Is Tractor Supply Company's (NASDAQ:TSCO) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is Tractor Supply Company's (NASDAQ:TSCO) Recent Stock Performance Tethered To Its Strong Fundamentals?
Tractor Supply's (NASDAQ:TSCO) stock is up by a considerable 21% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Tractor Supply's ROE.
拖拉機供應公司（納斯達克股票代碼：TSCO）的股票在過去三個月中上漲了21％。鑑於該公司的出色表現，我們決定更仔細地研究其財務指標，因爲公司的長期財務狀況通常決定市場業績。在本文中，我們決定重點關注拖拉機供應公司的投資回報率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How Is ROE Calculated?
ROE 是如何計算的？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
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 Tractor Supply is:
因此，根據上述公式，拖拉機供應的投資回報率爲：
53% = US$1.1b ÷ US$2.1b (Based on the trailing twelve months to March 2024).
53% = 11億美元 ÷ 21億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.53 in profit.
“回報” 是過去十二個月的利潤。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.53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？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
我們已經確定，投資回報率是衡量公司未來收益的有效盈利指標。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。假設其他一切保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Tractor Supply's Earnings Growth And 53% ROE
拖拉機供應的收益增長和53％的投資回報率
Firstly, we acknowledge that Tractor Supply has a significantly high ROE. Additionally, the company's ROE is higher compared to the industry average of 19% which is quite remarkable. Probably as a result of this, Tractor Supply was able to see a decent net income growth of 16% over the last five years.
首先，我們承認拖拉機供應的投資回報率非常高。此外，該公司的投資回報率高於行業平均水平的19％，這非常引人注目。可能是由於這個原因，拖拉機供應公司在過去五年中得以實現16％的不錯的淨收入增長。
As a next step, we compared Tractor Supply's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 25% in the same period.
下一步，我們將拖拉機供應公司的淨收入增長與該行業進行了比較，並失望地看到該公司的增長低於同期25％的行業平均增長。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is TSCO fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增長是對股票進行估值時要考慮的重要指標。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。然後，這可以幫助他們確定股票是面向光明還是暗淡的未來。TSCO 的估值是否合理？這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Tractor Supply Making Efficient Use Of Its Profits?
拖拉機供應能否有效利用其利潤？
Tractor Supply has a three-year median payout ratio of 37%, which implies that it retains the remaining 63% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
拖拉機供應公司的三年派息率中位數爲37％，這意味着它保留了剩餘的63％的利潤。這表明其股息覆蓋範圍良好，鑑於該公司的可觀增長，管理層似乎正在有效地對其收益進行再投資。
Besides, Tractor Supply has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 42%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 49%.
此外，拖拉機供應公司支付股息已有至少十年或更長時間。這表明該公司致力於與股東分享利潤。根據分析師的最新估計，我們發現該公司未來三年的派息率預計將穩定在42％。因此，預計該公司未來的投資回報率也不會有太大變化，分析師預計投資回報率爲49％。
Summary
摘要
Overall, we are quite pleased with Tractor Supply's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. As a result, the decent growth in its earnings is not surprising. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. 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，我們對拖拉機供應的表現非常滿意。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。因此，其收益的體面增長不足爲奇。既然如此，對分析師最新預測的研究表明，預計該公司未來的收益增長將放緩。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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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。