Why Aramark (NYSE:ARMK) Looks Like A Quality Company
Why Aramark (NYSE:ARMK) Looks Like A Quality Company
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 Aramark (NYSE:ARMK).
虽然一些投资者已经熟知财务指标（波浪帽），但本文是为那些想了解净资产收益率（ROE）及其重要性的人而撰写。为了让课堂务实，我们将使用ROE更好地了解Aramark（纽交所：ARMK）。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即净资产收益率，是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说，它是一种盈利能力比率，衡量公司股东提供的资本的回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
Return on equity can be calculated by using the formula:
股东权益报酬率可以使用以下公式计算：
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 Aramark is:
因此，根据上述公式，Aramark的ROE为：
24% = US$703m ÷ US$2.9b (Based on the trailing twelve months to March 2024).
24% = 美元703m ÷ 美元2.9b（截至2024年3月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.24 in profit.
“回报”是每年的利润。这意味着公司每1美元股东权益产生0.24美元的利润。
Does Aramark Have A Good ROE?
Aramark的ROE好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Aramark has a higher ROE than the average (18%) in the Hospitality industry.
判断一家公司的净资产收益率是否好的一种简单方法是将其与所在行业的平均值进行比较。但要注意，公司在同一行业分类内的差异很大，因此这并不是一项完美的指标。正如下图所示，Aramark的ROE高于酒店业的平均水平（18%）。
That's what we like to see. 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. Our risks dashboardshould have the 3 risks we have identified for Aramark.
这正是我们希望看到的。话虽如此，高净资产收益率并不总是表明高盈利能力。除了净利润的变化外，高净资产收益率还可能是相对于股权的高负债的结果，这表明存在风险。我们的风险仪表板应有我们为Aramark确定的3个风险。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
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 debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
大多数公司需要钱 - 从某个地方来获取利润。这份现金可以来自发行股票、留存收益或债务。在第一和第二个选项的情况下，净资产收益率将反映出这种用于增长的现金使用情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。这将使ROE的表现比未使用债务要好。
Combining Aramark's Debt And Its 24% Return On Equity
结合Aramark的债务和24%的净资产收益率
Aramark clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.03. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Aramark显然使用大量债务来提高回报率，因为它的债务与股本比率为2.03。毫无疑问，ROE令人印象深刻，但值得记住的是，如果该公司减少债务，这一指标可能会降低。债务增加了风险并减少了公司未来的选择，因此您通常希望从中获得一些良好的回报。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
股东权益回报率对比不同企业的质量很有用。没有太多债务就能取得高股东权益回报率的公司通常质量较好。如果两家公司的债权与股权大致相同，而一家公司的股东权益回报率较高，则我通常会更喜欢具有较高股东权益回报率的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
但ROE只是更大难题中的一部分，因为高质量的企业通常在高收益的倍数上进行交易。利润增长率与股票价格所体现的预期相比是特别重要的因素。因此，我认为检查此公司分析师预测的免费报告可能是值得的。
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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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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