Are PubMatic, Inc.'s (NASDAQ:PUBM) Mixed Financials Driving The Negative Sentiment?
Are PubMatic, Inc.'s (NASDAQ:PUBM) Mixed Financials Driving The Negative Sentiment?
PubMatic (NASDAQ:PUBM) has had a rough three months with its share price down 12%. We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study PubMatic's ROE in this article.
PubMatic（納斯達克股票代碼：PUBM）經歷了艱難的三個月，其股價下跌了12％。但是，我們決定研究公司的財務狀況，以確定它們是否與價格下跌有關。基本面通常決定市場業績，因此研究公司的財務狀況是有意義的。具體而言，我們決定在本文中研究PubMatic的投資回報率。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。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 ROE is:
ROE 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 PubMatic is:
因此，根據上述公式，PubMatic 的投資回報率爲：
4.3% = US$12m ÷ US$289m (Based on the trailing twelve months to March 2024).
4.3% = 1200萬美元 ÷ 2.89億美元（基於截至2024年3月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.04 in profit.
“回報” 是指公司去年的收益。另一種思考方式是，每持有價值1美元的股權，該公司就能獲得0.04美元的利潤。
What Is The Relationship Between ROE And Earnings Growth?
投資回報率與收益增長之間有什麼關係？
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 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，投資回報率衡量的是公司創造利潤的效率。現在，我們需要評估公司再投資或 “保留” 了多少利潤以用於未來的增長，從而使我們對公司的增長潛力有所了解。假設其他條件都一樣，與功能不相同的公司相比，具有更高股本回報率和更高利潤保留率的公司通常具有更高的增長率。
A Side By Side comparison of PubMatic's Earnings Growth And 4.3% ROE
PubMatic的收益增長和4.3％的投資回報率的並排比較
It is quite clear that PubMatic's ROE is rather low. Even when compared to the industry average of 14%, the ROE figure is pretty disappointing. Therefore, the disappointing ROE therefore provides a background to PubMatic's very little net income growth of 4.3% over the past five years.
很明顯，PubMatic的投資回報率相當低。即使與行業平均水平的14％相比，投資回報率的數字也相當令人失望。因此，令人失望的投資回報率爲PubMatic在過去五年中淨收入幾乎沒有增長4.3％提供了背景。
Next, on comparing with the industry net income growth, we found that PubMatic's reported growth was lower than the industry growth of 7.3% over the last few years, which is not something we like to see.
接下來，與行業淨收入增長相比，我們發現PubMatic報告的增長低於過去幾年7.3％的行業增長，這不是我們希望看到的。
Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. What is PUBM worth today? The intrinsic value infographic in our free research report helps visualize whether PUBM is currently mispriced by the market.
收益增長是對股票進行估值時要考慮的重要指標。無論如何，投資者應設法確定預期的收益增長或下降是否已計入其中。通過這樣做，他們將知道股票是走向清澈的藍色海水還是沼澤水域在等着呢。PubM 今天的價值是多少？我們免費研究報告中的內在價值信息圖有助於可視化PubM目前是否被市場錯誤定價。
Is PubMatic Using Its Retained Earnings Effectively?
PubMatic 能否有效使用其留存收益？
PubMatic doesn't pay any regular dividends, meaning that potentially all of its profits are being reinvested in the business. However, there's only been very little earnings growth to show for it. Therefore, there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
PubMatic不支付任何定期股息，這意味着其所有利潤可能都被再投資於該業務。但是，它的收益增長微乎其微。因此，可能還有其他一些原因可以解釋這方面的不足。例如，業務可能會下滑。
Summary
摘要
In total, we're a bit ambivalent about PubMatic's performance. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.
總的來說，我們對PubMatic的表現有點矛盾。儘管該公司的利潤保留率確實很高，但其低迴報率可能會阻礙其收益增長。話雖如此，從分析師目前的估計來看，我們發現該公司的收益有望增強。要了解有關公司未來收益增長預測的更多信息，請查看這份關於分析師預測的免費報告，以了解更多信息。
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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。
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譯文內容由第三人軟體翻譯。