<p>周二上午，家得宝（Home Depot，HD）发布了该公司的财年第一季度财务业绩。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>截至 5 月 3 日的三个月期间，家得宝的调整后每股收益为 3.43 美元（GAAP 每股收益：3.30 美元），营收为 417.65 亿美元。这些销售额实现了同比增长 4.8%。该季度的可比销售额较去年同期增长 0.6%。美国的可比销售额增长了 0.4%。尽管收入和利润均超出华尔街的预期，但可比销售额的增长却低于预期的 0.8%。可比交易量同比下降 1.3%。这是该类别连续第四个季度出现同比下降。</p>
<p>在新闻稿中，董事长兼首席执行官 Ted Decker 给出了常规的套话：</p>
<p>“我们的第一季度业绩符合我们的预期。尽管消费者的不确定性和住房可负担能力压力加大，但我们业务的基本需求与我们在整个 2025 财年看到的相对相似。和往常一样，我们的员工在本季度提供了出色的客户服务，我想感谢他们持续的努力和对服务客户的奉献。”</p>
<p>然而，首席财务官 Richard McPhail 在周二上午接受 <em>CNBC</em> 采访时，描绘了一个更乐观的前景：</p>
<p>“相对而言，房主在财务上可能比其他客户群体更有保障，因此我们继续看到他们的参与。他们继续告诉我们，他们将推迟在大型项目上的支出。这与他们过去几年的说法一致。”</p>
<h2><strong>运营</strong></h2>
<p>随着营收增长 4.8% 至 417.65 亿美元，销售成本增加 6% 至 279.84 亿美元。这使得毛利润为 137.81 亿美元（+2.4%），毛利率为 33%，低于 33.8%。总的 GAAP 运营费用增长 5.7% 至 88 亿美元，导致 GAAP 运营收入为 49.81 亿美元（-3%）。这使得公司的 GAAP 运营利润率降至 11.9%，低于 12.9%。</p>
<p>在考虑利息、其他收入和费用以及税收后，GAAP 净收入为 32.89 亿美元（-4.2%）。这相当于每股完全摊薄收益 3.30 美元，低于去年同期的 3.45 美元。经过主要针对收购无形资产的摊销调整后，完全摊薄每股收益为 3.43 美元，低于去年的 3.56 美元。</p>
<h2><strong>指导</strong></h2>
<p>在报告出似乎是一个混合季度的情况下，家得宝重申了之前发布的指导。华尔街预计会提高指导。对于整个财年，该公司预计总销售增长为 2.5% 至 4.5%。这使得该范围的中点增长为 3.5%。华尔街希望的数字更接近 3.9%。可比销售预计全年持平至增长 2%。对于全年，毛利率预计为 33.1%，而运营利润率预计为 12.4% 至 12.6%。调整后的全年收益预计在持平至增长 4% 之间。华尔街希望的增长为 2.4%，这远高于该范围的中点。这一指导必须被视为令人失望。</p>
<h2><strong>基本面</strong></h2>
<p>在报告期内，家得宝产生了 60.32 亿美元的运营现金流。该数字中有 8.44 亿美元用于资本支出，留下了 51.88 亿美元的自由现金流，较去年同期的 35.19 亿美元显著增加，这是一个积极的信号。该数字中包括向股东支付的现金股息 23 亿美元和偿还债务 23.86 亿美元，这在当前情况下是非常必要的。</p>
<p>转向资产负债表，家得宝在季度末的现金余额为 16.01 亿美元，库存为 272.8 亿美元。这使得流动资产总额为 371.72 亿美元。流动负债总额为 355.8 亿美元，其中短期债务为 35.03 亿美元。尽管流动比率为 1.04，勉强合格，但任何投资者看到短期债务负担是现金余额的三倍时，都会感到震惊。这是家得宝，而不是某个资金不足的生物技术公司。哎呀！不——三倍哎呀！</p>
<p>总资产为 1079.04 亿美元，其中 30.3% 被标记为商誉或其他无形资产。这与现代标准相符。总负债减去股东权益为 940.3 亿美元，其中长期债务高达 448.28 亿美元。令人恐惧的是，该公司现金余额微薄，已经被将在 12 个月内到期的债务所压垮。</p>
<h2><strong>有趣</strong></h2>
<p>在周一晚上，在这次财报发布之前，我尊重的 Oppenheimer（OPY）分析师 Brian Nagel 重申了对 HD 的持有评级，同时将目标价从 405 美元大幅下调至 310 美元。哇！Nagel 在 TipRanks 上获得了五颗星的评级。在过去一年中，Nagel 的成功率为 59%，平均回报率为 17.7%。</p>
<h2><strong>观点</strong></h2>
<p>尽管头条数据超出预期，但在我看来，这个季度令人失望。指导也令人失望。现金流明显为正，但资产负债表绝对令人尴尬。当资产负债表如此混乱时，显然无法将家得宝视为 “蓝筹” 公司。显然，我不会将我的辛苦赚来的钱投入任何与这个名字相关的股票投资。我的父亲教过我更好的道理。</p>

