<p>乍一看，媒体流媒体技术股 <strong>Roku</strong>(ROKU 3.33%) 看起来非常昂贵。其股票的交易价格是未来收益预估的 100 倍，而该公司目前甚至还没有实现盈利。可以说，基于其高得离谱的估值比率，Roku 并没有赚到其 129 亿美元的市值。</p>
<p>但当你考虑到 Roku 令人印象深刻的业务增长时，这种印象应该很快消失。这张简单的图表应该能说明问题：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0970738f363e3bcd492f54a5df18d717.png?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://media.ycharts.com/charts/0970738f363e3bcd492f54a5df18d717.png"/></p>
<p>ROKU 收入（TTM）数据来自 YCharts</p>
<h2>Roku 的价格下滑，但增长引擎依然强劲</h2>
<p>Roku 的股票在过去四年中下跌了 81%。与此同时，该公司的销售额激增了 89%。这意味着平均每年的收入增长为 17.3%，而股票每年下跌 34%。</p>
<p>我承认，Roku 在这一时期开始时处于一个不可持续的高位，受益于 COVID-19 封锁带来的流媒体友好效应。该股票在 2021 年夏季已经到了需要修正的时候。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjUvb2xkZXItY291cGxlLXVzaW5nLXRhYmxldC1jb21wdXRlci1vbi1hLWNvdWNoLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjUvb2xkZXItY291cGxlLXVzaW5nLXRhYmxldC1jb21wdXRlci1vbi1hLWNvdWNoLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，价格下跌得太过了。如果将 Roku 与 2020 年疫情的起伏和 2022 年的通胀危机分开来看，你会发现这是一家在各个正确领域都实现了强劲增长的健康公司。</p>
<p>你已经看到了收入的激增。在这里，Roku 的增长速度超过了 <strong>Netflix</strong>(NFLX 0.68%) 和 <strong>Meta Platforms</strong>(META 0.38%) 等市场宠儿。然而，Netflix 的股票交易价格是销售额的 12.6 倍，而 Meta 的市销率为 11。Roku 在同一指标上却只有可怜的 2.9 倍。</p>
<h2>你仍然应该通过销售增长来衡量 Roku</h2>
<p>我并不是说 Roku 的市场价值应该超过 Netflix 或 Meta。这不是重点。然而，如果不更高，Roku 的股票应该在同一类别中拥有更高的销售倍数。</p>
<p>我在其他地方深入探讨了 Roku 的盈利策略和长期市场前景，这里不再进行详细分析。长话短说，Roku 基于盈利的估值并不能完全反映其真实情况。当你在分析中考虑其基本业务增长时，这只股票看起来被严重低估。</p>

ROKU

<p>Roku 的股票在前瞻性市盈率达到 100 倍时看起来昂贵，但其令人印象深刻的增长挑战了这一看法。尽管股票在四年内下跌了 81%，但收入却激增了 89%，年均增长率达到 17.3%。与 Netflix 和 Meta 相比，后者的市销率更高，Roku 的 2.9 倍市销率表明其被低估。分析表明，Roku 的估值应反映其强劲的业务增长，而不仅仅是利润指标，突显了其更高市场价值的潜力</p>

