The Total Return for Winmark (NASDAQ:WINA) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The Total Return for Winmark (NASDAQ:WINA) Investors Has Risen Faster Than Earnings Growth Over the Last Five Years
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But when you pick a company that is really flourishing, you can make more than 100%. One great example is Winmark Corporation (NASDAQ:WINA) which saw its share price drive 137% higher over five years. And in the last month, the share price has gained 12%. We note that Winmark reported its financial results recently; luckily, you can catch up on the latest revenue and profit numbers in our company report.
在购买公司股票后(假设没有杠杆), 最坏的结果就是失去你投入的全部资金。但当你选择一个真正蓬勃发展的公司时, 可以赚到超过100%的利润。其中一个很好的例子是Winmark Corporation (纳斯达克:WINA), 其股价在过去5年中上涨了137%, 在过去一个月中上涨了12%。我们注意到，Winmark最近公布了其财务业绩; 幸运的是，您可以通过我们公司报告了解最新的收入和利润数据。
Since the long term performance has been good but there's been a recent pullback of 5.1%, let's check if the fundamentals match the share price.
由于长期表现良好，但最近回调了5.1％，让我们检查一下基本面是否与股价相符。
To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
用本杰明·格雷厄姆的话来说：“短期市场是一台投票机，但长期市场是一台称重机”。检查市场情绪如何随时间推移变化的一种方式是查看公司股价和每股收益（EPS）之间的相互作用。
During five years of share price growth, Winmark achieved compound earnings per share (EPS) growth of 7.6% per year. This EPS growth is slower than the share price growth of 19% per year, over the same period. So it's fair to assume the market has a higher opinion of the business than it did five years ago. That's not necessarily surprising considering the five-year track record of earnings growth.
在5年的股价上涨期间，Winmark实现了每股收益(compound EPS)每年增长7.6%。 与此同时，这种EPS增长速度比同期19%的股价增长速度要慢。因此，可以合理地假设市场对公司的评价比五年前更高。这并不令人惊讶，考虑到五年来的盈利增长纪录。
The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).
下图显示了EPS随时间变化的情况（点击图像以显示确切值）。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. It might be well worthwhile taking a look at our free report on Winmark's earnings, revenue and cash flow.
值得注意的是，Winmark的CEO薪酬低于规模类似的公司的中位数水平。关注CEO的薪酬是值得的，但更重要的问题是公司是否会在未来多年实现盈利增长。查看我们关于Winmark的收益、收入和现金流的免费报告可能非常值得。
What About Dividends?
那么分红怎么样呢？
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. We note that for Winmark the TSR over the last 5 years was 168%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!
对于任何给定的股票，考虑总股东回报率和股价回报率都是非常重要的。总股东回报率TSR包括股息再投资假设下的任何剥离价值或折价融资的价值。因此，对于支付丰厚股息的公司，TSR通常要高于股价回报率。我们注意到，在过去的5年中，Winmark的TSR为168%，高于上述的股价回报率。这在很大程度上是由于其股息支付所致！
A Different Perspective
不同的观点
Winmark provided a TSR of 14% over the last twelve months. But that return falls short of the market. On the bright side, the longer term returns (running at about 22% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. It's always interesting to track share price performance over the longer term. But to understand Winmark better, we need to consider many other factors. Case in point: We've spotted 3 warning signs for Winmark you should be aware of, and 1 of them is a bit concerning.
过去十二个月中，Winmark的TSR为14%，但这一回报率低于市场。好消息是，长期投资回报率(在过去的半个世纪中，平均每年约为22%)看起来更好。虽然股价上涨趋势放缓，但这家公司很可能仍然能够出色地执行。跟踪股价的长期表现总是令人感兴趣，但要更好地了解Winmark，我们需要考虑许多其他因素。重点是: 我们发现了3个Winmark的警示信号，您应该知道，其中一个有点令人担忧。
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.
如果您愿意查看另一家公司（具有潜在的更好财务状况），请不要错过这个免费的公司列表，证明它们可以增长收益。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
请注意，本文所引述的市场回报反映了目前在美国交易所上市的股票的市场加权平均回报。
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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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。