Is Moog Inc.'s (NYSE:MOG.A) Latest Stock Performance Being Led By Its Strong Fundamentals?
Is Moog Inc.'s (NYSE:MOG.A) Latest Stock Performance Being Led By Its Strong Fundamentals?
Moog's (NYSE:MOG.A) stock up by 7.5% over the past three months. Since the market usually pay for a company's long-term financial health, we decided to study the company's fundamentals to see if they could be influencing the market. Specifically, we decided to study Moog's ROE in this article.
紐交所（NYSE）上的Moog股票在過去三個月上漲了7.5％。由於市場通常會爲一家公司的長期財務狀況買單，因此我們決定研究該公司的基本面，以查看它是否可以影響市場。具體而言，我們決定在本文中研究Moog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 Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 Moog is:
因此，根據上述公式，Moog的ROE爲：
11% = US$190m ÷ US$1.8b (Based on the trailing twelve months to March 2024).
11％= US $ 1.8b到2024年3月的過去12個月的US $ 190m（根據滯後五年的財務數據）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
‘回報’是企業在過去一年內賺取的收入。這意味着，每1美元的股東權益公司產生0.11美元的利潤。
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。
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 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.
我們已經確認roe是一個有效的盈利指標，用於衡量公司未來的盈利能力。現在我們需要評估公司爲未來增長重新投資或“保留”的利潤有多少，這將給我們提供有關公司增長潛力的想法。假設其他一切相等，具有更高回報率和更高盈利保留的公司通常比沒有同樣特點的公司具有更高的增長率。
A Side By Side comparison of Moog's Earnings Growth And 11% ROE
Moog的收益增長和11％ ROE的對比
To start with, Moog's ROE looks acceptable. Be that as it may, the company's ROE is still quite lower than the industry average of 14%. Although, we can see that Moog saw a modest net income growth of 5.9% over the past five years. So, there might be other aspects that are positively influencing earnings growth. Such as - high earnings retention or an efficient management in place. Bear in mind, the company does have a respectable level of ROE. It is just that the industry ROE is higher. So this also provides some context to the earnings growth seen by the company.
首先，Moog的ROE看起來是可以接受的。但是，該公司的ROE仍然相當低於行業平均水平的14％。儘管如此，我們可以看到Moog在過去五年中的淨利潤增長率略有增長5.9％。因此，可能存在其他積極影響盈利增長的因素。例如高盈利保留或有效的管理。請注意，該公司具有相對可觀的ROE水平。只是行業ROE更高。因此，這也爲公司所看到的盈利增長提供了一些背景信息。
We then performed a comparison between Moog's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 6.2% in the same 5-year period.
然後，我們對Moog的淨利潤增長與行業進行了比較，發現該公司的增長與同一5年期內行業平均增長6.2％相似。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Moog's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是股票估值的重要因素。投資者應該嘗試確定預期的盈利增長或下降已經被定價。然後，這有助於他們判斷股票的未來是光明還是暗淡。如果您想了解Moog的估值，請查看其市盈率的這個指標，與其行業相比。
Is Moog Making Efficient Use Of Its Profits?
Moog是否有效利用其利潤？
In Moog's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 20% (or a retention ratio of 80%), which suggests that the company is investing most of its profits to grow its business.
對於Moog公司來說，其可觀的收益增長可能可以解釋爲其低的三年中位數派息比率爲20％（或保留比率爲80％），這表明該公司正在投入大部分利潤來擴展業務。
Besides, Moog has been paying dividends over a period of six years. This shows that the company is committed to sharing profits with its shareholders. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 13% over the next three years. The fact that the company's ROE is expected to rise to 27% over the same period is explained by the drop in the payout ratio.
此外，Moog已經連續六年支付股息。這表明該公司致力於與股東分享利潤。現有的分析師預測表明，該公司未來的派息比率預計將在未來三年內降至13％。公司ROE預計在同一時期上升到27％，這可以解釋派息比率的下降。
Conclusion
結論
Overall, we are quite pleased with Moog's performance. In particular, it's great to see that the company has seen significant growth in its earnings backed by a respectable ROE and a high reinvestment rate. 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，我們非常滿意Moog的表現。特別是，令人高興的是，該公司在可觀的ROE和高再投資率的支持下實現了顯着的收益增長。話雖如此，從目前的分析師預測來看，我們發現該公司的收益預計將獲得動力。要了解該公司的最新分析師預測，請查看該公司的分析師預測可視化。
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