<p>在查看了杜比实验室（NYSE:DLB）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 9.3%。为了判断这种趋势是否会继续，我们决定关注其薄弱的基本面，因为它们影响着长期市场趋势。具体来说，我们决定在本文中研究杜比实验室的股本回报率（ROE）。</p>
<p>股本回报率（ROE）是股东需要考虑的重要因素，因为它告诉他们资本再投资的有效性。换句话说，它揭示了公司将股东投资转化为利润的成功程度。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<h2>如何计算股本回报率？</h2>
<p><strong>股本回报率的公式是：</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，杜比实验室的 ROE 为：</p>
<p>10% = 2.66 亿美元 ÷ 26 亿美元（基于截至 2025 年 6 月的过去十二个月）。</p>
<p>“回报” 是企业在过去一年中赚取的收入。换句话说，对于每 1 美元的股本，公司能够赚取 0.10 美元的利润。</p>
<p>查看我们对杜比实验室的最新分析</p>
<h2>为什么 ROE 对盈利增长重要？</h2>
<p>到目前为止，我们了解到 ROE 是衡量公司盈利能力的指标。我们现在需要评估公司再投资或 “保留” 的利润有多少，以便为未来的增长提供依据，这将使我们对公司的增长潜力有一个了解。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，其增长率高于不具备这些特征的公司。</p>
<h2>杜比实验室的盈利增长和 10% ROE</h2>
<p>乍一看，杜比实验室的 ROE 似乎并不太乐观。接下来，与行业平均 ROE 13% 相比，该公司的 ROE 让我们感到更加失望。因此，可以说杜比实验室五年来净收入下降 3.6% 可能是由于其 ROE 较低。然而，也可能还有其他因素导致盈利下降。例如，企业可能在资本配置上存在问题，或者公司有非常高的派息比率。</p>
<p>话虽如此，我们将杜比实验室的表现与行业进行了比较，当我们发现公司在缩减盈利时，行业在同一五年期间的盈利增长率为 22% 时，我们感到担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1560395-past-earnings-growth-1-dark-2/1760278331605?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/1560395-past-earnings-growth-1-dark-2/1760278331605"/></p>
<p>NYSE:DLB 过去的盈利增长 2025 年 10 月 12 日</p>
<p>盈利增长是评估股票时需要考虑的重要指标。投资者接下来需要确定的是，预期的盈利增长或缺乏盈利增长是否已经反映在股价中。通过这样做，他们将能够判断股票是朝着清澈的水域前进，还是面临泥泞的水域。DLB 的估值是否合理？关于公司内在价值的信息图包含了您需要知道的一切。</p>
<h2>杜比实验室是否有效地再投资其利润？</h2>
<p>杜比实验室的三年中位派息比率高达 50%（即保留 50% 的利润）。这表明公司将大部分利润作为股息支付给股东。这在一定程度上解释了其盈利为何在缩减。由于再投资的资金很少，盈利增长显然会很低或根本不存在。</p>
<p>此外，杜比实验室已经支付股息至少十年，这表明管理层必须认为股东更喜欢股息而非盈利增长。</p>
<h2>总结</h2>
<p>总体而言，杜比实验室的表现令人失望。由于其低 ROE 和对业务再投资的缺乏，公司经历了令人失望的盈利增长率。尽管如此，查看当前分析师的预期，我们发现公司的盈利增长率预计将有巨大的改善。这些分析师的预期是基于行业的广泛预期，还是基于公司的基本面？点击这里查看我们分析师对公司的预测页面。</p>

杜比实验室

<p>杜比实验室（NYSE:DLB）在过去三个月的股票表现下降了 9.3%，这归因于基本面疲弱。该公司的股本回报率（ROE）为 10%，低于行业平均水平的 13%，导致净收入在五年内下降了 3.6%。由于 50% 的高派息比率，杜比保留的利润用于再投资的空间很小，导致盈利增长令人失望。然而，分析师预测基于未来的估计，盈利增长有潜在改善的可能</p>

