Declining Stock and Solid Fundamentals: Is The Market Wrong About Rambus Inc. (NASDAQ:RMBS)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Rambus Inc. (NASDAQ:RMBS)?
Rambus (NASDAQ:RMBS) has had a rough week with its share price down 23%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Rambus' ROE today.
Rambus（纳斯达克:RMBS）近期股价下跌23％，但股价通常受公司长期的财务表现所驱动，在这种情况下，展望相当乐观。特别是，我们今天将关注Rambus的ROE。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
对于股东来说，股东回报率（ROE）是一个重要的考虑因素，因为它告诉股东他们的资本被有效地再投资了多少。换句话说，它是一个衡量公司股东提供的资本回报率的盈利能力比率。
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 Rambus is:
因此，根据上述公式，Rambus的ROE为：
22% = US$231m ÷ US$1.0b (Based on the trailing twelve months to June 2024).
22％ = 2,3100万美元 ÷ 10亿美元（基于截至2024年6月的最近12个月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.22 in profit.
“回报率”是每年的利润。一个概念化的方法是，对于每1美元的股东资本，该公司赚取了0.22美元的利润。
Why Is ROE Important For Earnings Growth?
ROE为什么对净利润增长很重要？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确定，roe可以作为一种有效的衡量公司未来盈利能力的指标。现在我们需要评估公司再投资或“保留”的利润有多少，这就给我们提供了有关公司增长潜力的想法。假设其他一切不变，roe和利润保留率越高，公司的增长率就越高，而不一定具备这些特征的公司相比。
Rambus' Earnings Growth And 22% ROE
Rambus的收益增长和22％的ROE
First thing first, we like that Rambus has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 15% also doesn't go unnoticed by us. As a result, Rambus' exceptional 80% net income growth seen over the past five years, doesn't come as a surprise.
首先，我们很喜欢Rambus有出色的ROE。其次，与行业报告的平均ROE 15％相比，我们也注意到了这一点。因此，过去五年中Rambus异常的80％净利润增长并不令人意外。
As a next step, we compared Rambus' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 30%.
接下来，我们将Rambus的净利润增长与行业进行了比较，令人高兴的是，我们发现该公司的增长高于行业的平均增长30％。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Rambus''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增长是衡量股票价值重要的指标。投资者应尝试确定预期的收益增长或下降是否已被定价。这样做将有助于他们确定股票的未来前景是光明还是不妙。如果您想了解Rambus的估值，请查看该估值相对于行业的市盈率的计算结果。
Is Rambus Using Its Retained Earnings Effectively?
Rambus有效地利用其保留收益吗？
Rambus doesn't pay any regular dividends to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
Rambus不向其股东支付常规股息，这意味着该公司一直将所有利润再投资于业务中。这很可能是上述高收益增长率的推动因素。
Conclusion
结论
In total, we are pretty happy with Rambus' 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. 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.
总的来说，我们对Rambus的表现非常满意。具体来说，我们喜欢公司以高回报率再投资大量利润的方式。当然，这导致公司收益大幅增长。即便如此，最新分析师预测的研究表明，该公司预计将看到未来盈利增长放缓。了解有关该公司未来盈利增长预测的更多信息，请查看有关该公司的分析师预测的免费报告。
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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。