The Five-year Decline in Earnings for Nelnet NYSE:NNI) Isn't Encouraging, but Shareholders Are Still up 68% Over That Period
The Five-year Decline in Earnings for Nelnet NYSE:NNI) Isn't Encouraging, but Shareholders Are Still up 68% Over That Period
When you buy and hold a stock for the long term, you definitely want it to provide a positive return. But more than that, you probably want to see it rise more than the market average. But Nelnet, Inc. (NYSE:NNI) has fallen short of that second goal, with a share price rise of 58% over five years, which is below the market return. Over the last twelve months the stock price has risen a very respectable 8.4%.
当您买入并持有股票长期投资时，肯定希望其提供正向回报。但更甚于此，您可能希望看到其涨幅超过市场平均水平。但Nelnet公司（NYSE:NNI）未能达成第二个目标，五年内股价上涨58%，低于市场回报。过去十二个月，该股票价格上涨了8.4%，非常值得尊重。
Since the long term performance has been good but there's been a recent pullback of 6.9%, let's check if the fundamentals match the share price.
由于长期表现良好，但最近回调了6.9%，让我们检查一下基本面是否与股价匹配。
To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace...' One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
引用巴菲特的话说，“船只会在世界各地航行，但是持平地球学会会蓬勃发展。在市场上，价格和价值之间将继续存在巨大的差距……”评估公司周围情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。
Nelnet's earnings per share are down 0.08% per year, despite strong share price performance over five years.
尽管五年来Nelnet的股价表现强劲，但每股收益率每年下降了0.08%。
So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Therefore, it's worth taking a look at other metrics to try to understand the share price movements.
因此，很难认为每股收益是判断公司的最佳指标，因为它可能在此时未被优化以获取利润。因此，值得查看其他指标以尝试了解股价的动向。
We doubt the modest 1.1% dividend yield is attracting many buyers to the stock. In contrast revenue growth of 7.0% per year is probably viewed as evidence that Nelnet is growing, a real positive. In that case, the company may be sacrificing current earnings per share to drive growth.
我们怀疑这种仅有1.1%的股息率很难吸引许多股票买家。相比之下，每年7.0%的营业收入增长可能被视为Nelnet正在不断成长的证明，是一个真正的优点。在这种情况下，该公司可能在牺牲当前每股收益以推动增长。
You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).
你可以在下面的图片中看到收入和营业收入随时间的变化情况(单击图表可查看精确值)。
It's probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. This free report showing analyst forecasts should help you form a view on Nelnet
值得注意的是，即使与同等规模公司的中位薪酬相比，该首席执行官的薪酬也较少。但是，虽然首席执行官的报酬总是值得检查，但真正重要的问题是该公司未来是否能增加收益。这份显示分析师预测的免费报告应该能帮助您对Nelnet形成观点。
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. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Nelnet's TSR for the last 5 years was 68%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!
对于任何给定的股票，考虑股东总回报以及股价回报同样重要。 TSR包括任何分拆或折价融资的价值，以及基于假设股息再投资的任何股息。可以说，TSR为支付股息的股票提供了更完整的图景。事实上，Nelnet过去5年的TSR为68%，超过了前面提到的股价回报。这在很大程度上是其分红支付的结果！
A Different Perspective
不同的观点
Nelnet shareholders gained a total return of 9.7% during the year. But that was short of the market average. It's probably a good sign that the company has an even better long term track record, having provided shareholders with an annual TSR of 11% over five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. It's always interesting to track share price performance over the longer term. But to understand Nelnet better, we need to consider many other factors. For instance, we've identified 2 warning signs for Nelnet (1 is a bit unpleasant) that you should be aware of.
Nelnet股东在该年获得了9.7%的总回报。但仍低于市场平均水平。该公司的长期业绩表现更佳，过去5年每年向股东提供了11%的TSR，这可能是股价在执行其增长策略时放缓的信号。跟踪股价长期表现始终是有趣的。但要更好地了解Nelnet，我们需要考虑许多其他因素。例如，我们已经确定了2个警告信号适用于Nelnet（其中1个有点让人不愉快），您应该注意到。
But note: Nelnet may not be the best stock to buy. So take a peek at this free list of interesting companies with past earnings growth (and further growth forecast).
但请注意：Nelnet可能不是最好的股票购买对象。因此，您可以查看这个显示过去收益增长（以及未来增长预测）的有趣公司的免费列表。
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。