Is The Market Rewarding Skyworks Solutions, Inc. (NASDAQ:SWKS) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Is The Market Rewarding Skyworks Solutions, Inc. (NASDAQ:SWKS) With A Negative Sentiment As A Result Of Its Mixed Fundamentals?
Skyworks Solutions (NASDAQ:SWKS) has had a rough three months with its share price down 8.5%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Skyworks Solutions' ROE.
思佳訊(納斯達克:SWKS)在過去三個月表現不佳,股價下跌了8.5%。市場可能忽視了公司的不同財務狀況,選擇傾向於負面情緒。基本面通常決定市場結果,因此研究公司的財務狀況是明智的。在這篇文章中,我們決定專注于思佳訊的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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或ROE是股東需要考慮的重要因素,因爲它告訴他們自己的資本是如何有效地被再投資的。簡單來說,它衡量的是公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
如何計算股本回報率?
The formula for ROE is:
ROE的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for Skyworks Solutions is:
因此,根據上述公式,思佳訊的ROE爲:
9.4% = US$596m ÷ US$6.3b (Based on the trailing twelve months to September 2024).
9.4% = US$59600萬 ÷ US$63億(基於截至2024年9月的過去十二個月)。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.09 in profit.
'回報'是過去十二個月稅後賺取的金額。另一種理解方式是,對於每1美元的股本,公司能夠賺取0.09美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
What Is The Relationship Between ROE And Earnings Growth?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
我們已經確定,ROE作爲公司未來盈利的有效盈利生成指標。根據公司選擇再投資或 "保留 "其利潤的多少,我們能夠評估公司未來產生利潤的能力。一般而言,其他條件相同,具有高股本回報率和利潤保留的公司,其增長率高於沒有這些特徵的公司。
Skyworks Solutions' Earnings Growth And 9.4% ROE
思佳訊的盈利增長和9.4%的ROE
When you first look at it, Skyworks Solutions' ROE doesn't look that attractive. However, its ROE is similar to the industry average of 11%, so we won't completely dismiss the company. Having said that, Skyworks Solutions' net income growth over the past five years is more or less flat. Bear in mind, the company's ROE is not very high. So that could also be one of the reasons behind the company's flat growth in earnings.
當你第一次看到時,思佳訊的ROE看起來並不那麼吸引人。然而,它的ROE與行業平均的11%相似,因此我們不會完全否定這家公司。話雖如此,思佳訊在過去五年的凈利潤增長或多或少是平穩的。請記住,該公司的ROE並不是很高。這也可能是導致公司盈利增長平穩的原因之一。
As a next step, we compared Skyworks Solutions' net income growth with the industry and discovered that the industry saw an average growth of 20% in the same period.
作爲下一步,我們將思佳訊的凈利潤增長與行業進行了比較,發現該行業在同一時期的平均增長爲20%。
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. Doing so will help them establish if the stock's future looks promising or ominous. Is SWKS fairly valued? This infographic on the company's intrinsic value has everything you need to know.
爲公司估值的基礎在很大程度上與其盈利增長相關。投資者接下來需要判斷的是,預期的盈利增長或缺乏盈利增長是否已經反映在股價中。這將幫助他們判斷該股票的未來是看起來有前景還是不容樂觀。SWKS的估值是否合理?關於公司內在價值的信息圖包含了您需要了解的所有內容。
Is Skyworks Solutions Making Efficient Use Of Its Profits?
思佳訊是否有效利用其利潤?
Despite having a normal three-year median payout ratio of 35% (implying that the company keeps 65% of its income) over the last three years, Skyworks Solutions has seen a negligible amount of growth in earnings as we saw above. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
儘管在過去三年的正常三年中位數分紅比例爲35%(這意味着公司保留了65%的凈利潤),但正如我們上面所看到的,思佳訊的盈利增長微乎其微。因此,這方面可能還有其他解釋。例如,公司的業務可能正在惡化。
Moreover, Skyworks Solutions has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 41% of its profits over the next three years. Still, forecasts suggest that Skyworks Solutions' future ROE will rise to 16% even though the the company's payout ratio is not expected to change by much.
此外,思佳訊已經至少支付了十年以上的分紅,這表明管理層必須認爲股東更喜歡分紅而不是盈利增長。在研究最新的分析師共識數據後,我們發現預計公司將在未來三年內繼續支付大約41%的利潤。儘管如此,預測表明思佳訊未來的ROE將上升至16%,儘管公司的分紅比例預計不會有太大變化。
Summary
總結
On the whole, we feel that the performance shown by Skyworks Solutions can be open to many interpretations. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總體來說,我們認爲思佳訊的表現可以有多種解讀。雖然該公司確實有較高的利潤留存率,但其較低的回報率可能會抑制其盈利增長。也就是說,我們研究了最新的分析師預測,發現雖然該公司過去的收益有所縮水,但分析師預計其未來的收益將會增長。要了解更多關於該公司的最新分析師預測,請查看這個關於該公司的分析師預測可視化圖。
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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?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall ST在提到的任何股票中均沒有持倉。
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