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Are ChampionX Corporation's (NASDAQ:CHX) Mixed Financials Driving The Negative Sentiment?
Are ChampionX Corporation's (NASDAQ:CHX) Mixed Financials Driving The Negative Sentiment?
ChampionX (NASDAQ:CHX) has had a rough week with its share price down 6.3%. It is possible that the markets have ignored the company's differing financials and decided to lean-in to the negative sentiment. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. Specifically, we decided to study ChampionX's ROE in this article.
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
See our latest analysis for ChampionX
How Do You Calculate Return On Equity?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for ChampionX is:
9.5% = US$169m ÷ US$1.8b (Based on the trailing twelve months to June 2022).
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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.
A Side By Side comparison of ChampionX's Earnings Growth And 9.5% ROE
When you first look at it, ChampionX's ROE doesn't look that attractive. Yet, a closer study shows that the company's ROE is similar to the industry average of 8.2%. Having said that, ChampionX's five year net income decline rate was 18%. Bear in mind, the company does have a slightly low ROE. So that's what might be causing earnings growth to shrink.
As a next step, we compared ChampionX's performance with the industry and found thatChampionX's performance is depressing even when compared with the industry, which has shrunk its earnings at a rate of 4.6% in the same period, which is a slower than the company.
NasdaqGS:CHX Past Earnings Growth September 20th 2022Earnings growth is an important metric to consider when valuing a stock. 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. Has the market priced in the future outlook for CHX? You can find out in our latest intrinsic value infographic research report.
Is ChampionX Making Efficient Use Of Its Profits?
ChampionX's low three-year median payout ratio of 15% (or a retention ratio of 85%) over the last three years should mean that the company is retaining most of its earnings to fuel its growth but the company's earnings have actually shrunk. This typically shouldn't be the case when a company is retaining most of its earnings. It looks like there might be some other reasons to explain the lack in that respect. For example, the business could be in decline.
Additionally, ChampionX started paying a dividend only recently. So it looks like the management may have perceived that shareholders favor dividends even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 31% over the next three years. Still, forecasts suggest that ChampionX's future ROE will rise to 17% even though the the company's payout ratio is expected to rise. We presume that there could some other characteristics of the business that could be driving the anticipated growth in the company's ROE.
Summary
Overall, we have mixed feelings about ChampionX. While the company does have a high rate of profit retention, its low rate of return is probably hampering its earnings growth. That being so, the latest industry analyst forecasts show that the analysts are expecting to see a huge improvement in the company's earnings growth rate. 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.
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.
冠军X(纳斯达克:CHX)经历了艰难的一周,其股价下跌了6.3%。市场可能忽视了该公司不同的财务状况,决定向负面情绪倾斜。基本面通常决定市场结果,因此研究该公司的财务状况是有意义的。具体地说,我们决定在本文中研究冠军X的净资产收益率。
净资产收益率,即股本回报率,是评估一家公司从股东那里获得投资回报的有效程度的有用工具。简而言之,净资产收益率显示了每一美元相对于其股东投资产生的利润。
查看我们对冠军X的最新分析
你如何计算股本回报率?
这个净资产收益率公式是:
股本回报率=(持续经营的)净利润?股东权益
因此,根据上面的公式,冠军X的净资产收益率为:
9.5%=1.69亿美元×18亿美元(基于截至2022年6月的12个月)。
“报税表”是过去12个月的税后收入。因此,这意味着股东每投资1美元,公司就会产生0.09美元的利润。
净资产收益率与盈利增长有什么关系?
到目前为止,我们了解到净资产收益率是衡量一家公司盈利能力的指标。根据公司选择再投资或“保留”多少利润,我们就能够评估一家公司未来产生利润的能力。假设其他条件不变,净资产收益率和利润保留率越高,与不一定具有这些特征的公司相比,公司的增长率就越高。
冠军X盈利增长与9.5%净资产收益率的并列比较
当你第一眼看到它时,冠军X的净资产收益率看起来并没有那么吸引人。然而,一项更仔细的研究显示,该公司的净资产收益率接近8.2%的行业平均水平。话虽如此,冠军X的五年净收入降幅为18%。请记住,该公司的净资产收益率确实略低。因此,这可能是导致收益增长放缓的原因。
作为下一步,我们将冠军X的表现与行业进行了比较,发现即使与行业相比,冠军X的表现也是令人沮丧的,行业同期的收益缩水幅度为4.6%,比公司的速度要慢。
纳斯达克:CHX过去的收益增长2022年9月20日盈利增长是评估一只股票时需要考虑的一个重要指标。对于投资者来说,重要的是知道市场是否已经消化了公司预期的收益增长(或下降)。这有助于他们确定这只股票是为光明还是黯淡的未来做准备。市场反映出CHX的未来前景了吗?你可以在我们最新的内在价值信息图研究报告中找到答案。
冠军X是否有效地利用了它的利润?
冠军X过去三年的低三年中值派息率为15%(或留存率为85%),这应该意味着该公司将保留大部分收益来推动增长,但该公司的收益实际上已经缩水。当一家公司保留了大部分收益时,通常不应该出现这种情况。看起来可能还有其他一些原因来解释这方面的缺乏。例如,这项业务可能正在衰落。
此外,冠军X最近才开始派发股息。因此,看起来管理层可能已经意识到,尽管收益一直在下降,但股东们倾向于分红。在研究了最新的分析师共识数据后,我们发现,该公司未来三年的派息率预计将上升至31%。尽管如此,预测显示,尽管该公司的派息率预计会上升,但该公司未来的净资产收益率将升至17%。我们推测,可能还有一些其他业务特征可能推动了公司净资产收益率的预期增长。
摘要
总体而言,我们对X锦标赛的感觉很复杂。虽然该公司的利润留存率确实很高,但其低回报率可能正在阻碍其收益增长。既然如此,最新的行业分析师预测显示,分析师们预计该公司的收益增长率将大幅提高。这些分析师的预期是基于对该行业的广泛预期,还是基于该公司的基本面?点击此处进入我们分析师对该公司的预测页面。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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