data-financial-analysis

asgard-ai-platform ｜ 金融與投資 ｜ 原文 ｜ MIT

一起讀損益表、資產負債表和現金流量表，判斷企業體質

---
name: "data-financial-analysis"
description: "解讀三大財務報表（損益表、資產負債表、現金流量表），評估企業體質與績效。當使用者需要讀財報、理解獲利與現金流的差異、評估公司財務狀況，或準備投資人/董事會會議時使用。就算使用者只說「幫我解釋這些財務數字」、「我們有賺錢嗎」、「幫我看這份年報」或「這些數字代表什麼」也要用。"
metadata:
  category: "WP-04 數據分析"
  tags: ["data-analysis", "financial-statements", "accounting"]
---

# 財務報表分析

## 框架

```
IRON LAW: Read All Three Statements Together

A company can be profitable (Income Statement) but cash-poor (Cash Flow Statement).
A company can have high assets (Balance Sheet) funded entirely by debt.
Reading one statement alone gives an incomplete — and potentially misleading — picture.
ALWAYS read all three and check for consistency.
```

### 三大報表

**損益表（Income Statement，損益表）**：「這段期間」有賺錢嗎？
- 營收 → 毛利 → 營業利益 → 淨利
- 重點：認列營收 ≠ 收到現金。權責發生制是在賺得時記錄營收，不是在收到款項時。

**資產負債表（Balance Sheet，資產負債表）**：「現在這一刻」我們擁有什麼、欠什麼？
- 資產 = 負債 + 股東權益
- 重點：這是某個時間點的「快照」，不是一段期間。

**現金流量表（Cash Flow Statement，現金流量表）**：現金從哪裡來、流到哪裡去？
- 營業活動（核心業務產生的現金）
- 投資活動（資本支出、併購、出售資產）
- 融資活動（債務、股權、股利）
- 重點：營業現金流最重要，它顯示核心業務是否產生現金。

### 跨報表的警訊

| 警訊 | 代表什麼 |
|----------|-------------|
| 營收成長但營業現金流下滑 | 可能有營收認列問題，或應收帳款增加 |
| 淨利為正但自由現金流為負 | 盈餘是由應計項目驅動而非現金；資本支出龐大 |
| 資產成長快過營收 | 資產使用效率不佳 |
| 債務成長快過權益 | 槓桿風險增加 |
| 存貨成長快過營收 | 可能有存貨過時、需求放緩的問題 |

### 分析步驟

1. **讀損益表**：公司有獲利嗎？在哪個層級（毛利、營業、淨利）？
2. **讀資產負債表**：資本結構如何？流動性好不好？
3. **讀現金流量表**：營業現金流是正的嗎？現金流向哪裡？
4. **交叉檢查**：營收成長 vs 現金流成長、淨利 vs 營業現金流
5. **趨勢**：關鍵指標看 3 到 5 年的趨勢
6. **基準比較**：跟同業比較

## 輸出格式

```markdown
# Financial Statement Analysis: {Company} — {Period}

## Income Statement Highlights
| Metric | Current | Prior Year | Change |
|--------|---------|-----------|--------|
| Revenue | ${X} | ${X} | {%} |
| Gross Margin | {%} | {%} | {±pp} |
| Operating Margin | {%} | {%} | {±pp} |
| Net Income | ${X} | ${X} | {%} |

## Balance Sheet Highlights
| Metric | Current | Prior Year |
|--------|---------|-----------|
| Total Assets | ${X} | ${X} |
| Total Debt | ${X} | ${X} |
| D/E Ratio | {X} | {X} |
| Current Ratio | {X} | {X} |

## Cash Flow Highlights
| Category | Amount |
|----------|--------|
| Operating CF | ${X} |
| Investing CF | ${X} |
| Financing CF | ${X} |
| Free Cash Flow | ${X} |

## Red Flags
- {any detected}

## Overall Assessment
{Financial health verdict with key rationale}
```

## 常見陷阱

- **營收 ≠ 現金**：在權責發生制下，營收是在賺得時（產品交付）記錄，不是在收到現金時。看應收帳款，就能知道還有多少營收沒收回來。
- **EBITDA 不是現金流**：EBITDA 忽略資本支出、營運資金變動和稅，而這些都是實際的現金成本。做現金分析要用自由現金流。
- **一次性項目會扭曲趨勢**：重組費用、出售資產、法律和解，會造成一次性的暴增或下跌。做趨勢分析要用「調整後」或「正常化」的數字。
- **台灣 IFRS vs 美國 GAAP**：台灣上市公司用 IFRS（TIFRSs）。部分處理方式跟美國 GAAP 不同（租賃會計、營收認列細節）。要註明適用哪套準則。

