<p><strong>山澤株式會社</strong>（TSE:9993）強勁的財報並未能推動其股價上漲。我們的分析表明，這可能是因為股東注意到了一些令人擔憂的潛在因素。</p>
<p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行工作。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前入場。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652?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/883919-earnings-and-revenue-history-1-dark-2/1777323618652"/></p>
<p>TSE:9993 收益和收入歷史 2026 年 4 月 27 日</p>
<h2>深入瞭解山澤的收益</h2>
<p>用於衡量公司將利潤轉化為自由現金流（FCF）能力的一個關鍵財務比率是 <strong>應計比率</strong>。應計比率將某一時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。你可以將應計比率視為現金流的 “非 FCF 利潤比率”。</p>
<p>因此，當一家公司擁有負的應計比率時，實際上被視為一件好事，而如果其應計比率為正，則被視為壞事。雖然擁有正的應計比率並不成問題，這表明存在一定水平的非現金利潤，但高應計比率可以説是一個壞事，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>山澤在截至 2026 年 2 月的年度應計比率為-0.12。這表明其自由現金流遠高於法定利潤。實際上，在過去的 12 個月中，它報告的自由現金流為 49 億日元，遠超其報告的 12.4 億日元的利潤。山澤的股東無疑對過去 12 個月自由現金流的改善感到滿意。然而，這並不是唯一需要考慮的因素。應計比率反映了不尋常項目對法定利潤的影響，至少在某種程度上。</p>
<p>查看我們對山澤的最新分析</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山澤的資產負債表分析。</p>
<h2>不尋常項目如何影響利潤？</h2>
<p>令人驚訝的是，儘管山澤的應計比率暗示強勁的現金轉化能力，但其紙面利潤實際上受到 6.39 億日元不尋常項目的推動。雖然利潤更高總是令人愉快，但來自不尋常項目的大額貢獻有時會抑制我們的熱情。當我們分析全球絕大多數上市公司時，我們發現顯著的不尋常項目往往不會重複。畢竟，這正是會計術語所暗示的。我們可以看到，山澤的正面不尋常項目相對於其截至 2026 年 2 月的利潤而言是相當顯著的。因此，我們可以推測，這些不尋常項目使其法定利潤顯著強於本應如此的水平。</p>
<h2>我們對山澤利潤表現的看法</h2>
<p>總之，山澤的應計比率表明其法定收益質量良好，但另一方面，利潤受到不尋常項目的推動。考慮到這些因素，我們認為山澤的法定利潤並未對業務產生過於嚴厲的看法。因此，雖然收益質量很重要，但同樣重要的是考慮山澤目前面臨的風險。例如，我們發現山澤有 <strong>4 個警告信號</strong>（其中 1 個不能忽視！）值得你在進一步分析之前關注。</p>
<p>在本文中，我們考察了一些可能影響利潤數字效用的因素，作為對業務的指導。但如果你能夠專注於細節，總會有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。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，或這份高內部持股的股票列表。</p>
<h3><strong>新功能：</strong> 在一個地方管理所有股票投資組合</h3>
<p>我們為股票投資者創建了 <strong>終極投資組合助手</strong>，<strong>而且是免費的。</strong></p>
<p>• 連接無限數量的投資組合，並以一種貨幣查看總額</p>
<p>• 通過電子郵件或手機接收新的警告信號或風險提醒</p>
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9993

<p>山澤株式會社（TSE:9993）報告了強勁的收益，但由於對基本因素的擔憂，市場反應平淡。該公司的應計比率為-0.12，表明現金流轉化良好，自由現金流為 49 億日元，超過法定利潤的 12.4 億日元。然而，利潤因 639 百萬日元的非常規項目而被誇大，這引發了對可持續性的質疑。儘管應計比率為正，但非常規項目的存在表明需要謹慎。投資者在進一步分析之前應注意山澤的財務健康狀況的四個警示信號</p>

<p><strong>Yamazawa Co., Ltd.'s</strong> (TSE:9993) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that this might be because shareholders have noticed some concerning underlying factors.</p>
<div class="lb-trans"><p><strong>山澤株式會社</strong>（TSE:9993）強勁的財報並未能推動其股價上漲。我們的分析表明，這可能是因為股東注意到了一些令人擔憂的潛在因素。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即將改變醫療保健。這 20 只股票正在從早期診斷到藥物發現等各個方面進行工作。最棒的是——它們的市值都在 100 億美元以下——現在仍然有機會提前入場。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652" alt="" original-src="https://images.simplywall.st/asset/chart/883919-earnings-and-revenue-history-1-dark-2/1777323618652"/></p>
<p>TSE:9993 Earnings and Revenue History April 27th 2026</p>
<div class="lb-trans"><p>TSE:9993 收益和收入歷史 2026 年 4 月 27 日</p>
</div><h2>A Closer Look At Yamazawa's Earnings</h2>
<div class="lb-trans"><h2>深入瞭解山澤的收益</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>. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'.</p>
<div class="lb-trans"><p>用於衡量公司將利潤轉化為自由現金流（FCF）能力的一個關鍵財務比率是 <strong>應計比率</strong>。應計比率將某一時期的自由現金流從利潤中減去，然後將結果除以該公司在此期間的平均運營資產。你可以將應計比率視為現金流的 “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. 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>因此，當一家公司擁有負的應計比率時，實際上被視為一件好事，而如果其應計比率為正，則被視為壞事。雖然擁有正的應計比率並不成問題，這表明存在一定水平的非現金利潤，但高應計比率可以説是一個壞事，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>Yamazawa has an accrual ratio of -0.12 for the year to February 2026. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of JP¥4.9b, well over the JP¥1.24b it reported in profit. Yamazawa shareholders are no doubt pleased that free cash flow improved over the last twelve months. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part.</p>
