Read the business.先读懂生意。
Then read再看懂
the price.价格。

Revenue records sales earned during the period, subject to recognition rules. It is not the same as cash collected: a sale on credit creates a receivable until the customer pays.按收入确认规则记录本期已赚取的销售额。它不等于已收现金：赊销在客户付款前会形成应收账款。

The cost of products actually sold, such as beans, milk, food, and cups used by a coffee shop. Buying inventory initially creates an asset; its cost becomes an income statement expense when that inventory is sold.实际售出产品的成本，例如咖啡店消耗的咖啡豆、牛奶、食品与杯子。购入存货时先形成资产；存货售出时，其成本再成为利润表费用。

Revenue minus cost of goods sold. It shows what remains to cover other operating expenses, interest, and tax. Gross margin is gross profit divided by revenue.营业收入减去营业成本，显示剩余多少可用于支付其他经营费用、利息与税。毛利率等于毛利润除以营业收入。

Day-to-day costs such as wages, rent, and marketing generally become expenses as the business consumes those services. This teaching ledger separates cash costs from depreciation; real statements may combine them.工资、租金、营销等日常支出，通常在企业消耗相关服务时成为费用。本教学账本把现金费用与折旧分开，真实报表可能合并呈列。

Earnings before interest, taxes, depreciation, and amortization. Removing those charges does not remove the need to pay tax, service debt, replace equipment, or fund working capital. EBITDA is not operating cash flow.扣除利息、所得税、折旧和摊销前的利润。剔除这些费用，并不消除纳税、偿债、更换设备和支持营运资本的需要。EBITDA 不等于经营现金流。

A long-lived asset’s cost is allocated to the periods that use it. The charge reduces this year’s profit and equipment’s book value; it is not a new cash payment. Amortization applies a similar idea to certain intangible assets.长期资产的成本分摊至使用该资产的各期。折旧减少当期利润与设备账面价值，却不是新的现金支付。某些无形资产采用类似的摊销处理。

Profit from operations before interest and income tax, after operating expenses including depreciation. EBIT literally means earnings before interest and taxes; a filing’s EBIT and operating income can differ if non-operating items are included. This guide uses reported operating income.扣除包括折旧在内的经营费用后、扣除利息和所得税前的经营利润。EBIT 字面为息税前利润；纳入非经营项目时，财报 EBIT 可能不同于营业利润。本页采用已披露营业利润。

Interest is the cost of borrowing and is an income statement expense. Repaying the loan principal reduces cash and debt; it does not create a second expense. Under U.S. GAAP, interest paid is generally operating cash flow and principal repayment is financing cash flow.利息是借款成本，计入利润表费用。偿还本金会同时减少现金与债务，不会再次形成费用。按美国会计准则，付息通常属于经营现金流，还本属于筹资现金流。

Profit after interest and other applicable items, before income tax. In the coffee shop model, operating profit minus interest leaves pretax profit. A company’s non-operating gains can make this subtotal quite different from operating profit.扣除利息和其他适用项目、但尚未扣所得税的利润。咖啡店中为营业利润减去利息。公司非经营收益可能使它与营业利润差别很大。

The tax expense associated with accounting profit. Actual cash taxes can differ because tax rules and accounting rules recognize items at different times. The coffee shop assumes a 20% rate on positive pretax profit and pays the tax in cash.与会计利润相关的所得税费用。税务和会计确认时间不同，实际付现税额可能不同。咖啡店假设正的税前利润按 20% 计税，并以现金支付。

The accounting profit after expenses, interest, and tax. It is the starting point for the indirect cash flow reconciliation, not the amount of cash generated or dividends paid. Company comparisons here use consolidated GAAP net income.扣除费用、利息与税后的会计利润。它是间接法现金流调节的起点，不等于实际产生的现金或所付股利。公司对比采用合并 GAAP 净利润。

Net income already deducted depreciation, but no cash left for that charge this year. Adding it back removes the noncash deduction when reconciling profit to operating cash. The equipment’s actual purchase appears separately as investing cash outflow.净利润已经扣过折旧，但本年并未为该费用再次付现。加回折旧，是在把利润调节为经营现金流时消除非现金扣除；购买设备的实际支出另列投资现金流出。

Amounts customers owe for sales already recognized. An increase means some reported sales have not yet become cash, so it is subtracted in the indirect operating cash flow reconciliation. Collection later swaps receivables for cash without recording another sale.客户因已确认销售而欠付的款项。应收增加说明部分销售尚未变现，所以在间接法经营现金流调节中扣除。之后收款只是把应收换成现金，不再确认销售。