家得宝

美国房产建设 ETF - iShares

零售业 ETF - VanEck Vectors

住房建设 3 倍做多 ETF - Direxion

美国房产主题 ETF - SPDR

<p>家得宝公布了 2023 财年第一季度的业绩，调整后的每股收益为 3.43 美元，收入为 417.65 亿美元，同比增长 4.8%。然而，可比销售仅增长 0.6%，未达到预期。公司重申了其总销售增长 2.5% 至 4.5% 的指导方针，这让华尔街感到失望。尽管产生了 60.32 亿美元的经营现金流，但由于其短期债务相对于现金储备较高，仍然存在担忧，总负债达到了 940.3 亿美元</p>

<p>On Tuesday morning, do-it-yourself retail giant Home Depot (HD) released the firm's fiscal first-quarter financial results.</p>
<div class="lb-trans"><p>周二上午，家得宝（Home Depot，HD）发布了该公司的财年第一季度财务业绩。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>For the three-month period ended May 3, Home Depot posted an adjusted EPS of $3.43 (GAAP EPS: $3.30) on revenue of $41.765 billion. Those sales were good for a year-over-year growth of 4.8%. Comparable sales for the quarter were up 0.6% from the same period last year. Comp sales in the U.S. were up 0.4%. While the top- and bottom-line prints both beat Wall Street's expectations, the comp sales print fell short of the 0.8% growth that had been modeled in. Comp transactions hit the tape at a year-over-year contraction of 1.3%. This was a fourth consecutive quarter of year-over-year declines in this category.</p>
<div class="lb-trans"><p>截至 5 月 3 日的三个月期间，家得宝的调整后每股收益为 3.43 美元（GAAP 每股收益：3.30 美元），营收为 417.65 亿美元。这些销售额实现了同比增长 4.8%。该季度的可比销售额较去年同期增长 0.6%。美国的可比销售额增长了 0.4%。尽管收入和利润均超出华尔街的预期，但可比销售额的增长却低于预期的 0.8%。可比交易量同比下降 1.3%。这是该类别连续第四个季度出现同比下降。</p>
</div><p>In the press release, chair and CEO Ted Decker gave us the usual fluff:</p>
<div class="lb-trans"><p>在新闻稿中，董事长兼首席执行官 Ted Decker 给出了常规的套话：</p>
</div><p>&#34;Our first quarter results were in line with our expectations. The underlying demand in our business was relatively similar to what we saw throughout fiscal 2025, despite greater consumer uncertainty and housing affordability pressure. As always, our associates provided excellent customer service during the quarter, and I would like to thank them for their continued hard work and dedication to serving our customers.&#34;</p>
<div class="lb-trans"><p>“我们的第一季度业绩符合我们的预期。尽管消费者的不确定性和住房可负担能力压力加大，但我们业务的基本需求与我们在整个 2025 财年看到的相对相似。和往常一样，我们的员工在本季度提供了出色的客户服务，我想感谢他们持续的努力和对服务客户的奉献。”</p>
</div><p>However, CFO Richard McPhail did a much better job of painting an optimistic picture in a televised interview with <em>CNBC</em> on Tuesday morning:</p>
<div class="lb-trans"><p>然而，首席财务官 Richard McPhail 在周二上午接受 <em>CNBC</em> 采访时，描绘了一个更乐观的前景：</p>
</div><p>&#34;The homeowner in a relative sense is perhaps more protected financially than other customer cohorts and so we continue to see engagement. They continue to tell us that they are going to defer their spend on larger projects. That's consistent with what they've told us the last few years.&#34;</p>
<div class="lb-trans"><p>“相对而言，房主在财务上可能比其他客户群体更有保障，因此我们继续看到他们的参与。他们继续告诉我们，他们将推迟在大型项目上的支出。这与他们过去几年的说法一致。”</p>
</div><h2><strong>Operations</strong></h2>
