Is Vishay Intertechnology, Inc.'s (NYSE:VSH) Stock's Recent Performance A Reflection Of Its Financial Health?
Is Vishay Intertechnology, Inc.'s (NYSE:VSH) Stock's Recent Performance A Reflection Of Its Financial Health?
Most readers would already know that Vishay Intertechnology's (NYSE:VSH) stock increased by 7.5% over the past three months. Given its impressive performance, we decided to study the company's key financial indicators as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Vishay Intertechnology's ROE.
大多數讀者已經知道，Vishay Intertechnology（紐約證券交易所代碼：VSH）的股票在過去三個月中上漲了7.5％。鑑於其令人印象深刻的業績，我們決定研究該公司的關鍵財務指標，因爲公司的長期基本面通常決定市場業績。在本文中，我們決定重點介紹Vishay Intertechnology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. 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對公司增值和管理投資者資金的有效性的考驗。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？
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 Vishay Intertechnology is:
因此，根據上述公式，Vishay Intertechnology的投資回報率爲：
11% = US$245m ÷ US$2.2b (Based on the trailing twelve months to March 2024).
11% = 2.45億美元 ÷ 22億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
“回報” 是企業在過去一年中獲得的收入。這意味着，每持有價值1美元的股東權益，公司就會產生0.11美元的利潤。
What Has ROE Got To Do With Earnings Growth?
投資回報率與收益增長有什麼關係？
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. 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，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。一般而言，在其他條件相同的情況下，股本回報率和利潤留存率高的公司的增長率要高於不具有這些屬性的公司。
Vishay Intertechnology's Earnings Growth And 11% ROE
Vishay Intertechnology的收益增長和11％的投資回報率
To start with, Vishay Intertechnology's ROE looks acceptable. And on comparing with the industry, we found that the the average industry ROE is similar at 9.6%. This probably goes some way in explaining Vishay Intertechnology's moderate 14% growth over the past five years amongst other factors.
首先，Vishay Intertechnology的投資回報率似乎可以接受。與行業相比，我們發現行業的平均投資回報率相似，爲9.6％。這可能在某種程度上解釋了Vishay Intertechnology在過去五年中實現了14％的溫和增長以及其他因素。
Next, on comparing Vishay Intertechnology's net income growth with the industry, we found that the company's reported growth is similar to the industry average growth rate of 16% over the last few years.
接下來，在將Vishay Intertechnology的淨收入增長與該行業的淨收入增長進行比較時，我們發現該公司報告的增長與過去幾年16％的行業平均增長率相似。
Earnings growth is a huge factor in stock valuation. 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. If you're wondering about Vishay Intertechnology's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是股票估值的重要因素。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爲光明還是暗淡的未來而佈局。如果你想知道Vishay InterTechnology的估值，可以看看這個衡量其市盈率與行業相比的指標。
Is Vishay Intertechnology Using Its Retained Earnings Effectively?
Vishay Intertechnology 是否有效地使用了其留存收益？
Vishay Intertechnology's three-year median payout ratio to shareholders is 17% (implying that it retains 83% of its income), which is on the lower side, so it seems like the management is reinvesting profits heavily to grow its business.
Vishay Intertechnology的三年股東派息率中位數爲17％（這意味着它保留了收入的83％），處於較低水平，因此管理層似乎正在大量再投資利潤以發展業務。
Additionally, Vishay Intertechnology has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
此外，Vishay Intertechnology已在至少十年內派發了股息，這意味着該公司非常認真地與股東分享利潤。
Conclusion
結論
On the whole, we feel that Vishay Intertechnology's performance has been quite good. Specifically, we like that the company is reinvesting a huge chunk of its profits at a high rate of return. This of course has caused the company to see substantial growth in its earnings. Having said that, on studying current analyst estimates, we were concerned to see that while the company has grown its earnings in the past, analysts expect its earnings to shrink in the future. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說，我們認爲Vishay Intertechnology的表現相當不錯。具體而言，我們喜歡該公司以高回報率再投資其利潤的很大一部分。當然，這導致該公司的收益大幅增長。話雖如此，在研究分析師目前的估計時，我們擔心地看到，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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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。