<h2>關鍵要點</h2>
<ul>
<li>艾伯維和西維斯的股票看起來可能很昂貴，因為它們的市盈率超過 40。</li>
</ul>
<ul>
<li>然而，由於一次性費用，它們的收益看起來比實際情況更糟。</li>
</ul>
<ul>
<li>從前瞻性收益的角度來看，這些股票顯得便宜得多。</li>
</ul>
<ul>
<li>我們更喜歡的 10 只股票超過艾伯維 ›</li>
</ul>
<p>僅僅查看收益數字和倍數可能會誤導你，尤其是在尋找購買股票時。這是因為一家公司可能會有異常強勁或疲弱的季度，這會影響其倍數，從而使其看起來比實際情況便宜或昂貴。這是僅依賴倍數進行股票篩選時的一個風險。</p>
<p>有幾隻股票看起來比最初的估計便宜得多，<strong>艾伯維</strong>（NYSE: ABBV）和 <strong>西維斯</strong>（NYSE: CVS）。雖然乍一看這些股票似乎很昂貴，市盈率很高，但仔細觀察會發現它們實際上可能是物美價廉的選擇。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnAjZ3PTcwMA?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://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnAjZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>艾伯維</h2>
<p>醫療巨頭艾伯維的市盈率似乎很高，超過 100。因此，看到該股票在過去 12 個月僅上漲 14% 也就不足為奇，因為投資者可能由於這個高倍數而避開了該股票。相比之下，<strong>標普 500</strong> 在此期間上漲了約 24%。</p>
<p>艾伯維的問題源於一個特別糟糕的季度，其淨收入遠低於正常水平。在截至 2025 年 9 月 30 日的期間，艾伯維報告的淨收益為 1.88 億美元，而去年同期的利潤接近 16 億美元。大幅下降的原因是公司因收購在研研發成本而產生了 27 億美元的費用。這些費用與收購相關，屬於一次性支出。</p>
<p>對於艾伯維來説，這些類型的費用會極大影響收益，而當這種情況發生時，其市盈率會急劇上升，因為分母變小。然而，當查看其前瞻性市盈率為 15 時，該股票似乎是一個更好的購買選擇，因為這考慮了分析師對其未來表現的預期。這可以更好地指示公司的正常收益。</p>
<p>艾伯維是一隻頂級製藥股票，在過去四個季度中產生了近 630 億美元的收入，併為投資者提供了 3.3% 的吸引人收益率。它可能是一個優秀的持有股票，但對於那些可能僅依賴於歷史市盈率的投資者來説，由於其看似高估值，可能會輕易忽視該股票。</p>
<h2>西維斯</h2>
<p>另一個看起來比實際更昂貴的股票是西維斯。其歷史市盈率為 42，但前瞻性市盈率僅降至 13。導致高市盈率的明顯原因是幾個月前，該公司報告了近 40 億美元的淨虧損。由於該虧損影響了過去四個季度的收益，其市盈率變得更高。</p>
<p>造成這一巨大虧損的原因是一次性項目：總計 57 億美元的商譽減值。這項費用也發生在截至 2025 年 9 月 30 日的季度，並與公司的健康服務部門有關。如果沒有這項費用，西維斯的股票看起來會比現在便宜得多。在前瞻性市盈率為 13 的情況下，它是另一個例子，顯示出該股票比根據歷史市盈率看起來更具吸引力。</p>
<p>西維斯最近的業績更強勁，因為醫療成本有所下降。2026 年第一季度的醫療福利比率為 84.6%，而去年同期為 87.3%。這表明成本正在下降，因此分析師可能也會提升對該股票的前景預期，這可能是前瞻性市盈率降低的另一個原因——因為預計未來一年底線會改善。</p>
<p>西維斯是一家多元化的醫療公司，基本面強勁，可能是希望廣泛接觸醫療行業的投資者的絕佳選擇。它的收益率為 2.8%，這為購買和持有提供了一些額外的激勵。標普 500 的平均收益率僅為 1.1%。</p>
<p>收益倍數在比較股票時可能很有用，但理解其侷限性也很重要。例如，過於依賴歷史市盈率可能會導致你輕易忽視這兩隻優秀的藍籌股分紅股票。</p>
<h2>你現在應該購買艾伯維的股票嗎？</h2>
<p>在你購買艾伯維的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong>，供投資者現在購買……而艾伯維並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在會有 483,476 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在會有 1,362,941 美元</strong>！*</p>
<p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 998%——相比於標普 500 的 207% 的市場超額收益。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 回報截至 2026 年 5 月 19 日。</em></p>
<p>大衞·賈吉爾斯基（David Jagielski），註冊會計師（CPA）在提到的任何股票中均沒有持倉。Motley Fool 在艾伯維（AbbVie）中持有股份並給予推薦。Motley Fool 推薦西維斯（CVS Health）。Motley Fool 有披露政策。</p>
<p>本文中表達的觀點和意見僅代表作者本人，並不一定反映納斯達克公司的觀點和意見。</p>

西維斯

艾伯維

生物科技 ETF - VanEck Vectors

<p>艾伯維和西維斯的市盈率超過 40，看起來價格昂貴，但非經常性支出使這些數字膨脹。艾伯維的前瞻市盈率為 15，而西維斯的為 13，表明它們可能被低估。艾伯維因 27 億美元的費用而面臨淨收入大幅下降，而西維斯則因商譽減值報告了 40 億美元的虧損。儘管當前估值較高，但這兩家公司顯示出更好的業績潛力，使它們成為有吸引力的投資選擇</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵要點</h2>
</div><ul>
<li>AbbVie and CVS Health may appear to be expensive stocks, as they trade at trailing price-to-earnings multiples of more than 40.</li>
