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Cactus, Inc. (NYSE:WHD) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
Cactus, Inc. (NYSE:WHD) Stock's Been Sliding But Fundamentals Look Decent: Will The Market Correct The Share Price In The Future?
It is hard to get excited after looking at Cactus' (NYSE:WHD) recent performance, when its stock has declined 17% over the past month. However, stock prices are usually driven by a company's financials over the long term, which in this case look pretty respectable. In this article, we decided to focus on Cactus' ROE.
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
View our latest analysis for Cactus
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Cactus is:
16% = US$100m ÷ US$644m (Based on the trailing twelve months to June 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 $0.16 in profit.
What Is The Relationship Between ROE And Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. 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.
Cactus' Earnings Growth And 16% ROE
To start with, Cactus' ROE looks acceptable. Further, the company's ROE compares quite favorably to the industry average of 8.2%. Despite this, Cactus' five year net income growth was quite flat over the past five years. We reckon that there could be some other factors at play here that's limiting the company's growth. For example, it could be that the company has a high payout ratio or the business has allocated capital poorly, for instance.
Next, we compared Cactus' performance against the industry and found that the industry shrunk its earnings at 4.6% in the same period, which suggests that the company's earnings have been shrinking at a slower rate than its industry, This does appease the negative sentiment around the company to a certain extent.
NYSE:WHD Past Earnings Growth September 26th 2022Earnings 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. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Cactus is trading on a high P/E or a low P/E, relative to its industry.
Is Cactus Using Its Retained Earnings Effectively?
Despite having a moderate three-year median payout ratio of 40% (meaning the company retains60% of profits) in the last three-year period, Cactus' earnings growth was more or les flat. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.
In addition, Cactus has been paying dividends over a period of three years suggesting that keeping up dividend payments is way more important to the management even if it comes at the cost of business growth. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 18% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 24%, over the same period.
Conclusion
On the whole, we do feel that Cactus has some positive attributes. However, given the high ROE and high profit retention, we would expect the company to be delivering strong earnings growth, but that isn't the case here. This suggests that there might be some external threat to the business, that's hampering its growth. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. 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.
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.
在看到仙人掌(NYSE:WHD)最近的表现后,很难感到兴奋,它的股价在过去一个月里下跌了17%。然而,股价通常是由公司的长期财务状况推动的,在这种情况下,财务状况看起来相当不错。在本文中,我们决定重点介绍仙人掌的ROE。
股本回报率(ROE)是用来评估公司管理层利用公司资本效率的关键指标。简而言之,它是用来评估一家公司相对于其权益资本的盈利能力。
查看我们对仙人掌的最新分析
你如何计算股本回报率?
可使用以下公式计算净资产收益率:
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,仙人掌的净资产收益率为:
16%=1亿美元×6.44亿美元(基于截至2022年6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0.16美元的利润。
净资产收益率与盈利增长之间有什么关系?
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。我们现在需要评估公司将多少利润再投资或“保留”用于未来的增长,这就让我们对公司的增长潜力有了一个了解。假设其他条件相同,与没有相同特征的公司相比,拥有更高股本回报率和更高利润保留率的公司通常会有更高的增长率。
仙人掌的收益增长和16%的净资产收益率
首先,仙人掌的净资产收益率看起来还可以接受。此外,该公司的净资产收益率(ROE)与行业平均水平8.2%相比相当有利。尽管如此,仙人掌的五年净收入增长在过去五年中相当持平。我们认为,可能还有一些其他因素在发挥作用,限制了公司的增长。例如,可能是公司的派息率很高,或者企业的资本配置不当。
接下来,我们将仙人掌的表现与行业进行了比较,发现同期仙人掌行业的收益缩水了4.6%,这表明该公司的收益缩水速度一直慢于行业,这在一定程度上平息了围绕公司的负面情绪。
纽约证券交易所:WHD过去的收益增长2022年9月26日盈利增长是评估一只股票时需要考虑的一个重要指标。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。这样做将有助于他们确定该股的未来看起来是光明的还是不祥的。衡量预期收益增长的一个很好的指标是市盈率,它根据一只股票的盈利前景决定市场愿意为其支付的价格。因此,你可能想看看仙人掌相对于其行业是高市盈率还是低市盈率。
仙人掌是否有效地利用了其留存收益?
尽管仙人掌过去三年的中值派息率为40%(这意味着公司保留了60%的利润),但仙人掌的收益增长或多或少持平。因此,可能还有其他因素在起作用,可能会阻碍经济增长。例如,该业务一直面临一些不利因素。
此外,仙人掌在过去三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。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降至18%。因此,派息率的预期下降解释了公司同期净资产收益率预期上升至24%的原因。
结论
总的来说,我们确实觉得仙人掌有一些积极的属性。然而,考虑到高净资产收益率和高利润保留率,我们预计该公司将实现强劲的收益增长,但这里的情况并非如此。这表明,该业务可能面临一些外部威胁,这正在阻碍其增长。话虽如此,我们研究了最新的分析师预测,发现尽管该公司过去的收益有所缩水,但分析师预计其未来的收益将会增长。要了解更多有关该公司未来收益增长预测的信息,请查看以下内容免费报告分析师对该公司的预测,以了解更多信息。
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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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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