Is Vishay Intertechnology, Inc.'s (NYSE:VSH) Stock's Recent Performance A Reflection Of Its Financial Health?
Is Vishay Intertechnology, Inc.'s (NYSE:VSH) Stock's Recent Performance A Reflection Of Its Financial Health?
Most readers would already know that Vishay Intertechnology's (NYSE:VSH) stock increased by 7.5% over the past three months. Given its impressive performance, we decided to study the company's key financial indicators as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Vishay Intertechnology's ROE.
大部分的读者应该都知道Vishay Intertechnology（NYSE：VSH）的股票在过去三个月中增加了7.5％。考虑到它的出色表现，我们决定研究公司的关键财务指标，因为公司的长期基本面通常决定市场结果。在本文中，我们决定关注Vishay Intertechnology的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股东权益回报率（ROE）是测试公司如何有效地增加其价值并管理投资者资金的指标。简而言之，它用于评估公司相对于股本资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Vishay Intertechnology is:
因此，根据上述公式，Vishay Intertechnology的ROE为：
11% = US$245m ÷ US$2.2b (Based on the trailing twelve months to March 2024).
11％= US $ 245m ÷ US $ 2.2b（基于截至2024年3月的过去十二个月）Vishay Intertechnology的收益增长和11％的ROE
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
‘回报’是企业在过去一年内赚取的收入。这意味着，每1美元的股东权益公司产生0.11美元的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我们已经确定roe对于公司未来收益的有效衡量工具。根据公司再投资或“留存”这些利润的程度及其有效性，我们随后可以评估公司的收益增长潜力。一般而言，其他条件相同的情况下，roe和利润留存率较高的公司比不具备这些属性的公司具有更高的增长率。
Vishay Intertechnology's Earnings Growth And 11% ROE
Vishay Intertechnology的收益增长和11％的ROE
To start with, Vishay Intertechnology's ROE looks acceptable. And on comparing with the industry, we found that the the average industry ROE is similar at 9.6%. This probably goes some way in explaining Vishay Intertechnology's moderate 14% growth over the past five years amongst other factors.
首先，Vishay Intertechnology的ROE看起来可以接受。与行业的比较发现，行业平均ROE为9.6％。在其他因素中，这可能在某种程度上解释了Vishay Intertechnology在过去五年中适度增长14％。
Next, on comparing Vishay Intertechnology's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 16% over the last few years.
接下来，与行业相比较Vishay Intertechnology的净收入增长，我们发现公司报告的增长与行业平均增长率相似，近几年为16％。
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about Vishay Intertechnology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是股票估值的重要因素。了解市场是否已定价公司预期的收益增长（或下降）对投资者很重要。然后，这可以帮助他们确定股票是面临光明还是黯淡的未来。如果您想了解Vishay Intertechnology的估值，请查看其市盈率的仪表盘与行业相比。
Is Vishay Intertechnology Using Its Retained Earnings Effectively?
Vishay Intertechnology是否有效地利用其留存收益？
Vishay Intertechnology's three-year median payout ratio to shareholders is 17% (implying that it retains 83% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
Vishay Intertechnology三年的股息支付比率中位数为17％（意味着它保留了其收入的83％），这是比较低的，因此，管理层似乎正在大量重新投资利润以发展业务。
Additionally, Vishay Intertechnology has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
此外，Vishay Intertechnology在至少十年的时间内支付了股息，这意味着该公司非常重视与股东分享其利润。
Conclusion
结论
On the whole, we feel that Vishay Intertechnology's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说，我们认为Vishay Intertechnology的表现相当不错。具体来说，我们喜欢公司正在以高回报率再投资其大部分利润。这当然导致了公司收益的大幅增长。尽管如此，在研究当前分析师的估计时，我们担心看到尽管该公司过去增长了其收益，但分析师预计其未来的收益将会下降。如果想了解该公司最新的分析师预测，请查看分析师对公司的预测的可视化呈现。
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