<p>在看到 PUMA（ETR:PUM）最近的表现后，很难感到兴奋，因为其股票在过去三个月中下跌了 36%。但如果你仔细观察，你可能会发现其强劲的财务状况意味着，考虑到市场通常会奖励财务健康的公司，股票在长期内可能会看到价值的增加。具体来说，我们决定在本文中研究 PUMA 的股本回报率（ROE）。</p>
<p>股本回报率（ROE）是评估公司管理层如何有效利用公司资本的关键指标。简而言之，ROE 显示了每一美元的股东投资所产生的利润。</p>
<p>查看我们对 PUMA 的最新分析</p>
<h2>如何计算股本回报率？</h2>
<p><strong>ROE 可以通过以下公式计算：</strong></p>
<p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
<p>因此，根据上述公式，PUMA 的 ROE 为：</p>
<p>12% = €320m ÷ €2.6b（基于截至 2024 年 9 月的过去十二个月）。</p>
<p>这里的 “回报” 指的是公司在过去一年的收益。这意味着，对于每€1 的股东权益，公司产生了€0.12 的利润。</p>
<h2>ROE 与收益增长之间的关系是什么？</h2>
<p>到目前为止，我们了解到 ROE 是公司盈利能力的一个衡量标准。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。一般来说，其他条件相同，具有高股本回报率和利润保留的公司，其增长率通常高于不具备这些特征的公司。</p>
<h2>PUMA 的收益增长与 12% ROE 的并列比较</h2>
<p>首先，PUMA 的 ROE 看起来是可以接受的。特别是与行业平均水平 8.1% 相比，该公司的 ROE 显得相当出色。可能正因如此，PUMA 在过去五年中实现了 12% 的可观增长。</p>
<p>然后，我们对 PUMA 的净收入增长与行业进行了比较，结果显示该公司的增长与同一五年期间的行业平均增长 12% 相似。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/416658-past-earnings-growth-1-dark/1740293634454?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/416658-past-earnings-growth-1-dark/1740293634454"/></p>
<p>XTRA:PUM 过去的收益增长 2025 年 2 月 23 日</p>
<p>对公司的估值在很大程度上与其收益增长相关。投资者接下来需要确定的是，预期的收益增长或缺乏收益增长是否已经反映在股价中。这样做将帮助他们判断该股票的未来是看好还是不妙。与其他公司相比，PUMA 的估值是否合理？这三个估值指标可能会帮助你做出决定。</p>
<h2>PUMA 是否有效地再投资其利润？</h2>
<p>根据三年中位数派息比率为 35%（意味着公司保留 65% 的利润），PUMA 似乎在有效地再投资，以实现其收益的可观增长，并支付了一个覆盖良好的股息。</p>
<p>此外，PUMA 在至少十年的时间里支付了股息，这意味着公司非常认真地与股东分享其利润。我们最新的分析师数据表明，该公司未来三年的派息比率预计约为 39%。尽管预计其派息比率不会有太大变化，但 PUMA 的未来 ROE 预计将上升至 16%。</p>
<h2>结论</h2>
<p>总的来说，我们对 PUMA 的表现感到相当满意。特别是看到公司在其业务上进行大量投资，并且伴随着高回报率，这导致其收益大幅增长。尽管如此，最新的行业分析师预测显示，该公司的收益预计将加速增长。要了解更多关于公司未来收益增长预测的信息，请查看这份关于公司分析师预测的 <strong>免费</strong> 报告。</p>

<p>PUMA SE 的股票在三个月内下跌了 36%，但其强劲的基本面表明潜在的长期价值。该公司的股本回报率（ROE）为 12%，超过行业平均水平的 8.1%。PUMA 在五年内实现了 12% 的净收入增长，平均派息率为 35%，表明利润的有效再投资。分析师预测未来的 ROE 为 16%，并且盈利增长将加速，反映出对 PUMA 财务健康和投资策略的信心</p>