<p>At first glance, media-streaming technology stock <strong>Roku</strong>(ROKU 3.33%) looks incredibly expensive. Shares are changing hands at 100 times <em>forward</em> earnings estimates, and the company isn't even profitable on the bottom line today. You could argue that Roku hasn't earned its $12.9 billion market cap, based on its sky-high valuation ratios.</p>
<div class="lb-trans"><p>乍一看，媒体流媒体技术股 <strong>Roku</strong>(ROKU 3.33%) 看起来非常昂贵。其股票的交易价格是未来收益预估的 100 倍，而该公司目前甚至还没有实现盈利。可以说，基于其高得离谱的估值比率，Roku 并没有赚到其 129 亿美元的市值。</p>
</div><p>But that impression should fade away quickly when you also consider Roku's impressive business growth. This simple chart should do the trick:</p>
<div class="lb-trans"><p>但当你考虑到 Roku 令人印象深刻的业务增长时，这种印象应该很快消失。这张简单的图表应该能说明问题：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0970738f363e3bcd492f54a5df18d717.png" alt="" original-src="https://media.ycharts.com/charts/0970738f363e3bcd492f54a5df18d717.png"/></p>
<p>ROKU Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>ROKU 收入（TTM）数据来自 YCharts</p>
</div><h2>Roku's price slipped, but the growth engine didn't</h2>
<div class="lb-trans"><h2>Roku 的价格下滑，但增长引擎依然强劲</h2>
</div><p>Roku's stock fell 81% over the last four years. At the same time, the company's top-line sales surged 89% higher. That's an average annual revenue increase of 17.3%, while the stock fell 34% per year.</p>
<div class="lb-trans"><p>Roku 的股票在过去四年中下跌了 81%。与此同时，该公司的销售额激增了 89%。这意味着平均每年的收入增长为 17.3%，而股票每年下跌 34%。</p>
</div><p>I'll admit that Roku started that period at an unsustainably high plateau, riding high on the streaming-friendly effects of COVID-19 lockdowns. The stock was overdue for a correction in the summer of 2021.</p>
<div class="lb-trans"><p>我承认，Roku 在这一时期开始时处于一个不可持续的高位，受益于 COVID-19 封锁带来的流媒体友好效应。该股票在 2021 年夏季已经到了需要修正的时候。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk1MjUvb2xkZXItY291cGxlLXVzaW5nLXRhYmxldC1jb21wdXRlci1vbi1hLWNvdWNoLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829525%2Folder-couple-using-tablet-computer-on-a-couch.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>The price drop went too far, though. If you separate Roku from the ups and downs of the 2020 pandemic and the 2022 inflation crisis, you see a healthy company with robust growth in all the right places.</p>
<div class="lb-trans"><p>然而，价格下跌得太过了。如果将 Roku 与 2020 年疫情的起伏和 2022 年的通胀危机分开来看，你会发现这是一家在各个正确领域都实现了强劲增长的健康公司。</p>
</div><p>You've seen the revenue surge already. Here, Roku's growth is faster than market darlings such as <strong>Netflix</strong>(NFLX 0.68%) and <strong>Meta Platforms</strong>(META 0.38%). Yet, Netflix stock trades at 12.6 times sales, and Meta sports a price-to-sales ratio of 11. Roku is stuck with a meager 2.9 multiple in the same metric.</p>
<div class="lb-trans"><p>你已经看到了收入的激增。在这里，Roku 的增长速度超过了 <strong>Netflix</strong>(NFLX 0.68%) 和 <strong>Meta Platforms</strong>(META 0.38%) 等市场宠儿。然而，Netflix 的股票交易价格是销售额的 12.6 倍，而 Meta 的市销率为 11。Roku 在同一指标上却只有可怜的 2.9 倍。</p>
</div><h2>You should still measure Roku by its sales growth</h2>
<div class="lb-trans"><h2>你仍然应该通过销售增长来衡量 Roku</h2>
</div><p>I'm not saying that Roku should have a larger market value than Netflix or Meta. That's not the point. However, Roku's stock deserves a sales multiple in the same class, if not higher.</p>
<div class="lb-trans"><p>我并不是说 Roku 的市场价值应该超过 Netflix 或 Meta。这不是重点。然而，如果不更高，Roku 的股票应该在同一类别中拥有更高的销售倍数。</p>
</div><p>I have explored Roku's profit strategy and long-term market prospects in depth elsewhere, and this is not the place for another deep dive. Long story short, Roku's profit-based valuation doesn't tell the whole story. The stock looks deeply undervalued when you include its fundamental business growth in your analysis.</p>
<div class="lb-trans"><p>我在其他地方深入探讨了 Roku 的盈利策略和长期市场前景，这里不再进行详细分析。长话短说，Roku 基于盈利的估值并不能完全反映其真实情况。当你在分析中考虑其基本业务增长时，这只股票看起来被严重低估。</p>
</div>

觉得 Roku 的股票价格过高？这张图表可能会让你改变看法