Official definition · 官方定义
“In finance, valuation refers to the process of assessing the worth of a company, investment, or asset based on future cash flows, financial statements, and other key indicators.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
Valuation is the process of estimating what an asset is worth. Investors use multiples, discounted cash flow, or comparisons with similar companies. Every method is a forecast wearing a number.
估值是估算一项资产值多少钱的过程。常用方法有多重比较、现金流折现，或与同业对比。每种方法本质都是「套着数字外壳的预测」。
Valuation is where assumptions become visible. A terminal growth rate of 3% versus 4% can change a valuation by 30%, and nobody argues about that number on television. Multiples are faster but hide the same assumptions inside the denominator. The useful question is never “is 25 times expensive?” but “what growth does 25 times require, and is that plausible?”
估值是假设暴露出来的地方。永续增长率取 3% 还是 4%，估值能差 30%，而这个数字从不上电视辩论。
倍数法更快，但把同样的假设藏进了分母。真正有用的问题不是「25 倍贵不贵」，而是「25 倍要求多少增长，这个增长可信吗」。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Nvidia sets biggest-ever buyback plan as AI chip competition weighs on stock performance 「估值」 · 第 7 张术语卡 | Barringer says the buyback follows Apple’s playbook of supporting the stock “as growth slows and valuation multiples come under pressure”. 估值和价格不是一回事：价格是市场当下成交的价，估值是你用某个口径算出来的「应该值多少」。同一家公司可以同时「股价创新高」和「估值变便宜」—— 只要利润涨得比股价快。英伟达今年股价涨约 20%，但倍数掉到 16.5 倍，说明它的盈利涨得更快。这也是黄仁勋说自家是「增长型价值股」的依据。 |
A high multiple means overvalued
It can mean high expected growth. The question is what is priced in.
DCF is objective
The output is dominated by the terminal value and the discount rate.
Book value is a floor
For asset-light businesses, book value is close to irrelevant.
· trade at 25 times earnings
· a valuation gap
· mark-to-market
· a rich valuation
· valuation reset
trade at 25 times earnings 以 25 倍市盈率交易；a valuation gap 估值差；mark-to-market 按市价计量；a rich valuation 估值偏高；valuation reset 估值重估。
· valuation vs price
· equity value vs enterprise value
valuation 是估算值多少，price 是市场愿意付多少；equity value 是股权价值，enterprise value 是企业整体价值。
The stock trades at X times forward earnings, a discount to its five-year average of Y.
估值句：股价为预期盈利的 X 倍，低于五年均值 Y 倍——a discount to 是折价，a premium to 是溢价。