</ul>
<div class="lb-trans"><ul>
<li>艾伯維和西維斯的股票看起來可能很昂貴，因為它們的市盈率超過 40。</li>
</ul>
</div><ul>
<li>Their earnings, however, look worse than they otherwise would be due to non-recurring expenses.</li>
</ul>
<div class="lb-trans"><ul>
<li>然而，由於一次性費用，它們的收益看起來比實際情況更糟。</li>
</ul>
</div><ul>
<li>On a forward-earnings basis, these stocks look much cheaper.</li>
</ul>
<div class="lb-trans"><ul>
<li>從前瞻性收益的角度來看，這些股票顯得便宜得多。</li>
</ul>
</div><ul>
<li>10 stocks we like better than AbbVie ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我們更喜歡的 10 只股票超過艾伯維 ›</li>
</ul>
</div><p>Simply looking at earnings numbers and multiples can be misleading if you're looking at stocks to buy. That's because a company can have an unusually strong or weak quarter that impacts its multiples, and in the process, it can end up looking much cheaper or more expensive than it otherwise would be. It's one of the dangers of relying solely on multiples when scanning and searching for stocks.</p>
<div class="lb-trans"><p>僅僅查看收益數字和倍數可能會誤導你，尤其是在尋找購買股票時。這是因為一家公司可能會有異常強勁或疲弱的季度，這會影響其倍數，從而使其看起來比實際情況便宜或昂貴。這是僅依賴倍數進行股票篩選時的一個風險。</p>
</div><p>A couple of stocks that are much cheaper than they might initially look are <strong>AbbVie</strong>(NYSE: ABBV) and <strong>CVS Health</strong>(NYSE: CVS). While at first glance these stocks may appear to be expensive and trading at high earnings multiples, a closer look reveals that they can actually end up being bargain buys.</p>
<div class="lb-trans"><p>有幾隻股票看起來比最初的估計便宜得多，<strong>艾伯維</strong>（NYSE: ABBV）和 <strong>西維斯</strong>（NYSE: CVS）。雖然乍一看這些股票似乎很昂貴，市盈率很高，但仔細觀察會發現它們實際上可能是物美價廉的選擇。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供英偉達和英特爾都需要的關鍵技術。<strong>繼續 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcwNy9kb2N0b3Itc2hvd2luZy1wYXRpZW50LWEtY2hhcnQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870707%2Fdoctor-showing-patient-a-chart.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>AbbVie</h2>
<div class="lb-trans"><h2>艾伯維</h2>
</div><p>Healthcare giant AbbVie trades at a seemingly expensive price-to-earnings (P/E) multiple of more than 100. Thus, it may not be all that surprising to see that the stock has risen by just 14% over the past 12 months, as investors may have avoided the stock due to that high multiple. By comparison, the <strong>S&amp;P 500</strong> has risen by about 24% during that stretch.</p>
<div class="lb-trans"><p>醫療巨頭艾伯維的市盈率似乎很高，超過 100。因此，看到該股票在過去 12 個月僅上漲 14% 也就不足為奇，因為投資者可能由於這個高倍數而避開了該股票。相比之下，<strong>標普 500</strong> 在此期間上漲了約 24%。</p>
</div><p>The problem for AbbVie stems from a particularly poor quarter where its net income was much lower than usual. For the period ending Sept. 30, 2025, AbbVie reported net earnings of $188 million, versus nearly $1.6 billion in profit in the prior-year period. The reason for the sizable drop is that the company incurred a $2.7 billion charge for acquired in-process research and development costs. These are expenses related to acquisitions and aren't recurring in nature.</p>
