Palo Alto Networks, Inc.'s (NASDAQ:PANW) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Palo Alto Networks, Inc.'s (NASDAQ:PANW) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 17% over the past three months, it is easy to disregard Palo Alto Networks (NASDAQ:PANW). However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Specifically, we decided to study Palo Alto Networks' ROE in this article.
帕洛阿爾託網絡（納斯達克股票代碼：PANW）的股票在過去三個月中下跌了17％，很容易被忽視。但是，股票價格通常由公司的長期財務業績驅動，在這種情況下，這看起來很有希望。具體而言，我們決定在本文中研究帕洛阿爾託網絡的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Palo Alto Networks is:
因此，根據上述公式，帕洛阿爾託網絡的投資回報率爲：
52% = US$2.3b ÷ US$4.4b (Based on the trailing twelve months to January 2024).
52% = 23億美元 ÷ 44億美元（基於截至2024年1月的過去十二個月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.52 in profit.
“回報” 是每年的利潤。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.52美元的利潤。
Why Is ROE Important For Earnings Growth?
爲什麼投資回報率對收益增長很重要？
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. 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，投資回報率是衡量公司盈利能力的指標。然後，我們能夠評估公司的收益增長潛力，具體取決於公司對這些利潤進行再投資或 “保留” 了多少及其有效性。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
A Side By Side comparison of Palo Alto Networks' Earnings Growth And 52% ROE
帕洛阿爾託網絡的收益增長和52％的投資回報率的並排比較
To begin with, Palo Alto Networks has a pretty high ROE which is interesting. Secondly, even when compared to the industry average of 13% the company's ROE is quite impressive. As a result, Palo Alto Networks' exceptional 51% net income growth seen over the past five years, doesn't come as a surprise.
首先，帕洛阿爾託網絡的投資回報率相當高，這很有趣。其次，即使與行業平均水平的13％相比，該公司的投資回報率也相當可觀。因此，帕洛阿爾託網絡在過去五年中實現了51％的驚人淨收入增長並不令人意外。
As a next step, we compared Palo Alto Networks' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 15%.
下一步，我們將Palo Alto Networks的淨收入增長與該行業進行了比較，令人高興的是，我們發現該公司的增長高於15％的行業平均增長。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for PANW? You can find out in our latest intrinsic value infographic research report.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。對於投資者來說，重要的是要知道市場是否對公司的預期收益增長（或下降）進行了定價。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。市場對PANW的未來展望進行了定價嗎？你可以在我們最新的內在價值信息圖研究報告中找到答案。
Is Palo Alto Networks Making Efficient Use Of Its Profits?
帕洛阿爾託網絡是否在有效利用其利潤？
Palo Alto Networks doesn't pay any regular dividends currently which essentially means that it has been reinvesting all of its profits into the business. This definitely contributes to the high earnings growth number that we discussed above.
Palo Alto Networks目前不支付任何定期股息，這實質上意味着它一直在將所有利潤再投資於該業務。這無疑促成了我們上面討論的高收益增長數字。
Summary
摘要
Overall, we are quite pleased with Palo Alto Networks' performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. Unsurprisingly, this has led to an impressive earnings growth. With that said, on studying the latest analyst forecasts, we found that while the company has seen growth in its past earnings, analysts expect its future earnings to shrink. 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，我們對帕洛阿爾託網絡的表現非常滿意。特別是，我們喜歡該公司對其業務進行大量再投資，而且回報率很高。毫不奇怪，這帶來了令人印象深刻的收益增長。話雖如此，在研究最新的分析師預測時，我們發現，儘管該公司過去的收益有所增長，但分析師預計其未來收益將萎縮。要詳細了解分析師對公司的最新預測，請查看該公司的分析師預測的可視化。
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