Kadant Inc.'s (NYSE:KAI) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
Kadant Inc.'s (NYSE:KAI) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong?
With its stock down 15% over the past three months, it is easy to disregard Kadant (NYSE:KAI). But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. In this article, we decided to focus on Kadant's ROE.
由於過去三個月股價下跌了15%，因此很容易忽略凱登（紐交所：KAI）的存在。但如果您仔細關注，您可能會發現其強大的財務狀況意味着長期而言股票可能會出現增值，因爲市場通常會獎勵那些擁有良好財務狀況的公司。在本文中，我們決定關注凱登的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（roe）是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之，它是一種利潤率，衡量由公司股東提供的資本的回報率。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for return on equity is:
權益回報率的計算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Kadant is:
因此，根據上述公式，凱登的roe爲：
14% = US$114m ÷ US$795m (Based on the trailing twelve months to March 2024).
14% = 1.14億美元÷7.95億美元（截止到2024年3月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.14 in profit.
“回報”是稅後上一年掙到的金額。這意味着對於每1美元的股東權益，公司產生了0.14美元的利潤。
What Has ROE Got To Do With Earnings Growth?
ROE與盈利增長有什麼關係？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. 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.
我們已經確認roe是一個有效的盈利指標，用於衡量公司未來的盈利能力。現在我們需要評估公司爲未來增長重新投資或“保留”的利潤有多少，這將給我們提供有關公司增長潛力的想法。假設其他一切相等，具有更高回報率和更高盈利保留的公司通常比沒有同樣特點的公司具有更高的增長率。
Kadant's Earnings Growth And 14% ROE
凱登的收益增長和14%的roe
To start with, Kadant's ROE looks acceptable. Further, the company's ROE is similar to the industry average of 14%. This probably goes some way in explaining Kadant's moderate 19% growth over the past five years amongst other factors.
首先，凱登的roe看起來是可以接受的。其次，公司的roe與14%的行業平均水平相當。這可能在一定程度上解釋了凱登在過去五年中保持適度19%增長的原因之一。
Next, on comparing with the industry net income growth, we found that Kadant's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
其次，與行業淨利潤增長進行比較，我們發現凱登的增長相對較高，相比於同期的行業平均增長率8.7%來說，這是非常不錯的。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for KAI? You can find out in our latest intrinsic value infographic research report.
公司所附加的價值的基礎在很大程度上與其收益增長有關。對於投資者來說，了解市場是否已經爲公司的預期收益增長（或下降）定價至關重要。這樣做，他們將知道股票是否進入了清晰的大漲期或者要面臨泥濘的局面。市場是否已經爲KAI的未來前景定價？您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 Kadant Using Its Retained Earnings Effectively?
凱登是否有效地利用其留存收益
In Kadant's case, its respectable earnings growth can probably be explained by its low three-year median payout ratio of 12% (or a retention ratio of 88%), which suggests that the company is investing most of its profits to grow its business.
對於凱登公司，其可觀的收益增長可能可以解釋爲其三年低的中位數分配率僅爲12%（或88%的保留比率），這表明公司大部分的利潤都在投資於業務增長中。
Besides, Kadant has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders.
此外，凱登至少已經支付了十年分紅。這表明公司致力於與股東分享利潤。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
In total, we are pretty happy with Kadant's 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. 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.
總體而言，我們對凱登的表現非常滿意。特別是，我們喜歡該公司大力加強業務，並以高回報率進行投資。並且，這導致了盈利增長的表現十分顯著。然而，最新分析師預測的研究顯示，該公司未來收益增長可能會放緩。要了解有關該公司最新分析師預測的更多信息，請查看此可視化分析師預測的報告。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
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