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Fortive Corporation's (NYSE:FTV) Has Performed Well But Fundamentals Look Varied: Is There A Clear Direction For The Stock?
Fortive Corporation's (NYSE:FTV) Has Performed Well But Fundamentals Look Varied: Is There A Clear Direction For The Stock?
Most readers would already know that Fortive's (NYSE:FTV) stock increased by 8.2% over the past three months. Given that the stock prices usually follow long-term business performance, we wonder if the company's mixed financials could have any adverse effect on its current price price movement Particularly, we will be paying attention to Fortive's ROE today.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
See our latest analysis for Fortive
How Is ROE Calculated?
The formula for ROE is:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Fortive is:
7.0% = US$659m ÷ US$9.4b (Based on the trailing twelve months to July 2022).
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.07 in profit.
Why Is ROE Important For Earnings Growth?
Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don't share these attributes.
Fortive's Earnings Growth And 7.0% ROE
When you first look at it, Fortive's ROE doesn't look that attractive. A quick further study shows that the company's ROE doesn't compare favorably to the industry average of 13% either. Thus, the low net income growth of 2.5% seen by Fortive over the past five years could probably be the result of the low ROE.
Next, on comparing with the industry net income growth, we found that Fortive's reported growth was lower than the industry growth of 8.4% in the same period, which is not something we like to see.
NYSE:FTV Past Earnings Growth September 23rd 2022Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. 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 FTV? You can find out in our latest intrinsic value infographic research report.
Is Fortive Making Efficient Use Of Its Profits?
Fortive has a low three-year median payout ratio of 10.0% (meaning, the company keeps the remaining 90% of profits) which means that the company is retaining more of its earnings. However, the low earnings growth number doesn't reflect this fact. So there could be some other explanation in that regard. For instance, the company's business may be deteriorating.
In addition, Fortive has been paying dividends over a period of six years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 10%. However, Fortive's ROE is predicted to rise to 13% despite there being no anticipated change in its payout ratio.
Summary
Overall, we have mixed feelings about Fortive. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the 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 latest analysts predictions for the company, check out this visualization of analyst forecasts 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.
大多数读者应该已经知道,Fortive的股票在过去三个月里上涨了8.2%。鉴于股价通常跟随长期业务表现,我们想知道该公司混合的财务状况是否会对其当前价格走势产生不利影响,我们今天将关注Fortive的ROE。
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。换句话说,这是一个衡量公司股东提供的资本回报率的盈利比率。
查看我们对Fortive的最新分析
净资产收益率是如何计算的?
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,Fortive的ROE为:
7.0%=6.59亿美元×94亿美元(基于截至2022年7月的12个月)。
“回报”指的是企业在过去一年中获得的收入。一种将其概念化的方法是,公司每拥有1美元的股东资本,就能获得0.07美元的利润。
为什么净资产收益率对收益增长很重要?
到目前为止,我们已经了解到净资产收益率衡量的是一家公司创造利润的效率。根据公司将这些利润再投资或“保留”多少,以及这样做的效率如何,我们就能够评估一家公司的收益增长潜力。一般来说,在其他条件相同的情况下,股本回报率和利润留存较高的公司比不具备这些特征的公司有更高的增长率。
Fortive的收益增长和7.0%的净资产收益率
当你第一次看到它时,Fortive的净资产收益率看起来并不那么吸引人。一项快速的进一步研究显示,该公司的净资产收益率(ROE)也不及13%的行业平均水平。因此,Fortive在过去五年中看到的2.5%的低净收入增长可能是低ROE的结果。
接下来,对比行业净收入增长,我们发现Fortive的报告增长低于同期8.4%的行业增长,这是我们不愿意看到的。
纽约证券交易所:FTV过去的收益增长2022年9月23日盈利增长是股票估值的一个重要因素。投资者应该尝试确定预期的收益增长或下降是否已计入价格,无论是哪种情况。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。市场是否已经消化了FTV的未来前景?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。
Fortive是否有效地利用了其利润?
Fortive的三年中值派息率较低,为10.0%(这意味着该公司将保留剩余90%的利润),这意味着该公司将保留更多收益。然而,较低的盈利增长数字并不能反映这一事实。因此,在这方面可能有一些其他的解释。例如,该公司的业务可能正在恶化。
此外,Fortive在过去六年里一直在支付股息,这表明保持股息支付对管理层来说要重要得多,即使这是以业务增长为代价的。我们最新的分析师数据显示,该公司未来三年的派息率预计约为10%。然而,Fortive的净资产收益率预计将上升至13%,尽管其派息率没有预期的变化。
摘要
总体而言,我们对Fortive有复杂的感受。虽然该公司的再投资率确实很高,但低ROE意味着所有的再投资都没有给投资者带来任何好处,而且对收益增长产生了负面影响。话虽如此,但从目前分析师的预估来看,我们发现该公司的盈利势头有望增强。要了解更多分析师对该公司的最新预测,请查看分析师对该公司预测的可视化。
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。
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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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