<div class="lb-trans"><p>艾伯維的問題源於一個特別糟糕的季度，其淨收入遠低於正常水平。在截至 2025 年 9 月 30 日的期間，艾伯維報告的淨收益為 1.88 億美元，而去年同期的利潤接近 16 億美元。大幅下降的原因是公司因收購在研研發成本而產生了 27 億美元的費用。這些費用與收購相關，屬於一次性支出。</p>
</div><p>For AbbVie, which has been involved in many acquisitions over the years, these types of expenses can drastically impact earnings, and when that happens, its P/E multiple increases sharply since the denominator becomes smaller. However, when looking at its forward P/E multiple of 15, the stock appears to be a much better buy, as that factors in analyst expectations of how it will do in the future. It can be a better indicator of what the company's normal earnings will be.</p>
<div class="lb-trans"><p>對於艾伯維來説，這些類型的費用會極大影響收益，而當這種情況發生時，其市盈率會急劇上升，因為分母變小。然而，當查看其前瞻性市盈率為 15 時，該股票似乎是一個更好的購買選擇，因為這考慮了分析師對其未來表現的預期。這可以更好地指示公司的正常收益。</p>
</div><p>AbbVie is a top pharmaceutical stock that has generated nearly $63 billion in revenue over the past four quarters and offers investors an attractive yield of 3.3%. It can be an excellent stock to own, but for investors who may be relying on just the trailing P/E multiple, it can be easy to overlook the stock due to its seemingly high valuation.</p>
<div class="lb-trans"><p>艾伯維是一隻頂級製藥股票，在過去四個季度中產生了近 630 億美元的收入，併為投資者提供了 3.3% 的吸引人收益率。它可能是一個優秀的持有股票，但對於那些可能僅依賴於歷史市盈率的投資者來説，由於其看似高估值，可能會輕易忽視該股票。</p>
</div><h2>CVS Health</h2>
<div class="lb-trans"><h2>西維斯</h2>
</div><p>Another stock that looks much more expensive than it is right now is CVS Health. Its trailing P/E multiple is 42, but its forward P/E drops to just 13. A glaring reason for the inflated high earnings multiple is that a couple of quarters ago, the company reported a net loss of just under $4 billion. With that loss impacting its earnings over the past four quarters, its P/E multiple becomes much higher.</p>
<div class="lb-trans"><p>另一個看起來比實際更昂貴的股票是西維斯。其歷史市盈率為 42，但前瞻性市盈率僅降至 13。導致高市盈率的明顯原因是幾個月前，該公司報告了近 40 億美元的淨虧損。由於該虧損影響了過去四個季度的收益，其市盈率變得更高。</p>
</div><p>The reason for that big loss was due to a non-recurring item: goodwill impairment totaling $5.7 billion. This charge also came during the quarter ending Sept. 30, 2025, and was related to the company's health services segment. Without that expense, CVS Health stock would look much cheaper than it is today. At a forward P/E of 13, it's another example of a stock that is a much better buy than how it appears when looking at the trailing P/E multiple.</p>
<div class="lb-trans"><p>造成這一巨大虧損的原因是一次性項目：總計 57 億美元的商譽減值。這項費用也發生在截至 2025 年 9 月 30 日的季度，並與公司的健康服務部門有關。如果沒有這項費用，西維斯的股票看起來會比現在便宜得多。在前瞻性市盈率為 13 的情況下，它是另一個例子，顯示出該股票比根據歷史市盈率看起來更具吸引力。</p>
