<p>角川（TSE:9468）的股票在過去三個月上漲了相當可觀的 13%。但公司的關鍵財務指標似乎各不相同，這讓我們質疑公司當前的股價動能是否能夠維持。特別是，我們今天將關注角川的股本回報率（ROE）。</p>
<p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。換句話説，它是一個盈利能力比率，衡量公司股東提供的資本的回報率。</p>
<p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展有望受益。</p>
<h2>如何計算股本回報率？</h2>
<p><strong>ROE 的公式是：</strong></p>
<p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
<p>因此，根據上述公式，角川的 ROE 為：</p>
<p>3.6% = JP¥99 億 ÷ JP¥2770 億（基於截至 2025 年 3 月的過去十二個月）。</p>
<p>“回報” 指的是公司在過去一年的收益。換句話説，對於每 1 日元的股本，公司能夠賺取 0.04 日元的利潤。</p>
<p>查看我們對角川的最新分析</p>
<h2>ROE 與盈利增長之間的關係是什麼？</h2>
<p>到目前為止，我們瞭解到 ROE 是衡量公司盈利能力的指標。我們現在需要評估公司再投資或 “保留” 的利潤，以便為未來的增長提供依據，這樣可以讓我們瞭解公司的增長潛力。假設其他條件不變，ROE 和利潤保留越高，公司的增長率就越高，相較於那些不具備這些特徵的公司。</p>
<h2>角川的盈利增長與 3.6% ROE 的並列比較</h2>
<p>從表面上看，角川的 ROE 並不值得一提。我們將公司的 ROE 與更廣泛的行業進行了比較，失望地發現 ROE 低於行業平均水平的 8.6%。因此，角川過去五年的平穩盈利可能可以通過低 ROE 等其他因素來解釋。</p>
<p>我們還將角川的淨收入增長與行業進行了比較，發現公司的增長數字低於同一五年期間行業平均增長率 8.1%，這讓人有些擔憂。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827?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/271467885-past-earnings-growth-1-dark-2/1751330651827"/></p>
<p>TSE:9468 過去的盈利增長 2025 年 7 月 1 日</p>
<p>對公司的估值在很大程度上與其盈利增長相關。投資者需要知道市場是否已經考慮了公司的預期盈利增長（或下降）。通過這樣做，他們將能夠了解股票是否正朝着清澈的水域前進，還是面臨泥濘的水域。市場是否已經考慮了 9468 的未來前景？您可以在我們最新的內在價值信息圖研究報告中找到答案。</p>
<h2>角川是否有效利用其利潤？</h2>
<p>儘管三年中位數派息率為 36%（或保留率為 64%），角川的盈利增長並不明顯。因此，可能還有其他因素在起作用，可能會阻礙增長。例如，業務面臨了一些逆風。</p>
<p>此外，角川已經支付股息至少十年，這表明管理層可能認為股東更喜歡股息而非盈利增長。</p>
<h2>總結</h2>
<p>總體而言，我們對角川的看法褒貶不一。雖然公司確實有較高的再投資率，但低 ROE 意味着所有的再投資並未給投資者帶來任何好處，而且對盈利增長產生了負面影響。話雖如此，考慮到當前分析師的預期，我們發現公司的盈利預計將獲得動能。要了解更多關於公司未來盈利增長預測的信息，請查看這份關於公司分析師預測的 <strong>免費</strong> 報告。</p>

9468

<p>角川集團的股票在三個月內上漲了 13%，但其基本面不確定。公司的股本回報率（ROE）為 3.6%，顯著低於行業平均水平 8.6%，引發了對其盈利增長的擔憂。儘管中位數派息比率為 36%，但角川的盈利停滯不前，表明可能存在影響增長的問題。分析師預測未來的盈利動能，但低 ROE 表明再投資並未惠及投資者。總體而言，角川在應對這些挑戰時前景依然複雜</p>

