Is Tractor Supply Company's (NASDAQ:TSCO) Recent Stock Performance Tethered To Its Strong Fundamentals?
Is Tractor Supply Company's (NASDAQ:TSCO) Recent Stock Performance Tethered To Its Strong Fundamentals?
Tractor Supply's (NASDAQ:TSCO) stock is up by a considerable 21% over the past three months. Given the company's impressive performance, we decided to study its financial indicators more closely as a company's financial health over the long-term usually dictates market outcomes. In this article, we decided to focus on Tractor Supply's ROE.
拖拉机供应公司（纳斯达克股票代码：TSCO）的股票在过去三个月中上涨了21％。鉴于该公司的出色表现，我们决定更仔细地研究其财务指标，因为公司的长期财务状况通常决定市场业绩。在本文中，我们决定重点关注拖拉机供应公司的投资回报率。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. 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用于评估公司管理层利用公司资本效率的关键指标。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
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 Tractor Supply is:
因此，根据上述公式，拖拉机供应的投资回报率为：
53% = US$1.1b ÷ US$2.1b (Based on the trailing twelve months to March 2024).
53% = 11亿美元 ÷ 21亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.53 in profit.
“回报” 是过去十二个月的利润。这意味着，每获得价值1美元的股东权益，该公司就会产生0.53美元的利润。
Why Is ROE Important For Earnings Growth?
为什么投资回报率对收益增长很重要？
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 everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.
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。假设其他一切保持不变，那么与不一定具有这些特征的公司相比，投资回报率和利润保留率越高，公司的增长率就越高。
Tractor Supply's Earnings Growth And 53% ROE
拖拉机供应的收益增长和53％的投资回报率
Firstly, we acknowledge that Tractor Supply has a significantly high ROE. Additionally, the company's ROE is higher compared to the industry average of 19% which is quite remarkable. Probably as a result of this, Tractor Supply was able to see a decent net income growth of 16% over the last five years.
首先，我们承认拖拉机供应的投资回报率非常高。此外，该公司的投资回报率高于行业平均水平的19％，这非常引人注目。可能是由于这个原因，拖拉机供应公司在过去五年中得以实现16％的不错的净收入增长。
As a next step, we compared Tractor Supply's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 25% in the same period.
下一步，我们将拖拉机供应公司的净收入增长与该行业进行了比较，并失望地看到该公司的增长低于同期25％的行业平均增长。
Earnings growth is an important metric to consider when valuing a stock. It's important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Is TSCO 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。对于投资者来说，重要的是要知道市场是否对公司的预期收益增长（或下降）进行了定价。然后，这可以帮助他们确定股票是面向光明还是暗淡的未来。TSCO 的估值是否合理？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 Tractor Supply Making Efficient Use Of Its Profits?
拖拉机供应能否有效利用其利润？
Tractor Supply has a three-year median payout ratio of 37%, which implies that it retains the remaining 63% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
拖拉机供应公司的三年派息率中位数为37％，这意味着它保留了剩余的63％的利润。这表明其股息覆盖范围良好，鉴于该公司的可观增长，管理层似乎正在有效地对其收益进行再投资。
Besides, Tractor Supply has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Based on the latest analysts' estimates, we found that the company's future payout ratio over the next three years is expected to hold steady at 42%. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 49%.
此外，拖拉机供应公司支付股息已有至少十年或更长时间。这表明该公司致力于与股东分享利润。根据分析师的最新估计，我们发现该公司未来三年的派息率预计将稳定在42％。因此，预计该公司未来的投资回报率也不会有太大变化，分析师预计投资回报率为49％。
Summary
摘要
Overall, we are quite pleased with Tractor Supply's performance. Particularly, we like that the company is reinvesting heavily into its business, and at a high rate of return. As a result, the decent growth in its earnings is not surprising. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.
总的来说，我们对拖拉机供应的表现非常满意。特别是，我们喜欢该公司对其业务进行大量再投资，而且回报率很高。因此，其收益的体面增长不足为奇。既然如此，对分析师最新预测的研究表明，预计该公司未来的收益增长将放缓。要详细了解分析师对公司的最新预测，请查看该公司的分析师预测的可视化。
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
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。