サイトアイコン ごみ投資家の米国株配当成長投資

Market Hack流「営業キャッシュフローのよい会社を買え」でIBMを分析してみた

&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 3&period;0&period;4 -->&NewLine;<div class&equals;"quads-location quads-ad1" id&equals;"quads-ad1" style&equals;"float&colon;none&semi;margin&colon;1px 0 1px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;<p>最近、広瀬隆雄氏の<b>Market Hack流世界一わかりやすい米株式投資の技法<&sol;b>を買いました。<&sol;p>&NewLine;<div class&equals;"separator" style&equals;"clear&colon; both&semi; text-align&colon; center&semi;">&NewLine;<a href&equals;"http&colon;&sol;&sol;www&period;amazon&period;co&period;jp&sol;exec&sol;obidos&sol;ASIN&sol;4492733027&sol;shinno-22&sol;ref&equals;nosim&sol;" name&equals;"amazletlink" style&equals;"margin-left&colon; 1em&semi; margin-right&colon; 1em&semi;" target&equals;"&lowbar;blank"><img alt&equals;"MarketHack流 世界一わかりやすい米国式投資の技法" src&equals;"http&colon;&sol;&sol;ecx&period;images-amazon&period;com&sol;images&sol;I&sol;51dgDOwk43L&period;&lowbar;SL160&lowbar;&period;jpg" style&equals;"border&colon; none&semi;" &sol;><&sol;a><&sol;div>&NewLine;<p><&sol;p>&NewLine;<div>&NewLine;<&sol;div>&NewLine;<p>10ヵ条のうちの第一番目、<b>営業キャッシュフローのよい会社を買え<&sol;b>を頭だけじゃわからないので実際に分析してみました。<&sol;p>&NewLine;<p>営業キャッシュフローがいい会社への投資は「安産型ナイスバディの法則」と名づけてます。広瀬さんのこうゆう俗っぽいところが好きです。バークシャーの数字から見るに、かのウォーレン・バフェットも守ってる法則のようです。<&sol;p>&NewLine;<p>EPSよりも重視する理由は、<b>営業キャッシュフローは会計的に一番ごまかしにくい<&sol;b>からです。<&sol;p>&NewLine;<p>例としてIBMを分析してみました。疑ってるわけじゃないですよ&lpar;笑&rpar;<&sol;p>&NewLine;<h3>&NewLine;1&period;営業キャッシュフロー > 純利益<&sol;h3>&NewLine;<p>まずは、営業キャッシュフローが純利益より大きいかのチェックです。<br &sol;>&NewLine;英語だと、Total cash flow from operation activities &gt&semi; Net Incom<br &sol;>&NewLine;逆転している場合は、粉飾リスクありとのこと。<&sol;p>&NewLine;<table border&equals;"1" cellpadding&equals;"0" cellspacing&equals;"0" dir&equals;"ltr" style&equals;"border-collapse&colon; collapse&semi; border&colon; 1px solid &num;ccc&semi; font-family&colon; arial&comma;sans&comma;sans-serif&semi; font-size&colon; 13px&semi; table-layout&colon; fixed&semi;">&NewLine;<tbody>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;"><&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;TTM&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">TTM<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dec-14&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dec-14<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dec-13&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dec-13<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dec-12&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dec-12<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dec-11&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dec-11<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dec-10&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dec-10<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Revenue USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Revenue USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;83795&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">83&comma;795<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;92793&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">92&comma;793<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;99751&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">99&comma;751<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;104507&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">104&comma;507<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;106916&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">106&comma;916<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;99870&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">99&comma;870<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Gross Margin &percnt;&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Gross Margin &percnt;<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;50&period;3&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">50&period;3<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;50&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">50<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;48&period;6&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">48&period;6<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;48&period;1&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">48&period;1<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;46&period;9&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">46&period;9<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;46&period;1&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">46&period;1<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Operating Income USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Operating Income USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;15628&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">15&comma;628<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;17790&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">17&comma;790<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18777&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&comma;777<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;20443&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">20&comma;443<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;20286&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">20&comma;286<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18150&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&comma;150<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Operating Margin &percnt;&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Operating Margin &percnt;<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18&period;7&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&period;7<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19&period;2&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&period;2<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18&period;8&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&period;8<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19&period;6&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&period;6<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18&period;2&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&period;2<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Net Income USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Net Income USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14210&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&comma;210<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;12022&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">12&comma;022<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;16483&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">16&comma;483<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;16604&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">16&comma;604<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;15855&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">15&comma;855<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14833&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&comma;833<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Earnings