Is Henry Schein, Inc.'s (NASDAQ:HSIC) Stock Price Struggling As A Result Of Its Mixed Financials?
Is Henry Schein, Inc.'s (NASDAQ:HSIC) Stock Price Struggling As A Result Of Its Mixed Financials?
With its stock down 15% over the past three months, it is easy to disregard Henry Schein (NASDAQ:HSIC). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Stock prices are usually driven by a company's financial performance over the long term, and therefore we decided to pay more attention to the company's financial performance. In this article, we decided to focus on Henry Schein's ROE.
由于过去3个月公司股价下跌15%,很容易忽略Henry Schein(纳斯达克:HSIC)。在此,我们决定研究该公司的财务状况以确定其是否与股价下跌有关。通常公司的股价由其长期的财务表现驱动,因此我们决定更加关注该公司的财务表现。本文将重点关注Henry Schein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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股东权益回报率是评估公司如何有效地从股东那里获得回报的有用工具。简而言之,它用于评估公司相对于其权益资本的盈利能力。
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 Henry Schein is:
那么,根据上述公式,Henry Schein的ROE为:
8.1% = US$406m ÷ US$5.0b (Based on the trailing twelve months to March 2024).
8.1%= 40.6亿美元 ÷ 50亿美元(根据过去12个月至2024年3月)。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.08.
‘回报’是过去十二个月的利润。因此,这意味着对于每个股东投资的1美元,公司可以获得0.08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?
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。
Henry Schein's Earnings Growth And 8.1% ROE
Henry Schein的盈利增长和8.1%的ROE
On the face of it, Henry Schein's ROE is not much to talk about. Next, when compared to the average industry ROE of 11%, the company's ROE leaves us feeling even less enthusiastic. Given the circumstances, the significant decline in net income by 3.4% seen by Henry Schein over the last five years is not surprising. We reckon that there could also be other factors at play here. Such as - low earnings retention or poor allocation of capital.
从表面上看,Henry Schein的ROE并不值得一提。接下来,将其与平均行业ROE 11%进行比较,该公司的ROE让我们感到更加不热情。鉴于此,Henry Schein在过去5年中净利润下降了3.4%的情况并不令人惊讶。我们认为这里可能还有其他因素在起作用,例如-低收益保留或资本分配不善。
That being said, we compared Henry Schein's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 5.6% in the same 5-year period.
尽管如此,我们将Henry Schein的表现与行业进行了比较,当我们发现虽然该公司缩减了其收益,在同一5年期间,行业收益增长了5.6%时,我们感到担忧。
![past-earnings-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240628/0-a8cb3f9c1266a2d0853d7de14c4ab29d-0-06b849ea0d0707c9b7f99027dfdac6da.png/big)
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. 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 Henry Schein 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。投资者知道市场是否已经考虑了公司的预期盈利增长(或下降)是很重要的。通过这样做,他们将了解该股票是否将进入清澈的蓝水区域,或是即将面临沼泽水域。预期盈利增长的一个很好的指标是P / E比率,它根据其盈利前景确定市场愿意为股票支付的价格。因此,您可能要检查Henry Schein的P / E比率是高于行业还是低于行业。
Is Henry Schein Using Its Retained Earnings Effectively?
Henry Schein是否有效地使用其保留收益?
Henry Schein doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business, which doesn't explain why the company's earnings have shrunk if it is retaining all of its profits. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
Henry Schein不支付任何定期股息,这意味着其利润可能全部被重新投资于企业中,这并不能解释为什么如果它保留所有利润,公司的收益却下降了。看起来可能有其他原因可以解释这种差距。例如,该业务可能正在下降。
Conclusion
结论
In total, we're a bit ambivalent about Henry Schein's performance. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
总体而言,我们对Henry Schein的表现有些矛盾。尽管它似乎保留了大部分利润,但考虑到低的ROE,投资者可能并未从所有再投资中受益。低的盈利增长显示了我们的理论是正确的。话虽如此,我们研究了最新的分析师预测,并发现尽管该公司在过去几年中收益下降,分析师预计其未来的收益将增长。要了解有关该公司未来盈利增长预测的更多信息,请参阅有关该公司的分析师预测的免费报告。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者,发送电子邮件至editorial-team (at) simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈?关于内容有所顾虑?直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。