<p>温和的股價反應表明，<strong>Fleetwood Limited</strong>（ASX:FWD）強勁的收益並沒有帶來任何驚喜。投資者可能忽視了一些對公司未來有利的潛在因素。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970?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/8100286-earnings-and-revenue-history-1-dark-2/1756865471970"/></p>
<p>ASX:FWD 收益和收入歷史 2025 年 9 月 3 日</p>
<h2>深入分析 Fleetwood 的收益</h2>
<p>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。要計算應計比率，我們首先從一個時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。該比率顯示了公司利潤超過其 FCF 的程度。</p>
<p>因此，當一家公司有負的應計比率時，實際上被視為好事，而如果其應計比率為正則被視為壞事。這並不意味着我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。引用 Lewellen 和 Resutek 在 2014 年的一篇論文，&#34;應計較高的公司往往在未來的盈利能力較低&#34;。</p>
<p>截至 2025 年 6 月，Fleetwood 的應計比率為-0.18。這意味着它的現金轉化能力非常好，並且其去年收益實際上顯著低估了其自由現金流。事實上，去年它的自由現金流為 3600 萬澳元，遠高於其法定利潤 1460 萬澳元。Fleetwood 的自由現金流在過去一年有所改善，這通常是個好現象。儘管如此，事情還有更多的故事。我們可以看到，異常項目影響了其法定利潤，因此影響了應計比率。</p>
<p>查看我們對 Fleetwood 的最新分析</p>
<p>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
<h2>異常項目對利潤的影響</h2>
<p>Fleetwood 的利潤在過去 12 個月中因異常項目減少了 910 萬澳元，這幫助它實現了高現金轉化，正如其異常項目所反映的那樣。在這些異常項目中如果包含非現金費用，我們會預期看到強勁的應計比率，而這正是本案例中發生的情況。看到異常項目使公司利潤受損並不理想，但從積極的方面來看，情況可能會很快改善。當我們分析全球絕大多數上市公司時，我們發現顯著的異常項目通常不會重複。畢竟，這正是會計術語所暗示的。假設這些異常費用不會再次出現，我們因此預期 Fleetwood 明年會產生更高的利潤，其他條件不變。</p>
<h2>我們對 Fleetwood 利潤表現的看法</h2>
<p>總之，Fleetwood 的應計比率和異常項目都表明其法定收益可能相對保守。基於這些因素，我們認為 Fleetwood 的潛在收益能力與法定利潤看起來一樣好，甚至可能更好！因此，雖然收益質量很重要，但同樣重要的是考慮 Fleetwood 目前面臨的風險。在我們的分析中，我們發現 Fleetwood 有 <strong>2 個警告信號</strong>，忽視它們是不明智的。</p>
<p>我們對 Fleetwood 的審查集中在某些因素上，這些因素可能使其收益看起來比實際更好。它在這方面表現出色。但如果你能夠專注於細節，總會有更多的發現。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</p>

<p>Fleetwood Limited（ASX:FWD）表現出強勁的盈利能力，但股價反應卻較為平淡，這表明投資者可能忽視了積極的基本面因素。該公司報告的負應計比率為-0.18，表明現金轉化能力優秀，自由現金流為 3600 萬澳元，遠超其法定利潤 1460 萬澳元。異常項目減少了 910 萬澳元的利潤，但如果這些項目不再出現，未來的盈利能力可能會改善。儘管盈利質量較高，Fleetwood 仍有兩個警示信號值得投資者關注</p>

