Type something and hit enter

On



比尔·盖茨说了一句很有意思的话,
他说世界上最聪明的人其实就是“懒人”,
“懒人”之所以怕麻烦、贪方便、省时间、
所以就创造了很多“懒人”用的工具,
结果,每项发明都相当受欢迎。

量化指标也是“懒人”的发明之一,

所以今天的主题是分享基本面量化指标大全,
如果你也很“懒”,
那就继续阅读下去吧,哈哈


资料来源:Shareinvestor + 全哥整合




估值比率 Valuation Ratios (Adjusted) (衡量值不值得投资)

Price Earnings Ratio (PER) 价格收益率
计算法:Price/Adjusted EPS(价格/调整后的每股收益)
使用解说:P/E is a price multiple of the Earnings Per Share (EPS) where the multiple represents the premium investors are willing to pay for a ordinary share per dollar of EPS in anticipation of future earnings growth.
*Value investors view shares trading at low P/E relative to comparable companies or earnings estimates as undervalued value stocks at potential bargains while growth investors view shares trading at higher P/E as attractive growth stocks with perceived greater expected future earnings growth and/or comparative advantages.
*用以衡量公司的价值及预测未来盈利增长。

Price/Net Asset Value (Price/NAV) (价格/资产净值)
使用解说:[Also known as Market/Book Value]
*Price/NAV measures the market valuation of a company's assets relative to their book values.
*Price/NAV is usually lower for companies in capital-intensive industries in view of their relatively huge fixed assets investment outlay and is most appropriate for valuing companies with considerable non-current physical assets which are subject to annual revaluation or are marked-to-market for the cash flows that they will generate. Value investors seek companies trading at a discount to their NAV as a margin of safety for their investments.
*价值投资者寻求以其资产净值折扣交易的公司作为其投资的安全边际。

Price/NTA - Adjusted (价格/有形净资产)
使用解说:[Also known as Market/Tangible Book Value]
Price/NTA measures the market valuation of a company's assets relative to their tangible book values.
*This metric gives a much more conservative value of a company's worth as intangible assets and goodwill are not factored into the calculation. When compared to the market value, it gives an idea of whether the stock is trading at a premium or discount in relation to tangible assets. Value investors seek companies trading at a discount to their NTA as a margin of safety for their investments.
* 价值投资者寻求以低于其NTA折扣交易的公司作为其投资的安全边际。


Price/Revenue (价格/收入)
使用解说:[Also known as Price/Sales]
*Price/Revenue measures the market's valuation of the company's share for every dollar of sales made.
*Price/Revenue is usually applied in place of Price/Earnings in instances where newly incorporated and fast-growing companies incur net losses. Growth stocks with relatively low Price/Revenue and rising revenues not accompanied by rising receivables are favoured.


Price/Operating Cash Flow (价格/营运现金流)
使用解说:Price/Operating Cash Flow is a valuation metric that compares the market price of a company to its cash flow generated from operations. It serves as a quick metric to see which companies are the better ones when compare to its peers. Operating Cash Flow gives a better measure of the company's operating performance as it is less subject to accounting manipulations than earnings because it measures actual cash, not the accruals.
*价格/经营现金流量是一种估值指标,用于比较公司的市场价格与运营产生的现金流量。 它可以作为一个快速指标,看看与同行相比哪些公司更好。 经营现金流量可以更好地衡量公司的经营业绩,因为它更少受到会计操纵而非收益的影响,因为它衡量的是实际现金,而不是应计利润。


Price/Free Cash Flow(价格/自由现金流)
使用解说:Price/Free Cash Flow is a valuation metric that compares the market price of a company to its annual free cash flow. This is similar to the measure of Price/Operating Cash Flow but uses a stricter measure of cash flow, by subtracting capital expenditures from its operating cash flow. This metric eliminates the impact of non-cash items and provides a more reliable evaluation of company's actual performance to compare against that of peer companies. The optimal level of this ratio varies from sector to sector and its phase of maturity. Capital-intensive companies tend to have lower Price/Cash Flow ratios.
* 该指标消除了非现金项目的影响,并提供了对公司实际绩效的更可靠的评估,以与同行公司进行比较。


