<p>在查看了杜比實驗室（NYSE:DLB）最近的表現後，很難感到興奮，因為其股票在過去三個月中下跌了 9.3%。為了判斷這種趨勢是否會繼續，我們決定關注其薄弱的基本面，因為它們影響着長期市場趨勢。具體來説，我們決定在本文中研究杜比實驗室的股本回報率（ROE）。</p>
<p>股本回報率（ROE）是股東需要考慮的重要因素，因為它告訴他們資本再投資的有效性。換句話説，它揭示了公司將股東投資轉化為利潤的成功程度。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<h2>如何計算股本回報率？</h2>
<p><strong>股本回報率的公式是：</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，杜比實驗室的 ROE 為：</p>
<p>10% = 2.66 億美元 ÷ 26 億美元（基於截至 2025 年 6 月的過去十二個月）。</p>
<p>“回報” 是企業在過去一年中賺取的收入。換句話説，對於每 1 美元的股本，公司能夠賺取 0.10 美元的利潤。</p>
<p>查看我們對杜比實驗室的最新分析</p>
<h2>為什麼 ROE 對盈利增長重要？</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” 的利潤有多少，以便為未來的增長提供依據，這將使我們對公司的增長潛力有一個瞭解。一般來説，其他條件相同，具有高股本回報率和利潤保留的公司，其增長率高於不具備這些特徵的公司。</p>
<h2>杜比實驗室的盈利增長和 10% ROE</h2>
<p>乍一看，杜比實驗室的 ROE 似乎並不太樂觀。接下來，與行業平均 ROE 13% 相比，該公司的 ROE 讓我們感到更加失望。因此，可以説杜比實驗室五年來淨收入下降 3.6% 可能是由於其 ROE 較低。然而，也可能還有其他因素導致盈利下降。例如，企業可能在資本配置上存在問題，或者公司有非常高的派息比率。</p>
<p>話雖如此，我們將杜比實驗室的表現與行業進行了比較，當我們發現公司在縮減盈利時，行業在同一五年期間的盈利增長率為 22% 時，我們感到擔憂。</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 過去的盈利增長 2025 年 10 月 12 日</p>
<p>盈利增長是評估股票時需要考慮的重要指標。投資者接下來需要確定的是，預期的盈利增長或缺乏盈利增長是否已經反映在股價中。通過這樣做，他們將能夠判斷股票是朝着清澈的水域前進，還是面臨泥濘的水域。DLB 的估值是否合理？關於公司內在價值的信息圖包含了您需要知道的一切。</p>
<h2>杜比實驗室是否有效地再投資其利潤？</h2>
<p>杜比實驗室的三年中位派息比率高達 50%（即保留 50% 的利潤）。這表明公司將大部分利潤作為股息支付給股東。這在一定程度上解釋了其盈利為何在縮減。由於再投資的資金很少，盈利增長顯然會很低或根本不存在。</p>
<p>此外，杜比實驗室已經支付股息至少十年，這表明管理層必須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，杜比實驗室的表現令人失望。由於其低 ROE 和對業務再投資的缺乏，公司經歷了令人失望的盈利增長率。儘管如此，查看當前分析師的預期，我們發現公司的盈利增長率預計將有巨大的改善。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？點擊這裏查看我們分析師對公司的預測頁面。</p>

杜比實驗室

<p>杜比實驗室（NYSE:DLB）在過去三個月的股票表現下降了 9.3%，這歸因於基本面疲弱。該公司的股本回報率（ROE）為 10%，低於行業平均水平的 13%，導致淨收入在五年內下降了 3.6%。由於 50% 的高派息比率，杜比保留的利潤用於再投資的空間很小，導致盈利增長令人失望。然而，分析師預測基於未來的估計，盈利增長有潛在改善的可能</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>在查看了杜比實驗室（NYSE:DLB）最近的表現後，很難感到興奮，因為其股票在過去三個月中下跌了 9.3%。為了判斷這種趨勢是否會繼續，我們決定關注其薄弱的基本面，因為它們影響着長期市場趨勢。具體來説，我們決定在本文中研究杜比實驗室的股本回報率（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>股本回報率（ROE）是股東需要考慮的重要因素，因為它告訴他們資本再投資的有效性。換句話説，它揭示了公司將股東投資轉化為利潤的成功程度。</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>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><h2>How Do You 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 return on equity</strong> is:</p>
<div class="lb-trans"><p><strong>股本回報率的公式是：</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 Dolby Laboratories is:</p>
<div class="lb-trans"><p>因此，根據上述公式，杜比實驗室的 ROE 為：</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 億美元 ÷ 26 億美元（基於截至 2025 年 6 月的過去十二個月）。</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>“回報” 是企業在過去一年中賺取的收入。換句話説，對於每 1 美元的股本，公司能夠賺取 0.10 美元的利潤。</p>
</div><p>Check out our latest analysis for Dolby Laboratories</p>
<div class="lb-trans"><p>查看我們對杜比實驗室的最新分析</p>
</div><h2>Why Is ROE Important For Earnings Growth?</h2>
<div class="lb-trans"><h2>為什麼 ROE 對盈利增長重要？</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” 的利潤有多少，以便為未來的增長提供依據，這將使我們對公司的增長潛力有一個瞭解。一般來説，其他條件相同，具有高股本回報率和利潤保留的公司，其增長率高於不具備這些特徵的公司。</p>
</div><h2>Dolby Laboratories' Earnings Growth And 10% ROE</h2>
<div class="lb-trans"><h2>杜比實驗室的盈利增長和 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，杜比實驗室的 ROE 似乎並不太樂觀。接下來，與行業平均 ROE 13% 相比，該公司的 ROE 讓我們感到更加失望。因此，可以説杜比實驗室五年來淨收入下降 3.6% 可能是由於其 ROE 較低。然而，也可能還有其他因素導致盈利下降。例如，企業可能在資本配置上存在問題，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>話雖如此，我們將杜比實驗室的表現與行業進行了比較，當我們發現公司在縮減盈利時，行業在同一五年期間的盈利增長率為 22% 時，我們感到擔憂。</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 過去的盈利增長 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>盈利增長是評估股票時需要考慮的重要指標。投資者接下來需要確定的是，預期的盈利增長或缺乏盈利增長是否已經反映在股價中。通過這樣做，他們將能夠判斷股票是朝着清澈的水域前進，還是面臨泥濘的水域。DLB 的估值是否合理？關於公司內在價值的信息圖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>杜比實驗室是否有效地再投資其利潤？</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>杜比實驗室的三年中位派息比率高達 50%（即保留 50% 的利潤）。這表明公司將大部分利潤作為股息支付給股東。這在一定程度上解釋了其盈利為何在縮減。由於再投資的資金很少，盈利增長顯然會很低或根本不存在。</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，杜比實驗室已經支付股息至少十年，這表明管理層必須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>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>總體而言，杜比實驗室的表現令人失望。由於其低 ROE 和對業務再投資的缺乏，公司經歷了令人失望的盈利增長率。儘管如此，查看當前分析師的預期，我們發現公司的盈利增長率預計將有巨大的改善。這些分析師的預期是基於行業的廣泛預期，還是基於公司的基本面？點擊這裏查看我們分析師對公司的預測頁面。</p>
</div>

杜比實驗室公司（NYSE:DLB）糟糕的股票表現反映了其疲弱的基本面