Is Penumbra, Inc.'s (NYSE:PEN) Recent Price Movement Underpinned By Its Weak Fundamentals?
Is Penumbra, Inc.'s (NYSE:PEN) Recent Price Movement Underpinned By Its Weak Fundamentals?
With its stock down 21% over the past three months, it is easy to disregard Penumbra (NYSE:PEN). We, however decided to study the company's financials to determine if they have got anything to do with the price decline. Fundamentals usually dictate market outcomes so it makes sense to study the company's financials. In this article, we decided to focus on Penumbra's ROE.
Penumbra（纽约证券交易所代码：PEN）的股票在过去三个月中下跌了21％，很容易被忽视。但是，我们决定研究公司的财务状况，以确定它们是否与价格下跌有关。基本面通常决定市场业绩，因此研究公司的财务状况是有意义的。在本文中，我们决定重点介绍Penumbra的投资回报率。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。换句话说，它揭示了公司成功地将股东投资转化为利润。
View our latest analysis for Penumbra
查看我们对 Penumbra 的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可以使用以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Penumbra is:
因此，根据上述公式，Penumbra的投资回报率为：
2.7% = US$29m ÷ US$1.1b (Based on the trailing twelve months to June 2023).
2.7% = 2900万美元 ÷ 11亿美元（基于截至2023年6月的过去十二个月）。
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 $0.03 in profit.
“回报” 是企业在过去一年中获得的收入。将其概念化的一种方法是，公司每拥有1美元的股东资本，就能获得0.03美元的利润。
What Is The Relationship Between ROE And Earnings Growth?
投资回报率与收益增长之间有什么关系？
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. 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.
到目前为止，我们已经了解到，投资回报率衡量的是公司创造利润的效率。根据公司选择将多少利润进行再投资或 “保留”，我们便能够评估公司未来创造利润的能力。一般而言，在其他条件相同的情况下，股本回报率和利润留存率高的公司的增长率要高于不具有这些属性的公司。
Penumbra's Earnings Growth And 2.7% ROE
Penumbra的收益增长和2.7％的投资回报率
As you can see, Penumbra's ROE looks pretty weak. Even compared to the average industry ROE of 9.5%, the company's ROE is quite dismal. Given the circumstances, the significant decline in net income by 28% seen by Penumbra over the last five years is not surprising. However, there could also be other factors causing the earnings to decline. For example, the business has allocated capital poorly, or that the company has a very high payout ratio.
如你所见，Penumbra的投资回报率看起来相当疲软。即使与9.5％的行业平均投资回报率相比，该公司的投资回报率也相当惨淡。在这种情况下，Penumbra在过去五年中净收入大幅下降了28％，这并不奇怪。但是，可能还有其他因素导致收益下降。例如，该企业的资本分配不佳，或者该公司的派息率非常高。
That being said, we compared Penumbra's performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 9.7% in the same 5-year period.
话虽如此，我们将Penumbra的表现与该行业进行了比较，当我们发现尽管该公司缩减了收益，但该行业在5年同期的收益增长了9.7％时，我们对此感到担忧。
Earnings 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. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is PEN fairly valued? This infographic on the company's intrinsic value has everything you need to know.
收益增长是对股票进行估值时要考虑的重要指标。无论如何，投资者应设法确定预期的收益增长或下降是否已计入其中。通过这样做，他们将知道股票是走向清澈的蓝色海水还是沼泽水域在等着呢。PEN 的价值是否合理？这张关于公司内在价值的信息图包含了你需要知道的一切。
Is Penumbra Efficiently Re-investing Its Profits?
Penumbra 是否有效地将其利润再投资？
Because Penumbra doesn't pay any dividends, we infer that it is retaining all of its profits, which is rather perplexing when you consider the fact that there is no earnings growth to show for it. So there could be some other explanations in that regard. For instance, the company's business may be deteriorating.
由于Penumbra不支付任何股息，因此我们推断它保留了所有利润，考虑到它没有收益增长这一事实，这相当令人困惑。因此，在这方面可能还有其他解释。例如，该公司的业务可能正在恶化。
Conclusion
结论
Overall, we have mixed feelings about Penumbra. Even though it appears to be retaining most of its profits, given the low ROE, investors may not be benefitting from all that reinvestment after all. The low earnings growth suggests our theory correct. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. 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.
总的来说，我们对 Penumbra 有喜忧参半的感觉。尽管鉴于投资回报率低，它似乎保留了大部分利润，但投资者毕竟可能无法从所有这些再投资中受益。低收入增长表明我们的理论是正确的。话虽如此，从分析师目前的估计来看，我们发现该公司的收益增长率预计将出现巨大改善。要了解有关公司未来收益增长预测的更多信息，请查看这份关于分析师预测的免费报告，以了解更多信息。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。