Price/Cash In Hand (价格/现金)
[Also known as Price/Cash Flow]
使用解说:Price/Cash In Hand measures the market valuation of a company's share relative to the amount of cash generated by the company on a per share basis.
*The higher the Price/Cash In Hand, the greater the premium investors are paying for the share given the company's profitability better measured by the level of cash flows generated. A lower Price/Cash In Hand is preferred as a margin of safety over a larger price multiple.
*现金价格/现金越高,投资者为股票支付的溢价越大,因为公司的盈利能力更好地通过产生的现金流量来衡量。

Dividend Yield (股息收益率)
计算法:(Dividend Per Share/Average Historical Price)
(每股股息/平均历史价格)
使用解说:Dividend Yield measures the rate of return for shareholders exclusive of any capital gains.
*Investors seeking a minimum income stream from their investments or with a smaller risk appetite would have a preference for high Dividend Yield plays with relatively stable Dividend Payout for offering better returns on investments particularly in a low interest rate environment.
*寻求投资或风险偏好较小的最低收入来源的投资者将偏好高股息收益率股票,相对稳定的股息支付,以提供更好的投资回报,特别是在低利率环境下。



增长率 Growth Ratios (衡量公司有没有成长)
Revenue Growth (收入增长)
[Also known as Sales Growth]
计算法:(Current Year Revenue - Last Year Revenue) / Last Year Revenue)
(本年度收入 - 去年收入)/去年收入)
使用解说:Revenue Growth measures the year-on-year increase in top line sales generated.
*Investors would prefer Revenue Growth not accompanied by rising receivables to be as high as possible as it suggests effectiveness of the company's pricing and selling techniques for its products and services.
*投资者更倾向于收入增长并未伴随应收账款增加,因为它表明公司的产品和服务的定价和销售技术的有效性。


Net Earnings Growth 净收益增长
[Also known as Net Profits Growth]
计算法:(Current Year Earnings - Last Year Earnings) / Last Year Earnings)
(当年收益 - 去年收益)/去年收益)
使用解说:Net Earnings Growth measures the year-on-year increase in bottom line net profits made from each dollar of sales for reinvestment into the business or dividend distribution to the shareholders after taking into account all costs and expenses.
*Investors would prefer Net Earnings Growth, a more meaningful indicator than Revenue Growth, to be as high as possible as it suggests the effectiveness of the company's pricing and selling techniques for its products and services as well as its costs and control methods.
*它表明公司的产品和服务的定价和销售技术的有效性以及成本和控制方法。


Price Earnings to Growth 价格收益增长率
计算法:(Historical PER / Earnings Growth)
(历史市盈率/盈利增长)
使用解说:Price Earnings to Growth is a metric comparing the Price/Earnings ratio of a company to its annual EPS growth rate. It provides a more complete picture to evaluate a company's value by factoring in earnings growth. Price Earnings to Growth ratio can be a valuable reference tool for investors in foreseeing the future growth based on historical earnings growth. Investors usually hunt for companies with a PEG ratio below one which indicates the company is trading at a discount to its growth potential.
* 投资者通常寻找PEG比率低于1的公司,这表明该公司的交易价格低于其增长潜力。


盈利率 Profitability Ratios  (衡量公司厉不厉害赚钱)
Gross Profit(Earnings) Margin  毛利润率
计算法:(Gross Profit/Revenue) (毛利/收入)
使用解说:Gross Profit Margin measures the proportion of income left over from its revenue that generated from its ordinary course of business after accounting for the cost of goods sold. This metric can be used to evaluate a company's financial health by comparing them to its past values or industry benchmarks. Gross profit margin varies drastically from industry to industry. A company's gross profit margin should be stable over time as it indicates the efficiency of production process. Investors tend to pay more attention to companies that have higher gross profit margin.
*它表明了生产过程的效率, 投资者往往更关注毛利率较高的公司。

