<p><strong>Forval Corporation</strong>（東京證券交易所代碼：8275）最近的財報沒有帶來任何驚喜，過去一週股價保持不變。我們的分析表明，股東可能忽視了財報中的一些積極潛在因素。</p>
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<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945?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/5663259-earnings-and-revenue-history-1-dark/1747704831945"/></p>
<p>東京證券交易所：8275 財報和收入歷史 2025 年 5 月 20 日</p>
<h2>深入分析 Forval 的盈利情況</h2>
<p>在高端金融中，用於衡量公司如何將報告利潤轉化為自由現金流（FCF）的關鍵比率是 <strong>應計比率</strong>（來自現金流）。要計算應計比率，我們首先從某一期間的利潤中減去 FCF，然後將該數字除以該期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</p>
<p>這意味着負應計比率是一個好現象，因為它表明公司獲得的自由現金流超過了其利潤所暗示的水平。雖然擁有正應計比率並不成問題，表明存在一定程度的非現金利潤，但高應計比率可以説是一個壞現象，因為它表明紙面利潤與現金流不匹配。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</p>
<p>截至 2025 年 3 月的 12 個月內，Forval 的應計比率為-0.12。這表明其自由現金流遠高於法定利潤。具體來説，在此期間它產生了 34 億日元的自由現金流，遠超其報告的 21.7 億日元的利潤。Forval 的股東無疑會對過去 12 個月自由現金流的改善感到滿意。</p>
<p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對 Forval 資產負債表的分析。</p>
<h2>我們對 Forval 盈利表現的看法</h2>
<p>Forval 的應計比率穩健，表明強勁的自由現金流，正如我們上面討論的那樣。基於這一觀察，我們認為 Forval 的法定利潤實際上低估了其盈利潛力！而且過去三年每股收益年均增長 16%。當然，我們在分析其盈利時僅僅是剛剛開始；還可以考慮利潤率、預測增長和投資回報等其他因素。雖然考慮損益表非常重要，但通過查看資產負債表也可以瞭解很多關於公司的信息。您可以在這裏查看我們對 Forval 資產負債表健康狀況的最新分析。</p>
<p>這篇文章僅關注了一個因素，揭示了 Forval 利潤的性質。但還有很多其他方式可以幫助您形成對公司的看法。有些人認為高股本回報率是優質企業的良好標誌。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票名單。</p>
<p>如果您想交易 Forval，請在專業人士信任的最低成本平台 Interactive Brokers 開設賬户。</p>
<p>IBKR 在 200 多個國家和地區擁有客户，並可訪問 160 個市場，讓您可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
<p>享受無隱藏費用、無賬户最低限額，外匯轉換率低至 0.03%，遠低於大多數經紀商提供的水平。</p>
<p>贊助內容</p>

8275

<p>Forval Corporation 最近的財報顯示，負應計比率為 -0.12，表明強勁的自由現金流超過了報告的利潤。自由現金流為 34 億日元，而利潤為 21.7 億日元，這些結果表明公司的盈利潛力可能被低估。此外，Forval 的每股收益在過去三年中年均增長 16%，儘管股價未變，但仍突顯出積極的表現。投資者被鼓勵考慮資產負債表的強度和其他財務指標，以進行全面分析</p>

