<h2>关键要点</h2>
<ul>
<li>艾伯维和西维斯的股票看起来可能很昂贵，因为它们的市盈率超过 40。</li>
</ul>
<ul>
<li>然而，由于一次性费用，它们的收益看起来比实际情况更糟。</li>
</ul>
<ul>
<li>从前瞻性收益的角度来看，这些股票显得便宜得多。</li>
</ul>
<ul>
<li>我们更喜欢的 10 只股票超过艾伯维 ›</li>
</ul>
<p>仅仅查看收益数字和倍数可能会误导你，尤其是在寻找购买股票时。这是因为一家公司可能会有异常强劲或疲弱的季度，这会影响其倍数，从而使其看起来比实际情况便宜或昂贵。这是仅依赖倍数进行股票筛选时的一个风险。</p>
<p>有几只股票看起来比最初的估计便宜得多，<strong>艾伯维</strong>（NYSE: ABBV）和 <strong>西维斯</strong>（NYSE: CVS）。虽然乍一看这些股票似乎很昂贵，市盈率很高，但仔细观察会发现它们实际上可能是物美价廉的选择。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnAjZ3PTcwMA?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://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnAjZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>艾伯维</h2>
<p>医疗巨头艾伯维的市盈率似乎很高，超过 100。因此，看到该股票在过去 12 个月仅上涨 14% 也就不足为奇，因为投资者可能由于这个高倍数而避开了该股票。相比之下，<strong>标普 500</strong> 在此期间上涨了约 24%。</p>
<p>艾伯维的问题源于一个特别糟糕的季度，其净收入远低于正常水平。在截至 2025 年 9 月 30 日的期间，艾伯维报告的净收益为 1.88 亿美元，而去年同期的利润接近 16 亿美元。大幅下降的原因是公司因收购在研研发成本而产生了 27 亿美元的费用。这些费用与收购相关，属于一次性支出。</p>
<p>对于艾伯维来说，这些类型的费用会极大影响收益，而当这种情况发生时，其市盈率会急剧上升，因为分母变小。然而，当查看其前瞻性市盈率为 15 时，该股票似乎是一个更好的购买选择，因为这考虑了分析师对其未来表现的预期。这可以更好地指示公司的正常收益。</p>
<p>艾伯维是一只顶级制药股票，在过去四个季度中产生了近 630 亿美元的收入，并为投资者提供了 3.3% 的吸引人收益率。它可能是一个优秀的持有股票，但对于那些可能仅依赖于历史市盈率的投资者来说，由于其看似高估值，可能会轻易忽视该股票。</p>
<h2>西维斯</h2>
<p>另一个看起来比实际更昂贵的股票是西维斯。其历史市盈率为 42，但前瞻性市盈率仅降至 13。导致高市盈率的明显原因是几个月前，该公司报告了近 40 亿美元的净亏损。由于该亏损影响了过去四个季度的收益，其市盈率变得更高。</p>
<p>造成这一巨大亏损的原因是一次性项目：总计 57 亿美元的商誉减值。这项费用也发生在截至 2025 年 9 月 30 日的季度，并与公司的健康服务部门有关。如果没有这项费用，西维斯的股票看起来会比现在便宜得多。在前瞻性市盈率为 13 的情况下，它是另一个例子，显示出该股票比根据历史市盈率看起来更具吸引力。</p>
<p>西维斯最近的业绩更强劲，因为医疗成本有所下降。2026 年第一季度的医疗福利比率为 84.6%，而去年同期为 87.3%。这表明成本正在下降，因此分析师可能也会提升对该股票的前景预期，这可能是前瞻性市盈率降低的另一个原因——因为预计未来一年底线会改善。</p>
<p>西维斯是一家多元化的医疗公司，基本面强劲，可能是希望广泛接触医疗行业的投资者的绝佳选择。它的收益率为 2.8%，这为购买和持有提供了一些额外的激励。标普 500 的平均收益率仅为 1.1%。</p>
<p>收益倍数在比较股票时可能很有用，但理解其局限性也很重要。例如，过于依赖历史市盈率可能会导致你轻易忽视这两只优秀的蓝筹股分红股票。</p>
<h2>你现在应该购买艾伯维的股票吗？</h2>
<p>在你购买艾伯维的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而艾伯维并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在会有 483,476 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在会有 1,362,941 美元</strong>！*</p>
<p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 998%——相比于标普 500 的 207% 的市场超额收益。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
<p>大卫·贾吉尔斯基（David Jagielski），注册会计师（CPA）在提到的任何股票中均没有持仓。Motley Fool 在艾伯维（AbbVie）中持有股份并给予推荐。Motley Fool 推荐西维斯（CVS Health）。Motley Fool 有披露政策。</p>
<p>本文中表达的观点和意见仅代表作者本人，并不一定反映纳斯达克公司的观点和意见。</p>