Pretax Margin 税前利润率
计算法:(Profit Before Tax/Revenue) 税前利润/收入)

使用解说:Pretax Margin is a ratio of pretax profits to revenue that generated from ordinary course of business. It measures the profitability of a company without taking taxes into account. This prevents the use of tax shelters from manipulating the profit margin and also removes any distortion caused by taxes. For comparisons within an industry, a higher pretax profit margin is desirable as it indicates the company's ability to control its operating costs.
*税前利润率是普通业务产生的税前利润与收入的比率。 它在不考虑税收的情况下衡量公司的盈利能力。 这可以防止使用避税工具来操纵利润率,也可以消除因税收造成的任何扭曲。 对于行业内的比较,需要更高的税前利润率,因为它表明公司有能力控制其运营成本。

Net Earnings Margin 净利润率
[Also known as Net Profit Margin]
计算法:(Net Earnings/Revenue) (净收益/收入)
使用解说:Net Earnings Margin measures the percentage remaining from each dollar of sales after taking into account all cost and expenses. This gives an indication of the effectiveness of the company in controlling cost and expenses associated with normal business operations.
*An increase in Net Earnings Margin over time is preferred as it indicates the company is improving its efficiency in cost and expenses control.
*它表明该公司正在提高其成本和费用控制的效率。

Dividend Payout Ratio 股息支付比率
计算法:(Dividend Per Share/Historical EPS) 
(每股股息/历史每股收益)
使用解说:Dividend Payout Ratio measures the proportion of earnings being distributed to shareholders in the form of cash dividends relative to being retained for reinvestment into the business and therefore provides insight into the company's dividend policy and its outlook on future growth prospects.

*Income-oriented investors tend to have a preference for stocks with increasing and sustainable Dividend Payout Ratio over growth investors.
*股息支付比率衡量以现金股息形式分配给股东的收益比例,相对于保留用于再投资业务,从而深入了解公司的股息政策及其对未来增长前景的展望。


Efficiency Ratios 效率比率 (衡量有没有效率)

Inventory Turnover 存货周转率
计算法:(Cost of Revenue/Average Inventory) (收入成本/平均库存)
使用解说:Inventory turnover measures how many times a year the company sells its average level of inventory. A high turnover indicates relative ease of selling inventory, which is generally regarded as positive outcome. On the contrary, a low turnover indicates relative difficulty of selling inventory and it could be due to poor planning or contracted level of sales. As an investor, you can deduce whether the company is being managed in an efficient manner in comparison to the industry average.
* 作为投资者,您可以推断出与行业平均水平相比,公司是否以有效的方式进行管理。


Accounts Receivable Turnover 应收账款周转率
计算法:(Revenue/Average Accounts Receivable) (收入/平均应收账款)
使用解说:Accounts receivable turnover measures how quickly the firm collects cash from credit customers. The higher the ratio, the more quickly a firm collects its receivables and this indicates that customers pay their obligations to the firm at a faster pace. This creates a positive cash flow environment for the firm. On the contrary, a lower ratio could mean that the company is having difficulties collecting payment from their customers.
*应收账款周转率衡量公司从信贷客户那里收集现金的速度。 比率越高,公司收取应收账款的速度就越快,这表明客户以更快的速度向公司偿还债务。 这为公司创造了积极的现金流环境。 相反,较低的比率可能意味着公司难以向客户收取付款。


Accounts Payable Turnover 应付账款周转率
计算法:(Cost of Revenue/Average Accounts Payable)(收入成本/平均应付账款)
使用解说:Accounts payables turnover measures how quickly the firm pays cash to its suppliers. The higher the ratio, the more quickly a firm pays its payables. The higher the ratio would generally indicate a greater consistency and track record of paying its suppliers, which creates confidence amongst lenders and investors. On the contrary, a low ratio indicates a slow decline in payments to its suppliers which could signal that the company’s financial health may be diminishing.
*应付账款周转率衡量公司向供应商支付现金的速度。 比率越高,公司支付应付款的速度就越快。 比率越高通常表明支付供应商的一致性和跟踪记录越大,这会使贷方和投资者产生信心。 相反,较低的比率表明向供应商付款的速度缓慢下降,这可能表明该公司的财务状况可能正在减弱。


