How Good Is Archrock, Inc. (NYSE:AROC), When It Comes To ROE?
How Good Is Archrock, Inc. (NYSE:AROC), When It Comes To 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. We'll use ROE to examine Archrock, Inc. (NYSE:AROC), by way of a worked example.
虽然一些投资者已经熟知财务指标（致敬），但本文是为那些想学习回报率（ROE）及其重要性的人准备的。我们将使用ROE来以实例的方式检验Archrock，Inc.（纽交所：AROC）的表现。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或roe是评估公司管理层如何有效利用公司资本的关键指标。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 Archrock is:
因此，根据上述公式，Archrock的ROE为：
15% = US$129m ÷ US$882m (Based on the trailing twelve months to March 2024).
15% = 129美元 ÷ 882美元（根据截至2024年3月的过去12个月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.15 in profit.
“回报”是年度利润。用这种方法思考即可，即对于每$1的净资产，公司能够赚取$0.15的利润。
Does Archrock Have A Good Return On Equity?
Archrock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. You can see in the graphic below that Archrock has an ROE that is fairly close to the average for the Energy Services industry (13%).
通过将公司ROE与行业平均水平进行比较，我们可以迅速衡量其表现。然而，这种方法仅作为 rough check 有用，因为即使在同一行业分类中，公司之间也存在相当大的差异。从下面的图表中可以看到，Archrock的ROE相当接近能源服务行业的平均水平（13%）。
So while the ROE is not exceptional, at least its acceptable. 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 so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Archrock by visiting our risks dashboard for free on our platform here.
因此，尽管ROE并不出色，但至少是可以接受的。至少ROE不低于行业标准，不过仍值得检查公司的负债在其中扮演了什么角色，因为与股本相对较高的高负债水平可能会增加其暴露于财务风险的风险。通过访问我们的网站，可以看到我们为Archrock确定的两个风险。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. That cash can come from issuing shares, retained earnings, 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.
公司通常需要投入资金来增加利润。这些现金可以来自发行股票、保留收益或债务。在前两种情况下，ROE将反映出这些用于投资业务的现金的使用。在后一种情况下，债务的使用将改善回报，但不会改变股本。通过这种方式，债务的使用将提高ROE的表现，尽管业务的核心经济状况保持不变。
Combining Archrock's Debt And Its 15% Return On Equity
结合Archrock的负债和其15％的ROE
It's worth noting the high use of debt by Archrock, leading to its debt to equity ratio of 1.78. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
需要注意的是，Archrock使用了高比例的负债，导致其负资产比率为1.78。毫无疑问，其ROE是不错的，但公司负担的非常高额的债务并不令人兴奋。债务确实带来了额外的风险，因此仅在公司从中获得一些不错的回报时才真正值得。
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.
ROE是比较不同公司业务质量的一种方式。在我们看来，高回报率（ROE）的高质量公司，尽管债务较低。如果两家公司的ROE相同，则通常会更喜欢债务较少的那家。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
话虽如此，尽管ROE是业务质量的一个有用指标，但您还必须查看一系列因素，才能确定购买股票的正确价格。盈利增长率与体现在股价中的预期之间的比较，是特别需要考虑的。因此，您可能希望查看此充满数据的互动预测图，了解该公司的情况。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然，您也可能通过寻找其他地方来找到出色的投资。因此，不妨查看这个有趣公司的免费列表。
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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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