Is Chewy, Inc.'s (NYSE:CHWY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Chewy, Inc.'s (NYSE:CHWY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Chewy's (NYSE:CHWY) stock is up by a considerable 44% over the past three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study Chewy's ROE in this article.
在过去的三个月内，Chewy的（NYSE：CHWY）股价上涨了44%。由于市场通常会为公司的长期基本面付费，我们决定研究该公司的关键绩效指标，以查看它们是否可能影响市场。具体而言，在本文中我们决定研究Chewy的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东权益回报率（ROE）是检验公司增加其价值和管理投资者资金有效性的测试。简而言之，ROE显示每个美元的利润与其股东的投资有关。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 Chewy is:
因此，根据上述公式，Chewy的roe为：
13% = US$84m ÷ US$643m (Based on the trailing twelve months to April 2024).
13％=8400万美元÷64300万美元（基于截至2024年4月的过去12个月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.13 in profit.
“回报”是指公司在过去一年中的盈利。换句话说，对于每1美元的净资产，公司能够获得0.13美元的利润。
What Has ROE Got To Do With Earnings Growth?
roe与盈利增长有何关系？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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衡量了公司有效地利用其利润的能力。根据公司再投资或“保留”的利润量以及公司再投资利润的效果，我们就能评估公司的盈利增长潜力。一般来说，其他条件相同，ROE高和盈利保留公司的成长率比没有这些属性的公司更高。
A Side By Side comparison of Chewy's Earnings Growth And 13% ROE
Chewy盈利增长和13%roe的横向比较
To start with, Chewy's ROE looks acceptable. Yet, the fact that the company's ROE is lower than the industry average of 18% does temper our expectations. Still, we can see that Chewy has seen a remarkable net income growth of 66% over the past five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place. However, not to forget, the company does have a decent ROE to begin with, just that it is lower than the industry average. So this certainly also provides some context to the high earnings growth seen by the company.
首先，Chewy的roe看起来是可接受的。然而，公司的roe低于18%的行业平均水平，这降低了我们的预期。尽管如此，我们可以看到，Chewy在过去五年中的净收入增长率达到了惊人的66%。我们认为，这里可能还存在其他因素，例如高收益保留率或有效的管理。然而，不要忘记，该公司的roe还是相当不错的，只是比行业平均水平低。因此，这确实也为公司所见的高收益增长提供了一些背景。
As a next step, we compared Chewy's 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 21%.
作为下一步，我们将Chewy的净收入增长与行业进行了比较，并令人高兴的是，我们发现该公司的增长率高于21%的行业平均增长率。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. Has the market priced in the future outlook for CHWY? You can find out in our latest intrinsic value infographic research report.
为一个公司附加价值的基础在很大程度上是与其盈利增长有关的。投资者应该努力确定预期的盈利增长或下降是否被定价。这样做将有助于他们确定该股票的未来前景是看涨还是看跌。市场是否已为CHWY的未来展望定价？您可以在我们最新的内在价值信息图研究报告中找到答案。
Is Chewy Efficiently Re-investing Its Profits?
Chewy有效地再投资其利润吗？
Given that Chewy 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.
由于Chewy不向股东支付任何定期股息，我们推断该公司一直在将其所有利润再投资以促进业务增长。
Conclusion
结论
In total, we are pretty happy with Chewy's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate. 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，我们对Chewy的表现非常满意。特别是看到该公司有一个可观的roe和高再投资率支持的收益显著增长。尽管如此，根据当前分析师的预测，该公司的收益增长预期将放缓。要了解更多有关公司的最新分析师预测，请查看此可视化分析师预测。
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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
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。