Should You Be Impressed By DTE Energy Company's (NYSE:DTE) ROE?
Should You Be Impressed By DTE Energy Company's (NYSE:DTE) ROE?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand DTE Energy Company (NYSE:DTE).
对于一些已经熟悉财务指标的投资者（致敬），本文是为那些想了解股本回报率（ROE）及其重要性的人而写的。为了让课堂更加实用，我们将利用ROE来更好地了解DTE Energy Company（NYSE：DTE）.
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东必须考虑股本回报率或ROE，因为它告诉他们公司如何有效地重新投资他们的资本。 简而言之，ROE显示每美元股东投资所产生的利润。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for return on equity is:
权益回报率的计算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for DTE Energy is:
因此，根据上述公式，DTE Energy的ROE为：
11% = US$1.3b ÷ US$11b (Based on the trailing twelve months to March 2024).
11％= 13亿美元÷ 110亿美元（基于截至2024年3月的过去12个月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
“回报”是指公司过去一年的收益。这意味着对于每1美元的股东权益，公司产生了0.11美元的利润。
Does DTE Energy Have A Good ROE?
DTE Energy的ROE表现良好吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, DTE Energy has a better ROE than the average (9.4%) in the Integrated Utilities industry.
通过将公司的ROE与同行业平均水平进行比较，我们可以快速了解其表现如何。但是，这种方法只是一个粗略的检查，因为同一行业分类中的公司差异很大。如下图所示，DTE Energy的ROE优于公用事业行业的平均水平（9.4％）。
That's clearly a positive. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. You can see the 3 risks we have identified for DTE Energy by visiting our risks dashboard for free on our platform here.
这显然是一个积极的方面。但是，高ROE并不总是表示高盈利能力。特别是当公司使用高负债水平来融资其债务时，这可能会提高其ROE，但高杠杆率会使公司处于风险之中。您可以访问我们风险仪表板在浏览完所有相关因素确定股票购买价格后，ROE是一个有用的公司质量指标。此外，还需要考虑其他因素，例如未来盈利增长以及未来需要投入多少投资。因此，我认为值得查看这份免费的详细收益、营收和现金流图表。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
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 case of the first and second options, the ROE will reflect this use of cash, for growth. 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.
通常，公司需要投资资金来增加利润。投资资金可以来自前年的利润（保留收益），发行新股或借款。在前两种情况下，ROE将反映这种用于增长的现金使用。在后一种情况下，债务的使用将提高回报，但不会改变股本。以这种方式使用债务将提高ROE，即使业务的基本经济学仍然相同。
DTE Energy's Debt And Its 11% ROE
DTE Energy的债务和其11％的ROE
It's worth noting the high use of debt by DTE Energy, leading to its debt to equity ratio of 1.96. 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.
值得注意的是，DTE Energy使用了大量债务，导致其资产负债比为1.96。由于ROE相对较低，并且使用了大量债务，目前很难对这家企业感到兴奋。债务会增加风险并减少公司未来的选择，因此通常希望从中获得一些良好的收益。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是我们可以比较不同公司业务质量的一种方式。能够在不太依赖债务的情况下实现高ROE的公司通常是高品质的。如果两家公司的ROE相同，则通常会更喜欢债务较少的那家公司。
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 take a peek at this data-rich interactive graph of forecasts for the company.
但是，当企业具有高质量时，市场通常会将其竞价提高到反映这一点的价格。重要的是考虑其他因素，例如未来的利润增长 – 以及未来需要多少投资。因此，您可能需要看一下该公司预测数据丰富，交互式图形。
But note: DTE Energy 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.
但要注意：DTE Energy可能不是最好的股票。因此，可以查看此免费清单，其中包含ROE高且债务低的有趣公司。
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