Average Days Inventory 平均天数库存
计算法:(365/Inventory Turnover) (365 /库存周转率)
使用解说:Inventory resident period is the number of days it will take a company to sell its inventory. The general consensus is that a lower ratio is better as it indicates that a firm can have more sales and convert the inventory into cash flow for its business operations.
*普遍的共识是,较低的比率更好,因为它表明公司可以拥有更多的销售额并将库存转换为其业务运营的现金流。



Management Efficiency Ratios 管理效率比率 (衡量公司的管理效率)
Gross Profitability [%] 毛利润率
计算法:(Gross Profit / Total Assets) (毛利润/总资产)
[Also known as Gross Profit to Assets Ratio]
使用解说:Gross Profitability measures the rate of return on total assets invested in generating gross profit and hence the company's efficiency in asset management.
*An alternative to ROA, Gross Profitability measures the profitability from the top of the income statement (Gross Profit) instead of Net Earnings. Gross profit performance varies significantly from industry to industry. For comparisons within an industry, a higher Gross Profitability is desirable as an indication of the company's profitability on assets invested.
*总盈利能力衡量投资于产生毛利的总资产回报率,从而衡量公司资产管理的效率。

Return On Assets (ROA) [%] 资产回报率(ROA)[%]
计算法:(Net Earnings/Total Assets)
使用解说:ROA measures the rate of return on total assets invested in generating profits and hence the company's efficiency in asset management.
*An increasing ROA without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's improving profitability on assets invested. Companies in industries which require huge investment outlay in fixed assets typically have lower ROA.
*ROA衡量投资产生利润的总资产回报率,从而衡量公司资产管理的效率。

Return On Equity (ROE) [%] 股本回报率(ROE)[%]
计算法(Net Earnings/(Shareholders' Equity - Other Share Capital)) (净收益/(股东权益 - 其他股本))
使用解说:ROE measures the rate of return on shareholders' investment and hence the management effectiveness in resource utilisation to generate returns for each dollar invested in the company.
*A higher ROE without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's efficiency in generating income on shareholders' investment in the company.
*ROE衡量股东投资的回报率,从而衡量资源利用的管理效率,以便为公司投资的每一美元产生回报。

Return On Tangible Equity (ROTE) [%] 有形资产回报率(ROTE)[%]
计算法(Net Earnings/(Shareholders' Equity - Other Share Capital - Intangible Assets)) (净收益/(股东权益 - 其他股本 - 无形资产))
使用解说:ROTE measures the rate of return on shareholders' investment without taking goodwill and other intangible assets into account and hence the management effectiveness in resource utilisation to generate returns for each dollar invested in the company.
*A higher ROTE without overleveraging over time and in comparison with comparable companies in the same industry is favoured as an indication of the company's efficiency in generating income on shareholders' investment in the company.
*ROTE在不考虑商誉和其他无形资产的情况下衡量股东投资的回报率,从而衡量资源利用的管理效率,以便为公司投入的每一美元产生回报。

Cash Earnings Return On Equity [%] 现金收益股本回报率[%]
计算法(Operating Cash Flow Before Working Capital Changes/(Shareholders' Equity - Other Share Capital))
(营运资金变动前的经营现金流量/(股东权益 - 其他股本))

