Helmerich & Payne, Inc.'s (NYSE:HP) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Helmerich & Payne, Inc.'s (NYSE:HP) Fundamentals Look Pretty Strong: Could The Market Be Wrong About The Stock?
Helmerich & Payne (NYSE:HP) has had a rough three months with its share price down 18%. However, stock prices are usually driven by a company's financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Helmerich & Payne's ROE today.
紐交所：Helmerich & Payne (NYSE:HP)這家公司的股價在過去的三個月中非常不景氣，下跌了18％。然而，股票價格通常受到公司長期的財務業績的推動，而在這種情況下，公司的前景看起來相當有前途。特別是，我們今天將關注Helmerich & Payne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 To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Helmerich & Payne is:
因此，基於上述公式，Helmerich & Payne的ROE爲13％：
13% = US$353m ÷ US$2.8b (Based on the trailing twelve months to March 2024).
13％= 35.3億美元 ÷ 28億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.13 in profit.
“回報率”是公司過去一年的收入。一個概念化的方法是，對於每1美元的股東資本，公司賺取了0.13美元的利潤。
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. 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.
到目前爲止，我們已經了解了ROE衡量公司利潤產生效率的方式。現在我們需要評估公司重新投資或“保留”的利潤是多少，這會讓我們對公司的增長潛力有一個想法。假設其他一切保持不變，ROE和利潤保留率越高，公司的增長率就越高，相比於不一定具備這些特徵的公司。
Helmerich & Payne's Earnings Growth And 13% ROE
Helmerich & Payne的淨利潤增長和13％的roe
To start with, Helmerich & Payne's ROE looks acceptable. Even when compared to the industry average of 13% the company's ROE looks quite decent. This certainly adds some context to Helmerich & Payne's exceptional 47% net income growth seen over the past five years. We reckon that there could also be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.
首先，Helmerich & Payne的roe看起來是可接受的。即使與13%的行業平均值相比，公司的roe看起來相當不錯。這肯定爲Helmerich & Payne過去五年出色的47％淨利潤增長增添了一些背景。我們認爲，這裏可能也會有其他因素起作用。例如，公司的支付比率較低或者正在被有效地管理。
As a next step, we compared Helmerich & Payne's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 45% in the same period.
作爲下一步，我們將Helmerich & Payne的淨利潤增長與行業進行比較，並發現與同期的45%的行業平均增長率相比，公司具有類似的增長數據。
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). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is HP worth today? The intrinsic value infographic in our free research report helps visualize whether HP is currently mispriced by the market.
盈利增長是股票估值的巨大因素。對於投資者來說，知道市場是否已經定價了公司預期的盈利增長（或下降）非常重要。這樣，他們將了解股票是否會進入碧波之中，或者是否會遭遇泥濘的烏滋。HP今天值多少錢？我們免費研究報告中的內在價值信息圖可幫助可視化是否市場錯誤定價了HP。
Is Helmerich & Payne Using Its Retained Earnings Effectively?
Helmerich & Payne是否有效地利用其留存收益？
Helmerich & Payne's three-year median payout ratio to shareholders is 24%, which is quite low. This implies that the company is retaining 76% of its profits. This suggests that the management is reinvesting most of the profits to grow the business as evidenced by the growth seen by the company.
Helmerich & Payne向股東支付的三年中位數支付比率爲24％，相當低。這意味着公司保留了76％的利潤。這表明管理層正在將大部分利潤再投資來發展業務，這可以從公司實現的增長中看出。
Additionally, Helmerich & Payne has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. 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 28%. As a result, Helmerich & Payne's ROE is not expected to change by much either, which we inferred from the analyst estimate of 13% for future ROE.
此外，Helmerich & Payne在至少十年的時間內支付了股息，這意味着該公司非常認真地與股東分享其利潤。根據最新的分析師預測，我們發現未來三年該公司的股息支付比率預計將保持穩定在28％。因此，Helmerich & Payne的roe預計也不會發生太大變化，這是我們根據分析師未來roe的13％推斷出來的。
Conclusion
結論
Overall, we are quite pleased with Helmerich & Payne's performance. 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. Having said that, the company's earnings growth is expected to slow down, as forecasted in the current analyst estimates. 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，我們對Helmerich & Payne的表現感到非常滿意。具體來說，我們喜歡公司以高回報率重新投資大量利潤的方式。當然，這導致公司的收益獲得了實質性增長。話雖如此，根據目前的分析師預測，公司的盈利增長預計會放緩。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？單擊此處轉到我們的分析師預測頁面，了解該公司的預測。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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
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@simplywallst.com。
譯文內容由第三人軟體翻譯。