{"F": {"ts_code": "US.STRA", "name": "Strategic Education", "mkt": "US", "ccy": "美元", "sw1": "教育培训", "sw2": "教育培训", "sw3": "", "ind": "教育培训", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 81.59, "pe_ttm": 13.621, "pb": 1.109, "dv_ttm": 2.94, "total_mv": 181191.47388099998, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [49.0], "rev_series": [12.7], "np_series": [1.3], "roe_series": [7.7], "rev_ttm": 12.7, "np_ttm": 1.3, "ocf_ttm": 2.2, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 11.9, "gm_median": 49.0, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 10.0, "roe_median": 7.7, "commodity": false, "hard_ratio": 10.1, "fix_assets": 2.1, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 2.4, "debt_ratio": 19.2, "debt_mv": null, "payout": 40.0, "div_years": 1, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 4.0, "np_yoy": 12.4, "np_vol": null, "loss_years": 0, "far_share": 63.0, "earn_yield": 7.3, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": 4.0, "ret_20": -3.2, "ret_60": 0.8, "ret_120": 4.5, "ret_250": 1.1, "mdd_250": null, "vol_250": null, "pos_52w": 91.6, "eps": 5.41}, "S": {"duration": 29, "pricing": 56, "hard": 16, "bondness": 45}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 10%,毛利率最新年报 49.0%,经营现金流/市值 11.9%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 49.0%),硬资产占比 10%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 11.9%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率最新年报 49.0%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 10%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 13.6 倍 粗算,约 63%(1 − 5/PE)。中等。"]], "价格行为": "近一年 1%,现价在 52 周高点的 92%;近 20 / 60 / 120 日 -3% / 1% / 4%。", "行业对照": ["同富途行业「教育培训」43 家中位:PE 13.6 / 股息率 0.0% / 毛利率 51.9% / 固定资产占比 10% / 分红率 0%。", "Strategic Education:PE 与行业中位持平;股息率 比行业中位高 2.9个百分点;毛利率 比行业中位低 2.9个百分点;固定资产占比 比行业中位低 0.3个百分点。"]}}