使用解说:Cash Earnings Return on Equity measures the rate of operating cash return generated, disregarding the impact of non-cash items, on shareholders' investments through the effective use of shareholders' funds.
*A metric which is rising over time or higher in comparison with industry average or comparable companies in the same industry attributable to improved Operating Cash Flow Margin and Asset Turnover as opposed to overleveraging is favoured as an indication of good investment prospect due to management's effectiveness at generating cash and managing assets on shareholders' investment while maintaining an optimal level of leverage.
*现金收益权益回报率衡量通过有效使用股东资金产生的经营现金收益率,无论非现金项目对股东投资的影响。




Leverage Ratios 杠杆比率 (衡量公司的债务程度)
Debt To Net Profit 债务净利润
计算法((Long Term Debt + Short Term Debt)/Net Earnings)
((长期债务+短期债务)/净收益)

使用解说:A coverage measure of the sustainability of the company's existing debt load by means of its earnings, Debt To Net Profit offers an indication of a company’s financial stability as well as debt repayment and borrowing capacity.
*Typically used by creditors in assessing a company’s creditworthiness, the higher the metric of 1.35 times and beyond or a rising trend, the greater the perceived likelihood of loan default or delinquency as a result of excessive debt load or inadequate profits and hence the greater the cost of additional funding. Companies operating in industries such as biotechnology, semiconductors and software are likely to use little debt due to their volatile earnings whereas companies operating in more stable industries such as utilities and consumer non-cyclicals can operate comfortably with more debt owing to more predictable earnings stream.
*通过其盈利来衡量公司现有债务负担的可持续性,债务净利润提供了公司财务稳定性以及债务偿还和借贷能力的指标。


Debt To Cash Flow 债务到现金流量
计算法((Long Term Debt + Short Term Debt)/Operating Cash Flow)
((长期债务+短期债务)/经营现金流量)
使用解说:As opposed to Debt To Net Profit, Debt To Cash Flow is a more stringent coverage measure of a company's capacity in satisfying its debt obligations with the use of cash from operations, being a company's true earnings after eliminating the impact of accrual accounting that results in differences between cash payments versus accruals and deferrals and non-cash items such as depreciation expense levied on fixed assets, being substantial expenses particularly for companies in capital-intensive industries. It gives an indication of a company's financial flexibility as well as debt repayment and borrowing capacity and is thus of concern to creditors.
*Typically used by creditors in assessing a company's creditworthiness, the higher the metric or a rising trend, the greater the perceived likelihood of loan default or delinquency as a result of excessive debt load or weak cash flow generation. Companies operating in industries such as biotechnology, semiconductors and software are likely to use little debt due to their volatile cash flows whereas companies operating in more stable industries such as utilities and consumer non-cyclicals can operate comfortably with more debt owing to more predictable cash flow stream.
*它表明公司的财务灵活性以及债务偿还和借贷能力,因此是债权人关注的问题。


Net Debt To Equity 净债转股
计算法((Long Term Debt + Short Term Debt - Cash and Short Term Investments)/(Shareholders' Equity - Other Share Capital))((长期债务+短期债务 - 现金和短期投资)/(股东权益 - 其他股本))
使用解说:An alternative to Total Debt To Equity, Net Debt To Equity is a measure of a company's indebtedness and financial flexibility in excess of its current cash and short-term investments which can be used to pay off debts.
*As opposed to cyclical businesses, companies in industries experiencing more stable earnings can comfortably operate with relatively higher leverage considering debt financing provides for a lower cost of funding to generate better returns on assets given that borrowing costs are tax deductible expenses. However, too large a Debt To Equity Ratio not only increase a company’s cost of capital financing, both equity and debt, but also translate into higher risks for the shareholders as they are the last in line to lay claim on the company's assets in the event of liquidation.
*作为权益总债务的替代方案,净债务与权益是衡量公司债务和财务灵活性的指标,超过其当前可用于偿还债务的现金和短期投资。




