UnitedHealth Group Incorporated's (NYSE:UNH) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
UnitedHealth Group Incorporated's (NYSE:UNH) Stock's On An Uptrend: Are Strong Financials Guiding The Market?
Most readers would already be aware that UnitedHealth Group's (NYSE:UNH) stock increased significantly by 5.5% over the past week. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study UnitedHealth Group's ROE in this article.
大多數讀者都已經意識到聯合健康集團（NYSE:UNH）的股價在過去一週內增長了5.5%。既然市場通常會爲公司的長期基本面付費，我們決定研究該公司的關鍵業績指標，看看它們是否可能影響市場。具體而言，我們決定在本文中研究聯合健康集團的ROE。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或roe是評估公司管理層如何有效利用公司資本的關鍵指標。簡而言之，ROE顯示每美元股東投資所產生的利潤。
How Do You Calculate Return On Equity?
怎樣計算ROE?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
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 UnitedHealth Group is:
因此，根據上述公式計算，聯合健康集團的ROE爲:
17% = US$16b ÷ US$97b (Based on the trailing twelve months to March 2024).
17% = 160億美元 ÷ 970億美元（基於截至2024年3月的過去12個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
'收益'是指公司在過去一年內的收益。因此，這意味着對於每$1的股東投資，公司產生$0.17的利潤。
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。
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. 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，我們已經了解了ROE衡量公司利潤產生效率的方式。現在我們需要評估公司重新投資或“保留”的利潤是多少，這會讓我們對公司的增長潛力有一個想法。假設其他一切保持不變，ROE和利潤保留率越高，公司的增長率就越高，相比於不一定具備這些特徵的公司。
UnitedHealth Group's Earnings Growth And 17% ROE
聯合健康集團的盈利增長和17%的ROE
To begin with, UnitedHealth Group seems to have a respectable ROE. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. This probably laid the ground for UnitedHealth Group's moderate 9.5% net income growth seen over the past five years.
首先，聯合健康集團似乎擁有可觀的ROE。與行業平均ROE 11%相比，公司的ROE看起來相當不錯。這可能爲聯合健康集團過去五年中適度的9.5%淨收入增長奠定了基礎。
Next, on comparing with the industry net income growth, we found that UnitedHealth Group's growth is quite high when compared to the industry average growth of 5.6% in the same period, which is great to see.
其次，在與行業淨收入增長進行比較後，我們發現聯合健康集團的增長相當高，與同期行業平均增長5.6%相比，這是非常棒的。
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. This then helps them determine if the stock is placed for a bright or bleak future. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if UnitedHealth Group is trading on a high P/E or a low P/E, relative to its industry.
賦予公司價值的基礎在很大程度上與其盈利增長掛鉤。投資者需要判斷的下一步是，預期的盈利增長，或其缺乏，是否已經反映在股票價格中。這有助於他們判斷股票是處於光明還是黯淡的未來。一個很好的預期盈利增長指標是市盈率，它根據其盈利前景確定市場願意爲一支股票支付的價格。因此，您可能希望檢查聯合健康集團的市盈率是高還是低，相對於其行業。
Is UnitedHealth Group Using Its Retained Earnings Effectively?
聯合健康集團是否有效利用留存收益？
UnitedHealth Group has a three-year median payout ratio of 30%, which implies that it retains the remaining 70% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
聯合健康集團的三年中位數派息比率爲30%，這意味着它留存了其利潤的其餘70%。這表明其股息得到很好的覆蓋，並且鑑於公司所見的良好增長，看起來管理層正在有效地再投資其收益。
Besides, UnitedHealth Group 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 over the next three years is expected to be approximately 27%. However, UnitedHealth Group's ROE is predicted to rise to 26% despite there being no anticipated change in its payout ratio.
此外，聯合健康集團已經連續十年或更長時間支付股息。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，該公司在未來三年的股息比率預計約爲27%。但是，儘管預期派息比率不會發生變化，聯合健康集團的ROE預計將升至26%。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
Overall, we are quite pleased with UnitedHealth Group'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. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們對聯合健康集團的表現相當滿意。特別是，它在大量投資其業務的同時，同時具有高回報率，這導致了其盈利的相當大的增長。話雖如此，根據目前的分析師預測，我們發現該公司的盈利預計將增加。要了解有關該公司的最新分析師預測的更多信息，請查看該公司分析師預測的可視化。
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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.
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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
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譯文內容由第三人軟體翻譯。