CNA Financial Corporation's (NYSE:CNA) Stock Has Fared Decently: Is the Market Following Strong Financials?
CNA Financial Corporation's (NYSE:CNA) Stock Has Fared Decently: Is the Market Following Strong Financials?
CNA Financial's (NYSE:CNA) stock up by 2.6% 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 CNA Financial's ROE today.
CNA Financial（紐約證券交易所代碼：CNA）的股票在過去三個月中上漲了2.6％。鑑於從長遠來看，市場會獎勵強勁的財務狀況，我們想知道在這種情況下是否如此。特別是，我們今天將關注CNA Financial的投資回報率。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for CNA Financial is:
因此，根據上述公式，CNA Financial的投資回報率爲：
12% = US$1.2b ÷ US$9.9b (Based on the trailing twelve months to December 2023).
12% = 12億美元 ÷ 99億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.12 in profit.
“回報” 是過去十二個月的利潤。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.12美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
So far, we've learned that ROE is a measure of a company's profitability. 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. 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，投資回報率是衡量公司盈利能力的指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
CNA Financial's Earnings Growth And 12% ROE
CNA Financial的收益增長和12％的投資回報
To begin with, CNA Financial seems to have a respectable ROE. Further, the company's ROE is similar to the industry average of 13%. This probably goes some way in explaining CNA Financial's moderate 8.1% growth over the past five years amongst other factors.
首先，CNA Financial的投資回報率似乎不錯。此外，該公司的投資回報率與行業平均水平的13％相似。除其他因素外，這可能在某種程度上解釋了CNA Financial在過去五年中8.1％的溫和增長。
Next, on comparing CNA Financial's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 8.1% over the last few years.
接下來，在將CNA Financial的淨收入增長與該行業進行比較時，我們發現該公司報告的增長與過去幾年8.1％的行業平均增長率相似。
Earnings growth is an important metric to consider when valuing a stock. 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. Is CNA fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是對股票進行估值時要考慮的重要指標。無論如何，投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。CNA 的價值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is CNA Financial Using Its Retained Earnings Effectively?
CNA Financial是否有效地使用其留存收益？
CNA Financial has a healthy combination of a moderate three-year median payout ratio of 38% (or a retention ratio of 62%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.
CNA Financial的三年派息率中位數爲38％（或62％的留存率）和可觀的收益增長（如上所示），這是一個健康的組合，這意味着該公司一直在有效利用其利潤。
Besides, CNA Financial has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to rise to 61% over the next three years. However, the company's ROE is not expected to change by much despite the higher expected payout ratio.
此外，CNA Financial支付股息已有至少十年或更長時間了。這表明該公司致力於與股東分享利潤。我們最新的分析師數據顯示，該公司的未來派息率預計將在未來三年內上升至61％。但是，儘管預期的派息率較高，但該公司的投資回報率預計不會有太大變化。
Conclusion
結論
Overall, we are quite pleased with CNA Financial's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable 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.
總體而言，我們對CNA Financial的表現非常滿意。特別是，很高興看到該公司正在對其業務進行大量投資，再加上高回報率，這爲其收益帶來了可觀的增長。我們還研究了最新的分析師預測，發現該公司的收益增長預計與其當前的增長率相似。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。