<p><strong>Forval Corporation's</strong> (TSE:8275) recent earnings report didn't offer any surprises, with the shares unchanged over the last week. Our analysis suggests that shareholders might be missing some positive underlying factors in the earnings report.</p>
<div class="lb-trans"><p><strong>Forval Corporation</strong>（東京證券交易所代碼：8275）最近的財報沒有帶來任何驚喜，過去一週股價保持不變。我們的分析表明，股東可能忽視了財報中的一些積極潛在因素。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整名單，免費獲取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945" alt="" original-src="https://images.simplywall.st/asset/chart/5663259-earnings-and-revenue-history-1-dark/1747704831945"/></p>
<p>TSE:8275 Earnings and Revenue History May 20th 2025</p>
<div class="lb-trans"><p>東京證券交易所：8275 財報和收入歷史 2025 年 5 月 20 日</p>
</div><h2>Zooming In On Forval's Earnings</h2>
<div class="lb-trans"><h2>深入分析 Forval 的盈利情況</h2>
</div><p>In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the <strong>accrual ratio</strong> (from cashflow). 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. This ratio tells us how much of a company's profit is not backed by free cashflow.</p>
<div class="lb-trans"><p>在高端金融中，用於衡量公司如何將報告利潤轉化為自由現金流（FCF）的關鍵比率是 <strong>應計比率</strong>（來自現金流）。要計算應計比率，我們首先從某一期間的利潤中減去 FCF，然後將該數字除以該期間的平均運營資產。這個比率告訴我們公司有多少利潤沒有得到自由現金流的支持。</p>
</div><p>That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. 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>這意味着負應計比率是一個好現象，因為它表明公司獲得的自由現金流超過了其利潤所暗示的水平。雖然擁有正應計比率並不成問題，表明存在一定程度的非現金利潤，但高應計比率可以説是一個壞現象，因為它表明紙面利潤與現金流不匹配。值得注意的是，有一些學術證據表明，高應計比率通常是短期利潤的壞兆頭。</p>
</div><p>Over the twelve months to March 2025, Forval recorded an accrual ratio of -0.12. That indicates that its free cash flow was a fair bit more than its statutory profit. To wit, it produced free cash flow of JP¥3.4b during the period, dwarfing its reported profit of JP¥2.17b. Forval shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>截至 2025 年 3 月的 12 個月內，Forval 的應計比率為-0.12。這表明其自由現金流遠高於法定利潤。具體來説，在此期間它產生了 34 億日元的自由現金流，遠超其報告的 21.7 億日元的利潤。Forval 的股東無疑會對過去 12 個月自由現金流的改善感到滿意。</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 Forval.</p>
<div class="lb-trans"><p><strong>注意：</strong> 我們始終建議投資者檢查資產負債表的強度。點擊這裏查看我們對 Forval 資產負債表的分析。</p>
</div><h2>Our Take On Forval's Profit Performance</h2>
<div class="lb-trans"><h2>我們對 Forval 盈利表現的看法</h2>
</div><p>Forval's accrual ratio is solid, and indicates strong free cash flow, as we discussed, above. Based on this observation, we consider it likely that Forval's statutory profit actually understates its earnings potential! And the EPS is up 16% annually, over the last three years. Of course, we've only just scratched the surface when it comes to analysing its earnings; one could also consider margins, forecast growth, and return on investment, among other factors. While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. You can see our latest analysis on Forval's balance sheet health here.</p>
<div class="lb-trans"><p>Forval 的應計比率穩健，表明強勁的自由現金流，正如我們上面討論的那樣。基於這一觀察，我們認為 Forval 的法定利潤實際上低估了其盈利潛力！而且過去三年每股收益年均增長 16%。當然，我們在分析其盈利時僅僅是剛剛開始；還可以考慮利潤率、預測增長和投資回報等其他因素。雖然考慮損益表非常重要，但通過查看資產負債表也可以瞭解很多關於公司的信息。您可以在這裏查看我們對 Forval 資產負債表健康狀況的最新分析。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Forval's profit. But there are plenty of other ways to inform your opinion of a company. 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>這篇文章僅關注了一個因素，揭示了 Forval 利潤的性質。但還有很多其他方式可以幫助您形成對公司的看法。有些人認為高股本回報率是優質企業的良好標誌。因此，您可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份高內部持股的股票名單。</p>
</div><p>If you're looking to trade Forval, open an account with the lowest-cost platform trusted by professionals, Interactive Brokers.</p>
<div class="lb-trans"><p>如果您想交易 Forval，請在專業人士信任的最低成本平台 Interactive Brokers 開設賬户。</p>
</div><p>With clients in over 200 countries and territories, and access to 160 markets, IBKR lets you trade stocks, options, futures, forex, bonds and funds from a single integrated account.</p>
<div class="lb-trans"><p>IBKR 在 200 多個國家和地區擁有客户，並可訪問 160 個市場，讓您可以通過一個集成賬户交易股票、期權、期貨、外匯、債券和基金。</p>
</div><p>Enjoy no hidden fees, no account minimums, and FX conversion rates as low as 0.03%, far better than what most brokers offer.</p>
<div class="lb-trans"><p>享受無隱藏費用、無賬户最低限額，外匯轉換率低至 0.03%，遠低於大多數經紀商提供的水平。</p>
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<div class="lb-trans"><p>贊助內容</p>
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為什麼 Forval（TSE:8275）的收益比表面上看起來更好