</div><p>CVS has been posting stronger results of late as medical costs have been coming down. Its medical benefits ratio for the first quarter of 2026 was 84.6%, compared with 87.3% in the prior-year period. This is a good sign that costs are coming down, and as a result of this, analysts may also end up upgrading their outlooks for the stock, which can be another reason the forward P/E becomes much lower -- because of the expected improvement in the bottom line over the coming year.</p>
<div class="lb-trans"><p>西維斯最近的業績更強勁，因為醫療成本有所下降。2026 年第一季度的醫療福利比率為 84.6%，而去年同期為 87.3%。這表明成本正在下降，因此分析師可能也會提升對該股票的前景預期，這可能是前瞻性市盈率降低的另一個原因——因為預計未來一年底線會改善。</p>
</div><p>CVS is a diversified healthcare company with strong fundamentals, making it a potentially great option for investors who want broad exposure to the healthcare sector. It also yields 2.8%, which adds some extra incentive to buy and hold. The S&amp;P 500 average yield is just 1.1%.</p>
<div class="lb-trans"><p>西維斯是一家多元化的醫療公司，基本面強勁，可能是希望廣泛接觸醫療行業的投資者的絕佳選擇。它的收益率為 2.8%，這為購買和持有提供了一些額外的激勵。標普 500 的平均收益率僅為 1.1%。</p>
</div><p>Earnings multiples can be useful in comparing stocks, but it's also important to understand their shortfalls. Relying too heavily on the trailing P/E, for instance, could result in you easily looking past these two terrific blue chip dividend stocks.</p>
<div class="lb-trans"><p>收益倍數在比較股票時可能很有用，但理解其侷限性也很重要。例如，過於依賴歷史市盈率可能會導致你輕易忽視這兩隻優秀的藍籌股分紅股票。</p>
</div><h2>Should you buy stock in AbbVie right now?</h2>
<div class="lb-trans"><h2>你現在應該購買艾伯維的股票嗎？</h2>
</div><p>Before you buy stock in AbbVie, consider this:</p>
<div class="lb-trans"><p>在你購買艾伯維的股票之前，請考慮以下幾點：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and AbbVie wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong>，供投資者現在購買……而艾伯維並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $483,476</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,362,941</strong>!*</p>
<div class="lb-trans"><p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在會有 483,476 美元</strong>！* 或者當 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1000 美元，<strong>你現在會有 1,362,941 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 998% — a market-crushing outperformance compared to 207% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>現在值得注意的是，<em>Stock Advisor</em> 的總平均回報率為 998%——相比於標普 500 的 207% 的市場超額收益。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of May 19, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回報截至 2026 年 5 月 19 日。</em></p>
</div><p><em>David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie. The Motley Fool recommends CVS Health. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p>大衞·賈吉爾斯基（David Jagielski），註冊會計師（CPA）在提到的任何股票中均沒有持倉。Motley Fool 在艾伯維（AbbVie）中持有股份並給予推薦。Motley Fool 推薦西維斯（CVS Health）。Motley Fool 有披露政策。</p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>本文中表達的觀點和意見僅代表作者本人，並不一定反映納斯達克公司的觀點和意見。</p>
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兩隻股票的實際價格比表面看起來要便宜得多