$PINS · Parkev Tatevosian, CFA · 2026-10-26
Pinterest 的估值低得离谱：远期市盈率仅 9.3，而长期每股收益增长达 27%；基本面正在改善，市场情绪却接近历史低点。因此，说话者重申其为自己前十大首选之一，认为对长期投资者而言风险回报具有吸引力——尽管该股 2026 年下跌 14%，而标普 500 上涨超过 10%。
逐段跳播
Pinterest 计划于2026年10月29日股市收盘后公布其季度财务业绩。所以，这对 Pinterest 及其即将发布的财报来说算是个好消息。
Pinterest is scheduled to announce its quarterly financial results after the stock market closes on October 29, 2026. So, this is somewhat good news for Pinterest and its upcoming earnings release.
当然，我的投资组合里持有 Pinterest 的股票，并且我把它列为2026年可以买入的前十大股票之一。所以，投资者问我：“在财报公布前，我怎么看 Pinterest？我认为在它向投资者交出这份重大更新之前，这是一个买入机会吗？”
Of course, I have Pinterest shares in my portfolio and have ranked it as one of the top 10 stocks you can buy in 2026. So, investors ask me: "What do I think of Pinterest before the earnings announcement?
Do I think it's a buying opportunity before they deliver this huge update to investors?"
这就是我想在本视频中回答的问题，同时我也会告诉你，在 Pinterest 公布这些业绩时应该关注哪些关键数字。
This is the question I want to answer in this video, as well as provide you with the key numbers you should look for on Pinterest when it announces these results.
自2026年年初以来，Pinterest 股价已下跌14%，但已从低点大幅回升。今年它一度跌至15美元，现在则交投于22美元以上。
Pinterest stock has fallen 14% since the start of the year in 2026, but has recovered significantly from its lows. It was trading at $15 at one point this year, and is now trading at over $22.
这一势头很大程度上是由业绩改善和投资者情绪改善所推动的。投资者对 Pinterest 的看法非常负面。以投资者愿意为该公司支付的估值来衡量，市场情绪正接近历史低点。
This momentum is largely driven by improved performance and improved investor sentiment. Investors have a very negative view of Pinterest. Sentiment, as measured by the valuations investors are willing to pay for the company, is nearing all-time lows.
然而，该业务的基本面正在改善。Pinterest 是少数能从北美获得用户增长的社交媒体公司之一。这些账户被视为社交媒体公司最赚钱的账户，因为它们的每用户平均收入更高。
However, the fundamentals of the business are improving. Pinterest is one of the few social media companies that adds users from North America. These accounts are considered the most profitable for social media companies because they come with a higher average revenue per user.
此外，Pinterest 的用户往往偏年轻，而 Pinterest 在每用户平均收入方面落后于其他社交媒体公司，因为其年轻用户产生的收入不多。
Furthermore, Pinterest users tend to be younger age groups, and Pinterest lags behind other social media companies in terms of average revenue per user because its younger users don't generate much income.
然而，随着其用户年龄增长、逐渐成熟，每用户平均收入将会提高，因为营销人员会愿意支付更高的价格，以影响使用 Pinterest 平台的人的购买决策。
However, as its users age and mature, average revenue per user will increase because marketers will be willing to pay a higher price to attract purchasing decisions from people using the Pinterest platform.
总体而言，关注 Pinterest 的华尔街分析师对该公司每股收益的前景持乐观态度。他们估计，未来几年该公司的每股收益将以远高于这一亮眼增速的速度增长——对于一家前瞻市盈率为个位数的公司来说，这一增速已经很可观。
In general, Wall Street analysts who follow Pinterest are optimistic about the company's earnings per share prospects. They estimate that over the next few years, the company's earnings per share will grow at a much higher rate than this impressive growth rate for a company trading at a single-digit forward price-to-earnings ratio.
当我制作关于 Pinterest 的视频时，通常会收到很多关于该公司股票薪酬的评论；而即便把股票薪酬计入利润表，6.3%的营业利润率在过去几年里也一直在稳步改善。
When I make a video about Pinterest, I usually get a lot of comments about the company's stock compensation, and even with the stock compensation included in the income statement, the operating profit margin of 6.3% has been steadily improving over the past few years.
事实上，这种改善持续的时间远不止于此。我希望 Pinterest 表现更好的一个方面是人均营收，以及研发总支出占营收的比例。
In fact, the improvement has been ongoing for much longer than that. One area where I would like to see Pinterest perform better is revenue per employee and total spending on research and development as a percentage of revenue.
