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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.
大多數讀者應該已經知道,Fortive的股票在過去三個月裏上漲了8.2%。鑑於股價通常跟隨長期業務表現,我們想知道該公司混合的財務狀況是否會對其當前價格走勢產生不利影響,我們今天將關注Fortive的ROE。
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。換句話説,這是一個衡量公司股東提供的資本回報率的盈利比率。
查看我們對Fortive的最新分析
淨資產收益率是如何計算的?
這個淨資產收益率公式是:
股本回報率=(持續經營的)淨利潤?股東權益
因此,根據上面的公式,Fortive的ROE為:
7.0%=6.59億美元×94億美元(基於截至2022年7月的12個月)。
“回報”指的是企業在過去一年中獲得的收入。一種將其概念化的方法是,公司每擁有1美元的股東資本,就能獲得0.07美元的利潤。
為什麼淨資產收益率對收益增長很重要?
到目前為止,我們已經瞭解到淨資產收益率衡量的是一家公司創造利潤的效率。根據公司將這些利潤再投資或“保留”多少,以及這樣做的效率如何,我們就能夠評估一家公司的收益增長潛力。一般來説,在其他條件相同的情況下,股本回報率和利潤留存較高的公司比不具備這些特徵的公司有更高的增長率。
Fortive的收益增長和7.0%的淨資產收益率
當你第一次看到它時,Fortive的淨資產收益率看起來並不那麼吸引人。一項快速的進一步研究顯示,該公司的淨資產收益率(ROE)也不及13%的行業平均水平。因此,Fortive在過去五年中看到的2.5%的低淨收入增長可能是低ROE的結果。
接下來,對比行業淨收入增長,我們發現Fortive的報告增長低於同期8.4%的行業增長,這是我們不願意看到的。
紐約證券交易所:FTV過去的收益增長2022年9月23日盈利增長是股票估值的一個重要因素。投資者應該嘗試確定預期的收益增長或下降是否已計入價格,無論是哪種情況。這有助於他們確定這隻股票是為光明還是黯淡的未來做準備。市場是否已經消化了FTV的未來前景?你可以在我們最新的內在價值信息圖研究報告中找到答案。
Fortive是否有效地利用了其利潤?
Fortive的三年中值派息率較低,為10.0%(這意味着該公司將保留剩餘90%的利潤),這意味着該公司將保留更多收益。然而,較低的盈利增長數字並不能反映這一事實。因此,在這方面可能有一些其他的解釋。例如,該公司的業務可能正在惡化。
此外,Fortive在過去六年裏一直在支付股息,這表明保持股息支付對管理層來説要重要得多,即使這是以業務增長為代價的。我們最新的分析師數據顯示,該公司未來三年的派息率預計約為10%。然而,Fortive的淨資產收益率預計將上升至13%,儘管其派息率沒有預期的變化。
摘要
總體而言,我們對Fortive有複雜的感受。雖然該公司的再投資率確實很高,但低ROE意味着所有的再投資都沒有給投資者帶來任何好處,而且對收益增長產生了負面影響。話雖如此,但從目前分析師的預估來看,我們發現該公司的盈利勢頭有望增強。要了解更多分析師對該公司的最新預測,請查看分析師對該公司預測的可視化。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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