$HON · Financial Education · 2026-11-06
HON 是重大机会：基础调整后 EBITDA 和利润率改善，指引上调，且拥有 1.03 亿美元现金、无债务。说话者预计其股价——今年早些时候在业务退出后为 2 美元——今年将收于远高于 5 美元的水平，但利润必须持续增长。
逐段跳播
调整后基础 EBID 为620万，高于此前的350万。基础调整后 EBA 利润率为7.9%，高于此前的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公司。
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%. 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.
对管理团队来说，退出一些业务是个艰难的决定，这就是为什么今年早些时候股价是2美元，对吧？我相信它今年最终会远高于5美元。这是我个人的看法，对吧？
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?
营收。他们要么指示将营收上调至320，要么提高了区间下限。所以现在他们给出的指引是322到325。他们大概率还会超过这个数字。有机营收增长6%到7%，高于此前的5%到7%。调整后毛利率45%到46.5%。
所以我们可以称之为46%的调整后毛利率，这是他们的预期，此前他们说的是40%多。40%多意味着大约45%，对吧？所以调整后 EBITDA 正朝着2550万的中点移动，此前是2400万。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.
接下来我们看资产负债表。记住，Honest 是一家市值非常小的公司。公司整个市值可能也就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？然后，当然他们的利润已经大幅增长，而且他们还有很多工作要做。说到底，利润必须继续增长。
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? 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.
非常出色的利润表。但是，这个故事的重点是，Honest 是一个真正很好的机会。
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 $HON 的历次判断
Financial Education 在这只股票上共 2 条判断，这里只列相邻的几条。