A Note On Spire Inc.'s (NYSE:SR) ROE and Debt To Equity
A Note On Spire Inc.'s (NYSE:SR) ROE and Debt To Equity
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Spire Inc. (NYSE:SR).
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。为了使课程立足于实践，我们将使用净资产收益率来更好地了解Spire Inc.(纽约证券交易所代码：SR)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
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。简而言之，它是用来评估一家公司相对于其权益资本的盈利能力。
See our latest analysis for Spire
查看我们对尖顶的最新分析
How Is ROE Calculated?
净资产收益率是如何计算的？
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 Spire is:
因此，根据上面的公式，尖顶的净资产收益率为：
8.2% = US$242m ÷ US$2.9b (Based on the trailing twelve months to June 2023).
8.2%=2.42亿美元？29亿美元(基于截至2023年6月的12个月)。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.08.
“收益”是过去12个月的利润。因此，这意味着股东每投资1美元，公司就会产生0.08美元的利润。
Does Spire Have A Good ROE?
斯皮尔的净资产收益率好吗？
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. You can see in the graphic below that Spire has an ROE that is fairly close to the average for the Gas Utilities industry (8.2%).
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。您可以在下图中看到，Spire的净资产收益率相当接近天然气公用事业行业的平均水平(8.2%)。
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Spire.
这并不令人惊讶，但它是值得尊敬的。虽然净资产收益率至少不低于行业，但它仍然值得检查公司的债务起到了什么作用，因为债务相对于股权的高水平也可能使净资产收益率看起来很高。如果一家公司承担了太多债务，那么它拖欠利息的风险就会更高。我们的风险仪表板应该有我们为Spire确定的两个风险。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the 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。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在第一种和第二种情况下，净资产收益率将反映对企业投资的现金使用情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。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。
Combining Spire's Debt And Its 8.2% Return On Equity
合并Spire的债务和8.2%的股本回报率
Spire does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.54. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Spire确实使用了大量债务来增加回报。它的债务与股本比率为1.54。由于净资产收益率(ROE)相当低，而且大量使用债务，目前很难对这项业务感到兴奋。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。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。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to check this FREE visualization of analyst forecasts for the company.
但当一项业务是高质量的时，市场往往会将其抬高到反映这一点的价格。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。因此，你可能想查看分析师对该公司预测的免费可视化。
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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