Should You Be Impressed By United Rentals, Inc.'s (NYSE:URI) ROE?
Should You Be Impressed By United Rentals, Inc.'s (NYSE:URI) ROE?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. We'll use ROE to examine United Rentals, Inc. (NYSE:URI), by way of a worked example.
我们所能做的最佳投资之一就是提升自己的知识和技能。因此，本文将通过ROE（净资产收益率）的分析，讲述如何更好地了解业务。我们通过联合租赁公司（NYSE:URI）作为案例来使用ROE进行分析。
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 Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 United Rentals is:
因此，根据上述公式，联合租赁的ROE为：
31% = US$2.5b ÷ US$8.1b (Based on the trailing twelve months to March 2024).
31% = 25亿美元÷81亿美元（基于截至2024年3月的过去12个月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.31 in profit.
“回报”指的是年利润。也就是说，每1美元的股东权益，公司就可以产生0.31美元的利润。
Does United Rentals Have A Good Return On Equity?
联合租赁公司ROE表现如何？
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. Pleasingly, United Rentals has a superior ROE than the average (17%) in the Trade Distributors industry.
判断一家公司的回报是否良好的一个简单方法是将其与同行业平均水平进行比较。但值得提醒的是，由于同一行业分类内部公司之间存在很大差异，因此这种方法并不十分准确。令人高兴的是，联合租赁的ROE比经销商行业平均水平（17%）要高。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 2 risks we have identified for United Rentals.
这正是我们所期望的。请注意，高ROE并不总是意味着卓越的财务表现。除了净利润的变化外，高比例的债务相对于股本也会导致高ROE，这表明了风险。我们的风险仪表板应包括我们为联合租赁确定的两个风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Virtually all companies need money to invest in the business, to grow 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 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.
几乎所有公司都需要资金来投资业务以增加利润。这笔资金可以来自留存收益、发行新股票（股权）或债务。在前两种情况下，ROE将反映这些用于投资业务的资金的使用情况。在后一种情况下，债务的使用将提高回报，但不会改变股本。通过这种方式，尽管企业的核心经济状况保持不变，但债务的使用将提高ROE。
United Rentals' Debt And Its 31% ROE
联合租赁公司的ROE为31%，而且它使用了大量的债务来提高回报，其债务股本比为1.50。尽管ROE令人印象深刻，但如果不使用债务，ROE可能会更低。投资者应仔细考虑一家公司如果无法轻松借贷而导致其未来业绩下降的情况，因为信贷市场随着时间的变化也会有所不同。
United Rentals clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.50. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
净资产收益率有助于比较不同企业的质量。在我们看来，最优秀的公司拥有高的ROE，但债务较少。如果两家公司的ROE相同，则通常会选择负债较少的那一家。
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 useful for comparing the quality of different businesses. 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.
当然，联合租赁公司可能并不是最佳的买入股票。因此，您可能也希望查看这个包含其他高ROE低负债的公司的免费系列。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of analyst forecasts for the company.
但是ROE只是更大难题中的一部分，因为高质量的业务往往交易于高倍数的收益中。必须考虑盈利增长相对于反映在当前价格中的盈利增长预期的速度。因此，您可能需要查看此公司分析师预测的免费可视化工具。
Of course United Rentals 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.
所有板块都是有价值的。能够判断是否应该买入或卖出一个板块是一种技能，因此您应该学会使用价值评估方法。但最终的决策只能由您做出。我们提供的分析应该能够为您提供更好的判断基础。
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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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