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National Instruments Corporation's (NASDAQ:NATI) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
National Instruments Corporation's (NASDAQ:NATI) Has Been On A Rise But Financial Prospects Look Weak: Is The Stock Overpriced?
National Instruments' (NASDAQ:NATI) stock is up by a considerable 24% over the past three months. We, however wanted to have a closer look at its key financial indicators as the markets usually pay for long-term fundamentals, and in this case, they don't look very promising. Specifically, we decided to study National Instruments' ROE in this article.
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
View our latest analysis for National Instruments
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 National Instruments is:
9.0% = US$105m ÷ US$1.2b (Based on the trailing twelve months to June 2022).
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 $0.09 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. 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 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.
National Instruments' Earnings Growth And 9.0% ROE
When you first look at it, National Instruments' 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 14% either. As a result, National Instruments' flat net income growth over the past five years doesn't come as a surprise given its lower ROE.
We then compared National Instruments' net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 17% in the same period, which is a bit concerning.
NasdaqGS:NATI Past Earnings Growth September 29th 2022Earnings growth is a huge factor in stock valuation. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. If you're wondering about National Instruments''s valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry.
Is National Instruments Efficiently Re-investing Its Profits?
With a high three-year median payout ratio of 95% (implying that the company keeps only 5.1% of its income) of its business to reinvest into its business), most of National Instruments' profits are being paid to shareholders, which explains the absence of growth in earnings.
In addition, National Instruments has been paying dividends over a period of at least ten 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 40% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 28%, over the same period.
Conclusion
Overall, we would be extremely cautious before making any decision on National Instruments. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. 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 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.
国家仪器公司(纳斯达克代码:NATI)的股票在过去三个月里大幅上涨了24%。然而,我们希望更仔细地看看它的关键财务指标,因为市场通常会为长期基本面买单,而在这种情况下,它们看起来并不是很有希望。具体地说,我们决定在本文中研究National Instruments的净资产收益率。
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。简而言之,它衡量的是一家公司相对于股东权益的盈利能力。
查看我们对National Instruments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,根据上述公式,美国国家仪器公司的净资产收益率为:
9.0%=1.05亿美元?12亿美元(基于截至2022年6月的12个月的往绩)。
“回报”指的是一家公司过去一年的收益。这意味着,股东权益每增加1美元,公司就会产生0.09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。
国家仪器的盈利增长和9.0%的净资产收益率
当你第一次看到它时,National Instruments的净资产收益率(ROE)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14%的行业平均水平。因此,美国国家仪器公司过去五年的净利润增长持平并不令人意外,因为它的净资产收益率较低。
然后我们将国家仪器的净收入增长与行业进行了比较,发现该公司的增长数字低于同期17%的行业平均增长率,这有点令人担忧。
NasdaqGS:Nati超过2022年9月29日的收益增长盈利增长是股票估值的一个重要因素。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)。通过这样做,他们将知道股票是将进入清澈的蓝色水域,还是等待沼泽水域。如果你想知道美国国家仪器公司的估值,请看看这个衡量其市盈率的指标,它与其行业相比。
国家仪器公司是否有效地对其利润进行了再投资?
由于三年的中位数派息率高达95%(这意味着公司只保留收入的5.1%)用于再投资于业务),国家仪器公司的大部分利润都支付给了股东,这就解释了为什么收益没有增长。
此外,美国国家仪器公司在至少十年的时间里一直在支付股息,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40%。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28%的原因。
结论
总体而言,在对National Instruments做出任何决定之前,我们都会极其谨慎。较低的净资产收益率,再加上该公司几乎(如果不是全部)将其利润作为股息支付,导致其收益没有或没有增长。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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