Declining Stock and Decent Financials: Is The Market Wrong About PTC Inc. (NASDAQ:PTC)?
Declining Stock and Decent Financials: Is The Market Wrong About PTC Inc. (NASDAQ:PTC)?
It is hard to get excited after looking at PTC's (NASDAQ:PTC) recent performance, when its stock has declined 4.7% over the past week. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on PTC's ROE.
看了PTC（纳斯达克股票代码：PTC）最近的表现，很难感到兴奋，当时其股价在过去一周下跌了4.7％。但是，从长远来看，股票价格通常由公司的财务状况驱动，在这种情况下，这看起来相当可观。在本文中，我们决定重点关注 PTC 的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之，它衡量公司相对于股东权益的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for PTC is:
因此，根据上述公式，PTC的投资回报率为：
9.8% = US$288m ÷ US$2.9b (Based on the trailing twelve months to March 2024).
9.8% = 2.88亿美元 ÷ 29亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.10 in profit.
“回报” 是过去十二个月的利润。这意味着，每获得价值1美元的股东权益，公司就会产生0.10美元的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. 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.
到目前为止，我们已经了解到，投资回报率衡量的是公司创造利润的效率。根据公司选择将多少利润进行再投资或 “保留”，我们便能够评估公司未来创造利润的能力。假设其他条件都一样，与功能不相同的公司相比，具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
PTC's Earnings Growth And 9.8% ROE
PTC的收益增长和9.8％的投资回报率
On the face of it, PTC's ROE is not much to talk about. Yet, a closer study shows that the company's ROE is similar to the industry average of 12%. Moreover, we are quite pleased to see that PTC's net income grew significantly at a rate of 34% over the last five years. Taking into consideration that the ROE is not particularly high, we reckon that there could also be other factors at play which could be influencing the company's growth. Such as - high earnings retention or an efficient management in place.
从表面上看，PTC的投资回报率没什么好谈的。然而，一项更仔细的研究表明，该公司的投资回报率与行业平均水平的12％相似。此外，我们很高兴看到PTC的净收入在过去五年中以34％的速度大幅增长。考虑到投资回报率不是特别高，我们认为还可能有其他因素在起作用，这些因素可能会影响公司的增长。例如——高收益留存率或实行高效管理。
We then compared PTC's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 13% in the same 5-year period.
然后，我们将PTC的净收入增长与该行业进行了比较，我们很高兴地看到，与同期5年同期增长13％的行业相比，该公司的增长数字更高。
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. Doing so will help them establish if the stock's future looks promising or ominous. Is PTC fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增长是股票估值的重要因素。投资者接下来需要确定的是，预期的收益增长或缺乏收益是否已经包含在股价中。这样做将帮助他们确定股票的未来是乐观还是不祥的。与其他公司相比，PTC的估值是否合理？这3种估值指标可能会帮助您做出决定。
Is PTC Making Efficient Use Of Its Profits?
PTC 是否在有效利用其利润？
Given that PTC 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.
鉴于PTC不向其股东支付任何定期股息，我们推断该公司一直在将其所有利润再投资以发展其业务。
Conclusion
结论
Overall, we feel that PTC certainly does have some positive factors to consider. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说，我们认为PTC确实有一些积极的因素需要考虑。尽管回报率很低，但该公司将其利润的很大一部分再投资于其业务这一事实无疑促进了其高收益增长。话虽如此，正如分析师目前的估计所预测的那样，该公司的收益增长预计将放缓。要详细了解分析师对公司的最新预测，请查看该公司的分析师预测的可视化。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。
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