Is Dycom Industries, Inc.'s (NYSE:DY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Is Dycom Industries, Inc.'s (NYSE:DY) Stock's Recent Performance Being Led By Its Attractive Financial Prospects?
Most readers would already be aware that Dycom Industries' (NYSE:DY) stock increased significantly by 19% 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. In this article, we decided to focus on Dycom Industries' ROE.
大多數讀者已經意識到，戴康工業公司（紐約證券交易所代碼：DY）的股票在過去三個月中大幅上漲了19％。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績效指標，看看它們是否會影響市場。在本文中，我們決定重點關注戴康工業的投資回報率。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
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 Dycom Industries is:
因此，根據上述公式，戴康工業的投資回報率爲：
21% = US$230m ÷ US$1.1b (Based on the trailing twelve months to April 2024).
21% = 2.3億美元 ÷ 11億美元（基於截至2024年4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 $0.21 in profit.
“回報” 是過去十二個月的稅後收入。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.21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. 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 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.
我們已經確定，投資回報率是衡量公司未來收益的有效利潤創造指標。我們現在需要評估公司爲未來增長再投資或 “保留” 了多少利潤，這樣我們就可以了解公司的增長潛力。假設其他一切都保持不變，那麼與不一定具有這些特徵的公司相比，投資回報率和利潤保留率越高，公司的增長率就越高。
Dycom Industries' Earnings Growth And 21% ROE
戴康工業的收益增長和21％的投資回報率
To start with, Dycom Industries' ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 12%. Probably as a result of this, Dycom Industries was able to see an impressive net income growth of 41% over the last five years. However, there could also be other causes behind this growth. For instance, the company has a low payout ratio or is being managed efficiently.
首先，戴康工業的投資回報率似乎可以接受。此外，該公司的投資回報率與行業平均水平的12％相比相當不錯。可能正因爲如此，戴康工業在過去五年中實現了令人印象深刻的41％的淨收入增長。但是，這種增長背後可能還有其他原因。例如，該公司的派息率很低或管理得很高效。
Next, on comparing with the industry net income growth, we found that Dycom Industries' growth is quite high when compared to the industry average growth of 20% in the same period, which is great to see.
接下來，與行業淨收入增長進行比較時，我們發現，與同期行業平均增長20％相比，戴康工業的增長相當高，這真是太好了。
Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is Dycom Industries fairly valued compared to other companies? These 3 valuation measures might help you decide.
收益增長是股票估值的重要因素。投資者接下來需要確定的是，預期的收益增長或缺乏收益是否已經包含在股價中。這樣做將幫助他們確定股票的未來是樂觀還是不祥的。與其他公司相比，戴康工業的估值是否合理？這3種估值指標可能會幫助您做出決定。
Is Dycom Industries Making Efficient Use Of Its Profits?
Dycom Industries是否在有效利用其利潤？
Dycom Industries 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 high earnings growth number that we discussed above.
Dycom Industries目前不支付任何定期股息，這實質上意味着它一直在將所有利潤再投資於該業務。這無疑促成了我們上面討論的高收益增長數字。
Summary
摘要
On the whole, we feel that Dycom Industries' 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. 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. 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.
總的來說，我們認爲戴康工業的表現相當不錯。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。既然如此，對分析師最新預測的研究表明，預計該公司未來的收益增長將放緩。這些分析師的預期是基於對該行業的廣泛預期，還是基於公司的基本面？點擊此處進入我們分析師對公司的預測頁面。
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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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。
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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