Analog Devices, Inc.'s (NASDAQ:ADI) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Analog Devices, Inc.'s (NASDAQ:ADI) Stock Is Rallying But Financials Look Ambiguous: Will The Momentum Continue?
Most readers would already be aware that Analog Devices' (NASDAQ:ADI) stock increased significantly by 17% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Analog Devices' ROE today.
大多數讀者都已意識到，亞德諾（納斯達克：ADI）的股票在過去三個月內大幅增長了17%。但公司的關鍵財務指標似乎在整體上存在差異，這讓我們質疑公司當前的股價動能是否能夠持續。特別是今天我們將關注亞德諾的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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率，是一種有用的工具，用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說，這衡量了一家公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for ROE is:
roe的公式是：
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 Analog Devices is:
因此，根據上述公式，亞德諾的ROE爲：
6.1% = US$2.1b ÷ US$35b (Based on the trailing twelve months to May 2024).
6.1％= US$2.1b÷US$35b（基於截至2024年5月的過去十二個月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.06.
'回報'是每年利潤。這意味着，對於其股東的每美元投資，該公司產生0.06美元的利潤。
Why Is ROE Important For Earnings Growth?
ROE對於盈利增長的重要性是什麼？
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 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，我們已經了解到roe是公司利潤能力的一個衡量標準，現在我們需要評估公司再投資或“保留”的利潤，以此來了解公司的增長潛力。假設其他所有因素保持不變，roe和利潤保留率越高，公司的增長速度就越高，相對於不一定具備這些特徵的公司而言。
Analog Devices' Earnings Growth And 6.1% ROE
亞德諾的盈利增長和6.1%的roe
When you first look at it, Analog Devices' ROE doesn't look that attractive. Next, when compared to the average industry ROE of 15%, the company's ROE leaves us feeling even less enthusiastic. In spite of this, Analog Devices was able to grow its net income considerably, at a rate of 22% in the last five years. So, there might be other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.
當你第一次看到它時，亞德諾的roe看起來並不那麼吸引人。接下來，與行業平均roe 15%相比，公司的roe讓我們感到更加不熱情。儘管如此，在過去五年中，亞德諾在淨利潤方面取得了相當大的增長，增長率爲22%。因此，可能還有其他方面對公司的收益增長產生積極影響。例如，公司的管理層可能做出了一些好的戰略決策，或者公司的派息比率較低。
Next, on comparing with the industry net income growth, we found that Analog Devices' reported growth was lower than the industry growth of 31% over the last few years, which is not something we like to see.
接下來，通過與行業淨利潤增長相比較，我們發現亞德諾報告的增長低於行業在過去幾年中的31%，這不是我們想看到的事情。
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). This then helps them determine if the stock is placed for a bright or bleak future. What is ADI worth today? The intrinsic value infographic in our free research report helps visualize whether ADI is currently mispriced by the market.
盈利增長是股票估值的一個重要因素。投資者了解市場是否已經定價了公司預期的盈利增長（或下降）對於他們判斷股票未來是否光明或黯淡至關重要。亞德諾今天價值多少？我們免費研究報告中的內在價值信息圖可幫助您了解亞德諾當前是否被市場錯定價。
Is Analog Devices Using Its Retained Earnings Effectively?
亞德諾是否有效利用了其保留利潤？
Analog Devices' significant three-year median payout ratio of 60% (where it is retaining only 40% of its income) suggests that the company has been able to achieve a high growth in earnings despite returning most of its income to shareholders.
亞德諾重要的三年中位數派息比率爲60%（其只保留其收入的40%），這表明公司在向股東返還大部分收入的同時，仍能實現高增長。
Besides, Analog Devices has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 42% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 16%, over the same period.
此外，亞德諾已連續十年或更長時間派息。這表明公司致力於與股東分享利潤。在研究最新的分析師共識數據時，我們發現公司未來的派息比率預計將在未來三年內降至42%。因此，預計的派息比率下降解釋了同期公司roe的預期上升至16%。
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're a bit ambivalent about Analog Devices' performance. Although the company has shown a fair bit of growth in earnings, the reinvestment rate is low. Meaning, the earnings growth number could have been significantly higher had the company been retaining more of its profits and reinvesting that at a higher rate of return. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. 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，我們對亞德諾的表現有些矛盾。儘管公司在盈利方面表現不俗，但再投資率卻較低。這意味着，如果公司保留更多的利潤並以更高的回報率重新投資，則盈利增長率可能會顯着更高。在研究目前的分析師預測時，我們發現分析師預計公司將繼續其最近的增長勢頭。這些分析師的預期是基於行業的廣泛預期還是公司的基本面？單擊這裏轉到我們的分析師預測頁面。
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。