<p>It is hard to get excited after looking at PUMA's (ETR:PUM) recent performance, when its stock has declined 36% over the past three months. But if you pay close attention, you might gather that its strong financials could mean that the stock could potentially see an increase in value in the long-term, given how markets usually reward companies with good financial health. Specifically, we decided to study PUMA's ROE in this article.</p>
<div class="lb-trans"><p>在看到 PUMA（ETR:PUM）最近的表现后，很难感到兴奋，因为其股票在过去三个月中下跌了 36%。但如果你仔细观察，你可能会发现其强劲的财务状况意味着，考虑到市场通常会奖励财务健康的公司，股票在长期内可能会看到价值的增加。具体来说，我们决定在本文中研究 PUMA 的股本回报率（ROE）。</p>
</div><p>Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.</p>
<div class="lb-trans"><p>股本回报率（ROE）是评估公司管理层如何有效利用公司资本的关键指标。简而言之，ROE 显示了每一美元的股东投资所产生的利润。</p>
</div><p>View our latest analysis for PUMA</p>
<div class="lb-trans"><p>查看我们对 PUMA 的最新分析</p>
</div><h2>How Do You Calculate Return On Equity?</h2>
<div class="lb-trans"><h2>如何计算股本回报率？</h2>
</div><p><strong>ROE can be calculated by using the formula:</strong></p>
<div class="lb-trans"><p><strong>ROE 可以通过以下公式计算：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回报率 = 净利润（来自持续经营）÷ 股东权益</p>
</div><p>So, based on the above formula, the ROE for PUMA is:</p>
<div class="lb-trans"><p>因此，根据上述公式，PUMA 的 ROE 为：</p>
</div><p>12% = €320m ÷ €2.6b (Based on the trailing twelve months to September 2024).</p>
<div class="lb-trans"><p>12% = €320m ÷ €2.6b（基于截至 2024 年 9 月的过去十二个月）。</p>
</div><p>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 €0.12 in profit.</p>
<div class="lb-trans"><p>这里的 “回报” 指的是公司在过去一年的收益。这意味着，对于每€1 的股东权益，公司产生了€0.12 的利润。</p>
</div><h2>What Is The Relationship Between ROE And Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 与收益增长之间的关系是什么？</h2>
</div><p>So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or &#34;retain&#34;, 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.</p>
<div class="lb-trans"><p>到目前为止，我们了解到 ROE 是公司盈利能力的一个衡量标准。根据公司选择再投资或 “保留” 的利润比例，我们能够评估公司未来产生利润的能力。一般来说，其他条件相同，具有高股本回报率和利润保留的公司，其增长率通常高于不具备这些特征的公司。</p>
</div><h2>A Side By Side comparison of PUMA's Earnings Growth And 12% ROE</h2>
<div class="lb-trans"><h2>PUMA 的收益增长与 12% ROE 的并列比较</h2>
</div><p>To start with, PUMA's ROE looks acceptable. Especially when compared to the industry average of 8.1% the company's ROE looks pretty impressive. Probably as a result of this, PUMA was able to see a decent growth of 12% over the last five years.</p>
<div class="lb-trans"><p>首先，PUMA 的 ROE 看起来是可以接受的。特别是与行业平均水平 8.1% 相比，该公司的 ROE 显得相当出色。可能正因如此，PUMA 在过去五年中实现了 12% 的可观增长。</p>
</div><p>We then performed a comparison between PUMA's net income growth with the industry, which revealed that the company's growth is similar to the average industry growth of 12% in the same 5-year period.</p>
<div class="lb-trans"><p>然后，我们对 PUMA 的净收入增长与行业进行了比较，结果显示该公司的增长与同一五年期间的行业平均增长 12% 相似。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/416658-past-earnings-growth-1-dark/1740293634454" alt="" original-src="https://images.simplywall.st/asset/chart/416658-past-earnings-growth-1-dark/1740293634454"/></p>
<p>XTRA:PUM Past Earnings Growth February 23rd 2025</p>
<div class="lb-trans"><p>XTRA:PUM 过去的收益增长 2025 年 2 月 23 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. Doing so will help them establish if the stock's future looks promising or ominous. Is PUMA fairly valued compared to other companies? These 3 valuation measures might help you decide.</p>
<div class="lb-trans"><p>对公司的估值在很大程度上与其收益增长相关。投资者接下来需要确定的是，预期的收益增长或缺乏收益增长是否已经反映在股价中。这样做将帮助他们判断该股票的未来是看好还是不妙。与其他公司相比，PUMA 的估值是否合理？这三个估值指标可能会帮助你做出决定。</p>
</div><h2>Is PUMA Efficiently Re-investing Its Profits?</h2>
<div class="lb-trans"><h2>PUMA 是否有效地再投资其利润？</h2>
</div><p>With a three-year median payout ratio of 35% (implying that the company retains 65% of its profits), it seems that PUMA is reinvesting efficiently in a way that it sees respectable amount growth in its earnings and pays a dividend that's well covered.</p>
<div class="lb-trans"><p>根据三年中位数派息比率为 35%（意味着公司保留 65% 的利润），PUMA 似乎在有效地再投资，以实现其收益的可观增长，并支付了一个覆盖良好的股息。</p>
</div><p>Additionally, PUMA has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Our latest analyst data shows that the future payout ratio of the company over the next three years is expected to be approximately 39%. Regardless, the future ROE for PUMA is predicted to rise to 16% despite there being not much change expected in its payout ratio.</p>
<div class="lb-trans"><p>此外，PUMA 在至少十年的时间里支付了股息，这意味着公司非常认真地与股东分享其利润。我们最新的分析师数据表明，该公司未来三年的派息比率预计约为 39%。尽管预计其派息比率不会有太大变化，但 PUMA 的未来 ROE 预计将上升至 16%。</p>
</div><h2>Conclusion</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>In total, we are pretty happy with PUMA's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. With that said, the latest industry analyst forecasts reveal that the company's earnings are expected to accelerate. To know more about the company's future earnings growth forecasts take a look at this <strong>free</strong> report on analyst forecasts for the company to find out more.</p>
<div class="lb-trans"><p>总的来说，我们对 PUMA 的表现感到相当满意。特别是看到公司在其业务上进行大量投资，并且伴随着高回报率，这导致其收益大幅增长。尽管如此，最新的行业分析师预测显示，该公司的收益预计将加速增长。要了解更多关于公司未来收益增长预测的信息，请查看这份关于公司分析师预测的 <strong>免费</strong> 报告。</p>
</div>

股价下跌与坚实的基本面：市场对 PUMA SE（ETR:PUM）的看法是否有误？