Are Robust Financials Driving The Recent Rally In ResMed Inc.'s (NYSE:RMD) Stock?
Are Robust Financials Driving The Recent Rally In ResMed Inc.'s (NYSE:RMD) Stock?
Most readers would already be aware that ResMed's (NYSE:RMD) stock increased significantly by 12% over the past three months. Since the market usually pay for a company's long-term fundamentals, we decided to study the company's key performance indicators to see if they could be influencing the market. Specifically, we decided to study ResMed's ROE in this article.
大多數讀者已經意識到瑞思邁（紐交所：RMD）的股價在過去三個月裏顯著上漲了12％。由於市場通常會爲公司的長期基本面買單，因此我們決定研究公司的關鍵業績指標，看看它們是否可能影響市場。具體而言，我們決定在本文中研究瑞思邁的ROE。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之，它用於評估公司相對於其權益資本的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 ResMed is:
因此，根據上述公式，瑞思邁的ROE爲：
21% = US$958m ÷ US$4.6b (Based on the trailing twelve months to March 2024).
21％= US $ 958m ÷ US $ 4.6b（基於截至2024年3月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.21 in profit.
“回報”是指公司在過去一年中的收益。資本回報率可以概括爲：每1美元股東資本，公司獲得了0.21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？
So far, we've learned that ROE is a measure of a company's profitability. 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.
到目前爲止，我們已經了解到 ROE 是衡量公司盈利能力的一種指標。現在，我們需要評估公司重新投資或“保留”的利潤有多少，以此來衡量公司的成長潛力。其他因素相同的情況下，具有更高的股本回報率和更高的利潤保留的公司通常比沒有相同特徵的公司具有更高的增長率。
ResMed's Earnings Growth And 21% ROE
瑞思邁的收益增長和21％的ROE
At first glance, ResMed seems to have a decent ROE. Especially when compared to the industry average of 11% the company's ROE looks pretty impressive. This certainly adds some context to ResMed's decent 16% net income growth seen over the past five years.
乍一看，瑞思邁的ROE似乎不錯。特別是與11％的行業平均水平相比，該公司的ROE看起來非常出色。這無疑爲瑞思邁過去五年中不錯的16％的淨收入增長增添了一些背景。
Next, on comparing with the industry net income growth, we found that ResMed's growth is quite high when compared to the industry average growth of 8.7% in the same period, which is great to see.
接下來，通過與行業淨收入增長的比較，我們發現瑞思邁的增長相當高，相比於該時期的行業平均增長率8.7％，這是非常好的。
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is RMD worth today? The intrinsic value infographic in our free research report helps visualize whether RMD is currently mispriced by the market.
盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的盈利增長或下降是否已經計價。通過這樣做，他們將知道股票是否即將進入明朗的境地，或者是否將面臨泥濘的境地。RMD今天的價值是多少？我們的免費研究報告中的內在價值信息圖表可以幫助您了解RMD是否被市場錯誤定價。
Is ResMed Efficiently Re-investing Its Profits?
瑞思邁是否有效地重新投資其利潤？
With a three-year median payout ratio of 31% (implying that the company retains 69% of its profits), it seems that ResMed is reinvesting efficiently in a way that it sees respectable amount growth in its earnings and pays a dividend that's well covered.
以三年中位數派息比率爲31％（意味着公司保留了69％的利潤），似乎瑞思邁正在以一種有效地重新投資利潤的方式進行投資，以獲得可觀的增長並支付一定比例的股息。
Moreover, ResMed is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. 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 29%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 22%.
此外，瑞思邁決心繼續與股東分享利潤，這可以從其至少十年支付股息的長期歷史中推斷出來。根據最新的分析師預測，我們發現公司未來三年的派息比率預計將保持穩定在29％。因此，公司未來的ROE也不會太大地改變，分析師預計ROE爲22％。
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 ResMed'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. The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. 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，我們對瑞思邁的表現感到非常滿意。尤其是，我們喜歡公司大量重新投資其業務，並以很高的回報率投資。毫不意外的是，這導致了出色的收入增長。最新的行業分析師預測顯示，該公司預計將保持其當前的增長率。要了解更多有關該公司的最新分析師預測，請查看該公司的分析師預測可視化。
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