Per Share USD&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Earnings Per Share USD<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14&period;38&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&period;38<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11&period;9&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&period;9<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14&period;94&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&period;94<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14&period;37&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&period;37<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;13&period;06&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">13&period;06<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11&period;52&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&period;52<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Dividends USD&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Dividends USD<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;4&period;8&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">4&period;8<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;4&period;25&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">4&period;25<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;3&period;7&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">3&period;7<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;3&period;3&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">3&period;3<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;2&period;9&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">2&period;9<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;2&period;5&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">2&period;5<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Payout Ratio &percnt;&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Payout Ratio &percnt;<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;32&period;9&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">32&period;9<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;26&period;3&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">26&period;3<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;24&period;9&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">24&period;9<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;23&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">23<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;22&period;1&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">22&period;1<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;21&period;7&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">21&period;7<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Shares Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Shares Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;988&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">988<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;1010&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">1&comma;010<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;1103&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">1&comma;103<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;1155&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">1&comma;155<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;1214&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">1&comma;214<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;1287&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">1&comma;287<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Book Value Per Share USD&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Book Value Per Share USD<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;13&period;7&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">13&period;7<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14&period;39&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&period;39<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18&period;85&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&period;85<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;16&period;88&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">16&period;88<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19&period;16&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&period;16<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;18&period;77&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">18&period;77<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Operating Cash Flow USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Operating Cash Flow USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;17788&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">17&comma;788<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;16868&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">16&comma;868<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;17485&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">17&comma;485<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19586&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&comma;586<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19846&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&comma;846<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;19549&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">19&comma;549<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Cap Spending USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Cap Spending USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4131&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;131<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4183&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;183<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4140&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;140<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4717&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;717<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4667&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;667<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;-4754&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">-4&comma;754<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Free Cash Flow USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Free Cash Flow USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;13657&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">13&comma;657<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;12685&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">12&comma;685<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;13345&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">13&comma;345<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14869&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&comma;869<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;15179&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">15&comma;179<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;14795&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">14&comma;795<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" colspan&equals;"2" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Free Cash Flow Per Share USD&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" rowspan&equals;"1" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Free Cash Flow Per Share USD<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;12&period;64&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">12&period;64<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11&period;8&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&period;8<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;12&period;87&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">12&period;87<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11&period;99&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&period;99<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11&period;49&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&period;49<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td color&colon;&equals;"" colspan&equals;"2" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Working Capital USD Mil&quot&semi;&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" rowspan&equals;"1" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">Working Capital USD Mil<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;9822&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">9&comma;822<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;11196&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">11&comma;196<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;5808&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">5&comma;808<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;8805&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">8&comma;805<&sol;td>&NewLine;<td color&colon;&equals;"" data-sheets-numberformat&equals;"&lbrack;null&comma;2&comma;&quot&semi;&num;&comma;&num;&num;0&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;7554&rsqb;" font-size&colon;110&equals;"" monospace&equals;"" style&equals;"padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;" text-align&colon;right&equals;"" white-space&colon;nowrap&equals;"" wrap-strategy&colon;0&equals;"">7&comma;554<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Operations CFuff0fRevenue&quot&semi;&rsqb;" style&equals;"color&colon; blue&semi; padding&colon; 2px 3px 2px 3px&semi; vertical-align&colon; bottom&semi;">Operations CF/Revenue<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;2122799689718957&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">21&period;23&percnt;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;18178095330466737&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">18&period;18&percnt;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;17528646329360106&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">17&period;53&percnt;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;1874132833207345&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">18&period;74&percnt;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;18562235773878558&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">18&period;56&percnt;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;R&lbrack;-5&rsqb;C&lbrack;0&rsqb;&sol;R&lbrack;-15&rsqb;C&lbrack;0&rsqb;" data-sheets-numberformat&equals;"&lbrack;null&comma;3&comma;&quot&semi;0&period;00&percnt;&quot&semi;&comma;1&rsqb;" data-sheets-value&equals;"&lbrack;null&comma;3&comma;null&comma;0&period;1957444678081506&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">19&period;57&percnt;<&sol;td>&NewLine;<&sol;tr>&NewLine;<tr style&equals;"height&colon; 21px&semi;">&NewLine;<td data-sheets-note&equals;"この基準を満たしていない銘柄は、投資するに値しない。無理やり利益を計上している粉飾リスクがあるため。&NewLine;by MarketHack" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;Operating Cash Flow &gt&semi; Net Incomeu30c1u30a7u30c3u30af&quot&semi;&rsqb;" style&equals;"background-color&colon; white&semi; color&colon; blue&semi; padding&colon; 2px 3px&semi; vertical-align&colon; bottom&semi;">Operating Cash Flow &gt&semi; Net Incomeチェック<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<td data-sheets-formula&equals;"&equals;IF&lpar;R&lbrack;-6&rsqb;C&lbrack;0&rsqb;&gt&semi;R&lbrack;-12&rsqb;C&lbrack;0&rsqb;&comma;&quot&semi;&bigcirc;&quot&semi;&comma;&quot&semi;☓&quot&semi;&rpar;" data-sheets-value&equals;"&lbrack;null&comma;2&comma;&quot&semi;u25ef&quot&semi;&rsqb;" style&equals;"padding&colon; 2px 3px 2px 3px&semi; text-align&colon; right&semi; vertical-align&colon; bottom&semi;">&bigcirc;<&sol;td>&NewLine;<&sol;tr>&NewLine;<&sol;tbody>&NewLine;<&sol;table>&NewLine;<p>&NewLine;データは<a href&equals;"http&colon;&sol;&sol;financials&period;morningstar&period;com&sol;ratios&sol;r&period;html&quest;t&equals;IBM">Morningstar<&sol;a>から引っ張ってきました。青文字の数字が自分が計算したものです。<br &sol;>&NewLine;営業キャッシュフローの方が純利益を上回ってますね。<br &sol;>&NewLine;粉飾リスクはなさそうです。<&sol;p>&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 3&period;0&period;4 -->&NewLine;<div class&equals;"quads-location quads-ad2" id&equals;"quads-ad2" style&equals;"float&colon;none&semi;margin&colon;2px 0 2px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;<p>スプレッドシートはGoogleドライブにアップしました。今後どんどん追加出来ればと思います。<br &sol;>&NewLine;<a href&equals;"https&colon;&sol;&sol;docs&period;google&period;com&sol;spreadsheets&sol;d&sol;1fm52LECqqNZ-Ooz6WNVJ-sM6zu00taDLXwXtLApN26U&sol;edit&quest;usp&equals;sharing">営業キャッシュフロー・マージンの分析<&sol;a><&sol;p>&NewLine;<h3>&NewLine;2&period;営業キャッシュフロー・マージンが15%以上か<&sol;h3>&NewLine;<p>&NewLine;<a name&equals;'more'><&sol;a><&sol;p>&NewLine;<p>営業キャッシュフローを売上高で割って求めます。<br &sol;>&NewLine;Total cash flow from operation activities ÷ Revenue<&sol;p>&NewLine;<p>今まで営業マージンは見てきましたが、営業キャッシュフロー・マージンという言葉は知りませんでした。この数字が良いほど、「儲かる構造」になっているとのこと。アメリカ株が12%前後なのでそれ以上ならGoodです。<br &sol;>&NewLine;いつの数字か不明だが、バークシャー・ハサウェイは27&period;6%だとのこと。この数字はよほどの限り崩れないので頻繁にチェックはしなくてOK。最初の銘柄選定の時に使おうと思います。<&sol;p>&NewLine;<p>IBMは、だいたい18%前後なので優秀ですね。腐ってもIBM!<&sol;p>&NewLine;<h3>&NewLine;3&period;EPSの良くしようと無理していないか<&sol;h3>&NewLine;<p>決算を良く見せようと期末に駆け込みで数字を作った企業の四半期決算は、売掛が多く残る<br &sol;>&NewLine;それを見るのがDSO(デイズ・セールス・アウトスタンディング)の動きです。