Lam Research Corporation (NASDAQ:LRCX) Stock Has Shown Weakness Lately But Financials Look Strong: Should Prospective Shareholders Make The Leap?
Lam Research Corporation (NASDAQ:LRCX) Stock Has Shown Weakness Lately But Financials Look Strong: Should Prospective Shareholders Make The Leap?
Lam Research (NASDAQ:LRCX) has had a rough week with its share price down 11%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Lam Research's ROE in this article.
Lam Research (納斯達克:LRCX)的股價下跌了11%,度過了一個艱難的一週。然而,仔細研究其良好的財務狀況可能會讓你再次考慮這支股票。鑑於基本面通常推動長期市場結果,這家公司值得我們關注。具體而言,我們決定在本文中研究Lam Research的roe。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率,是一種有用的工具,用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說,這衡量了一家公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率?
The formula for ROE is:
roe的公式是:
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 Lam Research is:
因此,根據上述公式,Lam Research的roe爲:
45% = US$3.6b ÷ US$8.0b (Based on the trailing twelve months to March 2024).
45% = US $ 36億 ÷ US $ 80億(截至2024年3月的過去十二個月數據)。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.45 in profit.
“回報”是企業在過去一年中賺到的收入。另一種想法是,對於每1美元的股權,公司能夠賺取0.45美元的利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼?
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。
Lam Research's Earnings Growth And 45% ROE
Lam Research的盈利增長和45%的roe
To begin with, Lam Research has a pretty high ROE which is interesting. Additionally, the company's ROE is higher compared to the industry average of 15% which is quite remarkable. Probably as a result of this, Lam Research was able to see a decent net income growth of 15% over the last five years.
首先,Lam Research擁有相當高的roe,這很有趣。此外,公司的roe高於行業平均水平15%,令人印象深刻。這可能是由於此原因,Lam Research在過去五年中實現了15%的不錯淨收入增長。
We then compared Lam Research's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 32% in the same 5-year period, which is a bit concerning.
然後,我們將Lam Research的淨收入增長與行業進行了比較,並發現該公司的增長數字低於同一五年期內行業平均增長率32%,這有點令人擔憂。
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The basis for attaching value to a company is, to a great extent, tied to its earnings growth. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about Lam Research's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
評估公司價值的基礎在很大程度上與其盈利增長相關。投資者應該嘗試確定預期的盈利增長或下降(無論哪種情況),是否已反映在價格中。這樣做,他們將了解該股票是否進入了清晰藍色的水域,或者是否有沼澤水域等待。如果您想了解Lam Research的估值,請查看其相對於行業的市盈率,並參考本文。
Is Lam Research Using Its Retained Earnings Effectively?
Lam Research是否有效利用其保留的收益?
In Lam Research's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 18% (or a retention ratio of 82%), which suggests that the company is investing most of its profits to grow its business.
在Lam Research的情況下,其可觀的盈利增長可能可以解釋爲其低的三年中位數派息比率爲18%(或保留比率爲82%),這表明公司將其大部分利潤用於業務增長。此外,Lam Research已支付了至少十年的股息,這意味着公司非常認真地與股東分享其利潤。經過研究最新的分析師共識數據,我們發現該公司預計將在未來三年繼續支付其利潤的約18%。儘管公司的派息比率不太會改變,但預測表明Lam Research的未來roe將升至83%。
Additionally, Lam Research has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 18% of its profits over the next three years. Still, forecasts suggest that Lam Research's future ROE will rise to 83% even though the the company's payout ratio is not expected to change by much.
總的來說,我們對Lam Research的表現相當滿意。具體而言,我們喜歡公司以較高的回報率將其利潤的巨額部分再投資。當然,這導致公司的收益率得到了良好的增長。我們還研究了最新的分析師預測,並發現公司的盈利增長預期將與其當前的增長率相似。要了解有關該公司未來收益增長預測的更多信息,請參閱該公司分析師預測的免費報告。
Conclusion
結論
Overall, we are quite pleased with Lam Research'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 a good amount of growth in 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說,我們對拉姆研究的表現感到相當滿意。具體而言,我們喜歡公司以高回報率重投其巨額利潤的做法,這當然導致了公司收益的良好增長。我們還研究了最新的分析師預測,發現公司的收益增長預計與其當前增長率相似。要了解更多關於該公司未來收益增長預測的信息,請查看這份免費的公司分析師預測報告。
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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.
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@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
對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。