Is Chewy, Inc.'s (NYSE:CHWY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Chewy, Inc.'s (NYSE:CHWY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Chewy's (NYSE:CHWY) stock is up by a considerable 44% over the past three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study Chewy's ROE in this article.
在過去的三個月內，Chewy的（NYSE：CHWY）股價上漲了44%。由於市場通常會爲公司的長期基本面付費，我們決定研究該公司的關鍵績效指標，以查看它們是否可能影響市場。具體而言，在本文中我們決定研究Chewy的roe。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for return on equity is:
權益回報率的計算公式是：
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 Chewy is:
因此，根據上述公式，Chewy的roe爲：
13% = US$84m ÷ US$643m (Based on the trailing twelve months to April 2024).
13％=8400萬美元÷64300萬美元（基於截至2024年4月的過去12個月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.13 in profit.
“回報”是指公司在過去一年中的盈利。換句話說，對於每1美元的淨資產，公司能夠獲得0.13美元的利潤。
What Has ROE Got To Do With Earnings Growth?
roe與盈利增長有何關係？
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
到目前爲止，我們已經了解到ROE衡量了公司有效地利用其利潤的能力。根據公司再投資或“保留”的利潤量以及公司再投資利潤的效果，我們就能評估公司的盈利增長潛力。一般來說，其他條件相同，ROE高和盈利保留公司的成長率比沒有這些屬性的公司更高。
A Side By Side comparison of Chewy's Earnings Growth And 13% ROE
Chewy盈利增長和13%roe的橫向比較
To start with, Chewy's ROE looks acceptable. Yet, the fact that the company's ROE is lower than the industry average of 18% does temper our expectations. Still, we can see that Chewy has seen a remarkable net income growth of 66% over the past five years. We reckon that there could be other factors at play here. Such as - high earnings retention or an efficient management in place. However, not to forget, the company does have a decent ROE to begin with, just that it is lower than the industry average. So this certainly also provides some context to the high earnings growth seen by the company.
首先，Chewy的roe看起來是可接受的。然而，公司的roe低於18%的行業平均水平，這降低了我們的預期。儘管如此，我們可以看到，Chewy在過去五年中的淨收入增長率達到了驚人的66%。我們認爲，這裏可能還存在其他因素，例如高收益保留率或有效的管理。然而，不要忘記，該公司的roe還是相當不錯的，只是比行業平均水平低。因此，這確實也爲公司所見的高收益增長提供了一些背景。
As a next step, we compared Chewy'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 21%.
作爲下一步，我們將Chewy的淨收入增長與行業進行了比較，並令人高興的是，我們發現該公司的增長率高於21%的行業平均增長率。
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. Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for CHWY? You can find out in our latest intrinsic value infographic research report.
爲一個公司附加價值的基礎在很大程度上是與其盈利增長有關的。投資者應該努力確定預期的盈利增長或下降是否被定價。這樣做將有助於他們確定該股票的未來前景是看漲還是看跌。市場是否已爲CHWY的未來展望定價？您可以在我們最新的內在價值信息圖研究報告中找到答案。
Is Chewy Efficiently Re-investing Its Profits?
Chewy有效地再投資其利潤嗎？
Given that Chewy 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.
由於Chewy不向股東支付任何定期股息，我們推斷該公司一直在將其所有利潤再投資以促進業務增長。
Conclusion
結論
In total, we are pretty happy with Chewy's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate. 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.
總的來說，我們對Chewy的表現非常滿意。特別是看到該公司有一個可觀的roe和高再投資率支持的收益顯著增長。儘管如此，根據當前分析師的預測，該公司的收益增長預期將放緩。要了解更多有關公司的最新分析師預測，請查看此可視化分析師預測。
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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。