U.S. Physical Therapy, Inc. (NYSE:USPH) Stock's On A Decline: Are Poor Fundamentals The Cause?
U.S. Physical Therapy, Inc. (NYSE:USPH) Stock's On A Decline: Are Poor Fundamentals The Cause?
It is hard to get excited after looking at U.S. Physical Therapy's (NYSE:USPH) recent performance, when its stock has declined 16% over the past three months. We decided to study the company's financials to determine if the downtrend will continue as the long-term performance of a company usually dictates market outcomes. Specifically, we decided to study U.S. Physical Therapy's ROE in this article.
在看了美国物理治疗公司（NYSE:USPH）最近三个月的16%的下跌表现后，难以感到兴奋。我们决定研究该公司的财务情况，以确定是否会继续下跌，因为公司的长期业绩通常决定市场结果。具体而言，我们在本文中决定研究美国物理治疗公司的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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东必须考虑股本回报率或ROE，因为它告诉他们公司如何有效地重新投资他们的资本。 简而言之，ROE显示每美元股东投资所产生的利润。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for ROE is:
roe的公式是：
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 U.S. Physical Therapy is:
因此，根据上述公式，美国物理治疗公司的ROE为：
5.6% = US$37m ÷ US$672m (Based on the trailing twelve months to March 2024).
5.6% = 3700万美元 ÷ 6.72亿美元（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.
“收益率”是每年的利润。一个理解方式是，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 Is The Relationship Between ROE And Earnings Growth?
既然我们已经确定ROE是一种有效的利润生成标准，用于评估公司未来的盈利能力，我们现在需要评估公司“保留”为未来增长而重新投资的利润多少，这使我们对公司的增长潜力有了一个了解。一般而言，在其他条件相等的情况下，ROE和利润留存高的公司，增长率比没有这些属性的公司要高。
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。
U.S. Physical Therapy's Earnings Growth And 5.6% ROE
美国物理治疗的盈利增长和5.6%的ROE
At first glance, U.S. Physical Therapy's 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 11% either. As a result, U.S. Physical Therapy's flat net income growth over the past five years doesn't come as a surprise given its lower ROE.
乍一看，美国物理治疗的ROE看起来并不是很有前途。 进一步的快速研究显示，该公司的ROE也不足以与行业平均水平的11%相比。 因此，鉴于其较低的ROE，美国物理治疗在过去五年中的净收入增长呈现平稳的态势不足为奇。
As a next step, we compared U.S. Physical Therapy's net income growth with the industry and discovered that the industry saw an average growth of 5.6% in the same period.
接下来，我们将美国物理治疗的净收入增长与行业进行比较，并发现该行业在同期平均增长了5.6%。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Is USPH fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是股票估值的一个重要因素。投资者应试图确定预期的盈利增长或下降是否已定价。这样做将有助于他们确定股票的未来前景。USPH是否定价合理？这家公司的内在价值信息图表中包含了您需要知道的所有内容。
Is U.S. Physical Therapy Using Its Retained Earnings Effectively?
美国物理治疗是否有效地利用了其保留收益？
The high three-year median payout ratio of 60% (meaning, the company retains only 40% of profits) for U.S. Physical Therapy suggests that the company's earnings growth was miniscule as a result of paying out a majority of its earnings.
美国物理治疗的高达三年的平均派息比率为60%（即，公司仅保留40%的利润），这表明该公司的盈利增长微小，因为该公司支付了大部分的利润。
Moreover, U.S. Physical Therapy has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.
此外，美国物理治疗已经支付股息至少十年以上，这表明管理层必须认为股东更喜欢派息而不是盈利增长。
Conclusion
结论
On the whole, U.S. Physical Therapy's performance is quite a big let-down. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总体而言，美国物理治疗的表现相当令人失望。由于其低ROE和对业务的少量再投资，公司的盈利增长率令人失望。话虽如此，我们研究了最新的分析师预测，并发现尽管该公司以往曾有过盈利萎缩，但分析师预计其未来的盈利将会增长。了解有关该公司的最新分析师预测的更多信息，请查看此可视化分析师预测信息图表。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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