Does The Market Have A Low Tolerance For Globus Medical, Inc.'s (NYSE:GMED) Mixed Fundamentals?
Does The Market Have A Low Tolerance For Globus Medical, Inc.'s (NYSE:GMED) Mixed Fundamentals?
With its stock down 7.2% over the past week, it is easy to disregard Globus Medical (NYSE:GMED). It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Globus Medical's ROE.
由於其股價在過去一週下跌了7.2％，很容易忽視Globus Medical（紐約證券交易所代碼：GMED）。市場可能忽視了該公司不同的財務狀況，決定傾向於負面情緒。基本面通常決定市場業績，因此研究公司的財務狀況是有意義的。在本文中，我們決定重點介紹Globus Medical的投資回報率。
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.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 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 Globus Medical is:
因此，根據上述公式，Globus Medical的投資回報率爲：
3.1% = US$123m ÷ US$4.0b (Based on the trailing twelve months to December 2023).
3.1% = 1.23億美元 ÷ 40億美元（基於截至2023年12月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.03 in profit.
“回報” 是指公司去年的收益。這意味着，每持有價值1美元的股東權益，該公司就會產生0.03美元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
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. 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，投資回報率衡量的是公司創造利潤的效率。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。
Globus Medical's Earnings Growth And 3.1% ROE
Globus Medical的收益增長和3.1％的投資回報率
It is hard to argue that Globus Medical's ROE is much good in and of itself. Even compared to the average industry ROE of 11%, the company's ROE is quite dismal. Accordingly, Globus Medical's low net income growth of 4.9% over the past five years can possibly be explained by the low ROE amongst other factors.
很難說Globus Medical的投資回報率本身就非常好。即使與11％的行業平均投資回報率相比，該公司的投資回報率也相當慘淡。因此，Globus Medical在過去五年中淨收入增長率低至4.9％，這可能是由投資回報率低等因素來解釋的。
Next, on comparing with the industry net income growth, we found that Globus Medical's reported growth was lower than the industry growth of 14% over the last few years, which is not something we like to see.
接下來，與行業淨收入增長進行比較時，我們發現Globus Medical報告的增長低於過去幾年14％的行業增長，這不是我們希望看到的。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. If you're wondering about Globus Medical's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。如果你想知道Globus Medical的估值，可以看看這個衡量其與行業相比的市盈率指標。
Is Globus Medical Using Its Retained Earnings Effectively?
Globus Medical是否有效地使用了其留存收益？
Globus Medical doesn't pay any dividend, which means that it is retaining all of its earnings. However, this doesn't explain the low earnings growth the company has seen. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
Globus Medical不支付任何股息，這意味着它將保留所有收益。但是，這並不能解釋該公司的低收益增長。因此，這裏可能還有其他因素在起作用，這些因素可能會阻礙增長。例如，該業務面臨一些阻力。
Conclusion
結論
On the whole, we feel that the performance shown by Globus Medical can be open to many interpretations. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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，我們認爲Globus Medical表現出的表現可以有多種解釋。儘管該公司的再投資率確實很高，但低投資回報率意味着所有這些再投資都沒有給投資者帶來任何好處，而且還對收益增長產生了負面影響。既然如此，分析師的最新預測顯示，該公司的收益將繼續擴大。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。
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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。
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