Cash Flow Ratios 现金流量比率
 Free Cash Flow to Sales [%] 销售的自由现金流[%]
计算法:(Free Cash Flow/Revenue)
使用解说:Free Cash Flow To Sales is a metric that indicates a company’s ability to generate surplus cash from its sales. A positive and improving percentage is favored as an indication of the company’s efficiency in converting actual cash from its sales after reinvested in its business.
*自由现金流量销售额是一个指标,表明公司能够从销售中产生剩余现金。 积极和改善的百分比有利于表明公司在重新投资业务后将实际现金转换为销售的效率。


Operating Cash Flow to Sales [%]营业现金流量[%]
计算法:(Net Cash from Operations/Revenue)
使用解说:Operating Cash Flow To Sales is a metric that indicates a company’s ability to generate cash from its sales. There isn’t a rule-of-thumb for this metric, but the direction of cash flow movement must be highly correlated with the sales numbers. A consistent and improving percentage is favored as an indication of the company’s efficiency in converting cash from its sales.
* 运营现金流量到销售额是一个指标,表明公司能够从销售中获得现金。一致且不断提高的百分比有利于表明公司从销售中转换现金的效率。
Liquidity Ratios 流动性比率
Current Ratio 营运资本比率
[Also known as Working Capital Ratio]  
计算法(Current Assets/Current Liabilities)(流动资产/流动负债)
使用解说:Current Ratio measures the company's short-term liquidity, that is, its ability to meet its short-term financial obligations as and when they fall due within the year with assets which are readily convertible into cash.
*Too low a Current Ratio relative to the industry average may indicate critical liquidity issues while too large a ratio may imply the existence of idle or underutilised resources.
*流动比率衡量公司的短期流动性,即其能够在年内到期时履行其短期财务义务的能力,其资产可随时转换为现金。

Cash Ratio 现金比率
计算法(Cash And Cash Equivalents/Current Liabilities)
(现金和现金等价物/流动负债)
使用解说:Most conservative and stringent of all Liquidity Ratios, Cash Ratio takes into account only the most liquid short-term assets - cash and investments readily convertible into cash - in measuring the company’s capacity to meet its short-term obligations as and when they fall due. A refinement to the Current Ratio and Quick Ratio, the Cash Ratio disregards inventories and receivables for which there are no assurances that they can be easily converted into cash in a timely matter to satisfy current liabilities.
*While offering an interesting perspective on a company’s liquidity position in circumstances where there are severe liquidity problems with the company's inventory and receivables as a result of being pledged as collaterals or otherwise, the usefulness of this metric is limited as the company can better employ the idle cash elsewhere to generate higher returns if not returned to shareholders than to maintain high levels of idle cash, a move perceived to be as poor asset utilisation by the management.
*对现时比率和速动比率的改进,现金比率忽略了存货和应收账款,而这些存货和应收账款无法保证可以及时将其转换为现金以满足流动负债。


全哥的观点:
嘿!说的就是你!!

我相信你用很快的速度阅读到这吧,
你肯定没有一一细读和研究,
果然真的有够“懒”,哈哈!!

言归正传,
其实现在很少投资者会一一去计算这些量化指标,

反而他们更倾向于使用软件来缩短自己“做功课”的时间,
所以全哥会继续篇写这方面的软件供投资者参考。

什么股票软件比较好用?
M+ Online 教学使用法

全哥股票新手教室48: 我想纠正一些对于购买技术软件的错误观念(正能量)
全哥股票新手教室52:分享常用的股票软件
全哥股票新手教室53:分享付费弘历软件 Homily Chart - Part 1
全哥股票新手教室54:分享付费弘历软件 Homily Chart - Part 2 先大后小,先长后短
全哥股票新手教室55:分享付费软件 FIAVEST 篇


喜欢的话请分享出去,“顺便”给个Like 或 Follow 因为这就是全哥的动力来源
 v()y Just Do It~

By 享 (16-11-18)
进入股市就是要防止被“抢劫”, 独立思考, 因为,股价与股票的内在价值最终会取得平衡.
全哥股票&投资理财新手教室 (部落格)
全哥股票&投资理财新手教室 (Facebook)

http://richbrotherschool.blogspot.com/2018/11/89.html
Back to Top