Declining Stock and Solid Fundamentals: Is The Market Wrong About US Foods Holding Corp. (NYSE:USFD)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About US Foods Holding Corp. (NYSE:USFD)?
US Foods Holding (NYSE:USFD) has had a rough month with its share price down 3.1%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to US Foods Holding's ROE today.
美国食品控股（纽交所：USFD）的股价下跌了3.1％，度过了一个艰难的月份。但是，对其健康的财务状况进行更深入的观察可能会让您再次考虑。鉴于基本面通常驱动长期市场预期，该公司值得关注。特别是，我们将关注美国食品控股的roe。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东要考虑的关键因素之一是净资产收益率或roe，因为它告诉他们公司如何有效地重新投资他们的资本。简单点说，它衡量了公司与股东权益相关的盈利能力。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 US Foods Holding is:
因此，根据上述公式，美国食品控股的ROE为：
10% = US$506m ÷ US$4.8b (Based on the trailing twelve months to March 2024).
10％= 5.06亿美元÷48亿美元（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.10 in profit.
‘回报’指的是公司在过去一年内的盈利。一个概念化这个的方法是，对于每个1美元股东资本，公司赚取了10美分的利润。
What Has ROE Got To Do With Earnings Growth?
ROE与盈利增长有什么关系？
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前为止，我们已经了解到 ROE 是衡量公司盈利能力的一种指标。现在，我们需要评估公司重新投资或“保留”的利润有多少，以此来衡量公司的成长潜力。其他因素相同的情况下，具有更高的股本回报率和更高的利润保留的公司通常比没有相同特征的公司具有更高的增长率。
A Side By Side comparison of US Foods Holding's Earnings Growth And 10% ROE
US Foods Holding盈利增长和10％ROE的并排比较
To begin with, US Foods Holding seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 12%. This probably goes some way in explaining US Foods Holding's moderate 16% growth over the past five years amongst other factors.
首先，美国食品控股的ROE似乎相当可观。并且经过与行业的比较，我们发现行业平均ROE相似，为12％。这可能在某种程度上解释了美国食品控股在过去五年中适度增长16％的原因。
We then performed a comparison between US Foods Holding's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 14% in the same 5-year period.
然后，我们比较了美国食品控股的净收入增长与行业，发现该公司的增长与同一5年期内行业平均增长14％相似。
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). Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if US Foods Holding is trading on a high P/E or a low P/E, relative to its industry.
盈利增长是股票估值的一个重要因素。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）非常重要。这样做将有助于他们确定股票的未来前景是有希望的还是不利的。预期盈利增长的一个很好的指标是市盈率，根据其盈利前景来确定市场愿意为一支股票支付的价格。因此，您可能需要检查美国食品控股的市盈率与其行业相比是高还是低。
Is US Foods Holding Using Its Retained Earnings Effectively?
美国食品控股是否有效地利用其留存收益？
US Foods Holding doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the decent earnings growth number that we discussed above.
美国食品控股目前不支付任何定期股息，这基本上意味着它一直在将其所有利润重新投资到业务中。这绝对有助于上述不错的盈利增长数字。
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, we feel that US Foods Holding's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. 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，我们认为美国食品控股的表现相当不错。特别是，很高兴看到公司大力投入业务并伴随着高回报率，这导致了其盈利的可观增长。我们还研究了最新的分析师预测，并发现该公司的盈利增长预期与其当前的增长率相似。这些分析师的预期是基于行业和公司基本面的广泛预期吗？单击这里，转至我们的分析师预测页面。
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