Can Strategic Education, Inc.'s (NASDAQ:STRA) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price?
Can Strategic Education, Inc.'s (NASDAQ:STRA) Weak Financials Pull The Plug On The Stock's Current Momentum On Its Share Price?
Most readers would already be aware that Strategic Education's (NASDAQ:STRA) stock increased significantly by 26% over the past three months. We, however wanted to have a closer look at its key financial indicators as the markets usually pay for long-term fundamentals, and in this case, they don't look very promising. Particularly, we will be paying attention to Strategic Education's ROE today.
大多数读者已经意识到,战略教育(纳斯达克股票代码:STRA)的股票在过去三个月中大幅上涨了26%。但是,我们想仔细研究其关键财务指标,因为市场通常会为长期基本面买单,在这种情况下,它们看起来并不十分乐观。特别是,我们今天将关注战略教育的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之,它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的?
The formula for ROE is:
ROE 的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Strategic Education is:
因此,根据上述公式,战略教育的投资回报率为:
6.2% = US$102m ÷ US$1.6b (Based on the trailing twelve months to March 2024).
6.2% = 1.02亿美元 ÷ 16亿美元(基于截至2024年3月的过去十二个月)。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.06 in profit.
“回报” 是每年的利润。对此进行概念化的一种方法是,该公司每拥有1美元的股东资本,就能获得0.06美元的利润。
What Has ROE Got To Do With Earnings Growth?
投资回报率与收益增长有什么关系?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。现在,我们需要评估公司再投资或 “保留” 了多少利润以用于未来的增长,从而使我们对公司的增长潜力有所了解。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
A Side By Side comparison of Strategic Education's Earnings Growth And 6.2% ROE
战略教育的收益增长和6.2%的投资回报率的并排比较
On the face of it, Strategic Education's ROE is not much to talk about. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 13% either. Hence, the flat earnings seen by Strategic Education over the past five years could probably be the result of it having a lower ROE.
从表面上看,战略教育的投资回报率没什么好谈的。一项快速的进一步研究表明,该公司的投资回报率与行业平均水平的13%相比也并不理想。因此,战略教育在过去五年中收入持平可能是其投资回报率较低的结果。
As a next step, we compared Strategic Education's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 24% in the same period.
下一步,我们将Strategic Education的净收入增长与该行业进行了比较,并失望地看到该公司的增长低于同期24%的行业平均增长。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240521/0-3373a09df44fab1046557d09b78886aa-0-ade5ff608ebd170d383e3c90629520c7.png/big)
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is STRA fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。然后,这可以帮助他们确定股票是面向光明还是暗淡的未来。STRA 估值合理吗?这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Strategic Education Using Its Retained Earnings Effectively?
战略教育能否有效地使用其留存收益?
Strategic Education has a very high three-year median payout ratio of 115% over the last last three years, which suggests that the company is dipping into more than just its earnings to pay its dividend. The absence of growth in Strategic Education's earnings therefore, doesn't come as a surprise. Paying a dividend higher than reported profits is not a sustainable move. That's a huge risk in our books.
在过去三年中,Strategic Education的三年派息率中位数非常高,为115%,这表明该公司投入的不仅仅是收益来支付股息。因此,战略教育的收入缺乏增长并不令人意外。支付高于报告利润的股息不是可持续的举动。在我们的书中,这是一个巨大的风险。
Moreover, Strategic Education has been paying dividends for seven years, which is a considerable amount of time, suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外,Strategic Education支付股息已有七年了,这是相当长的时间,这表明管理层一定已经意识到股东更喜欢分红而不是收益增长。
Summary
摘要
In total, we would have a hard think before deciding on any investment action concerning Strategic Education. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
总的来说,在决定任何与战略教育有关的投资行动之前,我们会经过深思熟虑。低的投资回报率,加上该公司将几乎甚至全部的利润作为股息支付,导致其收益缺乏或没有增长。既然如此,分析师的最新预测显示,该公司的收益将继续增长。这些分析师的预期是基于对该行业的广泛预期,还是基于公司的基本面?点击此处进入我们分析师对公司的预测页面。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。