Are PubMatic, Inc.'s (NASDAQ:PUBM) Mixed Financials Driving The Negative Sentiment?
Are PubMatic, Inc.'s (NASDAQ:PUBM) Mixed Financials Driving The Negative Sentiment?
PubMatic (NASDAQ:PUBM) has had a rough three months with its share price down 12%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study PubMatic's ROE in this article.
納斯達克:PubMatic在過去三個月中已經遭遇了12%的股價下跌。 然而，我們決定研究該公司的財務狀況，以確定它們是否與價格下跌有任何關係。 基本面通常決定市場結果，因此研究公司的財務狀況是有意義的。 具體而言，我們決定在本文中研究PubMatic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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是：
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 PubMatic is:
因此，根據上述公式，PubMatic的ROE爲:
4.3% = US$12m ÷ US$289m (Based on the trailing twelve months to March 2024).
4.3％= 1200萬美元 ÷ 28900萬美元（基於2024年3月的過去12個月）
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.04 in profit.
'回報'指的是公司在過去一年的收益。另一種思考方式是，對於每1美元的股權，公司能夠賺取0.04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。
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 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.
到目前爲止，我們已經了解到ROE衡量公司如何高效地生成利潤。現在我們需要評估公司以後的增長潛力，即公司重新投資或“保留”的利潤。其他條件相同的情況下，同時具有較高的股權回報率和較高的利潤保留的公司通常是相對於不具備相同特點的公司而言增長率更高的公司。
A Side By Side comparison of PubMatic's Earnings Growth And 4.3% ROE
PubMatic盈利增長和4.3％ ROE的並排比較
It is quite clear that PubMatic's ROE is rather low. Even when compared to the industry average of 14%, the ROE figure is pretty disappointing. Therefore, the disappointing ROE therefore provides a background to PubMatic's very little net income growth of 4.3% over the past five years.
很明顯，PubMatic的ROE相當低。 即使與14％的行業平均水平相比，ROE的數字仍相當令人失望。 因此，令人失望的ROE爲PubMatic在過去五年中幾乎沒有淨利潤增長提供了背景。
Next, on comparing with the industry net income growth, we found that PubMatic's reported growth was lower than the industry growth of 7.3% over the last few years, which is not something we like to see.
接下來，通過與行業淨收入增長進行比較，我們發現PubMatic報告的增長低於過去幾年的行業增長率7.3％，這不是我們想看到的。
Earnings growth is an important metric to consider when valuing a stock. 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 PUBM worth today? The intrinsic value infographic in our free research report helps visualize whether PUBM is currently mispriced by the market.
盈利增長是估值股票時需要考慮的重要指標。 投資者應嘗試確定預期的盈利增長或下降，無論哪種情況，都已定價。 通過這樣做，他們將了解股票是否進入清澈的藍色水域，還是等待泥濘的水域。 PUBm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以幫助可視化PUBm當前是否被市場錯定價。
Is PubMatic Using Its Retained Earnings Effectively?
PubMatic有效使用保留收益嗎？
PubMatic doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business. However, there's only been very little earnings growth to show for it. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
PubMatic不支付任何普通股息，這意味着可能所有利潤都被重新投資到業務中。 但是，幾乎沒有利潤增長可以展示。 因此，可能有其他原因來解釋對此缺乏尊重。 例如，業務可能正在下降。
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。
In total, we're a bit ambivalent about PubMatic's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. 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 company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總體而言，我們對PubMatic的表現感到有些矛盾。 儘管該公司具有較高的利潤保留率，但其較低的回報率可能妨礙了其盈利增長。 話雖如此，通過查看當前的分析師估計，我們發現公司的收益預計將獲得動力。 要了解有關該公司未來收益增長預測的更多信息，請參見有關公司分析師預測的免費報告。
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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。
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譯文內容由第三人軟體翻譯。