<p>It is hard to get excited after looking at Dolby Laboratories' (NYSE:DLB) recent performance, when its stock has declined 9.3% over the past three months. To decide if this trend could continue, we decided to look at its weak fundamentals as they shape the long-term market trends. Specifically, we decided to study Dolby Laboratories' ROE in this article.</p>
<div class="lb-trans"><p>在查看了杜比实验室（NYSE:DLB）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 9.3%。为了判断这种趋势是否会继续，我们决定关注其薄弱的基本面，因为它们影响着长期市场趋势。具体来说，我们决定在本文中研究杜比实验室的股本回报率（ROE）。</p>
</div><p>Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.</p>
<div class="lb-trans"><p>股本回报率（ROE）是股东需要考虑的重要因素，因为它告诉他们资本再投资的有效性。换句话说，它揭示了公司将股东投资转化为利润的成功程度。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</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>The <strong>formula for return on equity</strong> is:</p>
<div class="lb-trans"><p><strong>股本回报率的公式是：</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 Dolby Laboratories is:</p>
<div class="lb-trans"><p>因此，根据上述公式，杜比实验室的 ROE 为：</p>
</div><p>10% = US$266m ÷ US$2.6b (Based on the trailing twelve months to June 2025).</p>
<div class="lb-trans"><p>10% = 2.66 亿美元 ÷ 26 亿美元（基于截至 2025 年 6 月的过去十二个月）。</p>
</div><p>The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.</p>
<div class="lb-trans"><p>“回报” 是企业在过去一年中赚取的收入。换句话说，对于每 1 美元的股本，公司能够赚取 0.10 美元的利润。</p>
</div><p>Check out our latest analysis for Dolby Laboratories</p>
<div class="lb-trans"><p>查看我们对杜比实验室的最新分析</p>
</div><h2>Why Is ROE Important For Earnings Growth?</h2>
<div class="lb-trans"><h2>为什么 ROE 对盈利增长重要？</h2>
</div><p>So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or &#34;retains&#34; for future growth which then gives us an idea about the growth potential of the company. 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 是衡量公司盈利能力的指标。我们现在需要评估公司再投资或 “保留” 的利润有多少，以便为未来的增长提供依据，这将使我们对公司的增长潜力有一个了解。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，其增长率高于不具备这些特征的公司。</p>
</div><h2>Dolby Laboratories' Earnings Growth And 10% ROE</h2>
<div class="lb-trans"><h2>杜比实验室的盈利增长和 10% ROE</h2>
</div><p>At first glance, Dolby Laboratories' ROE doesn't look very promising. Next, when compared to the average industry ROE of 13%, the company's ROE leaves us feeling even less enthusiastic. Therefore, it might not be wrong to say that the five year net income decline of 3.6% seen by Dolby Laboratories was probably the result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. For example, it is possible that the business has allocated capital poorly or that the company has a very high payout ratio.</p>
<div class="lb-trans"><p>乍一看，杜比实验室的 ROE 似乎并不太乐观。接下来，与行业平均 ROE 13% 相比，该公司的 ROE 让我们感到更加失望。因此，可以说杜比实验室五年来净收入下降 3.6% 可能是由于其 ROE 较低。然而，也可能还有其他因素导致盈利下降。例如，企业可能在资本配置上存在问题，或者公司有非常高的派息比率。</p>
</div><p>That being said, we compared Dolby Laboratories' performance with the industry and were concerned when we found that while the company has shrunk its earnings, the industry has grown its earnings at a rate of 22% in the same 5-year period.</p>
<div class="lb-trans"><p>话虽如此，我们将杜比实验室的表现与行业进行了比较，当我们发现公司在缩减盈利时，行业在同一五年期间的盈利增长率为 22% 时，我们感到担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/1560395-past-earnings-growth-1-dark-2/1760278331605" alt="" original-src="https://images.simplywall.st/asset/chart/1560395-past-earnings-growth-1-dark-2/1760278331605"/></p>
<p>NYSE:DLB Past Earnings Growth October 12th 2025</p>
<div class="lb-trans"><p>NYSE:DLB 过去的盈利增长 2025 年 10 月 12 日</p>
</div><p>Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Is DLB fairly valued? This infographic on the company's intrinsic value has everything you need to know.</p>
<div class="lb-trans"><p>盈利增长是评估股票时需要考虑的重要指标。投资者接下来需要确定的是，预期的盈利增长或缺乏盈利增长是否已经反映在股价中。通过这样做，他们将能够判断股票是朝着清澈的水域前进，还是面临泥泞的水域。DLB 的估值是否合理？关于公司内在价值的信息图包含了您需要知道的一切。</p>
</div><h2>Is Dolby Laboratories Efficiently Re-investing Its Profits?</h2>
<div class="lb-trans"><h2>杜比实验室是否有效地再投资其利润？</h2>
</div><p>Dolby Laboratories has a high three-year median payout ratio of 50% (that is, it is retaining 50% of its profits). This suggests that the company is paying most of its profits as dividends to its shareholders. This goes some way in explaining why its earnings have been shrinking. With only a little being reinvested into the business, earnings growth would obviously be low or non-existent.</p>
<div class="lb-trans"><p>杜比实验室的三年中位派息比率高达 50%（即保留 50% 的利润）。这表明公司将大部分利润作为股息支付给股东。这在一定程度上解释了其盈利为何在缩减。由于再投资的资金很少，盈利增长显然会很低或根本不存在。</p>
</div><p>Moreover, Dolby Laboratories has been paying dividends for at least ten years or more suggesting that management must have perceived that the shareholders prefer dividends over earnings growth.</p>
<div class="lb-trans"><p>此外，杜比实验室已经支付股息至少十年，这表明管理层必须认为股东更喜欢股息而非盈利增长。</p>
</div><h2>Summary</h2>
<div class="lb-trans"><h2>总结</h2>
</div><p>On the whole, Dolby Laboratories' performance is quite a big let-down. As a result of its low ROE and lack of much reinvestment into the business, the company has seen a disappointing earnings growth rate. Having said that, looking at current analyst estimates, we found that the company's earnings growth rate is expected to see a huge improvement. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.</p>
<div class="lb-trans"><p>总体而言，杜比实验室的表现令人失望。由于其低 ROE 和对业务再投资的缺乏，公司经历了令人失望的盈利增长率。尽管如此，查看当前分析师的预期，我们发现公司的盈利增长率预计将有巨大的改善。这些分析师的预期是基于行业的广泛预期，还是基于公司的基本面？点击这里查看我们分析师对公司的预测页面。</p>
</div>

杜比实验室公司（NYSE:DLB）糟糕的股票表现反映了其疲弱的基本面