Cash generated or used by the business’s operating activities. In the indirect method, start with net income, adjust for noncash items, then adjust for timing changes such as receivables, inventory, and payables. It is measured before cash capital expenditure.经营活动产生或消耗的现金。间接法从净利润出发，调整非现金项目，再调整应收、存货、应付等时间差异。该指标尚未扣除现金资本开支。

The coffee shop’s equipment upgrade provides benefits over several years. It is capitalized as equipment on the balance sheet, while the cash payment is an investing outflow on the cash flow statement. Its cost reaches the income statement over time through depreciation, rather than as the full purchase price immediately. Routine repairs or purchases that do not qualify for capitalization are expensed instead.咖啡店升级设备的效益跨越多年。设备在资产负债表中资本化，现金支付则记为投资现金流出。成本通过折旧逐期进入利润表，而非购买时一次全额计费。不满足资本化条件的日常维修或采购则直接费用化。

This guide defines FCF as operating cash flow minus gross cash capital expenditure. It is an analytical subtotal, not an extra cash flow to add to the cash statement. Acquisitions, debt repayments, and other uses of cash can still follow, and companies’ own FCF definitions may differ.本页定义为经营现金流减去现金资本开支总额。这是分析小计，不能作为额外现金流再加一次。之后仍可能需要收购、偿债或其他用款；各公司自定义 FCF 也可能不同。

A distribution to owners, not a cost of earning revenue. Under U.S. GAAP it is a financing cash outflow. It reduces cash and retained earnings, without reducing this year’s net income.向所有者分配的款项，不是赚取收入的成本。按美国会计准则属于筹资现金流出，减少现金与留存收益，不减少当年净利润。

Combine operating, investing, and financing cash flows, plus any applicable exchange-rate effects. The coffee shop’s change is OCF minus capex minus dividends. FCF is already part of that calculation and must not be added a second time.合并经营、投资、筹资现金流及适用汇率影响。咖啡店的现金变动等于 OCF 减资本开支再减股利；FCF 已包含其中，不能重复加入。

Cash is a stock of money at one date; cash flow is its movement over a period. Ending cash equals beginning cash plus the net change. Company figures here include cash equivalents, but exclude investment securities and other noncash assets.现金是某一时点的余额，现金流是某段期间的变动。期末现金等于期初现金加净变动。本页公司现金含现金等价物，不含投资证券等非现金资产。

Goods held for future sale or use in production. Buying them uses cash but initially creates an asset. Their cost enters the income statement as the goods are sold or consumed, or earlier if an accounting write-down is required.为未来销售或生产持有的商品。采购消耗现金，但先形成资产；出售或消耗时，成本进入利润表，若需减值，也可能更早确认费用。

Equipment’s recorded cost less accumulated depreciation and any applicable impairments. The coffee shop ends with starting equipment plus new capex minus depreciation. Book value is an accounting balance, not necessarily resale value.设备原始入账成本减去累计折旧及适用减值。咖啡店期末设备等于期初设备加资本开支减折旧。账面价值不一定等于转售价格。

Recorded resources such as cash, receivables, inventory, and equipment. Assets equal liabilities plus equity. Internally developed brands and some other valuable resources are not fully recognized, so recorded assets are not the whole market value of a business.现金、应收账款、存货和设备等已入账资源。资产等于负债加权益。自创品牌及一些有价值资源未充分确认，因此账面资产不是企业全部市场价值。

Borrowed money owed to lenders. Borrowing adds cash and a liability; it is not sales or profit. The debt number used for EV here is disclosed funded borrowing, rather than every liability, with each company’s convention explained in the methodology.欠债权人的借款。借款增加现金与负债，不是销售或利润。本页 EV 使用披露的融资债务，而非全部负债；各公司口径见方法说明。

Owners’ investment recorded in equity. Issuing shares raises financing cash and equity, not revenue. Its recorded amount is different from what investors later pay each other for shares in the stock market.所有者投入、计入权益的资本。发行股份增加筹资现金和权益，不增加营业收入。入账金额不同于投资者后来在股市相互交易的价格。

Accumulated accounting profits kept in the company after distributions and applicable adjustments. The coffee shop retains net profit minus dividends. Retained earnings is an equity account, not a separate pile of cash.累计会计利润在分配和适用调整后的保留额。咖啡店留存收益等于净利润减股利。它是权益科目，并非一笔单独存放的现金。

The accounting residual: recorded assets minus liabilities. In the coffee shop it equals original contributed capital plus retained earnings. Market capitalization prices investors’ ownership claims; it can be much higher or lower than book equity.已入账资产减去负债的会计剩余。在咖啡店中，等于原始出资加留存收益。市值是投资者对所有权的定价，可能远高于或低于账面权益。

