McKesson's (NYSE:MCK) 32% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
McKesson's (NYSE:MCK) 32% CAGR Outpaced the Company's Earnings Growth Over the Same Five-year Period
The worst result, after buying shares in a company (assuming no leverage), would be if you lose all the money you put in. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. Long term McKesson Corporation (NYSE:MCK) shareholders would be well aware of this, since the stock is up 279% in five years. On top of that, the share price is up 10% in about a quarter. But this move may well have been assisted by the reasonably buoyant market (up 13% in 90 days).
在購買公司股票(假設沒有槓桿作用)之後,最糟糕的結果是你損失了所有投入的資金。但好的一面是,如果你以合適的價格購買一家高質量公司的股票,你可以獲得超過100%的收益。麥克森公司(紐約證券交易所代碼:MCK)的長期股東會意識到這一點,因爲該股在五年內上漲了279%。最重要的是,股價在大約一個季度內上漲了10%。但是,這一舉措很可能得到了相當活躍的市場(90天內上漲了13%)的推動。
Since the stock has added US$2.4b to its market cap in the past week alone, let's see if underlying performance has been driving long-term returns.
由於該股僅在過去一週的市值就增加了24億美元,因此讓我們看看基礎表現是否推動了長期回報。
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.
引用巴菲特的話說:“船隻將在世界各地航行,但Flat Earth Society將蓬勃發展。市場上的價格和價值之間將繼續存在巨大差異...”評估公司情緒變化的一種有缺陷但合理的方法是將每股收益(EPS)與股價進行比較。
Over half a decade, McKesson managed to grow its earnings per share at 116% a year. This EPS growth is higher than the 31% average annual increase in the share price. Therefore, it seems the market has become relatively pessimistic about the company.
在過去的五年中,麥克森設法將其每股收益增長到每年116%。每股收益的增長高於股價平均年增長31%。因此,市場似乎對該公司變得相對悲觀。
The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).
該公司的每股收益(隨着時間的推移)如下圖所示(點擊查看確切數字)。
![earnings-per-share-growth](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240207/0-9f63ed039a9d76cf56bf7e03361dd5a3-0-090bb0b7b98309e1dfb5b1fd472c10b3.png/big)
We know that McKesson has improved its bottom line lately, but is it going to grow revenue? Check if analysts think McKesson will grow revenue in the future.
我們知道麥克森最近提高了利潤,但它會增加收入嗎?檢查分析師是否認爲麥克森將來會增加收入。
What About Dividends?
分紅呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of McKesson, it has a TSR of 296% for the last 5 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!
在考慮投資回報時,重要的是要考慮兩者之間的區別 股東總回報 (TSR) 和 股價回報。股東總回報率是一種回報計算方法,它考慮了現金分紅的價值(假設收到的任何股息都經過再投資)以及任何貼現資本籌集和分拆的計算價值。可以說,股東總回報率更全面地描述了股票產生的回報。就麥克森而言,在過去的5年中,其股東回報率爲296%。這超過了我們之前提到的其股價回報率。這在很大程度上是其股息支付的結果!
A Different Perspective
不同的視角
It's nice to see that McKesson shareholders have received a total shareholder return of 41% over the last year. And that does include the dividend. That gain is better than the annual TSR over five years, which is 32%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for McKesson you should know about.
很高興看到麥克森的股東在過去一年中獲得了41%的股東總回報率。這確實包括股息。這一增幅好於五年內的年度股東總回報率,即32%。因此,最近公司周圍的情緒似乎一直很樂觀。持樂觀態度的人可能會將最近股東總回報率的改善視爲業務本身隨着時間的推移而變得更好。我發現將長期股價視爲業務績效的代表非常有趣。但是,要真正獲得見解,我們還需要考慮其他信息。例如,考慮風險。每家公司都有它們,我們發現了一個你應該知道的 McKesson 警告信號。
But note: McKesson 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).
但請注意:麥克森可能不是最值得購買的股票。因此,來看看這份過去盈利增長(以及進一步增長預測)的有趣公司的免費清單。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
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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.
對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。