$HNST · Financial Education · 2026-11-06
Honest 是重大机会：有机收入增长 9.2%，毛利率从 37.3% 升至 45%，上调后的指引为收入 322-325、有机增长 6-7%、毛利率 45-46.5%，并有 1.03 亿美元现金且无债务支撑。说话者预计其股价今年将超过 5 美元，但利润必须持续增长。
逐段跳播
说实话，我认为这只股票很有潜力，有很多可能性。我在看这些数字：公司的有机收入增长了9.2%，这是Carla和管理团队交出的非常出色的成绩。毛利率为45%，而去年同期为37.3%。
Now to be honest, I think this stock has a lot of potential. Lots of possibilities. I'm looking at the numbers. The company's organic revenue grew by 9.2%. A truly great number from Carla and the management team there.
Gross margin was 45%, compared to 37.3% in the same quarter last year.
但核心毛利率，也就是他们保留下来继续经营的那些业务——因为他们今年退出了一些业务，所以收入看起来比去年低。但在他们保留的业务里，收入增长非常强劲。
But the core gross margins, that is, the businesses they are surviving in—because they are exiting some businesses this year. And that's why their revenue looks lower than last year.
But in the businesses where they have survived, revenue is growing very strongly.
看看这项业务的基础调整后毛利率，大约是49%，而去年同期为37.3%，同比增长了1160个基点。基础调整后净利润为300万美元，去年同期为75.8万美元。调整后基础EBID为620万美元，此前为350万美元。
基础调整后EBA利润率为7.9%，此前为4.9%。
Look at the underlying adjusted gross margin of the business. This is about 49% compared to 37.3% in the same quarter last year. This is an increase of 1160 basis points year-on-year.
Underlying adjusted net income was $3 million. It was $758,000 in the same quarter last year. And adjusted underlying EBID came in at 6.2 million, up from 3.5 million previously.
The underlying adjusted EBA margin came in at 7.9%, up from 4.9%.
所以在我看来，他们做得非常好。他们做得非常好，正在把这家公司打造成未来多年非常强大的企业。对管理团队来说，退出一些业务是个艰难的决定，这也是今年早些时候股价只有2美元的原因，对吧？
我相信今年年底它会远高于5美元。这是我个人的看法，对吧？
So, it seems to me that they are doing really well. They are doing really well and are building this company into a very strong one for years to come. It was a tough decision for the management team to exit some businesses and that's why the share price was $2 earlier this year , right?
And I believe it will end up well above $5 this year. That's my personal opinion, right?
收入方面。他们要么把收入指引上调到320，要么提高了区间下限。所以现在给出的指引是322到325。他们大概率还会超过这个数。有机收入增长6%到7%，此前为5%到7%。调整后毛利率45%到46.5%。
所以可以称之为46%的调整后毛利率，这是他们的预期，此前他们说的是45%左右。45%左右就是45%的意思，对吧？调整后EBITDA中点上调到2550万美元，此前为2400万美元。所以各方面都很好。
Revenue. They have either directed the revenue to be raised to 320 or they have increased the lower limit of the limit. So now they are giving instructions from 322 to 325. They will probably surpass that too.
Organic revenue growth of 6 to 7 percent, up from 5 to 7 percent previously. Adjusted gross margin 45 to 46.5. So we can call it a 46 percent adjusted gross margin, which is what they're expecting , previously they were talking about the mid-40s.
Mid-40s means like 45 percent, right? So adjusted EBITDA is moving to the midpoint of 25.5 million , previously they were at 24 million. So it's good in every way.
接下来看资产负债表。记住，Honest是一家市值非常小的公司。公司总市值可能只有4亿或5亿美元。这是非常小的市值。他们有超过1亿美元的现金及现金等价物，1.03亿美元，对吧？这是个惊人的数字。
我的意思是，他们现金充裕，而且没有任何债务，对吧？
Next we look at the balance sheet. Remember, Honest is a very small market cap company. The company's entire market cap might be $400 or $500 million. This is a very small market cap.
They have more than $100 million in cash and cash equivalents. $103 million, right? This is an incredible number. I mean, they're flush with cash without any debt , right?
然后，当然，他们的利润已经大幅增长，但还有很多工作要做。归根结底，利润必须继续增长。利润表非常出色。但这个故事的重点是，Honest是一个非常好的机会。
And then, of course they have increased their profits a lot and they still have a lot of work to do. Um, when it comes down to it, that profit has to continue to grow. Excellent income statement.
But, the main point of the story is, Honest is a really great opportunity.
观察点
这个频道对 $HNST 的历次判断
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