Is NCR Corporation's (NYSE:NCR) ROE Of 4.9% Concerning?
Is NCR Corporation's (NYSE:NCR) ROE Of 4.9% Concerning?
Return on equity can be calculated by using the formula: One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine NCR Corporation (NYSE:NCR), by way of a worked example.
我们能做的最好的投资之一就是我们自己的知识和技能。考虑到这一点，本文将讨论如何使用股本回报率(ROE)来更好地了解企业。我们将使用净资产收益率来分析NCR公司(纽约证券交易所代码：NCR)，作为一个实际例子。
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.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
Check out our latest analysis for NCR
查看我们对NCR的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
Return on equity can be calculated by using the formula:
股本回报率可使用以下公式计算：
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：
4.9% = US$89m ÷ US$1.8b (Based on the trailing twelve months to June 2023).
4.9%=8900万美元×18亿美元(基于截至2023年6月的12个月的往绩)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
“回报”指的是一家公司过去一年的收益。因此，这意味着股东每投资1美元，公司就会产生0.05美元的利润。
Does NCR Have A Good Return On Equity?
NCR的股本回报率高吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, NCR has a lower ROE than the average (9.8%) in the Software industry.
通过将一家公司的净资产收益率(ROE)与其行业平均水平进行比较，我们可以快速衡量它有多好。重要的是，这远远不是一个完美的衡量标准，因为在同一行业分类中，公司的差异很大。如下图所示，NCR的净资产收益率低于软件行业的平均水平(9.8%)。
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for NCR visit our risks dashboard for free.
不幸的是，这并不是最优的。然而，较低的净资产收益率并不总是坏事。如果公司的债务水平处于中低水平，那么仍有机会通过使用财务杠杆来提高回报。考虑到涉及的风险，高债务水平和低ROE的公司是我们希望避免的组合。要了解我们为NCR确定的3个风险，请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Companies usually need to invest money to grow their 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 used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投入资金来增加利润。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，用于增长的债务将提高回报，但不会影响总股本。在这种情况下，债务的使用将提高净资产收益率，即使企业的核心经济保持不变。
NCR's Debt And Its 4.9% ROE
NCR的债务及其4.9%的净资产收益率
It's worth noting the high use of debt by NCR, leading to its debt to equity ratio of 2.97. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，NCR高度利用债务，导致其债务与股本比率达到2.97。相当低的净资产收益率和大量使用债务的组合并不是特别有吸引力。投资者应该仔细考虑，如果一家公司不能如此轻松地借款，它可能会表现如何，因为信贷市场确实会随着时间的推移而变化。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回报率是我们比较不同公司业务质量的一种方式。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。在其他条件相同的情况下，净资产收益率越高越好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。重要的是要考虑其他因素，比如未来的利润增长，以及未来需要多少投资。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, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然了,如果你把目光投向别处，你可能会发现这是一笔很棒的投资。所以让我们来看看这个免费有趣的公司名单。
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