Are GXO Logistics, Inc.'s (NYSE:GXO) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are GXO Logistics, Inc.'s (NYSE:GXO) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
GXO Logistics (NYSE:GXO) has had a rough three months with its share price down 4.2%. However, the company's fundamentals look pretty decent, and long-term financials are usually aligned with future market price movements. In this article, we decided to focus on GXO Logistics' ROE.
GXO Logistics（紐約證券交易所代碼：GXO）經歷了艱難的三個月，其股價下跌了4.2％。但是，該公司的基本面看起來相當不錯，長期財務狀況通常與未來的市場價格走勢一致。在本文中，我們決定重點關注 GXO 物流的投資回報率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How Is ROE Calculated?
ROE 是如何計算的？
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 GXO Logistics is:
因此，根據上述公式，GXO Logistics的投資回報率爲：
5.9% = US$171m ÷ US$2.9b (Based on the trailing twelve months to March 2024).
5.9% = 1.71億美元 ÷ 29億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.06 in profit.
“回報” 是每年的利潤。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.06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. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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，投資回報率衡量的是公司創造利潤的效率。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所了解。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
GXO Logistics' Earnings Growth And 5.9% ROE
GXO Logistics的收益增長和5.9％的投資回報率
On the face of it, GXO Logistics' ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 12%. Despite this, surprisingly, GXO Logistics saw an exceptional 36% net income growth over the past five years. So, there might 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.
從表面上看，GXO Logistics的投資回報率沒什麼好談的。然後，我們將該公司的投資回報率與整個行業進行了比較，但對投資回報率低於12％的行業平均水平感到失望。儘管如此，令人驚訝的是，GXO Logistics在過去五年中實現了36％的驚人淨收入增長。因此，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。
As a next step, we compared GXO Logistics' 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 15%.
下一步，我們將GXO Logistics的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於行業15％的平均增長。
Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is GXO fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是股票估值的重要因素。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。然後，這可以幫助他們確定股票是面向光明還是暗淡的未來。GXO 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 GXO Logistics Making Efficient Use Of Its Profits?
GXO Logistics 是否在有效利用其利潤？
GXO Logistics 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.
GXO Logistics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。
Conclusion
結論
In total, it does look like GXO Logistics has some positive aspects to its business. 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. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總的來說，看起來GXO Logistics的業務確實有一些積極的方面。儘管回報率很低，但該公司將其利潤的很大一部分再投資於其業務這一事實無疑促進了其高收益增長。話雖如此，最新的行業分析師預測顯示，該公司的收益增長預計將放緩。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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