Qualys, Inc.'s (NASDAQ:QLYS) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Qualys, Inc.'s (NASDAQ:QLYS) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Qualys (NASDAQ:QLYS) has had a rough three months with its share price down 16%. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Specifically, we decided to study Qualys' ROE in this article.
沃特世(QLYS) 最近三個月表現不佳，股價下跌了16%。但如果你仔細觀察，你可能會了解到其強勁的財務狀況意味着股票在長期內有可能增值，因爲市場通常會獎勵那些擁有良好財務健康狀況的公司。具體來說，在本文中，我們決定研究Qualys的ROE。
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.
對於股東來說，股東回報率（ROE）是一個重要的考慮因素，因爲它告訴股東他們的資本被有效地再投資了多少。換句話說，它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
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 Qualys is:
因此，根據上述公式，Qualys的ROE爲：
40% = US$162m ÷ US$404m (Based on the trailing twelve months to March 2024).
40%=162百萬美元÷404百萬美元（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 $0.40 in profit.
“回報”是年度利潤。可以這樣理解，對於每1美元的股東資本，公司的利潤爲0.40美元。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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.
我們已經確定ROE作爲公司未來收益的有效利潤生成度量。根據公司“保留”多少利潤以及它如何有效地保留利潤，我們能夠評估公司的收益增長潛力。假設其他所有條件相同，具有更高股東權益回報率和更高利潤保留的公司通常是與沒有相同特徵的公司相比增長速度更高的公司。
Qualys' Earnings Growth And 40% ROE
Qualys的盈利增長和40%的ROE
First thing first, we like that Qualys has an impressive ROE. Secondly, even when compared to the industry average of 12% the company's ROE is quite impressive. This probably laid the groundwork for Qualys' moderate 18% net income growth seen over the past five years.
首先，我們喜歡Qualys有令人印象深刻的ROE。其次，即使與行業平均水平的12%相比，公司的ROE也相當令人印象深刻。這可能爲Qualys在過去五年中實現了適度的18%淨收入增長打下了基礎。
We then compared Qualys' net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 14% in the same 5-year period.
隨後，我們將Qualys的淨收入增長與行業進行比較，很高興地看到，在同一5年期間，該公司的增長率高於行業的14%。
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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is QLYS worth today? The intrinsic value infographic in our free research report helps visualize whether QLYS is currently mispriced by the market.
給公司附加價值的基礎在很大程度上與其盈利增長相關。投資者應該嘗試確定預期的盈利增長或下降是否反映在股價中。通過這樣做，他們將了解股票是否處於清晰的藍水域中，還是將面臨泥濘的水域。QLYS今天的價值是多少？我們免費研究報告中的內在價值信息圖表，可幫助你判斷QLYS當前是否被市場錯定價值。
Is Qualys Efficiently Re-investing Its Profits?
Qualys是否有效地重新投資其利潤？
Given that Qualys 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.
考慮到Qualys不向股東支付任何普通股息，我們可以推斷出該公司一直在重新投資其所有利潤以推動業務增長。
Conclusion
結論
In total, we are pretty happy with Qualys' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive 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，我們對Qualys的表現感到非常滿意。特別是，我們喜歡公司大量投資於業務，並以較高的投資回報率。毫不奇怪，這導致了令人印象深刻的盈利增長。然而，最新的行業分析師預測顯示，該公司的盈利增長預計將放緩。這些分析師的預期是基於行業的普遍預期，還是基於該公司的基本面？單擊此處，查看我們的分析師預測頁面。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) 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
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。