## 參考資料

- 財務比率的深入分析，見 biz-financial-ratios skill
- 杜邦 ROE 拆解，見 biz-dupont skill

---
name: "data-financial-analysis"
description: "Interpret the three core financial statements (income statement, balance sheet, cash flow statement) to assess business health and performance. Use this skill when the user needs to read financial statements, understand profitability vs cash flow, evaluate a company's financial position, or prepare for investor/board meetings — even if they say 'explain these financials', 'are we making money', 'read this annual report', or 'what do these numbers mean'."
metadata:
  category: "WP-04 數據分析"
  tags: ["data-analysis", "financial-statements", "accounting"]
---

# Financial Statement Analysis

## Framework

```
IRON LAW: Read All Three Statements Together

A company can be profitable (Income Statement) but cash-poor (Cash Flow Statement).
A company can have high assets (Balance Sheet) funded entirely by debt.
Reading one statement alone gives an incomplete — and potentially misleading — picture.
ALWAYS read all three and check for consistency.
```

### The Three Statements

**Income Statement (損益表)** — Did we make money THIS PERIOD?
- Revenue → Gross Profit → Operating Income → Net Income
- Key: Revenue recognition ≠ cash received. Accrual accounting records revenue when earned, not when paid.

**Balance Sheet (資產負債表)** — What do we own and owe RIGHT NOW?
- Assets = Liabilities + Shareholders' Equity
- Key: This is a SNAPSHOT at one point in time, not a period.

**Cash Flow Statement (現金流量表)** — Where did cash come from and go?
- Operating activities (core business cash generation)
- Investing activities (capex, acquisitions, asset sales)
- Financing activities (debt, equity, dividends)
- Key: Operating cash flow is the most important — it shows if the core business generates cash.

### Red Flags Across Statements

| Red Flag | What It Means |
|----------|-------------|
| Revenue growing but operating cash flow declining | Possible revenue recognition issues, rising receivables |
| Net income positive but free cash flow negative | Earnings driven by accruals, not cash; heavy capex |
| Assets growing faster than revenue | Inefficient asset utilization |
| Debt growing faster than equity | Increasing leverage risk |
| Inventory growing faster than revenue | Possible obsolescence, demand slowdown |

### Analysis Steps

1. **Read Income Statement**: Is the company profitable? At which level (gross, operating, net)?
2. **Read Balance Sheet**: What's the capital structure? How liquid is it?
3. **Read Cash Flow**: Is operating cash flow positive? Where is cash going?
4. **Cross-check**: Revenue growth vs cash flow growth, net income vs operating cash flow
5. **Trend**: 3-5 year trend for key metrics
6. **Benchmark**: Compare to industry peers

## Output Format

```markdown
# Financial Statement Analysis: {Company} — {Period}

## Income Statement Highlights
| Metric | Current | Prior Year | Change |
|--------|---------|-----------|--------|
| Revenue | ${X} | ${X} | {%} |
| Gross Margin | {%} | {%} | {±pp} |
| Operating Margin | {%} | {%} | {±pp} |
| Net Income | ${X} | ${X} | {%} |

## Balance Sheet Highlights
| Metric | Current | Prior Year |
|--------|---------|-----------|
| Total Assets | ${X} | ${X} |
| Total Debt | ${X} | ${X} |
| D/E Ratio | {X} | {X} |
| Current Ratio | {X} | {X} |

## Cash Flow Highlights
| Category | Amount |
|----------|--------|
| Operating CF | ${X} |
| Investing CF | ${X} |
| Financing CF | ${X} |
| Free Cash Flow | ${X} |

## Red Flags
- {any detected}

## Overall Assessment
{Financial health verdict with key rationale}
```

## Gotchas

- **Revenue ≠ cash**: Under accrual accounting, revenue is recorded when earned (product delivered), not when cash is received. Check accounts receivable to see how much revenue is still uncollected.
- **EBITDA is not cash flow**: EBITDA ignores capex, working capital changes, and taxes — all of which are real cash costs. Use free cash flow for cash analysis.
- **One-time items distort trends**: Restructuring charges, asset sales, legal settlements create one-time spikes or dips. Use "adjusted" or "normalized" figures for trend analysis.
- **Taiwan IFRS vs US GAAP**: Taiwan-listed companies use IFRS (TIFRSs). Some treatment differs from US GAAP (lease accounting, revenue recognition details). Note which standard applies.

## References

- For financial ratio analysis deep-dive, see the biz-financial-ratios skill
- For DuPont ROE decomposition, see the biz-dupont skill