Is Entergy Corporation's (NYSE:ETR) ROE Of 10% Impressive?
Is Entergy Corporation's (NYSE:ETR) ROE Of 10% Impressive?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Entergy Corporation (NYSE:ETR).
虽然一些投资者已经非常精通财务指标(帽子提示)，但本文面向的是那些想要了解股本回报率(ROE)及其重要性的人。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Entergy Corporation(纽约证券交易所代码：ETR)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。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。
View our latest analysis for Entergy
查看我们对Entergy的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
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 Entergy is:
因此，根据上述公式，Entergy的净资产收益率为：
10% = US$1.4b ÷ US$14b (Based on the trailing twelve months to June 2023).
10%=14亿美元×140亿美元(基于截至2023年6月的过去12个月)。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.10.
“回报”就是年度利润。因此，这意味着股东每投资1美元，公司就会产生0.10美元的利润。
Does Entergy Have A Good ROE?
Entergy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. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, Entergy has a better ROE than the average (8.3%) in the Electric Utilities 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。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，Entergy的净资产收益率(ROE)高于电力公用事业行业的平均水平(8.3%)。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . To know the 3 risks we have identified for Entergy visit our risks dashboard for free.
这就是我们希望看到的。请记住，高净资产收益率并不总是意味着更好的财务表现。债务在公司资本结构中的比例较高也可能导致较高的净资产收益率，而较高的债务水平可能是一个巨大的风险。要了解我们为Entergy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？
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 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.
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。
Entergy's Debt And Its 10% ROE
Entergy的债务及其10%的净资产收益率
Entergy does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.01. 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.
Entergy确实使用了大量的债务来增加回报。它的债务与股本比率为2.01。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. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是我们比较不同公司业务质量的一种方式。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。如果两家公司的净资产收益率相同，那么我通常会倾向于债务较少的那一家。
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。
But note: Entergy may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：Entergy可能不是最值得买入的股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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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。