The Five-year Decline in Earnings for United States Steel NYSE:X) Isn't Encouraging, but Shareholders Are Still up 143% Over That Period
The Five-year Decline in Earnings for United States Steel NYSE:X) Isn't Encouraging, but Shareholders Are Still up 143% Over That Period
United States Steel Corporation (NYSE:X) shareholders might be concerned after seeing the share price drop 24% in the last month. But that doesn't change the fact that shareholders have received really good returns over the last five years. It's fair to say most would be happy with 135% the gain in that time. We think it's more important to dwell on the long term returns than the short term returns. Only time will tell if there is still too much optimism currently reflected in the share price.
美國鋼鐵公司(紐約證券交易所代碼:X)股東在看到上個月股價下跌24%後可能會感到擔憂。但這並不能改變股東在過去五年中獲得了非常不錯的回報的事實。可以公平地說,大多數人會對那段時間內135%的漲幅感到滿意。我們認爲,關注長期回報比短期回報更重要。只有時間才能證明目前股價中是否還反映出過多的樂觀情緒。
While this past week has detracted from the company's five-year return, let's look at the recent trends of the underlying business and see if the gains have been in alignment.
儘管過去一週減損了該公司的五年回報率,但讓我們來看看基礎業務的最新趨勢,看看漲幅是否一致。
While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.
雖然市場是一種強大的定價機制,但股價反映了投資者的情緒,而不僅僅是潛在的業務表現。考慮市場對公司的看法發生了怎樣的變化的一種不完美但簡單的方法是將每股收益(EPS)的變化與股價走勢進行比較。
United States Steel's earnings per share are down 15% per year, despite strong share price performance over five years.
儘管五年來股價表現強勁,但美國鋼鐵公司的每股收益每年下降15%。
This means it's unlikely the market is judging the company based on earnings growth. Because earnings per share don't seem to match up with the share price, we'll take a look at other metrics instead.
這意味着市場不太可能根據收益增長來評判該公司。由於每股收益似乎與股價不符,因此我們將改用其他指標。
We doubt the modest 0.6% dividend yield is attracting many buyers to the stock. On the other hand, United States Steel's revenue is growing nicely, at a compound rate of 11% over the last five years. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.
我們懷疑0.6%的適度股息收益率是否吸引了許多買家購買該股。另一方面,美國鋼鐵公司的收入增長良好,在過去五年中複合增長了11%。目前,管理層很有可能將收入增長置於每股收益增長之上。
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
下圖描述了收入和收入隨時間推移而發生的變化(點擊圖片即可顯示確切的數值)。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240909/0-af43d265bfe6352b920e551e41403625-0-e177f6395c815279799c2f411619dbf0.png/big)
Balance sheet strength is crucial. It might be well worthwhile taking a look at our free report on how its financial position has changed over time.
資產負債表的強度至關重要。可能值得一看我們關於其財務狀況如何隨着時間的推移而變化的免費報告。
What About Dividends?
分紅呢?
When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of United States Steel, it has a TSR of 143% for the last 5 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.
在考慮投資回報時,重要的是要考慮股東總回報(TSR)和股價回報之間的差異。股東總回報率包含任何分拆或貼現資本籌集的價值,以及任何股息,前提是股息是再投資的。可以說,股東總回報率更全面地描述了股票產生的回報。就美國鋼鐵公司而言,在過去的5年中,其股東總回報率爲143%。這超過了我們之前提到的其股價回報率。因此,公司支付的股息提高了股東的總回報率。
A Different Perspective
不同的視角
United States Steel provided a TSR of 2.8% over the last twelve months. But that return falls short of the market. On the bright side, the longer term returns (running at about 19% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. It's always interesting to track share price performance over the longer term. But to understand United States Steel better, we need to consider many other factors. For example, we've discovered 2 warning signs for United States Steel that you should be aware of before investing here.
在過去的十二個月中,美國鋼鐵公司的股東回報率爲2.8%。但是這種回報不及市場。好的一面是,長期回報(超過五年,每年約19%)看起來更好。儘管股價上漲放緩,但該業務很有可能繼續保持強勁的執行力。長期跟蹤股價表現總是很有意思的。但是,爲了更好地了解美國鋼鐵公司,我們需要考慮許多其他因素。例如,我們發現了美國鋼鐵公司的兩個警告信號,在投資美國鋼鐵公司之前,您應該注意這些信號。
Of course United States Steel may not be the best stock to buy. So you may wish to see this free collection of growth stocks.
當然,美國鋼鐵可能不是最好的買入股票。因此,您可能希望看到這批免費的成長股。
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.
請注意,本文引用的市場回報反映了目前在美國交易所交易的股票的市場加權平均回報。
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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。