Is Texas Instruments Incorporated's (NASDAQ:TXN) Recent Stock Performance Influenced By Its Fundamentals In Any Way?
Is Texas Instruments Incorporated's (NASDAQ:TXN) Recent Stock Performance Influenced By Its Fundamentals In Any Way?
Texas Instruments (NASDAQ:TXN) has had a great run on the share market with its stock up by a significant 11% over the last three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Texas Instruments' ROE.
德州儀器(NASDAQ:TXN)在股市上表現出色,股價在過去三個月中上漲了顯着的11%。我們想知道公司的財務狀況在這種價格變化中扮演着什麼樣的角色,因爲公司的長期基本面通常決定着市場走勢。在本文中,我們決定關注德州儀器的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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東回報率或roe是股東需要考慮的重要因素,因爲它告訴他們公司的資本再投資的有效性。更簡單地說,它衡量了公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤(從持續經營中獲得)÷ 股東權益
So, based on the above formula, the ROE for Texas Instruments is:
因此,根據上述公式,德州儀器的roe爲:
35% = US$5.9b ÷ US$17b (Based on the trailing twelve months to March 2024).
35%= 59億美元 ÷ 170億美元(截至2024年3月的過去十二個月)。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.35.
“回報率”是過去12個月的利潤。因此,這意味着公司爲股東每投資1美元,可以創造0.35美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係?
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 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.
我們已經建立了roe作爲公司未來收益的有效利潤生成測量工具。我們現在需要評估公司再投資或“保留”未來增長多少盈利,這會讓我們對公司的增長潛力有一個想法。其他一切都相等的情況下,roe和利潤保留都較高的公司通常是在與這些功能不同的公司相比具有更高增長率的公司。
A Side By Side comparison of Texas Instruments' Earnings Growth And 35% ROE
德州儀器收益增長和35% roe的並排比較
First thing first, we like that Texas Instruments has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 15% also doesn't go unnoticed by us. This likely paved the way for the modest 9.2% net income growth seen by Texas Instruments over the past five years.
首先,我們喜歡德州儀器擁有令人印象深刻的roe。其次,我們注意到該公司報告的15%行業平均roe的對比也沒有被我們忽視。這很可能爲德州儀器在過去五年中實現的9.2%淨收入增長鋪平了道路。
We then compared Texas Instruments' net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 31% in the same 5-year period, which is a bit concerning.
然後,我們將德州儀器的淨收入增長與行業進行了比較,並發現該公司的增長率低於同一5年期內行業的平均增長率31%,這有點令人擔憂。
![](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240628/0-16a7bcbd259d00876e832c8eca240faf-0-78cd868eef502c02b1759a65458f426c.png/big)
NasdaqGS:TXN Past Earnings Growth June 28th 2024
NasdaqGS:TXN過去的收益增長2024年6月28日
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Texas Instruments is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是股票估值的重要因素。投資者需要判斷的下一步是,預期的盈利增長或缺乏它是否已經反映在股票價格中。通過這樣做,他們將知道股票是在走向清晰的藍色水域還是沼澤水域。預期盈利增長的一個很好的指標是市盈率,它確定市場根據公司的盈利前景願意爲股票支付的價格。因此,您可能需要檢查德州儀器的市盈率與行業相比是高還是低。
Is Texas Instruments Using Its Retained Earnings Effectively?
德州儀器是否有效地利用其保留收益?
The high three-year median payout ratio of 53% (or a retention ratio of 47%) for Texas Instruments suggests that the company's growth wasn't really hampered despite it returning most of its income to its shareholders.
德州儀器三年的中位數高達53%的支付比率(或保留比率爲47%),表明公司的增長並沒有受到影響,儘管它把大部分收入返還給股東。此外,德州儀器至少十年以上一直在支付股息。這表明該公司致力於與股東分享利潤。在研究最新的分析師共識數據時,我們發現公司未來的支付比率有望在未來三年內上升至71%。然而,儘管預期支付比率更高,該公司的roe不太可能發生太大變化。
Besides, Texas Instruments has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 71% over the next three years. However, the company's ROE is not expected to change by much despite the higher expected payout ratio.
總體而言,德州儀器的業務具有一些積極的方面。其盈利增長是不錯的,高roe確實有助於增長。但是,如果公司再投資更多的收益,投資者可以從高roe中獲益更多。我們還研究了最新的分析師預測,並發現該公司的盈利增長預計與其當前的增長率相似。要了解有關該公司的最新分析師預測的更多信息,請查看此分析師預測的可視化。
Conclusion
最後,總的來說,我們對阿拉莫集團的表現非常滿意。特別是,公司在大量投資業務和高回報率方面表現出色,這導致其盈利規模的顯着增長。但是,最新分析師預測的研究表明,預計該公司未來的盈利增長將放緩。
In total, it does look like Texas Instruments has some positive aspects to its business. Its earnings growth is decent, and the high ROE does contribute to that growth. However, investors could have benefitted even more from the high ROE, had the company been reinvesting more of its earnings. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.