Is Coupang, Inc.'s (NYSE:CPNG) Latest Stock Performance A Reflection Of Its Financial Health?
Is Coupang, Inc.'s (NYSE:CPNG) Latest Stock Performance A Reflection Of Its Financial Health?
Most readers would already be aware that Coupang's (NYSE:CPNG) stock increased significantly by 20% 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 Coupang's ROE.
大部分读者已经意识到韩国电商巨头Coupang（纽交所股票代码：CPNG）的股价在过去三个月内上涨了惊人的20%。由于市场通常会为公司的长期基本面付费，我们决定研究公司的关键业绩指标，以确定它们是否可能会影响市场。在本文中，我们决定重点关注Coupang的ROE。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率（ROE）是衡量公司增值和管理投资者资金有效性的测试。换句话说，它是一种盈利能力比率，用于衡量公司股东提供的资金回报率。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Coupang is:
因此，根据上述公式，Coupang的ROE为:
30% = US$1.2b ÷ US$4.2b (Based on the trailing twelve months to March 2024).
30% = US$1.2b ÷ US$4.2b（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.30 in profit.
“回报”是企业过去一年赚取的收入。 另一种思考方法是，对于每1美元的股本，公司能够赚取0.30美元的利润。
Why Is ROE Important For Earnings Growth?
ROE对于盈利增长的重要性是什么？
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. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前为止，我们已经了解到ROE是衡量公司盈利能力的一个指标。现在我们需要评估公司再投资或“保留”未来增长所需的利润，然后我们可以大致了解公司的增长潜力。一般来说，在其他条件相等的情况下，具有高ROE和利润保留的公司比没有这些属性的公司具有更高的增长率。
A Side By Side comparison of Coupang's Earnings Growth And 30% ROE
Coupang盈利增长和30% ROE 并排比较
To begin with, Coupang has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 20% the company's ROE is quite impressive. Under the circumstances, Coupang's considerable five year net income growth of 67% was to be expected.
首先，Coupang的ROE相当高，这很有趣。其次，即使与行业平均水平20％相比，如果看公司的ROE，也是相当令人印象深刻的。在这种情况下，Coupang五年净收入增长了67％，这是可以预期的。
We then compared Coupang's 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 15% in the same 5-year period.
然后，我们将Coupang的净收入增长与行业进行了比较，我们很高兴看到公司的增长数字比行业在同一5年期间的15％增长率更高。
Earnings growth is an important metric to consider when valuing a stock. 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. Is CPNG fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增长是考量股票价值时需要考虑的重要指标。投资者了解市场是否已经将公司预期的盈利增长（或下降）的价格计入其中很重要。这有助于他们确定股票的未来前景是否看好或不利。CPNG的内在价值信息图表详尽解析，欢迎点击。
Is Coupang Efficiently Re-investing Its Profits?
Coupang是否有效地将利润重新投入到业务中?
Coupang 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.
Coupang目前不支付任何普通股息，这基本上意味着它一直在将所有利润重新投入到业务中。这无疑为我们上面讨论的高盈利增长数字做出了贡献。
Conclusion
结论
Overall, we are quite pleased with Coupang's performance. 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. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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Coupang的表现感到相当满意。特别是，我们喜欢这家公司以高回报率将其大部分利润再次投资到业务中。当然，这导致公司的盈利增长产生了显着增长。话虽如此，根据分析师的预测，公司的盈利增长预计会放缓。这些分析师的预期是基于行业的广泛预期，还是基于公司的基本面？请点击此处以进入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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