Exxon Mobil Corporation's (NYSE:XOM) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Exxon Mobil Corporation's (NYSE:XOM) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 8.1% over the past three months, it is easy to disregard Exxon Mobil (NYSE:XOM). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Exxon Mobil's ROE in this article.
股价在过去三个月下跌8.1％，很容易忽视埃克森美孚（纽交所：XOM）。 然而，对其良好的财务状况进行仔细研究可能会让您重新考虑。 鉴于基本面通常主导长期市场结果，因此值得研究该公司。 具体而言，我们决定在本文中研究埃克森美孚的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？
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 Exxon Mobil is:
因此，根据以上公式，埃克森美孚的ROE为：
16% = US$34b ÷ US$213b (Based on the trailing twelve months to March 2024).
16％= 340亿美元 ÷ 2130亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.16 in profit.
“回报”是年利润。这意味着，对于每1美元的股东权益，公司创造了0.16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. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
到目前为止，我们了解到ROE是衡量一家公司如何高效地产生利润的指标。 根据公司选择重新投资或“保留”的利润的比例，我们能够评估公司未来产生利润的能力。 假设其他所有内容保持不变，则ROE和盈利保留比越高，公司的增长速度就越高，这与那些不一定具备这些特征的公司相比。
Exxon Mobil's Earnings Growth And 16% ROE
埃克森美孚的盈利增长和16％的roe
To begin with, Exxon Mobil seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 18%. This probably goes some way in explaining Exxon Mobil's significant 35% net income growth over the past five years amongst other factors. We believe that there might also be other aspects that are positively influencing the company's earnings growth. Such as - high earnings retention or an efficient management in place.
首先，埃克森美孚的roe似乎相当令人尊敬。 此外，公司的roe与行业平均水平相近18％。 这可能在解释埃克森美孚在过去五年中的显着35％净利润增长等方面发挥了一定作用。 我们认为，可能还有其他一些因素积极影响了该公司的盈利增长。例如-高盈利保留或有效的管理。
We then performed a comparison between Exxon Mobil's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 38% in the same 5-year period.
然后，我们将埃克森美孚的净收入增长与行业进行了比较，发现该公司的增长与同一5年时期的行业平均增长率相近38％。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for XOM? You can find out in our latest intrinsic value infographic research report.
在估值股票时，盈利增长是一个重要的指标。投资者知道市场是否已经定价了公司预期的盈利增长或下降至关重要。通过这样做，他们将有一个了解股票是进入清晰的蓝色水域还是进入泥泞的水域的想法。市场是否已经为XOM未来的前景定价？您可以在我们的最新内在价值信息图研究报告中了解。
Is Exxon Mobil Using Its Retained Earnings Effectively?
埃克森美孚是否有效地利用了其留存收益？
Exxon Mobil's three-year median payout ratio is a pretty moderate 29%, meaning the company retains 71% of its income. This suggests that its dividend is well covered, and given the high growth we discussed above, it looks like Exxon Mobil is reinvesting its earnings efficiently.
埃克森美孚三年的中位数派息比率相当适中，为29％，这意味着公司保留了其收入的71％。这表明其股息得到了很好的覆盖，并且鉴于上述高增长，看起来埃克森美孚正在有效地再投资其收入。
Besides, Exxon Mobil has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Looking at the current analyst consensus data, we can see that the company's future payout ratio is expected to rise to 43% over the next three years. However, the company's ROE is not expected to change by much despite the higher expected payout ratio.
此外，埃克森美孚已经至少连续十年支付股息。这表明该公司致力于与股东分享利润。从当前的分析师共识数据来看，我们可以看到公司未来的派息比率预计将在未来三年内上升至43％。然而，尽管预计派息比率更高，但公司的roe不会有太大变化。
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 Exxon Mobil's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable 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. 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，我们认为埃克森美孚的表现相当不错。特别是，看到公司正在大力投资其业务，并伴随着高回报率，导致其收益显着增长，这是非常好的。就这样，最新的分析师预测研究表明，公司未来的盈利增长速度预计将放缓。要了解更多关于该公司未来盈利增长预测的信息，请参阅有关该公司的分析师预测的免费报告。
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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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