<p>The subdued stock price reaction suggests that <strong>Fleetwood Limited's</strong> (ASX:FWD) strong earnings didn't offer any surprises. Investors are probably missing some underlying factors which are encouraging for the future of the company.</p>
<div class="lb-trans"><p>温和的股價反應表明，<strong>Fleetwood Limited</strong>（ASX:FWD）強勁的收益並沒有帶來任何驚喜。投資者可能忽視了一些對公司未來有利的潛在因素。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970" alt="" original-src="https://images.simplywall.st/asset/chart/8100286-earnings-and-revenue-history-1-dark-2/1756865471970"/></p>
<p>ASX:FWD Earnings and Revenue History September 3rd 2025</p>
<div class="lb-trans"><p>ASX:FWD 收益和收入歷史 2025 年 9 月 3 日</p>
</div><h2>Zooming In On Fleetwood's Earnings</h2>
<div class="lb-trans"><h2>深入分析 Fleetwood 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>. 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>一個用於衡量公司將利潤轉化為自由現金流（FCF）能力的關鍵財務比率是 <strong>應計比率</strong>。要計算應計比率，我們首先從一個時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。該比率顯示了公司利潤超過其 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. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, &#34;firms with higher accruals tend to be less profitable in the future&#34;.</p>
<div class="lb-trans"><p>因此，當一家公司有負的應計比率時，實際上被視為好事，而如果其應計比率為正則被視為壞事。這並不意味着我們應該擔心正的應計比率，但值得注意的是應計比率相對較高。引用 Lewellen 和 Resutek 在 2014 年的一篇論文，&#34;應計較高的公司往往在未來的盈利能力較低&#34;。</p>
</div><p>For the year to June 2025, Fleetwood had an accrual ratio of -0.18. 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 AU$36m in the last year, which was a lot more than its statutory profit of AU$14.6m. Fleetwood's free cash flow improved over the last year, which is generally good to see. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.</p>
<div class="lb-trans"><p>截至 2025 年 6 月，Fleetwood 的應計比率為-0.18。這意味着它的現金轉化能力非常好，並且其去年收益實際上顯著低估了其自由現金流。事實上，去年它的自由現金流為 3600 萬澳元，遠高於其法定利潤 1460 萬澳元。Fleetwood 的自由現金流在過去一年有所改善，這通常是個好現象。儘管如此，事情還有更多的故事。我們可以看到，異常項目影響了其法定利潤，因此影響了應計比率。</p>
</div><p>See our latest analysis for Fleetwood</p>
<div class="lb-trans"><p>查看我們對 Fleetwood 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>這可能讓你想知道分析師對未來盈利能力的預測。幸運的是，你可以點擊這裏查看基於他們估計的未來盈利能力的互動圖表。</p>
</div><h2>The Impact Of Unusual Items On Profit</h2>
<div class="lb-trans"><h2>異常項目對利潤的影響</h2>
</div><p>Fleetwood's profit was reduced by unusual items worth AU$9.1m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. In a scenario where those unusual items included non-cash charges, we'd expect to see a strong accrual ratio, which is exactly what has happened in this case. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. 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. Assuming those unusual expenses don't come up again, we'd therefore expect Fleetwood to produce a higher profit next year, all else being equal.</p>
<div class="lb-trans"><p>Fleetwood 的利潤在過去 12 個月中因異常項目減少了 910 萬澳元，這幫助它實現了高現金轉化，正如其異常項目所反映的那樣。在這些異常項目中如果包含非現金費用，我們會預期看到強勁的應計比率，而這正是本案例中發生的情況。看到異常項目使公司利潤受損並不理想，但從積極的方面來看，情況可能會很快改善。當我們分析全球絕大多數上市公司時，我們發現顯著的異常項目通常不會重複。畢竟，這正是會計術語所暗示的。假設這些異常費用不會再次出現，我們因此預期 Fleetwood 明年會產生更高的利潤，其他條件不變。</p>
</div><h2>Our Take On Fleetwood's Profit Performance</h2>
<div class="lb-trans"><h2>我們對 Fleetwood 利潤表現的看法</h2>
</div><p>In conclusion, both Fleetwood's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Based on these factors, we think Fleetwood's underlying earnings potential is as good as, or probably even better, than the statutory profit makes it seem! So while earnings quality is important, it's equally important to consider the risks facing Fleetwood at this point in time. While conducting our analysis, we found that Fleetwood has <strong>2 warning signs</strong> and it would be unwise to ignore them.</p>
<div class="lb-trans"><p>總之，Fleetwood 的應計比率和異常項目都表明其法定收益可能相對保守。基於這些因素，我們認為 Fleetwood 的潛在收益能力與法定利潤看起來一樣好，甚至可能更好！因此，雖然收益質量很重要，但同樣重要的是考慮 Fleetwood 目前面臨的風險。在我們的分析中，我們發現 Fleetwood 有 <strong>2 個警告信號</strong>，忽視它們是不明智的。</p>
</div><p>Our examination of Fleetwood has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. 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. 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>我們對 Fleetwood 的審查集中在某些因素上，這些因素可能使其收益看起來比實際更好。它在這方面表現出色。但如果你能夠專注於細節，總會有更多的發現。例如，許多人認為高股本回報率是良好商業經濟的標誌，而其他人則喜歡 “追蹤資金”，尋找內部人士正在購買的股票。因此，你可能希望查看這份 <strong>免費</strong> 的高股本回報率公司集合，或這份內部持股比例高的股票列表。</p>
</div>

Fleetwood（ASX:FWD）的表現甚至優於其收益所顯示的情況