Are Poor Financial Prospects Dragging Down Hormel Foods Corporation (NYSE:HRL Stock?
Are Poor Financial Prospects Dragging Down Hormel Foods Corporation (NYSE:HRL Stock?
It is hard to get excited after looking at Hormel Foods' (NYSE:HRL) recent performance, when its stock has declined 14% over the past month. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. In this article, we decided to focus on Hormel Foods' ROE.
荷美尔食品（NYSE:HRL）最近表现不佳，股价在过去一个月内下跌了14%。为了判断这一趋势是否会继续，我们决定研究公司的基本面，因为它们塑造了长期的市场趋势。在本文中，我们决定关注荷美尔食品的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或roe是一项关键指标，用于评估公司管理层使用公司资本的效率。换句话说，它揭示了公司将股东的投资转化为利润的成功。
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 Hormel Foods is:
因此，根据以上公式，荷美尔食品的roe为：
9.7% = US$766m ÷ US$7.9b (Based on the trailing twelve months to April 2024).
9.7％ = 7.9十亿美元的过去十二个月收益 ÷ 766百万美元的净利润（截至2024年4月）。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.
“回报”是过去十二个月的利润。另一种思考方式是，对于每个1美元的股本，公司能够赚取0.10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？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
因此，我们已经了解到ROE衡量公司如何高效地创造利润。根据公司重新投资或“保留”的利润数量以及其有效性，我们随后能够评估公司的收益增长潜力。假设其他所有因素均保持不变，则ROE和利润保留率越高，相对于不一定具备这些特征的公司，公司的增长率就越高。
Hormel Foods' Earnings Growth And 9.7% ROE
荷美尔食品的盈利增长和9.7％的roe。
At first glance, Hormel Foods' ROE doesn't look very promising. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 14% either. For this reason, Hormel Foods' five year net income decline of 2.8% is not surprising given its lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.
乍一看，荷美尔食品的roe似乎并不十分令人满意。进一步的研究显示，该公司的roe与行业平均水平14％相比也没有优势。因此，考虑到其较低的roe，荷美尔食品五年净利润下降2.8％并不令人惊讶。但是，也可能有其他因素导致收益下降。例如，公司的派息比率非常高，或者面临竞争压力。
However, when we compared Hormel Foods' growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 11% in the same period. This is quite worrisome.
然而，当我们将荷美尔食品的增长与行业相比较时，我们发现，虽然公司的收益一直在缩水，但行业在同一时期的收益增长了11％，这非常令人担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. What is HRL worth today? The intrinsic value infographic in our free research report helps visualize whether HRL is currently mispriced by the market.
对于一个公司来说，价值是很大程度上与其盈利增长相关的。投资者了解市场是否已经定价了公司预期的盈利增长（或下降）对他们判断股票未来走势非常重要。那么HRL今天的价值是多少？我们免费研究报告中的内在价值信息图表可帮助判断HRL当前是否被错价。
Is Hormel Foods Efficiently Re-investing Its Profits?
荷美尔食品有效地再投资利润吗？
Hormel Foods has a high three-year median payout ratio of 60% (that is, it is retaining 40% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. The business is only left with a small pool of capital to reinvest - A vicious cycle that doesn't benefit the company in the long-run.
荷美尔食品拥有高达60％的三年中位数派息比率（即它将40％的利润留作股息分配给股东），这表明公司将大多数利润作为股息支付给股东。这在一定程度上解释了为什么其盈利一直在缩水。公司只剩下很少的资本来再投资，这是一种恶性循环，长期来看对公司没有好处。此外，荷美尔食品已经连续十年派息，这表明即使以牺牲业务增长为代价，维持派息支付对管理层来说更为重要。根据最新的分析师估计，我们发现公司未来三年的派息比率预计将保持在63％的稳定水平。因此，我们从分析师对未来roe的11％的估计中推断出，荷美尔食品的roe不会有太大的变化。
In addition, Hormel Foods has been paying dividends over a period of at least ten years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 63%. As a result, Hormel Foods' ROE is not expected to change by much either, which we inferred from the analyst estimate of 11% for future ROE.
总的来说，荷美尔食品的表现相当令人失望。由于留下的利润非常少，而所保留下来的利润再投资的回报率非常低，公司一直没有实现盈利的增长。不过，从目前的分析师估计来看，我们发现公司的盈利增长率有望得到巨大改善。要了解有关该公司未来盈利增长预测的更多信息，请查看此免费报告中的分析师预测。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
On the whole, Hormel Foods' performance is quite a big let-down. The company has seen a lack of earnings growth as a result of retaining very little profits and whatever little it does retain, is being reinvested at a very low rate of return. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
荷美尔食品的表现相当令人失望。由于留下的利润非常少且再投资回报率非常低，公司的收益一直在缩水。不过，从目前的分析师估计来看，我们发现公司的盈利增长率有望得到巨大改善。
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