Is Tractor Supply Company's (NASDAQ:TSCO) Stock's Recent Performance A Reflection Of Its Financial Health?
Is Tractor Supply Company's (NASDAQ:TSCO) Stock's Recent Performance A Reflection Of Its Financial Health?
Most readers would already know that Tractor Supply's (NASDAQ:TSCO) stock increased by 4.7% over the past month. Given its impressive performance, we decided to study the company's key financial indicators as a company's long-term fundamentals usually dictate market outcomes. In this article, we decided to focus on Tractor Supply's ROE.
大多數讀者已經知道,拖拉機供應公司(納斯達克股票代碼:TSCO)的股票在過去一個月中上漲了4.7%。鑑於其令人印象深刻的業績,我們決定研究該公司的關鍵財務指標,因爲公司的長期基本面通常決定市場業績。在本文中,我們決定重點關注拖拉機供應公司的投資回報率。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。換句話說,它揭示了公司成功地將股東投資轉化爲利潤。
How Is ROE Calculated?
ROE 是如何計算的?
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 Tractor Supply is:
因此,根據上述公式,拖拉機供應的投資回報率爲:
49% = US$1.1b ÷ US$2.3b (Based on the trailing twelve months to June 2024).
49% = 11億美元 ÷ 23億美元(基於截至2024年6月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.49 in profit.
「回報」 是指公司去年的收益。這意味着,每獲得價值1美元的股東權益,該公司就會產生0.49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?
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. 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盈利指標。根據公司選擇將多少利潤進行再投資或 「保留」,我們便能夠評估公司未來創造利潤的能力。假設其他一切保持不變,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。
Tractor Supply's Earnings Growth And 49% ROE
拖拉機供應的收益增長和49%的投資回報率
First thing first, we like that Tractor Supply has an impressive ROE. Second, a comparison with the average ROE reported by the industry of 20% also doesn't go unnoticed by us. This probably laid the groundwork for Tractor Supply's moderate 15% net income growth seen over the past five years.
首先,我們喜歡拖拉機供應的投資回報率令人印象深刻。其次,與該行業報告的平均投資回報率爲20%的比較也不會被我們忽視。這可能爲拖拉機供應公司在過去五年中實現15%的溫和淨收入增長奠定了基礎。
Next, on comparing with the industry net income growth, we found that Tractor Supply's reported growth was lower than the industry growth of 20% over the last few years, which is not something we like to see.
接下來,與行業淨收入增長進行比較時,我們發現拖拉機供應公司報告的增長低於過去幾年20%的行業增長,這不是我們希望看到的。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240910/0-68abe0b0f9acddfb289bd884d27da901-0-0e377b9b7f6ff5c8c6f500b0ed737d73.png/big)
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is TSCO fairly valued? This infographic on the company's intrinsic value has everything you need to know.
爲公司附加價值的基礎在很大程度上與其收益增長息息相關。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。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。TSCO 的估值是否合理?這張關於公司內在價值的信息圖包含了你需要知道的一切。
Is Tractor Supply Efficiently Re-investing Its Profits?
拖拉機供應是否有效地將其利潤再投資?
Tractor Supply has a three-year median payout ratio of 38%, which implies that it retains the remaining 62% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
拖拉機供應公司的三年派息率中位數爲38%,這意味着它保留了剩餘的62%的利潤。這表明其股息覆蓋範圍良好,鑑於該公司的可觀增長,管理層似乎正在有效地對其收益進行再投資。
Moreover, Tractor Supply is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 42% of its profits over the next three years. Accordingly, forecasts suggest that Tractor Supply's future ROE will be 47% which is again, similar to the current ROE.
此外,Tractor Supply決心繼續與股東分享利潤,這是我們從其支付股息的長期歷史中推斷出來的。在研究了分析師的最新共識數據後,我們發現該公司預計將在未來三年內繼續支付約42%的利潤。因此,預測表明,拖拉機供應公司的未來投資回報率將爲47%,與當前的投資回報率相似。
Conclusion
結論
In total, we are pretty happy with Tractor Supply's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a respectable 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 latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
總的來說,我們對拖拉機供應的表現非常滿意。特別是,很高興看到該公司正在對其業務進行大量投資,再加上高回報率,這爲其收益帶來了可觀的增長。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。要詳細了解分析師對公司的最新預測,請查看該公司的分析師預測的可視化。
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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.
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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。
譯文內容由第三人軟體翻譯。