Declining Stock and Solid Fundamentals: Is The Market Wrong About US Foods Holding Corp. (NYSE:USFD)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About US Foods Holding Corp. (NYSE:USFD)?
US Foods Holding (NYSE:USFD) has had a rough month with its share price down 3.1%. However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Particularly, we will be paying attention to US Foods Holding's ROE today.
美國食品控股（紐交所: USFD）的股價在上個月下跌了3.1%。然而，對於這家聲音不錯的公司的基本面進行更仔細的審視可能會讓你再次考慮一下。基本面通常決定着長期市場結果，所以值得關注。特別地，我們今天將會關注美國食品控股的roe。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東要考慮的關鍵因素之一是淨資產收益率或roe，因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說，它衡量了公司與股東權益相關的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 US Foods Holding is:
因此，根據上述公式，美國食品控股的roe爲：
10% = US$506m ÷ US$4.8b (Based on the trailing twelve months to March 2024).
10% = 5.06億美元 ÷ 48億美元（基於截至2024年3月的過去12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 $0.10 in profit.
“回報”指的是一家公司在過去一年內的盈利。一種概念化的方法是，每1美元股東資本，公司創造了0.10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。
A Side By Side comparison of US Foods Holding's Earnings Growth And 10% ROE
US Foods Holding的盈利增長和10%的roe的並列對比
To begin with, US Foods Holding seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 12%. This probably goes some way in explaining US Foods Holding's moderate 16% growth over the past five years amongst other factors.
首先，美國食品控股似乎擁有一個體面的roe。與行業進行比較後，我們發現平均行業roe也爲12%。這可能在一定程度上解釋了美國食品控股在過去五年中適度增長了16%的其他因素。
We then performed a comparison between US Foods Holding's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 14% in the same 5-year period.
然後我們將美國食品控股的淨利潤增長與行業進行了比較，發現該公司在同5年期內與行業平均增長率14%相當。
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). Doing so will help them establish if the stock's future looks promising or ominous. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if US Foods Holding is trading on a high P/E or a low P/E, relative to its industry.
盈利增長是股票估值的一個重要因素。投資者知道市場是否已經將公司預期的盈利增長（或下降）定價非常重要。這將有助於他們判斷股票未來的前景是樂觀還是不妙。預期盈利增長的一個好指標是PE比率，它根據股票的盈利前景決定市場願意支付多少價格。因此，你可能需要檢查美國食品控股相對於行業是否在高PE或低PE上交易。
Is US Foods Holding Using Its Retained Earnings Effectively?
美國食品控股是否有效利用留存利潤？
US Foods Holding 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 decent earnings growth number that we discussed above.
美國食品控股目前不支付任何常規股息，這基本上意味着它一直在將所有利潤重新投資到業務中。這絕對對我們上面討論的良好盈利增長數字做出了貢獻。
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。
On the whole, we feel that US Foods Holding's performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.
總體而言，我們認爲美國食品控股的表現相當不錯。尤其值得一提的是，很高興看到該公司在業務上進行了大量投資，並且獲取了高回報率，這導致了其收益的顯着增長。我們還對最新的分析師預測進行了研究，並發現該公司的盈利增長預期與其當前增長率相似。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？單擊此處進入我們的分析師預測頁面。
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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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