Record revenue when earned and expenses when incurred under the applicable rules, rather than simply when money changes hands. This makes profit useful for measuring a period’s activity, but also creates timing differences that the cash flow statement reconciles.按适用规则，在收入赚取时确认收入、费用发生时确认费用，而非只看收付款。这样有助于衡量本期活动，也产生需由现金流量表调节的时间差。

Short-term operating resources minus operating liabilities, such as receivables and inventory less supplier payables. Growth can tie up cash before customers pay. For ROIC and cash flow analysis, distinguish operating working capital from a broad current-assets-minus-current-liabilities measure.短期经营资源减去经营负债，例如应收与存货减应付供应商款。增长可能在客户付款前占用现金。做 ROIC 和现金流分析时，应区别于广义的流动资产减流动负债。

Compensation paid through equity awards generally reduces reported profit, even though it may not use cash at that time. Adding the noncash expense back to operating cash flow does not erase its economic cost: issued shares can dilute existing owners.通过股权奖励支付的薪酬，通常减少报告利润，即使当时不付现金。将其作为非现金费用加回 OCF，并不抹去经济成本：新发行股票可能稀释原股东。

Share price multiplied by shares outstanding: the market’s price for shareholders’ claims. A share price by itself cannot compare company size or cheapness. These estimates use lagged filed share counts and value all common classes at the quoted class’s price.股价乘以流通在外股数，即市场对股东权利的定价。仅看单股价格不能比较企业规模或便宜程度。本页使用有滞后的申报股数，并按报价类别价格估算全部普通股类别。

A value for the operating business across capital providers. This guide’s simplified bridge is market cap + funded debt − cash and cash equivalents. A fuller calculation may adjust for preferred shares, minority interests, leases, excess cash, and other non-operating assets.从全部资本提供者角度衡量经营业务价值。本页简化为市值 + 融资债务 − 现金及现金等价物。完整计算还可能调整优先股、少数股东权益、租赁、盈余现金及其他非经营资产。

Equity value divided by annual revenue. Revenue multiplied by P/S reconstructs equity value, not enterprise value. On a consistent per-share basis, revenue per share multiplied by P/S reconstructs the share price. Sales alone do not tell you margins, reinvestment needs, or fair value.股权价值除以年营业收入。收入乘以 P/S 还原的是股权价值，并非企业价值。若每股口径一致，每股收入乘 P/S 可还原股价。只有销售额，无法判断利润率、再投资需求或公允价值。

This guide derives the combined bridge from operating income to net income as net income minus operating income. It includes the net effect of non-operating gains/losses, interest, taxes, and applicable allocations. It is not a separate reported operating-profit line.本页用净利润减营业利润，推导两者之间的综合调节额。包含非经营损益、利息、税及适用分配的净影响，并非另一个已披露的营业利润项目。

This guide derives the combined bridge from accounting profit to operating cash as OCF minus net income. Noncash charges, gains removed from operations, working-capital timing, and other operating adjustments enter it. It must not be interpreted as depreciation alone.本页用 OCF 减净利润，推导会计利润与经营现金流之间的综合调节额。包括非现金费用、从经营中剔除的收益、营运资本时间差及其他调整，不能仅理解为折旧。

All recorded obligations, including borrowing, supplier payables, accrued costs, taxes, and deferred revenue. Funded debt is only a subset. The selected balance sheet derives other liabilities by subtracting the displayed debt from total liabilities.全部已入账义务，包括借款、应付供应商款、应计费用、税款和递延收入。融资债务只是其中一部分。本页其他负债由总负债减显示债务推导。

An ownership claim in consolidated subsidiaries held by other owners. Consolidated assets minus liabilities need not equal the parent shareholders’ equity alone. A fuller EV analysis treats these claims consistently with the consolidated operating earnings.合并子公司中由其他所有者持有的份额。合并资产减负债，不一定只等于母公司股东权益。完整 EV 分析应与合并经营利润一致处理这些权利。

The usual P/E is price per share divided by diluted earnings per share. This table instead uses estimated market cap divided by consolidated net income, labeled a proxy. Temporary gains or peak-cycle profits can make a multiple look deceptively low; losses make the usual positive multiple unhelpful.通常为股价除以稀释每股收益。本表改用估算市值除以合并净利润，并标为近似值。临时收益或周期高峰利润可能使倍数显得虚低；亏损时，通常的正倍数没有帮助。

Estimated equity value divided by this guide’s OCF-minus-capex measure. It asks what equity investors pay per dollar of annual cash remaining after gross capital spending. FCF can fluctuate with investment cycles and working capital, and is not necessarily paid to owners.估算股权价值除以本页 OCF 减资本开支的指标，表示股权投资者为每一美元年度资本开支后现金付出多少。FCF 随投资周期和营运资本波动，也未必分配给股东。

