Is Tripadvisor, Inc.'s (NASDAQ:TRIP) 2.9% ROE Worse Than Average?
Is Tripadvisor, Inc.'s (NASDAQ:TRIP) 2.9% ROE Worse Than Average?
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 Tripadvisor, Inc. (NASDAQ:TRIP).
尽管有些投资者已经熟悉财务指标（鸣谢），但本文旨在为那些想了解股东权益回报率（ROE）及其重要性的人服务。为了使课堂更加具有实用性，我们将使用ROE来更好地了解猫途鹰（纳斯达克代码：TRIP）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东权益回报率（ROE）是检验公司增加其价值和管理投资者资金有效性的测试。简而言之，ROE显示每个美元的利润与其股东的投资有关。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
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 Tripadvisor is:
因此，根据上述公式，猫途鹰的ROE是：
2.9% = US$24m ÷ US$825m (Based on the trailing twelve months to March 2024).
2.9% = 2.4亿美元 ÷ 8.25亿美元（基于截至2024年3月的最近十二个月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.03 in profit.
‘回报’是过去12个月的利润。这意味着对于每1美元的股东权益，公司产生了0.03美元的利润。
Does Tripadvisor Have A Good ROE?
猫途鹰的ROE良好吗？
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. If you look at the image below, you can see Tripadvisor has a lower ROE than the average (7.4%) in the Interactive Media and Services industry classification.
通过将公司的ROE与其行业平均水平进行比较，我们可以快速衡量其水平。但由于公司在同一行业分类中存在显著差异，因此这并不是一个完美的衡量标准。通过下面的图表，您可以看到在互动媒体和服务业行业板块中，猫途鹰的ROE低于平均水平（7.4％）。
That certainly isn't ideal. 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. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high.
然而，低ROE并不总是不好的。如果公司的债务水平适中或较低，则仍有可能通过利用杠杆的财务操作来提高回报。当一家公司ROE较低但债务水平较高时，我们会持谨慎态度，因为所涉及的风险太高。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, 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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要资金以实现利润增长。这些资金可以来自发行股票、留存收益或债务。在前两个选项的情况下，ROE将反映出这种用于增长的现金使用情况。在后一种情况下，债务的使用将提高收益，但不会改变股权。因此，债务的使用会提高ROE，但风险也会随之增加，这在骤雨天气的情况下是一样的。
Combining Tripadvisor's Debt And Its 2.9% Return On Equity
综合考虑猫途鹰的债务和其2.9％的ROE
It's worth noting the high use of debt by Tripadvisor, leading to its debt to equity ratio of 1.02. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，猫途鹰高额使用债务，导致其负债股本比达到1.02。即使有了大量的债务，其ROE仍然相当低，这在我们看来不是一个好结果。债务确实带来额外的风险，因此只有当一家公司从中获得一些不错的回报时，它才真正值得。
Conclusion
结论
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.
净资产收益率是衡量企业创造利润并将其返还给股东的能力的有用指标。如果一家公司能够在没有债务的情况下实现高回报股东的回报，那么可以认为这是一家高质量的公司。如果两家公司的股权和债务水平大致相同，并且一家公司的ROE较高，那么我通常会选择那个ROE较高的公司。
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. 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.
话虽如此，ROE是业务质量的一个有用指标，但您还必须考虑一整套因素来确定购买股票的正确价格。因此需要考虑其他因素，如未来的利润增长以及未来需要投入的资金。因此，您可能希望查看本公司的分析师预测的免费可视化。
Of course Tripadvisor 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，猫途鹰可能不是最好的股票购买选择。因此，您可能希望查看这些高ROE低债务的其他公司的免费集合。
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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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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