Are National Beverage Corp.'s (NASDAQ:FIZZ) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
Are National Beverage Corp.'s (NASDAQ:FIZZ) Fundamentals Good Enough to Warrant Buying Given The Stock's Recent Weakness?
It is hard to get excited after looking at National Beverage's (NASDAQ:FIZZ) recent performance, when its stock has declined 7.7% over the past three months. 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 National Beverage's ROE.
看看国家饮料（纳斯达克股票代码：FIZZ）最近的表现，很难感到兴奋，当时该公司的股票在过去三个月中下跌了7.7％。但是，股票价格通常由公司的长期财务状况驱动，在这种情况下，这看起来相当可观。在本文中，我们决定重点关注国家饮料公司的投资回报率。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。简而言之，它用于评估公司相对于其股权资本的盈利能力。
Check out our latest analysis for National Beverage
查看我们对国民饮料的最新分析
How Is ROE Calculated?
ROE 是如何计算的？
The formula for return on equity is:
股本回报率的公式是：
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 National Beverage is:
因此，根据上述公式，国民饮料的投资回报率为：
37% = US$156m ÷ US$422m (Based on the trailing twelve months to July 2023).
37% = 1.56亿美元 ¥4.22亿美元（基于截至2023年7月的过去十二个月）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.37.
“回报” 是企业在过去一年中获得的收入。因此，这意味着公司每向股东投资1美元，就会产生0.37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？
We have already established that ROE serves as an efficient profit-generating gauge for a company's future earnings. 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. 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.
我们已经确定，投资回报率是衡量公司未来收益的有效盈利指标。然后，我们能够评估公司的收益增长潜力，具体取决于公司对这些利润进行再投资或 “保留” 了多少及其有效性。假设其他条件都一样，与功能不相同的公司相比，具有更高股本回报率和更高利润保留率的公司通常具有更高的增长率。
National Beverage's Earnings Growth And 37% ROE
国家饮料的收益增长和37％的投资回报率
Firstly, we acknowledge that National Beverage has a significantly high ROE. Second, a comparison with the average ROE reported by the industry of 16% also doesn't go unnoticed by us. Despite this, National Beverage's five year net income growth was quite flat over the past five years. So, there could be some other aspects that could potentially be preventing the company from growing. Such as, the company pays out a huge portion of its earnings as dividends, or is faced with competitive pressures.
首先，我们承认国家饮料公司的投资回报率非常高。其次，与该行业报告的16％的平均投资回报率进行比较也不会被我们忽视。尽管如此，在过去五年中，National Beverage的五年净收入增长仍相当平缓。因此，可能还有其他一些方面可能会阻碍公司的发展。例如，该公司将其收益的很大一部分作为股息支付，或者面临竞争压力。
We then compared National Beverage's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 3.9% in the same 5-year period, which is a bit concerning.
然后，我们将National Beverage的净收入增长与该行业进行了比较，发现该公司的增长数字低于同期3.9％的行业平均增长率，这有点令人担忧。
The basis for attaching value to a company is, to a great extent, tied to its earnings growth. 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. 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 National Beverage is trading on a high P/E or a low P/E, relative to its industry.
赋予公司价值的基础在很大程度上与其收益增长息息相关。投资者应努力确定预期的收益增长或下降，无论情况如何，是否已被考虑在内。然后，这可以帮助他们确定股票是面向光明还是黯淡的未来。衡量预期收益增长的一个很好的指标是市盈率，它根据收益前景决定了市场愿意为股票支付的价格。因此，您可能需要检查National Beverage相对于其行业而言是高市盈率还是低市盈率。
Is National Beverage Using Its Retained Earnings Effectively?
国家饮料能否有效使用其留存收益？
Summary
摘要
In total, it does look like National Beverage has some positive aspects to its business. Yet, the low earnings growth is a bit concerning, especially given that the company has a high rate of return and is reinvesting ma huge portion of its profits. By the looks of it, there could be some other factors, not necessarily in control of the business, that's preventing growth. So far, we've only made a quick discussion around the company's earnings growth. To gain further insights into National Beverage's past profit growth, check out this visualization of past earnings, revenue and cash flows.
总的来说，看来国家饮料公司的业务确实有一些积极的方面。然而，低收益增长有点令人担忧，特别是考虑到该公司的回报率很高，并且正在对其利润的很大一部分进行再投资。从表面上看，可能还有其他一些因素阻碍了增长，这些因素不一定与业务的控制有关。到目前为止，我们只对公司的收益增长进行了简短的讨论。要进一步了解National Beverage过去的利润增长，请查看过去的收益、收入和现金流的可视化。
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