<&sol;p>&NewLine;<div class&equals;"head&lowbar;temp" style&equals;"background-color&colon; white&semi; color&colon; &num;333333&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 18px&semi; font-weight&colon; bold&semi;">&NewLine;Historical Data<&sol;div>&NewLine;<div class&equals;"data&lowbar;exp" style&equals;"background-color&colon; white&semi; color&colon; grey&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 13px&semi; line-height&colon; 20&period;8px&semi;">&NewLine;&ast; All numbers are in millions except for per share data and ratio&period; All numbers are in their own currency&period;<&sol;div>&NewLine;<div style&equals;"background-color&colon; white&semi; color&colon; &num;333333&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 12px&semi; line-height&colon; 19&period;2px&semi;">&NewLine;<strong>International Business Machines Corp Annual Data<&sol;strong><&sol;div>&NewLine;<table border&equals;"1" cellspacing&equals;"0" class&equals;"R10" style&equals;"background-color&colon; white&semi; border-bottom-color&colon; rgb&lpar;204&comma; 204&comma; 204&rpar;&semi; border-bottom-width&colon; 1px&semi; border-collapse&colon; collapse&semi; border-style&colon; none none solid&semi; color&colon; &num;333333&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 12px&semi; padding&colon; 2px&semi; table-layout&colon; auto&semi; width&colon; 776px&semi;">&NewLine;<tbody>&NewLine;<tr>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec05<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec06<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec07<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec08<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec09<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec10<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec11<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec12<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec14<&sol;strong><&sol;td>&NewLine;<&sol;tr>&NewLine;<tr class&equals;"">&NewLine;<td class&equals;"strong" style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; font-weight&colon; bold&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;">DaysSalesOutstanding<&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>42&period;77<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>46&period;92<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>46&period;19<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>97&period;05<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>102&period;13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>103&period;16<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>100&period;92<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>106&period;80<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>118&period;13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>125&period;21<&sol;strong><&sol;td>&NewLine;<&sol;tr>&NewLine;<&sol;tbody>&NewLine;<&sol;table>&NewLine;<div style&equals;"background-color&colon; white&semi; color&colon; &num;333333&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 12px&semi; line-height&colon; 19&period;2px&semi;">&NewLine;<strong>International Business Machines Corp Quarterly Data<&sol;strong><&sol;div>&NewLine;<table border&equals;"1" cellspacing&equals;"0" class&equals;"R10" style&equals;"background-color&colon; white&semi; border-bottom-color&colon; rgb&lpar;204&comma; 204&comma; 204&rpar;&semi; border-bottom-width&colon; 1px&semi; border-collapse&colon; collapse&semi; border-style&colon; none none solid&semi; color&colon; &num;333333&semi; font-family&colon; arial&comma; helvetica&comma; clean&comma; sans-serif&semi; font-size&colon; 12px&semi; padding&colon; 2px&semi; table-layout&colon; auto&semi; width&colon; 776px&semi;">&NewLine;<tbody>&NewLine;<tr>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Jun13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Sep13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Mar14<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Jun14<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Sep14<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Dec14<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Mar15<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Jun15<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>Sep15<&sol;strong><&sol;td>&NewLine;<&sol;tr>&NewLine;<tr class&equals;"highlight" style&equals;"background-color&colon; &num;eeeeee&semi; border&colon; none&semi; color&colon; black&semi; cursor&colon; pointer&semi;">&NewLine;<td class&equals;"strong" style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; font-weight&colon; bold&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;">DaysSalesOutstanding<&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>105&period;57<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>110&period;78<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>106&period;08<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>121&period;72<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>114&period;13<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>114&period;09<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>120&period;46<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>129&period;72<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>122&period;37<&sol;strong><&sol;td>&NewLine;<td style&equals;"border-style&colon; solid none none&semi; border-top-color&colon; rgb&lpar;221&comma; 221&comma; 221&rpar;&semi; border-top-width&colon; 1px&semi; margin&colon; 0px&semi; overflow&colon; hidden&semi; padding&colon; 4px&semi; text-align&colon; right&semi; text-overflow&colon; ellipsis&semi; vertical-align&colon; middle&semi; white-space&colon; nowrap&semi;"><strong>4&period;41<&sol;strong><&sol;td>&NewLine;<&sol;tr>&NewLine;<&sol;tbody>&NewLine;<&sol;table>&NewLine;<div style&equals;"text-align&colon; right&semi;">&NewLine;<a href&equals;"http&colon;&sol;&sol;www&period;gurufocus&period;com&sol;term&sol;DaysSalesOutstanding&sol;IBM&sol;Days&percnt;252BSales&percnt;252BOutstanding&sol;International&percnt;2BBusiness&percnt;2BMachines&percnt;2BCorp">データ参照元<&sol;a><&sol;div>&NewLine;<p>&NewLine;IBMを見るとSep15の四半期決算が4&period;41と急に下がってます。良いことなんでしょうけどいくらなんでも下がりすぎじゃ?<br &sol;>&NewLine;12月が期末なので、そこで駆け込みが無ければ問題ないと思われます。<&sol;p>&NewLine;<p>どちらにしろ、よくわからない事業の会社には投資しないのですけど&lpar;笑&rpar;<br &sol;>&NewLine;素人の分析なのであまり気に留めないで下さい。<br &sol;>&NewLine;今後は、営業キャッシュフローを見てから投資の判断をしようと思います。投資方針に入れなきゃ。<&sol;p>&NewLine;<p>良い週末を!&NewLine;<&excl;-- WP QUADS Content Ad Plugin v&period; 3&period;0&period;4 -->&NewLine;<div class&equals;"quads-location quads-ad3" id&equals;"quads-ad3" style&equals;"float&colon;none&semi;margin&colon;1px 0 1px 0&semi;text-align&colon;center&semi;">&NewLine;&NewLine;<&sol;div>&NewLine;&NewLine;

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