FedEx Corporation (NYSE:FDX) Stock Has Shown Weakness Lately But Financials Look Strong: Should Prospective Shareholders Make The Leap?
FedEx Corporation (NYSE:FDX) Stock Has Shown Weakness Lately But Financials Look Strong: Should Prospective Shareholders Make The Leap?
It is hard to get excited after looking at FedEx's (NYSE:FDX) recent performance, when its stock has declined 9.6% over the past three months. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Specifically, we decided to study FedEx's ROE in this article.
看了联邦快递(纽约证券交易所代码:FDX)最近的表现,很难感到兴奋,当时其股票在过去三个月中下跌了9.6%。但是,如果你密切关注,你可能会发现,鉴于市场通常会奖励财务状况良好的公司,其强劲的财务状况可能意味着该股的长期价值可能会增加。具体而言,我们决定在本文中研究联邦快递的投资回报率。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。简而言之,它衡量公司相对于股东权益的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的?
The formula for return on equity is:
股本回报率的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for FedEx is:
因此,根据上述公式,联邦快递的投资回报率为:
15% = US$4.0b ÷ US$27b (Based on the trailing twelve months to August 2024).
15% = 40亿美元 ÷ 270亿美元(基于截至2024年8月的过去十二个月)。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.15 in profit.
“回报” 是每年的利润。这意味着,每获得价值1美元的股东权益,该公司就会产生0.15美元的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我们已经确定,投资回报率是衡量公司未来收益的有效盈利指标。根据公司选择将多少利润进行再投资或 “保留”,我们便能够评估公司未来创造利润的能力。假设其他条件都一样,与功能不相同的公司相比,具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
FedEx's Earnings Growth And 15% ROE
联邦快递的收益增长和15%的投资回报率
To start with, FedEx's ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 12%. Probably as a result of this, FedEx was able to see an impressive net income growth of 23% over the last five years. However, there could also be other causes behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
首先,联邦快递的投资回报率似乎可以接受。此外,该公司的投资回报率与行业平均水平的12%相比相当不错。可能是由于这个原因,联邦快递在过去五年中实现了令人印象深刻的23%的净收入增长。但是,这种增长背后可能还有其他原因。例如,该公司的派息率较低或管理效率很高。
As a next step, we compared FedEx'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 11%.
下一步,我们将联邦快递的净收入增长与该行业进行了比较,令人高兴的是,我们发现该公司的增长高于11%的行业平均增长。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Is FedEx fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是对股票进行估值时要考虑的重要指标。对于投资者来说,重要的是要知道市场是否对公司的预期收益增长(或下降)进行了定价。这样做将帮助他们确定股票的未来是乐观还是不祥的。与其他公司相比,联邦快递的估值是否合理?这3种估值指标可能会帮助您做出决定。
Is FedEx Using Its Retained Earnings Effectively?
联邦快递是否有效地使用了其留存收益?
FedEx has a three-year median payout ratio of 29% (where it is retaining 71% of its income) which is not too low or not too high. By the looks of it, the dividend is well covered and FedEx is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.
联邦快递的三年派息率中位数为29%(保留了收入的71%),不太低或不太高。从表面上看,股息覆盖范围很大,联邦快递正在有效地对其利润进行再投资,我们上面讨论的其非凡增长就证明了这一点。
Moreover, FedEx is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 24% of its profits over the next three years. Accordingly, forecasts suggest that FedEx's future ROE will be 18% which is again, similar to the current ROE.
此外,联邦快递决心继续与股东分享利润,这是我们从其支付股息的长期历史中推断出来的。在研究了分析师的最新共识数据后,我们发现该公司预计将在未来三年内继续支付约24%的利润。因此,预测表明,联邦快递未来的投资回报率将为18%,与当前的投资回报率相似。
Summary
摘要
Overall, we are quite pleased with FedEx's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive 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,我们对联邦快递的表现非常满意。特别是,我们喜欢该公司对其业务进行大量再投资,而且回报率很高。毫不奇怪,这带来了令人印象深刻的收益增长。话虽如此,正如分析师目前的估计所预测的那样,该公司的收益增长预计将放缓。要详细了解分析师对公司的最新预测,请查看该公司的分析师预测的可视化。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。