西维斯

艾伯维

生物科技 ETF - VanEck Vectors

<p>艾伯维和西维斯的市盈率超过 40，看起来价格昂贵，但非经常性支出使这些数字膨胀。艾伯维的前瞻市盈率为 15，而西维斯的为 13，表明它们可能被低估。艾伯维因 27 亿美元的费用而面临净收入大幅下降，而西维斯则因商誉减值报告了 40 亿美元的亏损。尽管当前估值较高，但这两家公司显示出更好的业绩潜力，使它们成为有吸引力的投资选择</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>AbbVie and CVS Health may appear to be expensive stocks, as they trade at trailing price-to-earnings multiples of more than 40.</li>
</ul>
<div class="lb-trans"><ul>
<li>艾伯维和西维斯的股票看起来可能很昂贵，因为它们的市盈率超过 40。</li>
</ul>
</div><ul>
<li>Their earnings, however, look worse than they otherwise would be due to non-recurring expenses.</li>
</ul>
<div class="lb-trans"><ul>
<li>然而，由于一次性费用，它们的收益看起来比实际情况更糟。</li>
</ul>
</div><ul>
<li>On a forward-earnings basis, these stocks look much cheaper.</li>
</ul>
<div class="lb-trans"><ul>
<li>从前瞻性收益的角度来看，这些股票显得便宜得多。</li>
</ul>
</div><ul>
<li>10 stocks we like better than AbbVie ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我们更喜欢的 10 只股票超过艾伯维 ›</li>
</ul>
</div><p>Simply looking at earnings numbers and multiples can be misleading if you're looking at stocks to buy. That's because a company can have an unusually strong or weak quarter that impacts its multiples, and in the process, it can end up looking much cheaper or more expensive than it otherwise would be. It's one of the dangers of relying solely on multiples when scanning and searching for stocks.</p>
<div class="lb-trans"><p>仅仅查看收益数字和倍数可能会误导你，尤其是在寻找购买股票时。这是因为一家公司可能会有异常强劲或疲弱的季度，这会影响其倍数，从而使其看起来比实际情况便宜或昂贵。这是仅依赖倍数进行股票筛选时的一个风险。</p>
</div><p>A couple of stocks that are much cheaper than they might initially look are <strong>AbbVie</strong>(NYSE: ABBV) and <strong>CVS Health</strong>(NYSE: CVS). While at first glance these stocks may appear to be expensive and trading at high earnings multiples, a closer look reveals that they can actually end up being bargain buys.</p>
<div class="lb-trans"><p>有几只股票看起来比最初的估计便宜得多，<strong>艾伯维</strong>（NYSE: ABBV）和 <strong>西维斯</strong>（NYSE: CVS）。虽然乍一看这些股票似乎很昂贵，市盈率很高，但仔细观察会发现它们实际上可能是物美价廉的选择。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870707%2Fdoctor-showing-patient-a-chart.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>AbbVie</h2>
<div class="lb-trans"><h2>艾伯维</h2>
</div><p>Healthcare giant AbbVie trades at a seemingly expensive price-to-earnings (P/E) multiple of more than 100. Thus, it may not be all that surprising to see that the stock has risen by just 14% over the past 12 months, as investors may have avoided the stock due to that high multiple. By comparison, the <strong>S&amp;P 500</strong> has risen by about 24% during that stretch.</p>
<div class="lb-trans"><p>医疗巨头艾伯维的市盈率似乎很高，超过 100。因此，看到该股票在过去 12 个月仅上涨 14% 也就不足为奇，因为投资者可能由于这个高倍数而避开了该股票。相比之下，<strong>标普 500</strong> 在此期间上涨了约 24%。</p>
</div><p>The problem for AbbVie stems from a particularly poor quarter where its net income was much lower than usual. For the period ending Sept. 30, 2025, AbbVie reported net earnings of $188 million, versus nearly $1.6 billion in profit in the prior-year period. The reason for the sizable drop is that the company incurred a $2.7 billion charge for acquired in-process research and development costs. These are expenses related to acquisitions and aren't recurring in nature.</p>
<div class="lb-trans"><p>艾伯维的问题源于一个特别糟糕的季度，其净收入远低于正常水平。在截至 2025 年 9 月 30 日的期间，艾伯维报告的净收益为 1.88 亿美元，而去年同期的利润接近 16 亿美元。大幅下降的原因是公司因收购在研研发成本而产生了 27 亿美元的费用。这些费用与收购相关，属于一次性支出。</p>
</div><p>For AbbVie, which has been involved in many acquisitions over the years, these types of expenses can drastically impact earnings, and when that happens, its P/E multiple increases sharply since the denominator becomes smaller. However, when looking at its forward P/E multiple of 15, the stock appears to be a much better buy, as that factors in analyst expectations of how it will do in the future. It can be a better indicator of what the company's normal earnings will be.</p>
<div class="lb-trans"><p>对于艾伯维来说，这些类型的费用会极大影响收益，而当这种情况发生时，其市盈率会急剧上升，因为分母变小。然而，当查看其前瞻性市盈率为 15 时，该股票似乎是一个更好的购买选择，因为这考虑了分析师对其未来表现的预期。这可以更好地指示公司的正常收益。</p>
</div><p>AbbVie is a top pharmaceutical stock that has generated nearly $63 billion in revenue over the past four quarters and offers investors an attractive yield of 3.3%. It can be an excellent stock to own, but for investors who may be relying on just the trailing P/E multiple, it can be easy to overlook the stock due to its seemingly high valuation.</p>
