Based On Its ROE, Is Comstock Resources, Inc. (NYSE:CRK) A High Quality Stock?
Based On Its ROE, Is Comstock Resources, Inc. (NYSE:CRK) A High Quality Stock?
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 Comstock Resources, Inc. (NYSE:CRK).
尽管一些投资者已经精通金融指标(致敬),但本文是为那些想要了解ROE(净资产收益率)及其重要性的人准备的。为了让课堂更加贴近实际,我们将使用ROE来更好地了解康斯托克能源(NYSE:CRK)。
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 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 Comstock Resources is:
所以,基于上述公式,康斯托克能源的ROE为:
2.5% = US$63m ÷ US$2.5b (Based on the trailing twelve months to March 2024).
2.5%= 6300万美元 ÷ 25亿美元(截至2024年3月的过去十二个月数据)。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.03 in profit.
"回报"是每年的利润。可以这样来理解,对于每1美元的股东资本,该公司会获得0.03美元的利润。
Does Comstock Resources Have A Good Return On Equity?
康斯托克能源是否拥有良好的净资产收益率?
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 shown in the graphic below, Comstock Resources has a lower ROE than the average (18%) in the Oil and Gas industry classification.
判断公司是否拥有良好的净资产收益率的一种简单方法是将其与其所属行业的平均值进行比较。但这远非完美的衡量标准,因为即使在同一行业分类中,公司之间也存在显著差异。如下图所示,与石油和天然气行业分类的平均值(18%)相比,康斯托克能源的ROE更低。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240702/0-4982f00f0d1ff8df266ba214d0d9d82b-0-b857d92a8f887014a82e599cf358873d.png/big)
Unfortunately, that's sub-optimal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 3 risks we have identified for Comstock Resources by visiting our risks dashboard for free on our platform here.
不幸的是,这是次优的。但是,低净资产收益率并不总是不好的。如果公司的债务水平适中或较低,则仍有机会通过使用财务杠杆来提高回报率。高负债公司的低净资产收益率则完全是另一回事,并且是我们认为具有风险的投资。您可以通过访问我们的风险仪表板在浏览完所有相关因素确定股票购买价格后,ROE是一个有用的公司质量指标。此外,还需要考虑其他因素,例如未来盈利增长以及未来需要投入多少投资。因此,我认为值得查看这份免费的详细收益、营收和现金流图表。
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. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要资金——来自某个地方——以增加其利润。资金投资可以来自前年的利润(留存收益),发行新股或借债。 在第一种和第二种情况下,ROE将反映出这种用于业务投资的现金使用。在后一种情况下,用于增长的债务将提高投资回报率,但不会影响总股权。因此,债务使用可以提高ROE,尽管在风和雨的情况下会伴随着额外的风险。
Combining Comstock Resources' Debt And Its 2.5% Return On Equity
"结合CRK的债务及其2.5%净资产收益率"
Comstock Resources clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.09. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
显然,康斯托克能源使用大量债务来提高回报率,因为其债务股本比率为1.09。即使使用大量债务,其净资产收益率仍然相当低,这在我们看来并不是一个好结果。债务确实带来额外的风险,因此只有当公司从中获得一些不错的回报时才真正值得投资。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. 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.
ROE是我们比较不同公司业务质量的一种方法。一般而言,能够在不过度依赖于债务的情况下获得高回报的公司通常是优质的公司。除此之外,其他条件相同,更高的ROE更好。
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。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家具有潜在优越财务状况的公司,则不要错过此具有高ROE和低债务的有趣公司的免费列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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 (at) simplywallst.com。
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。