Should You Be Excited About Pegasystems Inc.'s (NASDAQ:PEGA) 20% Return On Equity?
Should You Be Excited About Pegasystems Inc.'s (NASDAQ:PEGA) 20% Return On Equity?
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 Pegasystems Inc. (NASDAQ:PEGA).
许多投资者仍在学习分析股票时有用的各种指标。本文是为那些想要了解股本回报率（ROE）的人而准备的。通过学以致用的方式，我们将研究ROE以更好地了解Pegasystems Inc. （纳斯达克：PEGA）。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具，用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说，它揭示了公司将股东的投资变成利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
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 Pegasystems is:
因此，根据上述公式，Pegasystems的ROE为：
20% = US$76m ÷ US$390m (Based on the trailing twelve months to March 2024).
20％= US $ 76m ÷ US $ 390m（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.20 in profit.
‘回报’指的是公司过去一年的盈利。将其概念化的一种方法是，对于每$ 1的股东资本，公司获得了$ 0.20的利润。
Does Pegasystems Have A Good ROE?
Pegasystems的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. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Pegasystems has a better ROE than the average (12%) in the Software industry.
确定一家公司的股本回报率是否良好的一种简单方法是将其与所在行业的平均水平进行比较。但是，这种方法仅适用于粗略检查，因为在同一行业分类中，公司确实存在很大差异。从下图可以清楚地看出，Pegasystems的ROE优于软件行业的平均水平（12％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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. To know the 3 risks we have identified for Pegasystems visit our risks dashboard for free.
这就是我们喜欢看到的。但是请记住，高ROE并不一定表明高效的利润生成。特别是当公司使用高额的债务来融资其债务时，可能会提高其ROE，但高杠杆会让公司面临风险。要了解我们已经为Pegasystems确定的3个风险，请免费访问我们的风险仪表板。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
大多数公司需要资金-从某个地方-来增加利润。投资的资金可以来自往年的利润（保留收益），发行新股或借款。在前两种选择的情况下，roe将反映出这种用于增长的现金。在后一种情况下，用于增长的债务将改善回报，但不会影响股权总额。这将使roe看起来比没有使用债务时要好。
Combining Pegasystems' Debt And Its 20% Return On Equity
将Pegasystems的债务和其20％的ROE相结合
Pegasystems does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.28. 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.
Pegasystems确实使用了大量的债务来提高回报。其负债股本比为1.28。尽管其ROE可观，但值得记住的是，公司可以使用的债务通常有限制。投资者应仔细考虑如果公司无法轻松借债，其表现可能如何，因为信贷市场随着时间会发生变化。
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 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. All else being equal, a higher ROE is better.
股本回报率可以用于比较不同企业的质量。没有太多负债即可实现高回报的公司通常质量较好。其他因素相等的情况下，较高的ROE更好。
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 take a peek at this data-rich interactive graph of forecasts for the company.
但是ROE只是一个复杂问题中的一部分，因为高质量的企业往往以高倍数的收益交易。相对于当前价格反映的利润增长预期，利润增长率的可能速度也必须考虑在内。因此，您可能需要查看这家公司预测的数据丰富的交互式图表。
But note: Pegasystems may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：Pegasystems可能不是最佳的股票购买选择。因此，请看一下这份免费的高ROE和低债务的有趣公司名单。
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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。