<div class="lb-trans"><p>艾伯维是一只顶级制药股票，在过去四个季度中产生了近 630 亿美元的收入，并为投资者提供了 3.3% 的吸引人收益率。它可能是一个优秀的持有股票，但对于那些可能仅依赖于历史市盈率的投资者来说，由于其看似高估值，可能会轻易忽视该股票。</p>
</div><h2>CVS Health</h2>
<div class="lb-trans"><h2>西维斯</h2>
</div><p>Another stock that looks much more expensive than it is right now is CVS Health. Its trailing P/E multiple is 42, but its forward P/E drops to just 13. A glaring reason for the inflated high earnings multiple is that a couple of quarters ago, the company reported a net loss of just under $4 billion. With that loss impacting its earnings over the past four quarters, its P/E multiple becomes much higher.</p>
<div class="lb-trans"><p>另一个看起来比实际更昂贵的股票是西维斯。其历史市盈率为 42，但前瞻性市盈率仅降至 13。导致高市盈率的明显原因是几个月前，该公司报告了近 40 亿美元的净亏损。由于该亏损影响了过去四个季度的收益，其市盈率变得更高。</p>
</div><p>The reason for that big loss was due to a non-recurring item: goodwill impairment totaling $5.7 billion. This charge also came during the quarter ending Sept. 30, 2025, and was related to the company's health services segment. Without that expense, CVS Health stock would look much cheaper than it is today. At a forward P/E of 13, it's another example of a stock that is a much better buy than how it appears when looking at the trailing P/E multiple.</p>
<div class="lb-trans"><p>造成这一巨大亏损的原因是一次性项目：总计 57 亿美元的商誉减值。这项费用也发生在截至 2025 年 9 月 30 日的季度，并与公司的健康服务部门有关。如果没有这项费用，西维斯的股票看起来会比现在便宜得多。在前瞻性市盈率为 13 的情况下，它是另一个例子，显示出该股票比根据历史市盈率看起来更具吸引力。</p>
</div><p>CVS has been posting stronger results of late as medical costs have been coming down. Its medical benefits ratio for the first quarter of 2026 was 84.6%, compared with 87.3% in the prior-year period. This is a good sign that costs are coming down, and as a result of this, analysts may also end up upgrading their outlooks for the stock, which can be another reason the forward P/E becomes much lower -- because of the expected improvement in the bottom line over the coming year.</p>
<div class="lb-trans"><p>西维斯最近的业绩更强劲，因为医疗成本有所下降。2026 年第一季度的医疗福利比率为 84.6%，而去年同期为 87.3%。这表明成本正在下降，因此分析师可能也会提升对该股票的前景预期，这可能是前瞻性市盈率降低的另一个原因——因为预计未来一年底线会改善。</p>
</div><p>CVS is a diversified healthcare company with strong fundamentals, making it a potentially great option for investors who want broad exposure to the healthcare sector. It also yields 2.8%, which adds some extra incentive to buy and hold. The S&amp;P 500 average yield is just 1.1%.</p>
<div class="lb-trans"><p>西维斯是一家多元化的医疗公司，基本面强劲，可能是希望广泛接触医疗行业的投资者的绝佳选择。它的收益率为 2.8%，这为购买和持有提供了一些额外的激励。标普 500 的平均收益率仅为 1.1%。</p>
</div><p>Earnings multiples can be useful in comparing stocks, but it's also important to understand their shortfalls. Relying too heavily on the trailing P/E, for instance, could result in you easily looking past these two terrific blue chip dividend stocks.</p>
<div class="lb-trans"><p>收益倍数在比较股票时可能很有用，但理解其局限性也很重要。例如，过于依赖历史市盈率可能会导致你轻易忽视这两只优秀的蓝筹股分红股票。</p>
</div><h2>Should you buy stock in AbbVie right now?</h2>
<div class="lb-trans"><h2>你现在应该购买艾伯维的股票吗？</h2>
</div><p>Before you buy stock in AbbVie, consider this:</p>
<div class="lb-trans"><p>在你购买艾伯维的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and AbbVie wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而艾伯维并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $483,476</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,362,941</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在会有 483,476 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你现在会有 1,362,941 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 998% — a market-crushing outperformance compared to 207% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 998%——相比于标普 500 的 207% 的市场超额收益。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 5 月 19 日。</em></p>
</div><p><em>David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie. The Motley Fool recommends CVS Health. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p>大卫·贾吉尔斯基（David Jagielski），注册会计师（CPA）在提到的任何股票中均没有持仓。Motley Fool 在艾伯维（AbbVie）中持有股份并给予推荐。Motley Fool 推荐西维斯（CVS Health）。Motley Fool 有披露政策。</p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文中表达的观点和意见仅代表作者本人，并不一定反映纳斯达克公司的观点和意见。</p>
</div>

两只股票的实际价格比表面看起来要便宜得多