Declining Stock and Decent Financials: Is The Market Wrong About PTC Inc. (NASDAQ:PTC)?
Declining Stock and Decent Financials: Is The Market Wrong About PTC Inc. (NASDAQ:PTC)?
It is hard to get excited after looking at PTC's (NASDAQ:PTC) recent performance, when its stock has declined 4.7% over the past week. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on PTC's ROE.
看了 PTC (纳斯达克:PTC) 近一个星期下跌了 4.7%，很难感到激动。然而，股价通常受公司长期的业务表现影响，而本案例的业务表现相当可观。此文专注于 PTC 的ROE。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率（roe）是一种关键指标，用于评估公司管理层如何有效利用公司资本。更简单地说，它衡量了公司相对股东权益的盈利能力。
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 PTC is:
因此，根据上述公式，PTC的ROE为：
9.8% = US$288m ÷ US$2.9b (Based on the trailing twelve months to March 2024).
9.8% = 2.88亿美元 ÷ 29亿美元 (基于追溯至2024年3月的过去12个月)。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.10 in profit.
“回报”是过去十二个月的利润。也就是说，对于每1美元的股东权益，该公司创造了0.10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？
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 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.
到目前为止，我们已经了解到roe衡量公司利润产生的效率。根据公司选择再投资或“保留”的利润比例，我们能够评估公司未来产生利润的能力。其他条件相同的情况下，roe和利润保留率均较高的公司通常比没有这些特征的公司成长速度更快。
PTC's Earnings Growth And 9.8% ROE
PTC的盈利增长和9.8%的ROE
On the face of it, PTC's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 12%. Moreover, we are quite pleased to see that PTC's net income grew significantly at a rate of 34% over the last five years. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. Such as - high earnings retention or an efficient management in place.
从表面上看，PTC的ROE没有多少讨论的价值。然而，更仔细的研究显示，公司的ROE类似于12%的行业平均水平。此外，我们非常高兴地看到PTC的净利润在过去五年中以34%的速度显著增长。考虑到ROE并不特别高，我们认为可能也存在其他因素影响公司的增长，例如高收益保留率或有效的管理层。
We then compared PTC'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 13% in the same 5-year period.
然后，我们将PTC的净利润增长与行业进行比较，并高兴地看到，在相同的五年期内，公司的增长率比行业的13%更高。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is PTC fairly valued compared to other companies? These 3 valuation measures might help you decide.
盈利增长是股票估值的重要因素。投资者需要确定的下一步是预期的盈利增长（或缺乏盈利增长）是否已经反映在股价中。这将帮助他们确定股票的前景是光明还是不乐观。与其他公司相比，PTC的公道价值如何？这三个估值指标可能会帮助您决定。
Is PTC Making Efficient Use Of Its Profits?
PTC是否有效地利用了其利润？
Given that PTC 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PTC不向其股东支付任何定期股息，我们推断该公司一直在重新投资其全部利润以增加业务。
Conclusion
结论
Overall, we feel that PTC certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说，我们认为PTC肯定具有一些要考虑的积极因素。尽管其回报率较低，但公司将其利润的很高一部分重新投资到业务中去，无疑有助于其盈利高速增长。尽管如此，据当前分析师预测，公司的盈利增长有望放缓。要了解该公司的最新分析师预测，请查看此分析师预测可视化。
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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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