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Texas Instruments' (NASDAQ:TXN) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth

Texas Instruments' (NASDAQ:TXN) Five-year Total Shareholder Returns Outpace the Underlying Earnings Growth

德州儀器(納斯達克: TXN)五年股東總回報率超過基礎收益增長。
Simply Wall St ·  08/08 12:47

If you buy and hold a stock for many years, you'd hope to be making a profit.  But more than that, you probably want to see it rise more than the market average.  Unfortunately for shareholders, while the Texas Instruments Incorporated (NASDAQ:TXN) share price is up 53% in the last five years, that's less than the market return.   Zooming in, the stock is up a respectable 10% in the last year.      

如果您購買股票並持有多年,您希望能獲利。但更重要的是,您可能希望看到股票的漲幅超過市場平均水平。不幸的是,對於股東而言,雖然德州儀器股份有限公司(NASDAQ:TXN)的股價在過去五年中上漲了53%,但這低於市場回報。放大後,上一年,該股票上漲10%,還算不錯。

While the stock has fallen 9.7% this week, it's worth focusing on the longer term and seeing if the stocks historical returns have been driven by the underlying fundamentals.  

雖然本週股票下跌了9.7%,但值得關注的是長期情況,看看股票的歷史回報是否由基本面所驅動。

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business.  One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

在他的文章《格雷厄姆-多德斯維爾的超級投資者》中,禾倫·巴菲特描述了股價不總是理性反映企業價值的方式。檢查市場情緒如何隨時間變化的一種方法是查看公司股價和每股收益(EPS)之間的互動。

Over half a decade, Texas Instruments managed to grow its earnings per share at 0.7% a year.   This EPS growth is slower than the share price growth of 9% per year, over the same period.  This suggests that market participants hold the company in higher regard, these days.  And that's hardly shocking given the track record of growth.  

在半個多世紀的時間裏,德州儀器成功地使其每股收益每年增長0.7%。與同期的每年股價增長9%相比,這種EPS增長較慢。這表明市場參與者現在更看好該公司。鑑於增長記錄,這並不令人震驚。

You can see how EPS has changed over time in the image below (click on the chart to see the exact values).

您可以在下面的圖片中查看每股收益如何隨時間變化(單擊圖表以查看確切的價值)。

NasdaqGS:TXN Earnings Per Share Growth August 8th 2024

納斯達克GS:TXN每股收益增長2024年8月8日

This free interactive report on Texas Instruments' earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.  

如果您想要進一步調查股票,可以免費查看德州儀器的收入、營業收入和現金流的交互式報告。

What About Dividends?

那麼分紅怎麼樣呢?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested.  Arguably, the TSR gives a more comprehensive picture of the return generated by a stock.  We note that for Texas Instruments the TSR over the last 5 years was 76%, which is better than the share price return mentioned above.  And there's no prize for guessing that the dividend payments largely explain the divergence!

在查看投資回報時,考慮總股東回報(TSR)和股票回報之間的差異很重要。 TSR包括任何股份剝離或折價資本籌集以及任何股息的價值,假設股息是再投資的。可以說,TSR給出了股票所產生的更全面的回報圖景。我們注意到,對於德州儀器來說,過去5年的TSR爲76%,比上面提到的股票回報要好。毫無疑問,股息支付在很大程度上解釋了這種差異!

A Different Perspective

不同的觀點

Texas Instruments shareholders are up 13% for the year (even including dividends).  But that was short of the market average.    On the bright side, that's still a gain, and it's actually better than the average return of 12% over half a decade  It is possible that returns will improve along with the business fundamentals.        While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important.   For example, we've discovered 1 warning sign for Texas Instruments that you should be aware of before investing here.  

即使包括紅利,德州儀器股東今年也只上漲了13%,但這仍然不及市場平均水平。好消息是,這仍然是一項增長,並且比半個世紀以來的12%平均回報更好。隨着業務基本面的改善,回報可能會提高。雖然考慮到市場環境對股票價格可能產生的不同影響很值得,但還有其他更重要的因素。例如,在在此投資之前,我們已經發現德州儀器的1個警告標誌。

If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of companies that have proven they can grow earnings.

如果您願意查看另一家公司(具有潛在的更好財務狀況),請不要錯過這個免費的公司列表,證明它們可以增長收益。

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,本文所引述的市場回報反映了目前在美國交易所上市的股票的市場加權平均回報。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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