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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.
國家儀器公司(納斯達克代碼:NATI)的股票在過去三個月裏大幅上漲了24%。然而,我們希望更仔細地看看它的關鍵財務指標,因為市場通常會為長期基本面買單,而在這種情況下,它們看起來並不是很有希望。具體地説,我們決定在本文中研究National Instruments的淨資產收益率。
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。簡而言之,它衡量的是一家公司相對於股東權益的盈利能力。
查看我們對National Instruments的最新分析
你如何計算股本回報率?
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,根據上述公式,美國國家儀器公司的淨資產收益率為:
9.0%=1.05億美元?12億美元(基於截至2022年6月的12個月的往績)。
“回報”指的是一家公司過去一年的收益。這意味着,股東權益每增加1美元,公司就會產生0.09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。根據公司選擇再投資或“保留”多少利潤,我們就能夠評估一家公司未來產生利潤的能力。假設其他條件相同,與沒有相同特徵的公司相比,擁有更高股本回報率和更高利潤保留率的公司通常會有更高的增長率。
國家儀器的盈利增長和9.0%的淨資產收益率
當你第一次看到它時,National Instruments的淨資產收益率(ROE)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14%的行業平均水平。因此,美國國家儀器公司過去五年的淨利潤增長持平並不令人意外,因為它的淨資產收益率較低。
然後我們將國家儀器的淨收入增長與行業進行了比較,發現該公司的增長數字低於同期17%的行業平均增長率,這有點令人擔憂。
NasdaqGS:Nati超過2022年9月29日的收益增長盈利增長是股票估值的一個重要因素。對於投資者來説,重要的是知道市場是否已經消化了公司預期的收益增長(或下降)。通過這樣做,他們將知道股票是將進入清澈的藍色水域,還是等待沼澤水域。如果你想知道美國國家儀器公司的估值,請看看這個衡量其市盈率的指標,它與其行業相比。
國家儀器公司是否有效地對其利潤進行了再投資?
由於三年的中位數派息率高達95%(這意味着公司只保留收入的5.1%)用於再投資於業務),國家儀器公司的大部分利潤都支付給了股東,這就解釋了為什麼收益沒有增長。
此外,美國國家儀器公司在至少十年的時間裏一直在支付股息,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。在研究了最新的分析師共識數據後,我們發現,該公司未來三年的派息率預計將降至40%。因此,派息率的預期下降解釋了公司同期淨資產收益率預期上升至28%的原因。
結論
總體而言,在對National Instruments做出任何決定之前,我們都會極其謹慎。較低的淨資產收益率,再加上該公司幾乎(如果不是全部)將其利潤作為股息支付,導致其收益沒有或沒有增長。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。要了解更多有關該公司未來收益增長預測的信息,請查看以下內容免費報告分析師對該公司的預測,以瞭解更多信息。
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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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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