Declining Stock and Solid Fundamentals: Is The Market Wrong About Rambus Inc. (NASDAQ:RMBS)?
Declining Stock and Solid Fundamentals: Is The Market Wrong About Rambus Inc. (NASDAQ:RMBS)?
Rambus (NASDAQ:RMBS) has had a rough week with its share price down 23%. 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 Rambus' ROE today.
Rambus（納斯達克:RMBS）近期股價下跌23％，但股價通常受公司長期的財務表現所驅動，在這種情況下，展望相當樂觀。特別是，我們今天將關注Rambus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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說，股東回報率（ROE）是一個重要的考慮因素，因爲它告訴股東他們的資本被有效地再投資了多少。換句話說，它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
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 Rambus is:
因此，根據上述公式，Rambus的ROE爲：
22% = US$231m ÷ US$1.0b (Based on the trailing twelve months to June 2024).
22％ = 2,3100萬美元 ÷ 10億美元（基於截至2024年6月的最近12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 $0.22 in profit.
“回報率”是每年的利潤。一個概念化的方法是，對於每1美元的股東資本，該公司賺取了0.22美元的利潤。
Why Is ROE Important For Earnings Growth?
ROE爲什麼對淨利潤增長很重要？
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，roe可以作爲一種有效的衡量公司未來盈利能力的指標。現在我們需要評估公司再投資或“保留”的利潤有多少，這就給我們提供了有關公司增長潛力的想法。假設其他一切不變，roe和利潤保留率越高，公司的增長率就越高，而不一定具備這些特徵的公司相比。
Rambus' Earnings Growth And 22% ROE
Rambus的收益增長和22％的ROE
First thing first, we like that Rambus has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 15% also doesn't go unnoticed by us. As a result, Rambus' exceptional 80% net income growth seen over the past five years, doesn't come as a surprise.
首先，我們很喜歡Rambus有出色的ROE。其次，與行業報告的平均ROE 15％相比，我們也注意到了這一點。因此，過去五年中Rambus異常的80％淨利潤增長並不令人意外。
As a next step, we compared Rambus' net income growth with the industry, and pleasingly, we found that the growth seen by the company is higher than the average industry growth of 30%.
接下來，我們將Rambus的淨利潤增長與行業進行了比較，令人高興的是，我們發現該公司的增長高於行業的平均增長30％。
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. Doing so will help them establish if the stock's future looks promising or ominous. If you're wondering about Rambus''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
收益增長是衡量股票價值重要的指標。投資者應嘗試確定預期的收益增長或下降是否已被定價。這樣做將有助於他們確定股票的未來前景是光明還是不妙。如果您想了解Rambus的估值，請查看該估值相對於行業的市盈率的計算結果。
Is Rambus Using Its Retained Earnings Effectively?
Rambus有效地利用其保留收益嗎？
Rambus doesn't pay any regular dividends to its shareholders, meaning that the company has been reinvesting all of its profits into the business. This is likely what's driving the high earnings growth number discussed above.
Rambus不向其股東支付常規股息，這意味着該公司一直將所有利潤再投資於業務中。這很可能是上述高收益增長率的推動因素。
Conclusion
結論
In total, we are pretty happy with Rambus' 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. 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. 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Rambus的表現非常滿意。具體來說，我們喜歡公司以高回報率再投資大量利潤的方式。當然，這導致公司收益大幅增長。即便如此，最新分析師預測的研究表明，該公司預計將看到未來盈利增長放緩。了解有關該公司未來盈利增長預測的更多信息，請查看有關該公司的分析師預測的免費報告。
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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。