<div class="lb-trans"><p>山澤在截至 2026 年 2 月的年度應計比率為-0.12。這表明其自由現金流遠高於法定利潤。實際上，在過去的 12 個月中，它報告的自由現金流為 49 億日元，遠超其報告的 12.4 億日元的利潤。山澤的股東無疑對過去 12 個月自由現金流的改善感到滿意。然而，這並不是唯一需要考慮的因素。應計比率反映了不尋常項目對法定利潤的影響，至少在某種程度上。</p>
</div><p>See our latest analysis for Yamazawa</p>
<div class="lb-trans"><p>查看我們對山澤的最新分析</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 Yamazawa.</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山澤的資產負債表分析。</p>
</div><h2>How Do Unusual Items Influence Profit?</h2>
<div class="lb-trans"><h2>不尋常項目如何影響利潤？</h2>
</div><p>Surprisingly, given Yamazawa's accrual ratio implied strong cash conversion, its paper profit was actually boosted by JP¥639m in unusual items. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. 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. We can see that Yamazawa's positive unusual items were quite significant relative to its profit in the year to February 2026. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.</p>
<div class="lb-trans"><p>令人驚訝的是，儘管山澤的應計比率暗示強勁的現金轉化能力，但其紙面利潤實際上受到 6.39 億日元不尋常項目的推動。雖然利潤更高總是令人愉快，但來自不尋常項目的大額貢獻有時會抑制我們的熱情。當我們分析全球絕大多數上市公司時，我們發現顯著的不尋常項目往往不會重複。畢竟，這正是會計術語所暗示的。我們可以看到，山澤的正面不尋常項目相對於其截至 2026 年 2 月的利潤而言是相當顯著的。因此，我們可以推測，這些不尋常項目使其法定利潤顯著強於本應如此的水平。</p>
</div><h2>Our Take On Yamazawa's Profit Performance</h2>
<div class="lb-trans"><h2>我們對山澤利潤表現的看法</h2>
</div><p>In conclusion, Yamazawa's accrual ratio suggests its statutory earnings are of good quality, but on the other hand the profits were boosted by unusual items. Having considered these factors, we don't think Yamazawa's statutory profits give an overly harsh view of the business. So while earnings quality is important, it's equally important to consider the risks facing Yamazawa at this point in time. For example, we've found that Yamazawa has <strong>4 warning signs</strong> (1 can't be ignored!) that deserve your attention before going any further with your analysis.</p>
<div class="lb-trans"><p>總之，山澤的應計比率表明其法定收益質量良好，但另一方面，利潤受到不尋常項目的推動。考慮到這些因素，我們認為山澤的法定利潤並未對業務產生過於嚴厲的看法。因此，雖然收益質量很重要，但同樣重要的是考慮山澤目前面臨的風險。例如，我們發現山澤有 <strong>4 個警告信號</strong>（其中 1 個不能忽視！）值得你在進一步分析之前關注。</p>
</div><p>In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. 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>在本文中，我們考察了一些可能影響利潤數字效用的因素，作為對業務的指導。但如果你能夠專注於細節，總會有更多的發現。有些人認為高股本回報率是優質企業的良好標誌。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，或這份高內部持股的股票列表。</p>
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<div class="lb-trans"><h3><strong>新功能：</strong> 在一個地方管理所有股票投資組合</h3>
</div><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p>
<div class="lb-trans"><p>我們為股票投資者創建了 <strong>終極投資組合助手</strong>，<strong>而且是免費的。</strong></p>
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<div class="lb-trans"><p>• 連接無限數量的投資組合，並以一種貨幣查看總額</p>
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<div class="lb-trans"><p>• 通過電子郵件或手機接收新的警告信號或風險提醒</p>
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<div class="lb-trans"><p>免費試用演示投資組合</p>
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Yamazawa（TSE:9993）的收益質量存在疑問