Is NCR Corporation's (NYSE:NCR) 7.8% ROE Worse Than Average?
Is NCR Corporation's (NYSE:NCR) 7.8% ROE Worse Than Average?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). By way of learning-by-doing, we'll look at ROE to gain a better understanding of NCR Corporation (NYSE:NCR).
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。通过边做边学的方式，我们将关注净资产收益率，以更好地了解NCR公司(纽约证券交易所代码：NCR)。
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.
股本回报率或净资产收益率是股东要考虑的一个重要因素，因为它告诉他们他们的资本再投资的效率。换句话说，它揭示了该公司成功地将股东投资转化为利润。
Check out our latest analysis for NCR
查看我们对NCR的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for NCR is:
因此，根据上述公式，NCR的净资产收益率为：
7.8% = US$135m ÷ US$1.7b (Based on the trailing twelve months to September 2022).
7.8%=1.35亿美元×17亿美元(基于截至2022年9月的12个月)。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.08 in profit.
“回报”指的是一家公司过去一年的收益。一种将其概念化的方法是，公司每拥有1美元的股东资本，就能获得0.08美元的利润。
Does NCR Have A Good Return On Equity?
NCR的股本回报率高吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As shown in the graphic below, NCR has a lower ROE than the average (12%) in the Software industry classification.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。如下图所示，NCR的净资产收益率低于软件行业分类的平均水平(12%)。
That certainly isn't ideal. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 4 risks we have identified for NCR by visiting our risks dashboard for free on our platform here.
这当然不是理想的情况。不过，我们认为，较低的净资产收益率仍可能意味着，如果一家公司现有的债务水平较低，那么它就有机会通过使用杠杆来提高回报。一家高负债、净资产收益率低的公司则完全是另一回事，在我们的账面上是一种高风险的投资。您可以通过访问我们的风险控制面板在我们的平台上是免费的。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
几乎所有的公司都需要资金来投资于业务，以增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，增长所需的债务将提高回报，但不会影响股东权益。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
NCR's Debt And Its 7.8% ROE
NCR的债务及其7.8%的净资产收益率
It seems that NCR uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.32. We consider it to be a negative sign when a company has a rather low ROE despite a rather high debt to equity.
NCR似乎使用了巨额债务来为这项业务提供资金，因为它的债务与股本比率非常高，为3.32。我们认为，如果一家公司的净资产收益率(ROE)相当低，尽管债务与股本之比相当高，这是一个负面迹象。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回报率在比较不同企业的质量时很有用。能够在没有太多债务的情况下实现高股本回报率的公司通常质量良好。在其他条件相同的情况下，净资产收益率越高越好。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。所以我觉得这可能值得一查免费分析师对该公司的预测报告。
Of course NCR may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
当然了NCR可能不是最值得买入的股票。所以你可能想看看这个免费其他拥有高ROE和低债务的公司的集合。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。