Are Textron Inc.'s (NYSE:TXT) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are Textron Inc.'s (NYSE:TXT) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
It is hard to get excited after looking at Textron's (NYSE:TXT) recent performance, when its stock has declined 8.7% over the past three months. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to Textron's ROE today.
在查看了德事隆（NYSE:TXT）最近的表現之後，很難感到興奮，因爲其股價在過去三個月下跌了8.7%。然而，股票價格通常是由公司的財務狀況決定的，從長期來看，在這種情況下，情況看起來相當可觀。尤其我們今天將關注德事隆的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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或roe是評估公司管理層如何有效利用公司資本的關鍵指標。簡而言之，ROE顯示每美元股東投資所產生的利潤。
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 Textron is:
因此，根據上述公式，德事隆的roe爲：
13% = US$932m ÷ US$6.9b (Based on the trailing twelve months to March 2024).
13% = 9.32億美元 ÷ 69億美元（截至2024年3月的滾動十二個月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.13 in profit.
'回報'是每年的利潤。一個概念化的方法是，在每$1的股東資本中，公司賺取了$0.13的利潤。
What Is The Relationship Between ROE And Earnings Growth?
既然我們已經確定ROE是一種有效的利潤生成標準，用於評估公司未來的盈利能力，我們現在需要評估公司“保留”爲未來增長而重新投資的利潤多少，這使我們對公司的增長潛力有了一個了解。一般而言，在其他條件相等的情況下，ROE和利潤留存高的公司，增長率比沒有這些屬性的公司要高。
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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.
到目前爲止，我們了解到ROE是衡量一家公司如何高效地產生利潤的指標。 根據公司選擇重新投資或“保留”的利潤的比例，我們能夠評估公司未來產生利潤的能力。 假設其他所有內容保持不變，則ROE和盈利保留比越高，公司的增長速度就越高，這與那些不一定具備這些特徵的公司相比。
Textron's Earnings Growth And 13% ROE
德事隆的盈利增長和13%的roe
To start with, Textron's ROE looks acceptable. Even when compared to the industry average of 14% the company's ROE looks quite decent. Despite the moderate return on equity, Textron has posted a net income growth of 2.6% over the past five years. A few likely reasons that could be keeping earnings growth low are - the company has a high payout ratio or the business has allocated capital poorly, for instance.
首先，德事隆的roe似乎是可以接受的。即使與行業平均水平的14%相比，該公司的roe也相當不錯。儘管淨利潤回報率適度，但德事隆在過去五年中的淨利潤增長率達到了2.6%。可能導致收益增長低的幾個原因是：公司的股息支付比率很高，或者業務分配資金拙劣。接下來，我們將德事隆的淨利潤增長與行業進行了比較，結果令人失望，因爲在同期內，該公司的增長率低於行業平均增長率6.6%。
As a next step, we compared Textron'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 6.6% in the same period.
當考慮估值股時，盈利增長是重要的指標。投資者需要知道市場是否已經定價了公司預期的盈利增長（或下降）。這樣做將有助於他們判斷股票的未來發展是很有前途還是不利。TXT是否公平定價？這篇關於公司內在價值的信息圖有你想要了解的一切。
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). Doing so will help them establish if the stock's future looks promising or ominous. Is TXT fairly valued? This infographic on the company's intrinsic value has everything you need to know.
盈利增長是考慮股票價值時的重要指標。投資者需要知道市場是否已經定價了公司預期的盈利增長（或下降）。這樣做將有助於他們判斷股票的未來發展是很有前途還是不利。TXT是否公平定價？這篇關於公司內在價值的信息圖有你想要了解的一切。
Is Textron Using Its Retained Earnings Effectively?
德事隆是否有效地利用了其留存利潤？
A low three-year median payout ratio of 2.0% (implying that the company retains the remaining 98% of its income) suggests that Textron is retaining most of its profits. However, the low earnings growth number doesn't reflect this as high growth usually follows high profit retention. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
低三年中位數股息支付比率爲2.0%（意味着公司留存了其收入的其餘98%），這表明德事隆正在留存大部分利潤。然而，低的盈利增長數字並未反映出這一點，因爲高盈利留存通常會帶來高增長。因此，可能存在其他因素影響了增長。例如，該業務面臨了一些風險。此外，德事隆在至少十年的時間內支付了股息，這意味着即使沒有收益增長也將繼續支付股息。在研究最新的分析師共識數據時，我們發現公司未來的股息支付比率預計將在未來三年內降至1.4%。因此，德事隆預計降低的股息支付比率解釋了同期公司未來roe的預計上升至17%。
Additionally, Textron has paid dividends over a period of at least ten years, which means that the company's management is determined to pay dividends even if it means little to no earnings growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 1.4% over the next three years. As a result, the expected drop in Textron's payout ratio explains the anticipated rise in the company's future ROE to 17%, over the same period.
總的來說，我們認爲德事隆確實有一些值得考慮的積極因素。但是，鑑於高roe和高利潤留存，我們希望公司能夠實現強勁的盈利增長，但這在這裏並不是這樣。這表明可能存在一些外部威脅，妨礙了其增長。因此，最新的分析師預測顯示，該公司將繼續看到盈利的擴張。要了解更多關於該公司的最新分析師預測，請查看本可視化的分析師預測。
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。
Overall, we feel that Textron certainly does have some positive factors to consider. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. 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，我們認爲德事隆確實有一些值得考慮的積極因素。但是，鑑於高roe和高利潤留存，我們希望公司能夠實現強勁的盈利增長，但這在這裏並不是這樣。這表明可能存在一些外部威脅，妨礙了其增長。因此，最新的分析師預測顯示，該公司將繼續看到盈利的擴張。要了解更多關於該公司的最新分析師預測，請查看本可視化的分析師預測。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。