<div class="lb-trans"><h2><strong>运营</strong></h2>
</div><p>As revenue generation grew 4.8% to $41.765 billion, the cost of sales increased 6% to $27.984 billion. This left a gross profit of $13.781 billion (+2.4%) on a gross margin of 33%, down from 33.8%. Total GAAP operating expenses grew 5.7% to $8.8 billion, leaving a GAAP operating income of $4.981 billion (-3%). That put the firm's GAAP operating margin at 11.9%, down from 12.9%.</p>
<div class="lb-trans"><p>随着营收增长 4.8% 至 417.65 亿美元，销售成本增加 6% 至 279.84 亿美元。这使得毛利润为 137.81 亿美元（+2.4%），毛利率为 33%，低于 33.8%。总的 GAAP 运营费用增长 5.7% 至 88 亿美元，导致 GAAP 运营收入为 49.81 亿美元（-3%）。这使得公司的 GAAP 运营利润率降至 11.9%，低于 12.9%。</p>
</div><p>After accounting for interest, other income and expenses, as well as taxes, GAAP net income hit the tape at $3.289 billion (-4.2%). This worked out to $3.30 per fully diluted share, down from the year-ago comp of $3.45. After adjusting primarily for the amortization of acquired intangible assets, fully diluted EPS printed at $3.43, down from $3.56 a year ago.</p>
<div class="lb-trans"><p>在考虑利息、其他收入和费用以及税收后，GAAP 净收入为 32.89 亿美元（-4.2%）。这相当于每股完全摊薄收益 3.30 美元，低于去年同期的 3.45 美元。经过主要针对收购无形资产的摊销调整后，完全摊薄每股收益为 3.43 美元，低于去年的 3.56 美元。</p>
</div><h2><strong>Guidance</strong></h2>
<div class="lb-trans"><h2><strong>指导</strong></h2>
</div><p>After reporting what seems like a mixed quarter at best, Home Depot reaffirmed previously issued guidance. Wall Street expected a guidance raise. For the full fiscal year, the firm sees total sales growth of 2.5% to 4.5%. This puts the midpoint of the range at a growth of 3.5%. Wall Street was looking for something closer to 3.9%. Comp sales are seen anywhere from flat to up 2% for the year. For the year, gross margin is projected at 33.1%, while operating margin is projected at 12.4% to 12.6%. Adjusted full-year earnings are seen landing anywhere from flat to up 4%. Wall Street was looking for growth of 2.4%, which is well above the midpoint of that range. This guidance has to be looked at as disappointing.</p>
<div class="lb-trans"><p>在报告出似乎是一个混合季度的情况下，家得宝重申了之前发布的指导。华尔街预计会提高指导。对于整个财年，该公司预计总销售增长为 2.5% 至 4.5%。这使得该范围的中点增长为 3.5%。华尔街希望的数字更接近 3.9%。可比销售预计全年持平至增长 2%。对于全年，毛利率预计为 33.1%，而运营利润率预计为 12.4% 至 12.6%。调整后的全年收益预计在持平至增长 4% 之间。华尔街希望的增长为 2.4%，这远高于该范围的中点。这一指导必须被视为令人失望。</p>
</div><h2><strong>Fundamentals</strong></h2>
<div class="lb-trans"><h2><strong>基本面</strong></h2>
</div><p>For the period reported, Home Depot generated operating cash flow of $6.032 billion. Out of that number came capex spending of $844 million, leaving free cash flow of $5.188 billion, up from $3.519 billion for the year-ago comp, which is a significant positive. Out of that number came cash dividend payments to shareholders of $2.3 billion and $2.386 billion in paid down debt, which was sorely needed.</p>
