Is Dycom Industries, Inc.'s (NYSE:DY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Dycom Industries, Inc.'s (NYSE:DY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Most readers would already be aware that Dycom Industries' (NYSE:DY) stock increased significantly by 19% over the past three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. In this article, we decided to focus on Dycom Industries' ROE.
大多数读者可能已经意识到，Dycom Industries（NYSE:DY）的股票在过去三个月内显著增长了19%。鉴于市场通常为一家公司的长期基本面付费，我们决定研究该公司的关键业绩指标，以确定其是否影响市场。在本文中，我们决定重点关注戴康工业的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股东权益回报率，是一种有用的工具，用于评估公司如何有效地从股东获得的投资中产生回报。简单来说，这衡量了一家公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 Dycom Industries is:
因此，根据上述公式，戴康工业的roe为：
21% = US$230m ÷ US$1.1b (Based on the trailing twelve months to April 2024).
21% = US$230m ÷ US$1.1b（截至2024年4月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.21 in profit.
所谓“回报”是指过去十二个月税后收益，这意味着对于每1美元股东权益，公司产生了0.21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. 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 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.
我们已经确定了roe作为衡量公司未来收益的有效收益率。现在我们需要评估公司再投资或“保留”的利润，以便了解公司的增长潜力。假设其他一切不变，ROE和利润保留率越高，公司的增长率就越高，而与不一定具备这些特征的公司相比。
Dycom Industries' Earnings Growth And 21% ROE
戴康工业的收益增长和21%的roe
To start with, Dycom Industries' ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 12%. Probably as a result of this, Dycom Industries was able to see an impressive net income growth of 41% over the last five years. However, there could also be other causes behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
首先，戴康工业的roe看起来是可接受的。此外，公司的roe与行业平均水平相比相当有利。可能是因为这个原因，戴康工业在过去五年中能够看到惊人的净收入增长41%。但是，这种增长背后也可能有其他原因。例如，该公司具有较低的派息比率或经营效率较高。
Next, on comparing with the industry net income growth, we found that Dycom Industries' growth is quite high when compared to the industry average growth of 20% in the same period, which is great to see.
接下来，通过与行业净收入增长的比较，我们发现戴康工业的增长在同期的行业平均增长20%相比相当高，这是非常好的。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Dycom Industries fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是股票估值中的一个重要因素。投资者需要进一步判断的是，预期的收益增长或其缺乏是否已经反映在股价中。这样做将有助于他们确定股票的未来前景是有前途还是不乐观。戴康工业与其他公司相比是否公平价值？这3个估值指标可能会帮助您做出决策。
Is Dycom Industries Making Efficient Use Of Its Profits?
戴康工业是否有效利用其利润？
Dycom Industries 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 high earnings growth number that we discussed above.
目前，戴康工业没有支付任何常规股息，这基本上意味着它一直在将其所有利润再投资到业务中。这绝对有助于上述高收益增长数字的产生。
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 Dycom Industries' 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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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，我们认为戴康工业的表现相当不错。具体而言，我们喜欢公司以高回报率再投资了大量利润这一点。当然，这导致了公司收益的大幅增长。尽管如此，对最新分析师预测的研究表明，该公司未来的收益增长将放缓。这些分析师预测基于行业的整体预期，还是公司的基本面？点击这里进入公司分析师预测页面。
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