Select Medical Holdings Corporation (NYSE:SEM) Delivered A Better ROE Than Its Industry
Select Medical Holdings Corporation (NYSE:SEM) Delivered A Better ROE Than Its Industry
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 Select Medical Holdings Corporation (NYSE:SEM).
尽管一些投资者已经精通财务指标（帽子提示），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。为了使本课以实用为基础，我们将使用投资回报率来更好地了解精选医疗控股公司（纽约证券交易所代码：SEM）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。简而言之，它衡量公司相对于股东权益的盈利能力。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for return on equity is:
股本回报率的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Select Medical Holdings is:
因此，根据上述公式，精选医疗控股的投资回报率为：
20% = US$332m ÷ US$1.7b (Based on the trailing twelve months to March 2024).
20% = 3.32亿美元 ÷ 17亿美元（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.20 in profit.
“回报” 是指公司去年的收益。另一种思考方式是，公司每持有价值1美元的股权，就能获得0.20美元的利润。
Does Select Medical Holdings Have A Good Return On Equity?
精选医疗控股有良好的股本回报率吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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, Select Medical Holdings has a better ROE than the average (11%) in the Healthcare industry.
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。但是，这种方法仅在粗略检查时有用，因为各公司在相同的行业分类中确实存在很大差异。如下图所示，精选医疗控股的投资回报率高于医疗保健行业的平均水平（11％）。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for Select Medical Holdings visit our risks dashboard for free.
这是一个好兆头。话虽如此，高投资回报率并不总是表示高盈利能力。除了净收入的变化外，较高的投资回报率也可能是高债务相对于股本的结果，这表明存在风险。要了解我们为精选医疗控股确定的两种风险，请免费访问我们的风险仪表板。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Most companies need money -- from somewhere -- to grow their 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 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.
大多数公司需要来自某个地方的资金来增加利润。这些现金可以来自留存收益、发行新股（股权）或债务。在第一和第二种情况下，投资回报率将反映现金用于企业投资的情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总资产。以这种方式，债务的使用将提高投资回报率，尽管该业务的核心经济学保持不变。
Combining Select Medical Holdings' Debt And Its 20% Return On Equity
合并精选医疗控股公司的债务及其20％的股本回报率
Select Medical Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.31. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
精选医疗控股公司确实使用大量债务来增加回报。它的债务权益比率为2.31。尽管其投资回报率可观，但值得记住的是，公司可以使用多少债务通常是有限制的。债务确实会带来额外的风险，因此只有当公司从中获得可观的回报时，债务才是真正值得的。
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. 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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。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视为高质量的企业。如果两家公司的债务与股权比率大致相同，而一家公司的投资回报率更高，那么我通常更喜欢投资回报率更高的那家公司。
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 I think it may be worth checking this free report on analyst forecasts for the company.
话虽如此，尽管投资回报率是衡量业务质量的有用指标，但您必须考虑一系列因素才能确定购买股票的正确价格。重要的是要考虑其他因素，例如未来的利润增长以及未来需要多少投资。因此，我认为可能值得查看这份关于分析师对公司的预测的免费报告。
Of course Select Medical Holdings 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，精选医疗控股可能不是最值得购买的股票。因此，您不妨免费查看其他投资回报率高、负债率低的公司的名单。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，给编辑团队 (at) simplywallst.com 发送电子邮件。
Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对这篇文章有反馈吗？对内容感到担忧？直接联系我们。 或者，发送电子邮件至 editorial-team@simplywallst.com