，当一家公司拥有负的应计比率时，实际上被视为一件好事，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，这表明存在一定水平的非现金利润，但高应计比率可以说是一个坏事，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>Yamazawa has an accrual ratio of -0.12 for the year to February 2026. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of JP¥4.9b, well over the JP¥1.24b it reported in profit. Yamazawa shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.</p>
<div class="lb-trans"><p>山泽在截至 2026 年 2 月的年度应计比率为-0.12。这表明其自由现金流远高于法定利润。实际上，在过去的 12 个月中，它报告的自由现金流为 49 亿日元，远超其报告的 12.4 亿日元的利润。山泽的股东无疑对过去 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。应计比率反映了不寻常项目对法定利润的影响，至少在某种程度上。</p>
</div><p>See our latest analysis for Yamazawa</p>
<div class="lb-trans"><p>查看我们对山泽的最新分析</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 Yamazawa.</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山泽的资产负债表分析。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>不寻常项目如何影响利润？</h2>
</div><p>Surprisingly, given Yamazawa's accrual ratio implied strong cash conversion, its paper profit was actually boosted by JP¥639m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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. We can see that Yamazawa's positive unusual items were quite significant relative to its profit in the year to February 2026. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.</p>
<div class="lb-trans"><p>令人惊讶的是，尽管山泽的应计比率暗示强劲的现金转化能力，但其纸面利润实际上受到 6.39 亿日元不寻常项目的推动。虽然利润更高总是令人愉快，但来自不寻常项目的大额贡献有时会抑制我们的热情。当我们分析全球绝大多数上市公司时，我们发现显著的不寻常项目往往不会重复。毕竟，这正是会计术语所暗示的。我们可以看到，山泽的正面不寻常项目相对于其截至 2026 年 2 月的利润而言是相当显著的。因此，我们可以推测，这些不寻常项目使其法定利润显著强于本应如此的水平。</p>
</div><h2>Our Take On Yamazawa's Profit Performance</h2>
<div class="lb-trans"><h2>我们对山泽利润表现的看法</h2>
</div><p>In conclusion, Yamazawa's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Having considered these factors, we don't think Yamazawa's statutory profits give an overly harsh view of the business. So while earnings quality is important, it's equally important to consider the risks facing Yamazawa at this point in time. For example, we've found that Yamazawa has <strong>4 warning signs</strong> (1 can't be ignored!) that deserve your attention before going any further with your analysis.</p>
<div class="lb-trans"><p>总之，山泽的应计比率表明其法定收益质量良好，但另一方面，利润受到不寻常项目的推动。考虑到这些因素，我们认为山泽的法定利润并未对业务产生过于严厉的看法。因此，虽然收益质量很重要，但同样重要的是考虑山泽目前面临的风险。例如，我们发现山泽有 <strong>4 个警告信号</strong>（其中 1 个不能忽视！）值得你在进一步分析之前关注。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. 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>在本文中，我们考察了一些可能影响利润数字效用的因素，作为对业务的指导。但如果你能够专注于细节，总会有更多的发现。有些人认为高股本回报率是优质企业的良好标志。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，或这份高内部持股的股票列表。</p>
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<div class="lb-trans"><h3><strong>新功能：</strong> 在一个地方管理所有股票投资组合</h3>
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Yamazawa（TSE:9993）的收益质量存在疑问