Annual FCF divided by equity value, expressed as a percentage. Positive P/FCF and FCF yield are reciprocals: 20× corresponds to 5%. This is neither a promised dividend yield nor a forecast of the stock’s return; a negative value means this FCF measure consumed cash.年 FCF 除以股权价值，以百分比表示。正的 P/FCF 与 FCF 收益率互为倒数：20× 对应 5%。这既非承诺股息率，也非股票回报预测；负值表示本口径消耗现金。

Compare a value including lenders’ claims with earnings measured before interest. EV/EBIT retains depreciation; EV/EBITDA removes it. Consistent treatment of leases, non-operating items, and capital requirements matters when comparing businesses.把包含债权人份额的价值，与扣息前盈利比较。EV/EBIT 保留折旧，EV/EBITDA 剔除折旧。跨公司比较时，租赁、非经营项目和资本需求须采用一致口径。

Enterprise value divided by annual revenue. It remains calculable when earnings are negative, but says little about how much revenue can become profit or cash. Similar sales multiples can represent very different values if margins and reinvestment needs differ.企业价值除以年营业收入。亏损时仍能计算，却不能说明收入有多少转化为利润或现金。利润率和再投资需求不同，相似收入倍数可能对应很不同的价值。

Estimated market cap divided by accounting equity. Buybacks can shrink book equity, while internally developed brands and expensed research can leave important assets unrecorded. A high or low ratio alone does not establish fair value.估算市值除以账面权益。回购可能缩小权益，自创品牌和费用化研发可能使重要资产未入账。单凭倍数高低不能判断公允价值。

Debt/EBITDA compares borrowing with an operating earnings measure; it is not literal years to repay because EBITDA has not paid tax or capex. EBIT/interest expense measures the cushion for interest. Also inspect maturities, covenants, cash, and downturn earnings.债务 / EBITDA 把借款与经营盈利指标比较，并非实际还债年数，因为尚未扣税或资本开支。EBIT / 利息费用衡量付息缓冲；还应检查到期日、契约、现金及低谷盈利。

Operating profit after an assumed normalized operating tax charge, before interest. It measures profit available to both lenders and shareholders, which matches ROIC’s debt-plus-equity capital base. It is different from after-interest net income.按假设的正常化经营税率计税、但扣息前的营业利润。对应债权人和股东双方，与 ROIC 中债务加权益的资本基础匹配，不同于付息后的净利润。

Capital committed to the operating business. A starting point is book equity + interest-bearing debt − excess cash and non-operating assets, with consistent accounting adjustments. Using average beginning and ending capital matches a year’s profit to capital employed over that year.投入经营业务的资本。起点可为账面权益 + 有息债务 − 盈余现金及非经营资产，并作一致会计调整。期初期末平均资本能把全年利润与该年使用的资本匹配。

NOPAT divided by average operating invested capital. It measures the business’s return on the capital it uses, not the shareholder’s return at today’s stock price. Returns on new investment can differ from the historical average.NOPAT 除以平均经营投入资本，衡量企业使用资本的回报，而非股东按今日股价买入的回报。新增投资回报可能不同于历史平均值。

The weighted required returns of equity and debt capital providers, with a consistent after-tax debt cost. It is an estimated opportunity cost, not an income statement expense. ROIC above WACC suggests value creation if the measurements and assumptions are sound.股权与债务资本提供者要求回报的加权值，债务成本应一致考虑税后口径。它是估算机会成本，不是利润表费用。若度量与假设合理，ROIC 高于 WACC 意味着创造价值。

Estimate future cash flows and convert them to present value using a discount rate consistent with their risk and capital providers. Firm cash flows use a firm discount rate; equity cash flows use an equity rate. Growth, reinvestment, and continuing-value assumptions can dominate the result.预测未来现金流，以匹配其风险和资本提供者的折现率折算为现值。企业现金流使用企业折现率，股权现金流使用股权折现率。增长、再投资及持续经营价值假设可能主导结果。

Cash available to all capital providers before financing flows. A common model is NOPAT + noncash operating charges − capex − additional operating working capital. Unlike this guide’s simple OCF-minus-capex figure, FCFF must handle interest and taxes consistently with enterprise valuation.融资流量之前、可归属于全部资本提供者的现金。常见模型为 NOPAT + 非现金经营费用 − 资本开支 − 新增经营营运资本。它不同于本页简单 OCF 减资本开支，须按企业估值一致处理利息与税。

The latest reported year of activity, which may end months before the stock-price date. For interim filings this guide computes annual + current year-to-date − prior year-to-date. Balance sheet figures remain a snapshot at period end, rather than a twelve-month sum.最近已披露的一年经营活动，期末可能比股价日期早数月。中期报告按全年 + 本年累计 − 上年同期累计计算。资产负债表仍为期末时点快照，不做十二个月求和。