Should We Be Cautious About DXC Technology Company's (NYSE:DXC) ROE Of 2.8%?
Should We Be Cautious About DXC Technology Company's (NYSE:DXC) ROE Of 2.8%?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand DXC Technology Company (NYSE:DXC).
许多投资者仍在学习分析股票时可用的各种指标。本文是给那些想了解股权回报率（ROE）的人的。为了让课程更加贴近实际情况，我们将使用ROE来更好地了解DXC Technology Company（NYSE：DXC）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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）是衡量公司增值和管理投资者资金有效性的测试。换句话说，它是一种盈利能力比率，用于衡量公司股东提供的资金回报率。
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 DXC Technology is:
因此，根据上述公式，DXC Technology的ROE为：
2.8% = US$86m ÷ US$3.1b (Based on the trailing twelve months to March 2024).
2.8％= US $ 86m ÷ US $ 3.1b（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.03 in profit.
“回报”是企业在过去一年中所获得的收入。这意味着对于每1美元的股东权益，该公司创造了0.03美元的利润。
Does DXC Technology Have A Good Return On Equity?
DXC Technology的股权回报率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see DXC Technology has a lower ROE than the average (12%) in the IT industry classification.
通过将公司的ROE与其行业平均值进行比较，我们可以快速衡量其质量。但是要注意，这远非完美的指标，因为在同一行业分类中，公司存在显著差异。如果您查看下面的图片，可以看到DXC Technology的ROE低于IT行业分类的平均水平（12％）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 2 risks we have identified for DXC Technology.
这不是我们想要看到的。尽管如此，我们认为较低的ROE仍可能意味着公司有机会通过利用杠杆提高回报率，前提是其现有的债务水平较低。高负债而ROE低的公司则是另一回事，对我们来说是一种风险投资。我们的风险仪表板应显示我们为DXC Technology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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
几乎所有公司都需要资金来投资业务以增加利润。投资资金可以来自于以前的盈利（保留收益），发行新股或借款。在前两种情况下，ROE将反映这种用于业务投资的现金使用情况。在后一种情况下，用于增长的债务将改善回报，但不会影响总权益。以此方式使用债务将提高ROE，即使业务的核心经济状况保持不变也是如此。
DXC Technology's Debt And Its 2.8% ROE
DXC Technology的债务和其2.8％的ROE
It's worth noting the high use of debt by DXC Technology, leading to its debt to equity ratio of 1.20. The combination of a rather low ROE and significant use of debt is not particularly appealing. 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.
值得注意的是，DXC Technology的高额债务，导致其债务与股本比率为1.20。相对较低的ROE和大量的债务使用并不特别有吸引力。投资者应认真考虑，如果公司无法轻松借款，其表现将会怎样，因为信贷市场确实会随时间而变化。
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 the same ROE, then I would generally prefer the one with less debt.
净资产收益率是比较不同公司业务质量的一种方法。可以认为，不借债就能实现高净资产收益率的公司是高品质的公司。如果两个公司的净资产收益率相同，则我通常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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，当企业属于高质量时，市场经常将其标价以反映其优势。折现率的盈利增长率与股票价格中体现的预期相比，是需要特别考虑的。因此，您可能需要查看这份数据丰富的交互式图表，以了解该公司的预测。
Of course DXC Technology 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，DXC Technology可能不是最佳的股票选择。因此，您可能希望查看此免费收藏的其他具有高ROE和低债务的公司。
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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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