Qualys, Inc.'s (NASDAQ:QLYS) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Qualys, Inc.'s (NASDAQ:QLYS) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Qualys (NASDAQ:QLYS) has had a rough three months with its share price down 16%. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Specifically, we decided to study Qualys' ROE in this article.
沃特世(QLYS) 最近三个月表现不佳，股价下跌了16%。但如果你仔细观察，你可能会了解到其强劲的财务状况意味着股票在长期内有可能增值，因为市场通常会奖励那些拥有良好财务健康状况的公司。具体来说，在本文中，我们决定研究Qualys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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
对于股东来说，股东回报率（ROE）是一个重要的考虑因素，因为它告诉股东他们的资本被有效地再投资了多少。换句话说，它是一个衡量公司股东提供的资本回报率的盈利能力比率。
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 Qualys is:
因此，根据上述公式，Qualys的ROE为：
40% = US$162m ÷ US$404m (Based on the trailing twelve months to March 2024).
40%=162百万美元÷404百万美元（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 $0.40 in profit.
“回报”是年度利润。可以这样理解，对于每1美元的股东资本，公司的利润为0.40美元。
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。
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. 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.
我们已经确定ROE作为公司未来收益的有效利润生成度量。根据公司“保留”多少利润以及它如何有效地保留利润，我们能够评估公司的收益增长潜力。假设其他所有条件相同，具有更高股东权益回报率和更高利润保留的公司通常是与没有相同特征的公司相比增长速度更高的公司。
Qualys' Earnings Growth And 40% ROE
Qualys的盈利增长和40%的ROE
First thing first, we like that Qualys has an impressive ROE. Secondly, even when compared to the industry average of 12% the company's ROE is quite impressive. This probably laid the groundwork for Qualys' moderate 18% net income growth seen over the past five years.
首先，我们喜欢Qualys有令人印象深刻的ROE。其次，即使与行业平均水平的12%相比，公司的ROE也相当令人印象深刻。这可能为Qualys在过去五年中实现了适度的18%净收入增长打下了基础。
We then compared Qualys' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 14% in the same 5-year period.
随后，我们将Qualys的净收入增长与行业进行比较，很高兴地看到，在同一5年期间，该公司的增长率高于行业的14%。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is QLYS worth today? The intrinsic value infographic in our free research report helps visualize whether QLYS is currently mispriced by the market.
给公司附加价值的基础在很大程度上与其盈利增长相关。投资者应该尝试确定预期的盈利增长或下降是否反映在股价中。通过这样做，他们将了解股票是否处于清晰的蓝水域中，还是将面临泥泞的水域。QLYS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，可帮助你判断QLYS当前是否被市场错定价值。
Is Qualys Efficiently Re-investing Its Profits?
Qualys是否有效地重新投资其利润？
Given that Qualys doesn't pay any regular dividends to its shareholders, we infer that the company has been reinvesting all of its profits to grow its business.
考虑到Qualys不向股东支付任何普通股息，我们可以推断出该公司一直在重新投资其所有利润以推动业务增长。
Conclusion
结论
In total, we are pretty happy with Qualys' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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，我们对Qualys的表现感到非常满意。特别是，我们喜欢公司大量投资于业务，并以较高的投资回报率。毫不奇怪，这导致了令人印象深刻的盈利增长。然而，最新的行业分析师预测显示，该公司的盈利增长预计将放缓。这些分析师的预期是基于行业的普遍预期，还是基于该公司的基本面？单击此处，查看我们的分析师预测页面。
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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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