Should You Be Impressed By American States Water Company's (NYSE:AWR) ROE?
Should You Be Impressed By American States Water Company's (NYSE:AWR) ROE?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). By way of learning-by-doing, we'll look at ROE to gain a better understanding of American States Water Company (NYSE:AWR).
许多投资者仍在学习有用的股票分析指标，这篇文章是为那些想学习股东权益回报率（roe）的人准备的。透过实践来学习，我们将研究roe，以更好地理解美国州立水务公司（纽交所:awr）。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率（roe）是衡量公司经营管理层如何有效利用公司资本的关键指标。换言之，它是一种利润率，衡量由公司股东提供的资本的回报率。
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 American States Water is:
因此，根据上述公式，美国州立水务的roe为：
14% = US$114m ÷ US$800m (Based on the trailing twelve months to March 2024).
14% = 1.14亿美元 ÷ 8亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.14.
“返回”是每年的利润。这意味着，公司为每美元股东的投资创造了0.14美元的利润。
Does American States Water Have A Good Return On Equity?
美国州立水务的股东权益回报率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, American States Water has a better ROE than the average (9.6%) in the Water Utilities industry.
通过将公司的roe与行业平均水平进行比较，我们可以快速测量它的好坏。但是这种方法的局限性在于，即使在同一行业分类中，有些公司的情况也会有很大不同。从下面的图中可以看出，美国州立水务的roe比水务行业的平均值（9.6%）好。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. Our risks dashboardshould have the 2 risks we have identified for American States Water.
这是一个好迹象。但是，高roe并不总是表示高盈利能力。尤其是当公司使用高比例的负债来融资时，可能会提高它的roe，但高杠杆会使公司面临风险。我们的风险仪表板应该列出了我们为美国州立水务确定的2个风险。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
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。
American States Water's Debt And Its 14% ROE
美国州立水务的负债和14%的roe
American States Water does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.14. 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. 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.
美国州立水务确实使用大量负债来提高收益。它的负债股本比为1.14。虽然它的roe值尚可，但值得注意的是，公司可以使用的负债总额通常是有限的。投资者应仔细考虑，如果公司不能轻松借贷，它的表现将如何，因为信贷市场确实会随时间而变化。
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 a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是评估企业生成利润并将其返还给股东能力的有用指标。能够在不使用过多债务的情况下实现高回报率的公司通常是高质量的公司。如果两家公司具有相同的ROE，那么我通常会更喜欢负债较少的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是，当业务质量较高时，市场通常会以反映这一点的价格竞标。相对于股票价格所反映的期望，利润增长率尤其重要。因此，我认为不妨查看有关公司分析师预测的免费报告。
Of course American States Water 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，美国州立水务可能不是最佳的股票买入选择。因此，您可能希望查看这个免费收藏的其他高roe和低负债的公司列表。
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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
对本文有反馈？关于内容有所顾虑？直接和我们联系。或者发送电子邮件至editorial-team@simplywallst.com。