<p>儘管 <strong>Create Corporation</strong> (TSE:3024) 最近的財報表現強勁，但市場似乎並沒有注意到。我們認為投資者忽視了一些支持利潤數據的積極因素。</p>
<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。查看完整列表，免費獲取。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889?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/6465745-earnings-and-revenue-history-1-dark-2/1763156852889"/></p>
<p>TSE:3024 收益和收入歷史 2025 年 11 月 14 日</p>
<h2>更深入地瞭解 Create 的收益</h2>
<p>許多投資者可能沒有聽説過 <strong>現金流的應計比率</strong>，但它實際上是衡量公司在特定時期內利潤是否得到自由現金流（FCF）支持的有用指標。要計算應計比率，我們首先從某一時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。你可以將現金流的應計比率視為 “非 FCF 利潤比率”。</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。這並不是説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的情況。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差&#34;。</p>
<p>Create 在截至 2025 年 9 月的年度應計比率為-0.14。因此，其法定收益顯著低於其自由現金流。具體來説，在此期間，它產生了 14 億日元的自由現金流，遠超其報告的 5.36 億日元的利潤。Create 的股東無疑會對過去十二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 Create 的資產負債表分析。</p>
<h2>我們對 Create 盈利表現的看法</h2>
<p>正如我們上面討論的，Create 的自由現金流相對於利潤是完全令人滿意的。因此，我們認為 Create 的盈利潛力至少和看起來一樣好，甚至更好！此外，它在過去一年中成功地提高了每股收益。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有許多其他因素需要考慮。因此，雖然收益質量很重要，但同樣重要的是考慮 Create 目前面臨的風險。例如 - Create 有 <strong>2 個警告信號</strong> 我們認為你應該注意。</p>
<p>這篇文章僅關注了一個因素，揭示了 Create 利潤的性質。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的指標，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>

3024

<p>Create Corporation (TSE:3024) 發佈了強勁的財報，但市場忽視了關鍵因素。該公司的應計比率為 -0.14，表明其自由現金流（14 億日元）顯著超過報告利潤（5.36 億日元），這暗示了強勁的盈利潛力。儘管盈利和每股收益增長積極，投資者仍應考慮風險，包括兩個警示信號。分析強調了自由現金流的重要性，並暗示 Create 的盈利可能比表面上看起來要好</p>

<p>Even though <strong>Create Corporation's</strong> (TSE:3024) recent earnings release was robust, the market didn't seem to notice. We think that investors have missed some encouraging factors underlying the profit figures.</p>
<div class="lb-trans"><p>儘管 <strong>Create Corporation</strong> (TSE:3024) 最近的財報表現強勁，但市場似乎並沒有注意到。我們認為投資者忽視了一些支持利潤數據的積極因素。</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。查看完整列表，免費獲取。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889" alt="" original-src="https://images.simplywall.st/asset/chart/6465745-earnings-and-revenue-history-1-dark-2/1763156852889"/></p>
<p>TSE:3024 Earnings and Revenue History November 14th 2025</p>
<div class="lb-trans"><p>TSE:3024 收益和收入歷史 2025 年 11 月 14 日</p>
</div><h2>A Closer Look At Create's Earnings</h2>
<div class="lb-trans"><h2>更深入地瞭解 Create 的收益</h2>
</div><p>Many investors haven't heard of the <strong>accrual ratio from cashflow</strong>, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. 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. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.</p>
<div class="lb-trans"><p>許多投資者可能沒有聽説過 <strong>現金流的應計比率</strong>，但它實際上是衡量公司在特定時期內利潤是否得到自由現金流（FCF）支持的有用指標。要計算應計比率，我們首先從某一時期的利潤中減去 FCF，然後將該數字除以該時期的平均運營資產。你可以將現金流的應計比率視為 “非 FCF 利潤比率”。</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. 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。這並不是説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的情況。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差&#34;。</p>
</div><p>Create has an accrual ratio of -0.14 for the year to September 2025. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of JP¥1.4b during the period, dwarfing its reported profit of JP¥536.0m. Create shareholders are no doubt pleased that free cash flow improved over the last twelve months.</p>
<div class="lb-trans"><p>Create 在截至 2025 年 9 月的年度應計比率為-0.14。因此，其法定收益顯著低於其自由現金流。具體來説，在此期間，它產生了 14 億日元的自由現金流，遠超其報告的 5.36 億日元的利潤。Create 的股東無疑會對過去十二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 Create.</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 Create 的資產負債表分析。</p>
</div><h2>Our Take On Create's Profit Performance</h2>
<div class="lb-trans"><h2>我們對 Create 盈利表現的看法</h2>
</div><p>As we discussed above, Create has perfectly satisfactory free cash flow relative to profit. Because of this, we think Create's earnings potential is at least as good as it seems, and maybe even better! Furthermore, it has done a great job growing EPS over the last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So while earnings quality is important, it's equally important to consider the risks facing Create at this point in time. For example - Create has <strong>2 warning signs</strong> we think you should be aware of.</p>
<div class="lb-trans"><p>正如我們上面討論的，Create 的自由現金流相對於利潤是完全令人滿意的。因此，我們認為 Create 的盈利潛力至少和看起來一樣好，甚至更好！此外，它在過去一年中成功地提高了每股收益。本文的目標是評估我們在多大程度上可以依賴法定收益來反映公司的潛力，但還有許多其他因素需要考慮。因此，雖然收益質量很重要，但同樣重要的是考慮 Create 目前面臨的風險。例如 - Create 有 <strong>2 個警告信號</strong> 我們認為你應該注意。</p>
</div><p>This note has only looked at a single factor that sheds light on the nature of Create's profit. But there are plenty of other ways to inform your opinion of a company. 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>這篇文章僅關注了一個因素，揭示了 Create 利潤的性質。但還有許多其他方式可以幫助你形成對公司的看法。例如，許多人認為高股本回報率是良好商業經濟的指標，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>

Create（TSE:3024）發佈的強勁收益表明了其業務的強大實力