Workday, Inc.'s (NASDAQ:WDAY) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Workday, Inc.'s (NASDAQ:WDAY) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Workday (NASDAQ:WDAY) has had a rough three months with its share price down 15%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. In this article, we decided to focus on Workday's ROE.
Workday（納斯達克股票代碼：WDAY）經歷了艱難的三個月，其股價下跌了15％。但是，仔細觀察其良好的財務狀況可能會讓你重新考慮。鑑於基本面通常會推動長期市場業績，因此該公司值得關注。在本文中，我們決定重點關注Workday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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
How To Calculate Return On Equity?
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 Workday is:
因此，根據上述公式，Workday的投資回報率爲：
17% = US$1.4b ÷ US$8.1b (Based on the trailing twelve months to January 2024).
17% = 14億美元 ÷ 81億美元（基於截至2024年1月的過去十二個月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
“回報” 是每年的利潤。因此，這意味着公司每投資1美元，就會產生0.17美元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
So far, we've learned that ROE is a measure of a company's profitability. 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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
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。根據公司選擇將多少利潤進行再投資或 “保留”，我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
A Side By Side comparison of Workday's Earnings Growth And 17% ROE
Workday的收入增長和17％的投資回報率的並排比較
At first glance, Workday seems to have a decent ROE. On comparing with the average industry ROE of 14% the company's ROE looks pretty remarkable. Probably as a result of this, Workday was able to see an impressive net income growth of 50% over the last five years. We believe that there might also be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
乍一看，Workday的投資回報率似乎不錯。與行業平均投資回報率爲14％相比，該公司的投資回報率看起來相當可觀。可能是由於這個原因，Workday在過去五年中得以實現令人印象深刻的50％的淨收入增長。我們認爲，可能還有其他方面對公司的收益增長產生積極影響。例如，公司的管理層可能做出了一些良好的戰略決策，或者公司的派息率很低。
Next, on comparing with the industry net income growth, we found that Workday's growth is quite high when compared to the industry average growth of 15% in the same period, which is great to see.
接下來，與行業淨收入增長相比，我們發現與同期行業平均增長15％相比，Workday的增長相當高，這真是太好了。
Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. What is WDAY worth today? The intrinsic value infographic in our free research report helps visualize whether WDAY is currently mispriced by the market.
收益增長是對股票進行估值時要考慮的重要指標。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。然後，這可以幫助他們確定股票是爲光明還是暗淡的未來而佈局。今天的 WDAY 值多少錢？我們免費研究報告中的內在價值信息圖有助於可視化WDAY目前是否被市場錯誤定價。
Is Workday Efficiently Re-investing Its Profits?
Workday 是否有效地將其利潤再投資？
Workday doesn't pay any regular dividends to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
Workday不定期向股東支付任何股息，這意味着該公司一直在將所有利潤再投資於該業務。這可能是推動上述高收益增長數字的原因。
Summary
摘要
In total, we are pretty happy with Workday'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. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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，我們對Workday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。既然如此，對分析師最新預測的研究表明，預計該公司未來的收益增長將放緩。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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