关于人均营收，该公司自2020年以来已有一些改善，但仍低于2022年约90万的峰值水平。那时 Pinterest 正全力押注远程办公策略。
Regarding revenue per employee, the company has shown some improvement since 2020, but it is still below the peak levels of around 900,000 in 2022. That was when Pinterest was betting its full weight on a remote work strategy.
他们放弃了一些办公空间，允许员工居家办公。但和大多数公司一样，他们在这方面已不再走极端。现在他们已有部分员工回到办公室现场办公。
They have given up some office space and allowed employees to work from home. But like most companies, they are no longer extreme in this regard. They now have some employees returning to the offices and working in person.
有人提出了研发支出占营收比例的问题，Pinterest 在这项支出上领先于其社交媒体同行。除非公司在研发新产品方面有经过验证的成功记录，否则这并不是你想要的，而 Pinterest 并没有真正做到这一点，不是吗？
A point was raised regarding the ratio of research and development to revenue, where Pinterest leads its social media peers in this expenditure. This is not something you want unless the company has a proven track record of success in research and development of new products, which Pinterest has not really achieved, has it?
他们只有唯一的平台和唯一的产品，并没有在该范围之外进行实质性创新。他们的研发支出占营收比例为34.4%，高于 Meta 的31.7%。
They had their only platform and their only product, and they did not innovate substantially outside of that scope. Their R&D to revenue ratio is 34.4%, higher than Meta's 31.7%.
这一比例甚至高于“Snap”和“Reddit”。
This percentage is even higher than "Snap" and "Reddit".
因此，我希望 Pinterest 的研发支出占营收比例在未来四到八个季度内降至更接近其规模较小的同行约28%到29%的水平。
Therefore, I would like to see Pinterest's R&D to revenue ratio drop to closer to its smaller peers of around 28% to 29% over the next four to eight quarters.
看 Pinterest 27%的每股收益长期增长预期，与仅9.3的远期市盈率相比，前景看起来要好得多。这意味着每股收益的预期增速是公司未来市盈率的三倍。
When looking at Pinterest's long-term growth estimates of 27% earnings per share, the picture looks much better when compared to its forward price-to-earnings ratio of just 9.3.
This means that earnings per share are expected to grow at three times the company's future earnings multiple.
这是非常有吸引力的比率，也是促使我为自己的投资组合买入 Pinterest 股票的原因之一，也是我将其列为十大买入股票之一的原因。当然，从2026年初到现在，我一直感到失望。
This is a very attractive rate, and it is one of the reasons that prompted me to buy Pinterest shares for my portfolio, and why I ranked it among the top 10 stocks to buy. Of course, I have been disappointed since the beginning of 2026 until now.
该股下跌了14%，而更广泛的标普500指数上涨了超过10%。因此，它的表现非常糟糕。今天，在审阅了他们最新的业绩后，我重申将 Pinterest 列为十大股票之一。
The stock fell 14% while the broader S&P 500 index rose more than 10%. Therefore, it suffers from very poor performance. Today, I reaffirmed my ranking of Pinterest as one of the top 10 stocks after reviewing their latest results.
那么，你应该在盈利前还是盈利后买入？这是风险管理的问题。如果你是风险中性的，也就是说你不在乎风险，只要风险能带来补偿，那么如果你处于这种情况，想加仓而手上又没有持仓，我会在财报公布前买入我配置额度的75%。
Now, should you buy before or after the profits? That's a matter of risk management. If you are risk-neutral, meaning you don't care about risks as long as you get compensation for them, then if you were in this situation and wanted to add shares and didn't own any, I would buy 75% of my allocations before the earnings announcement.
既然股价这么便宜，我会更担心错过上涨空间，所以我会在财报公布后投入我配置额度的25%。如果你担心风险、想规避风险，可以采取中性的做法，在财报公布前买入一半配置额度，另一半在财报公布后买入。
Since the share price is so cheap, I will be more concerned about missing out on the upside, so I will invest 25% of my allocation after the earnings announcement. If you are concerned about risk and want to avoid it, you can take a neutral approach and buy half of your allocation before earnings and the other half after they are announced.
无论哪种情况，这只股票的估值都便宜得离谱，我认为对长期投资者来说，风险回报比很有吸引力。
In both cases, this stock is trading at a ridiculously cheap valuation, and I think the risk-to-reward ratio is attractive to long-term investors.
因此，他们没有那么多钱可花，所以广告商和营销人员为这一较年轻年龄段的用户支付的费用也更少。
Therefore, they don't have as much money to spend, and so advertisers and marketers pay less to users in this younger age group.
观察点
这个频道对 $PINS 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 7 条判断，这里只列相邻的几条。