Is On Holding AG's (NYSE:ONON) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is On Holding AG's (NYSE:ONON) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
On Holding's (NYSE:ONON) stock is up by a considerable 25% over the past three months. Given that the market rewards strong financials in the long-term, we wonder if that is the case in this instance. Particularly, we will be paying attention to On Holding's ROE today.
在過去的三個月中，On Holding (NYSE:ONON) 的股價上漲了相當可觀的25%。鑑於市場在長期內獎勵強大的財務狀況，我們想知道這種情況是否也適用於此。特別是今天我們將關注On Holding的roe值。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之，它用於評估公司相對於其股本資本的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 On Holding is:
因此，根據以上公式，On Holding的roe值爲：
11% = CHF127m ÷ CHF1.2b (Based on the trailing twelve months to March 2024).
11% = CHF12700萬 ÷ CHF12億（基於截至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 $0.11.
“回報”是過去十二個月的利潤。這意味着，對於股東投資的每1美元，公司可以獲得0.11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？
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前爲止，我們已經了解到roe是衡量公司盈利能力的一種指標。根據公司選擇重新投資或'保留'多少利潤，我們就能夠評估公司未來生成利潤的能力。假設其他條件相同，那些具有更高股本回報率和更高利潤留存的公司通常比沒有這些特徵的公司有更高的增長率。
On Holding's Earnings Growth And 11% ROE
On Holding的收益增長和11%的roe值
To begin with, On Holding seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 13%. Consequently, this likely laid the ground for the impressive net income growth of 49% seen over the past five years by On Holding. However, there could also be other drivers behind this growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
首先，On Holding似乎具有一個體面的roe值。並且與行業相比，我們發現平均行業roe值也大致相同，約爲13%。因此，這很可能爲On Holding過去五年中驚人的49%淨利潤增長奠定了基礎。不過，這種增長背後可能還有其他驅動因素。例如，公司管理層可能做出了一些好的戰略決策，或者公司的股息支付率較低。
As a next step, we compared On Holding'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 18%.
作爲下一步，我們將On Holding的淨收入增長與行業進行了比較，令人高興的是，我們發現公司的增長率高於平均行業增長率18%。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. Has the market priced in the future outlook for ONON? You can find out in our latest intrinsic value infographic research report.
附加價值的基礎很大程度上取決於企業的盈利增長。投資者需要確定的下一步是，預期的盈利增長或其缺乏是否已經反映在股價中。通過這樣做，他們將了解股票是否正在進入清晰明確的境地，還是即將面臨困境。市場中是否已經爲ONON的未來前景定價？您可以在我們的最新內在價值信息圖研究報告中了解更多。
Is On Holding Using Its Retained Earnings Effectively?
On Holding是否有效地利用了保留利潤？
Given that On Holding 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.
鑑於On Holding不向股東支付任何定期股息，我們推斷該公司一直將其所有利潤再投資於業務擴展。
Conclusion
結論
In total, we are pretty happy with On Holding's performance. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們非常滿意On Holding的表現。具體來說，我們喜歡公司高利潤率下的大量利潤再投資，這自然導致公司的收益大幅增長。然而，最新的分析師預測研究表明，該公司預計未來的盈利增長將放緩。要了解有關公司的最新分析師預測的更多信息，請查看此可視化分析師預測報告。
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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.
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。