<p>Kadokawa's (TSE:9468) stock is up by a considerable 13% over the past three months. But the company's key financial indicators appear to be differing across the board and that makes us question whether or not the company's current share price momentum can be maintained. Particularly, we will be paying attention to Kadokawa's ROE today.</p>
<div class="lb-trans"><p>角川（TSE:9468）的股票在過去三個月上漲了相當可觀的 13%。但公司的關鍵財務指標似乎各不相同，這讓我們質疑公司當前的股價動能是否能夠維持。特別是，我們今天將關注角川的股本回報率（ROE）。</p>
</div><p>Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.</p>
<div class="lb-trans"><p>股本回報率（ROE）是衡量公司如何有效地增長其價值和管理投資者資金的指標。換句話説，它是一個盈利能力比率，衡量公司股東提供的資本的回報率。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承諾要 “釋放” 美國的石油和天然氣，這 15 只美國股票的發展有望受益。</p>
</div><h2>How To Calculate Return On Equity?</h2>
<div class="lb-trans"><h2>如何計算股本回報率？</h2>
</div><p>The <strong>formula for ROE</strong> is:</p>
<div class="lb-trans"><p><strong>ROE 的公式是：</strong></p>
</div><p>Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity</p>
<div class="lb-trans"><p>股本回報率 = 淨利潤（來自持續經營）÷ 股東權益</p>
</div><p>So, based on the above formula, the ROE for Kadokawa is:</p>
<div class="lb-trans"><p>因此，根據上述公式，角川的 ROE 為：</p>
</div><p>3.6% = JP¥9.9b ÷ JP¥277b (Based on the trailing twelve months to March 2025).</p>
<div class="lb-trans"><p>3.6% = JP¥99 億 ÷ JP¥2770 億（基於截至 2025 年 3 月的過去十二個月）。</p>
</div><p>The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every ¥1 worth of equity, the company was able to earn ¥0.04 in profit.</p>
<div class="lb-trans"><p>“回報” 指的是公司在過去一年的收益。換句話説，對於每 1 日元的股本，公司能夠賺取 0.04 日元的利潤。</p>
</div><p>View our latest analysis for Kadokawa</p>
<div class="lb-trans"><p>查看我們對角川的最新分析</p>
</div><h2>What Is The Relationship Between ROE And Earnings Growth?</h2>
<div class="lb-trans"><h2>ROE 與盈利增長之間的關係是什麼？</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. 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.</p>
<div class="lb-trans"><p>到目前為止，我們瞭解到 ROE 是衡量公司盈利能力的指標。我們現在需要評估公司再投資或 “保留” 的利潤，以便為未來的增長提供依據，這樣可以讓我們瞭解公司的增長潛力。假設其他條件不變，ROE 和利潤保留越高，公司的增長率就越高，相較於那些不具備這些特徵的公司。</p>
</div><h2>A Side By Side comparison of Kadokawa's Earnings Growth And 3.6% ROE</h2>
<div class="lb-trans"><h2>角川的盈利增長與 3.6% ROE 的並列比較</h2>
</div><p>On the face of it, Kadokawa's ROE is not much to talk about. We then compared the company's ROE to the broader industry and were disappointed to see that the ROE is lower than the industry average of 8.6%. Therefore, Kadokawa's flat earnings over the past five years can possibly be explained by the low ROE amongst other factors.</p>
<div class="lb-trans"><p>從表面上看，角川的 ROE 並不值得一提。我們將公司的 ROE 與更廣泛的行業進行了比較，失望地發現 ROE 低於行業平均水平的 8.6%。因此，角川過去五年的平穩盈利可能可以通過低 ROE 等其他因素來解釋。</p>
</div><p>We then compared Kadokawa's net income growth with the industry and found that the company's growth figure is lower than the average industry growth rate of 8.1% in the same 5-year period, which is a bit concerning.</p>
<div class="lb-trans"><p>我們還將角川的淨收入增長與行業進行了比較，發現公司的增長數字低於同一五年期間行業平均增長率 8.1%，這讓人有些擔憂。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827" alt="" original-src="https://images.simplywall.st/asset/chart/271467885-past-earnings-growth-1-dark-2/1751330651827"/></p>
<p>TSE:9468 Past Earnings Growth July 1st 2025</p>
<div class="lb-trans"><p>TSE:9468 過去的盈利增長 2025 年 7 月 1 日</p>
</div><p>The basis for attaching value to a company is, to a great extent, tied to its earnings growth. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. Has the market priced in the future outlook for 9468? You can find out in our latest intrinsic value infographic research report.</p>
<div class="lb-trans"><p>對公司的估值在很大程度上與其盈利增長相關。投資者需要知道市場是否已經考慮了公司的預期盈利增長（或下降）。通過這樣做，他們將能夠了解股票是否正朝着清澈的水域前進，還是面臨泥濘的水域。市場是否已經考慮了 9468 的未來前景？您可以在我們最新的內在價值信息圖研究報告中找到答案。</p>
</div><h2>Is Kadokawa Making Efficient Use Of Its Profits?</h2>
<div class="lb-trans"><h2>角川是否有效利用其利潤？</h2>
</div><p>In spite of a normal three-year median payout ratio of 36% (or a retention ratio of 64%), Kadokawa hasn't seen much growth in its earnings. So there might be other factors at play here which could potentially be hampering growth. For example, the business has faced some headwinds.</p>
<div class="lb-trans"><p>儘管三年中位數派息率為 36%（或保留率為 64%），角川的盈利增長並不明顯。因此，可能還有其他因素在起作用，可能會阻礙增長。例如，業務面臨了一些逆風。</p>
</div><p>Moreover, Kadokawa 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，角川已經支付股息至少十年，這表明管理層可能認為股東更喜歡股息而非盈利增長。</p>
</div><h2>Summary</h2>
<div class="lb-trans"><h2>總結</h2>
</div><p>Overall, we have mixed feelings about Kadokawa. While the company does have a high rate of reinvestment, the low ROE means that all that reinvestment is not reaping any benefit to its investors, and moreover, its having a negative impact on the earnings growth. Having said that, looking at the current analyst estimates, we found that the company's earnings are expected to gain momentum. 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>總體而言，我們對角川的看法褒貶不一。雖然公司確實有較高的再投資率，但低 ROE 意味着所有的再投資並未給投資者帶來任何好處，而且對盈利增長產生了負面影響。話雖如此，考慮到當前分析師的預期，我們發現公司的盈利預計將獲得動能。要了解更多關於公司未來盈利增長預測的信息，請查看這份關於公司分析師預測的 <strong>免費</strong> 報告。</p>
</div>

角川公司（TSE:9468）的股票表現強勁，但基本面似乎不太穩定：未來會如何發展？