<div class="lb-trans"><p>在报告期内，家得宝产生了 60.32 亿美元的运营现金流。该数字中有 8.44 亿美元用于资本支出，留下了 51.88 亿美元的自由现金流，较去年同期的 35.19 亿美元显著增加，这是一个积极的信号。该数字中包括向股东支付的现金股息 23 亿美元和偿还债务 23.86 亿美元，这在当前情况下是非常必要的。</p>
</div><p>Turning to the balance sheet, Home Depot ended the quarter with a cash position of $1.601 billion and inventories of $27.28 billion. That put current assets at $37.172 billion. Current liabilities add up to $35.58 billion, including short-term debt of $3.503 billion. While the current ratio is good for a barely passable 1.04, it has to be alarming to any investor that the short-term debt load stands at three times the cash position. This is Home Depot, not some underfunded biotech. Yikes! No — triple yikes!</p>
<div class="lb-trans"><p>转向资产负债表，家得宝在季度末的现金余额为 16.01 亿美元，库存为 272.8 亿美元。这使得流动资产总额为 371.72 亿美元。流动负债总额为 355.8 亿美元，其中短期债务为 35.03 亿美元。尽管流动比率为 1.04，勉强合格，但任何投资者看到短期债务负担是现金余额的三倍时，都会感到震惊。这是家得宝，而不是某个资金不足的生物技术公司。哎呀！不——三倍哎呀！</p>
</div><p>Total assets amount to $107.904 billion, of which 30.3% is labeled as either goodwill or other intangibles. That's in line with modern norms. Total liabilities less equity amount to $94.03 billion, including a terrifying $44.828 billion in long-term debt. Terrifying because the firm has such a tiny cash position that is already overwhelmed by the debt that will come due within 12 months.</p>
<div class="lb-trans"><p>总资产为 1079.04 亿美元，其中 30.3% 被标记为商誉或其他无形资产。这与现代标准相符。总负债减去股东权益为 940.3 亿美元，其中长期债务高达 448.28 亿美元。令人恐惧的是，该公司现金余额微薄，已经被将在 12 个月内到期的债务所压垮。</p>
</div><h2><strong>Interesting</strong></h2>
<div class="lb-trans"><h2><strong>有趣</strong></h2>
</div><p>On Monday night, ahead of this earnings release, analyst Brian Nagel of Oppenheimer (OPY), who I respect, reiterated his Hold rating on HD, while cutting his target price from $405 all the way down to $310. Wow! Nagel is rated at five stars out of five by TipRanks. Over the past year, Nagel has stood out with a 59% success rate and an average return of 17.7%.</p>
<div class="lb-trans"><p>在周一晚上，在这次财报发布之前，我尊重的 Oppenheimer（OPY）分析师 Brian Nagel 重申了对 HD 的持有评级，同时将目标价从 405 美元大幅下调至 310 美元。哇！Nagel 在 TipRanks 上获得了五颗星的评级。在过去一年中，Nagel 的成功率为 59%，平均回报率为 17.7%。</p>
</div><h2><strong>Opinion</strong></h2>
<div class="lb-trans"><h2><strong>观点</strong></h2>
</div><p>The quarter was, in my opinion, disappointing despite the headline beats. The guidance was disappointing as well. Cash flows are decisively positive, but the balance sheet is an absolute embarrassment. One really cannot see Home Depot as a &#34;blue chip&#34; company when the balance sheet is simply a flaming mess. Obviously, I will not be putting any of my hard-earned dough into any kind of equity investment involving this name. My dad taught me better than that.</p>
<div class="lb-trans"><p>尽管头条数据超出预期，但在我看来，这个季度令人失望。指导也令人失望。现金流明显为正，但资产负债表绝对令人尴尬。当资产负债表如此混乱时，显然无法将家得宝视为 “蓝筹” 公司。显然，我不会将我的辛苦赚来的钱投入任何与这个名字相关的股票投资。我的父亲教过我更好的道理。</p>
</div>

家得宝曾是我最成功的投资，但现在却变得一团糟