Financial Education 对 $WMT 的判断变化
有一只股票叫 Walmart。我个人不持有 Walmart 股票，但有趣的是，昨天它上了新闻。Walmart 股价下跌 9%，是多年来最大跌幅。诸如此类，围绕这只股票有很多负面消息。
there's a stock and this stock is named Walmart. Now, I don't personally own Walmart stock, but it was interesting because yesterday it was all in the news. Walmart stock tumbles 9%. Biggest downward move in years. All these sorts of things, right? Just a lot of negativity around this particular stock.
如果你对股票有一定了解，你就会知道这家公司发生了什么。你会知道去看利润表，对吧？财报出来了，为什么股价下跌？但如果你不太了解，这样的利润表可能会让你很困惑，因为你看到营收增长 5.9%，觉得不错。
但再看净利润，净利润同比下降 9.4%，每股收益下降 9.1%。所以如果你看到这些，你会想，天哪，这家公司遇到麻烦了。Walmart 怎么了？营收在增长，但净利润在下降，每股收益也在下降。
所以类似的事情可能会让新手投资者上当，他们会对公司的实际情况产生错误解读，因为你需要更深入地挖掘。
Now, if you, you know, if you've gotten to a stage where you know a little bit about stocks, you're going to know what's going on here with this company. You're going to know to go to the income statement, right? Okay, the earnings came out. Why did the stock go down? Right? But if you don't know that much, this an income statement like this could be very confusing to you because you look, you're like, "Okay, revenues up 5.9%. That's good." But then you look at net income. Net income was down year-over-year, down 9.4%. earnings per share down 9.1%. So if you look at that, you're like, "Oh my gosh, like this company's in trouble." Like what is going on with Walmart? They're growing revenues, but their net income's going down. Their earnings per share is going down, right? And so something like that can trip up a newbie investor where they're like, you know, get a false interpretation of what's actually going on with the company because you got to dig a little deeper.
实际上，Walmart 的利润表非常出色。如果你知道什么是优秀的利润表，这实际上是一份非凡的利润表。原因是营收增长 5.9%，但他们的销售成本（这是最大的项目）只增长了 4.5%。
SG&A 略高，增长了 6.4%，所以比营收增长稍快，但相对于销售成本，这是一个非常小的项目。所以你的营业利润实际上增长了近 29%，准确说是 28.8%。这是一个非常好的数字。
债务成本也大幅下降。你看这里，他们基本上有 12.2 亿美元的损失，而去年同期有 27 亿美元的收益。这些通常是一次性项目。所以关键在于，如果不是这些一次性项目，你总是要考虑这些一次性因素，它们通常不会重复。
所以关于 Walmart 的财报，事实是它们实际上是顶级的，实际上非常出色。
Okay, Walmart actually had a gradea income statement here. If you know what a great income statement is, this is actually phenomenal income statement. And the reason being is revenue up 5.9% but their cost of sales this is their biggest line item was only up 4.5%. SGNA that was a little high up 6.4% so it grew a little faster in revenue but that's a very small line item compared to cost of sales right so your operating income at WLW wall actually went up almost 29% 28.8%. That's a smoking good number right debt costs fell dramatically as well and you look here and basically they had a 1.2 2 billion hit. It was like a loss here. And these are usually oneoff line items here versus the same period last year they had a $2.7 billion help. Okay. So the moral of the story is here if it's not for those one you got to always factor in for these oneoff things. And you know those usually don't renew. And so the the truth is in regards to Walmart's earnings here they were actually top tier. They were actually phenomenal.
接下来是沃尔玛。这不是一只让我感兴趣的股票。为什么？看看该股的远期市盈率，是37。两年远期市盈率是31。那相当高，对吧？当我可以买像Celsius这样的股票，其远期市盈率为25，两年远期市盈率为14，而且长期增长前景好得多时，我为什么要以那样的远期市盈率买入沃尔玛呢？
Next up here, Walmart. Not really a stock that interests me. Why? Well, look at the Ford P on the stock. It's 37. Look at the 2-year Ford P is 31. That's pretty darn high, right? Why would I want to buy Walmart at that s those sorts of forward PS when I could buy something like a Celsius at a 25 forward in a two-year forward at 14, right, with much better long-term growth prospects.