So often investors and entrepreneurs look at the wrong financial numbers and ratios when analysing companies. They focus obsessively on the latest year’s pre-tax profits, or perhaps post-tax earnings. But these can often be manipulated, or temporary. What matters much more are underlying sales, strong gross margins and free cash flow. Study these numbers over several years to see if a business really owns a solid franchise.
在分析企业时，投资者和企业家往往把注意力放在“错误的”财务数据和比率上。他们过分关注最近一年的税前利润或者税后利润。但这些数据可能经常受到操纵，或者只具短期意义。更重要的数据其实是潜在销售收入、较高的毛利率和自由现金流。我们对若干年的这些数据进行研究，以判定一家企业是否真的拥有坚实的经营优势。
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