<p>股票挑选者通常寻找能够超越大盘的股票。购买被低估的企业是获得超额回报的一种途径。例如，长期持有 <strong>Krones AG</strong> (ETR:KRN) 的股东在过去五年中享受到了 99% 的股价上涨，远远超过了市场约 11% 的回报（不包括股息）。然而，最近的回报并没有那么令人印象深刻，过去一年该股票的回报仅为 12%，包括股息。</p>
<p>因此，让我们评估过去五年的基本面，看看它们是否与股东回报同步变化。</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>
<p>不可否认，市场有时是有效的，但价格并不总是反映基础业务表现。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
<p>在股价增长的五年中，Krones 从亏损转为盈利。这通常被视为积极的，因此我们希望看到股价上涨。由于该公司五年前处于亏损状态，但三年前已经盈利，因此也值得关注过去三年的回报。我们可以看到，Krones 的股价在过去三年中上涨了 24%。与此同时，EPS 每年增长 17%。这一 EPS 增长高于同期股价平均每年 8% 的增幅。因此，你可能会得出结论，市场对该股票的态度现在有些谨慎。</p>
<p>下图展示了 EPS 随时间的变化（点击图片可揭示确切数值）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876993-earnings-per-share-growth-1-dark-2/1766042518970?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/876993-earnings-per-share-growth-1-dark-2/1766042518970"/></p>
<p>XTRA:KRN 每股收益增长 2025 年 12 月 18 日</p>
<p>我们知道 Krones 最近改善了其底线，但它会增长收入吗？检查分析师是否认为 Krones 未来会增长收入。</p>
<h2>股息情况如何？</h2>
<p>考虑任何给定股票的总股东回报以及股价回报是很重要的。总股东回报（TSR）包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，Krones 在过去五年的 TSR 为 114%，超过了之前提到的股价回报。这在很大程度上是由于其股息支付！</p>
<h2>不同的视角</h2>
<p>Krones 在过去十二个月提供了 12% 的 TSR。但这一回报低于市场。如果我们回顾五年，回报甚至更好，五年的年均回报为 16%。也许股价只是暂时喘息，而企业正在执行其增长战略。虽然考虑市场条件对股价的不同影响是非常值得的，但还有其他因素更为重要。例如，我们发现了 <strong>Krones 的 1 个警示信号</strong>，在投资之前你应该了解。</p>
<p>如果你更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够增长收益。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在德国交易所交易的股票的市场加权平均回报。</em></p>
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<p>Krones AG (ETR:KRN) 的股东在过去五年中见证了 99% 的股价上涨，表现超过市场的 11% 回报。总股东回报率（TSR）为 114%，得益于分红。尽管过去一年仅有 12% 的温和回报，Krones 从亏损转为盈利，过去三年每股收益（EPS）年均增长 17%。市场依然保持谨慎，在同一时期股价上涨了 24%。未来的收入增长仍然是一个关键考虑因素</p>

<p>Stock pickers are generally looking for stocks that will outperform the broader market. Buying under-rated businesses is one path to excess returns. For example, long term <strong>Krones AG</strong> (ETR:KRN) shareholders have enjoyed a 99% share price rise over the last half decade, well in excess of the market return of around 11% (not including dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 12% in the last year, including dividends.</p>
<div class="lb-trans"><p>股票挑选者通常寻找能够超越大盘的股票。购买被低估的企业是获得超额回报的一种途径。例如，长期持有 <strong>Krones AG</strong> (ETR:KRN) 的股东在过去五年中享受到了 99% 的股价上涨，远远超过了市场约 11% 的回报（不包括股息）。然而，最近的回报并没有那么令人印象深刻，过去一年该股票的回报仅为 12%，包括股息。</p>
</div><p>So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns.</p>
<div class="lb-trans"><p>因此，让我们评估过去五年的基本面，看看它们是否与股东回报同步变化。</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><p>There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).</p>
<div class="lb-trans"><p>不可否认，市场有时是有效的，但价格并不总是反映基础业务表现。检查市场情绪如何随时间变化的一种方法是观察公司股价与每股收益（EPS）之间的互动。</p>
</div><p>During the five years of share price growth, Krones moved from a loss to profitability. That would generally be considered a positive, so we'd hope to see the share price to rise. Since the company was unprofitable five years ago, but not three years ago, it's worth taking a look at the returns in the last three years, too. We can see that the Krones share price is up 24% in the last three years. Meanwhile, EPS is up 17% per year. This EPS growth is higher than the 8% average annual increase in the share price over the same three years. So you might conclude the market is a little more cautious about the stock, these days.</p>
<div class="lb-trans"><p>在股价增长的五年中，Krones 从亏损转为盈利。这通常被视为积极的，因此我们希望看到股价上涨。由于该公司五年前处于亏损状态，但三年前已经盈利，因此也值得关注过去三年的回报。我们可以看到，Krones 的股价在过去三年中上涨了 24%。与此同时，EPS 每年增长 17%。这一 EPS 增长高于同期股价平均每年 8% 的增幅。因此，你可能会得出结论，市场对该股票的态度现在有些谨慎。</p>
</div><p>The graphic below depicts how EPS has changed over time (unveil the exact values by clicking on the image).</p>
<div class="lb-trans"><p>下图展示了 EPS 随时间的变化（点击图片可揭示确切数值）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876993-earnings-per-share-growth-1-dark-2/1766042518970" alt="" original-src="https://images.simplywall.st/asset/chart/876993-earnings-per-share-growth-1-dark-2/1766042518970"/></p>
<p>XTRA:KRN Earnings Per Share Growth December 18th 2025</p>
<div class="lb-trans"><p>XTRA:KRN 每股收益增长 2025 年 12 月 18 日</p>
</div><p>We know that Krones has improved its bottom line lately, but is it going to grow revenue? Check if analysts think Krones will grow revenue in the future.</p>
<div class="lb-trans"><p>我们知道 Krones 最近改善了其底线，但它会增长收入吗？检查分析师是否认为 Krones 未来会增长收入。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, Krones' TSR for the last 5 years was 114%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!</p>
<div class="lb-trans"><p>考虑任何给定股票的总股东回报以及股价回报是很重要的。总股东回报（TSR）包括任何分拆或折扣融资的价值，以及任何股息，假设股息被再投资。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，Krones 在过去五年的 TSR 为 114%，超过了之前提到的股价回报。这在很大程度上是由于其股息支付！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>Krones provided a TSR of 12% over the last twelve months. But that return falls short of the market. If we look back over five years, the returns are even better, coming in at 16% per year for five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. For example, we've discovered <strong>1 warning sign for Krones</strong> that you should be aware of before investing here.</p>
<div class="lb-trans"><p>Krones 在过去十二个月提供了 12% 的 TSR。但这一回报低于市场。如果我们回顾五年，回报甚至更好，五年的年均回报为 16%。也许股价只是暂时喘息，而企业正在执行其增长战略。虽然考虑市场条件对股价的不同影响是非常值得的，但还有其他因素更为重要。例如，我们发现了 <strong>Krones 的 1 个警示信号</strong>，在投资之前你应该了解。</p>
</div><p>If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this <strong>free</strong> list of companies that have proven they can grow earnings.</p>
<div class="lb-trans"><p>如果你更愿意查看另一家公司——一家财务状况可能更优越的公司——那么不要错过这份 <strong>免费</strong> 的公司名单，这些公司已经证明它们能够增长收益。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on German exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在德国交易所交易的股票的市场加权平均回报。</em></p>
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<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
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<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随处可用。</p>
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如果五年前投资 Krones（ETR:KRN），您将获得 114% 的收益