A Closer Look At Murphy USA Inc.'s (NYSE:MUSA) Impressive ROE
A Closer Look At Murphy USA Inc.'s (NYSE:MUSA) Impressive 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 Murphy USA Inc. (NYSE:MUSA).
很多投资者仍在学习有用的股票分析指标。本文是为那些想要了解回报率(ROE)的人而准备的。通过实践学习，我们将通过ROE来更好地了解Murphy USA Inc. (纽交所：MUSA)。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东要考虑的关键因素之一是净资产收益率或roe，因为它告诉他们公司如何有效地重新投资他们的资本。简单点说，它衡量了公司与股东权益相关的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Murphy USA is:
所以，根据上述公式，Murphy USA的ROE为：
66% = US$517m ÷ US$782m (Based on the trailing twelve months to March 2024).
66％= US $ 517m ÷ US $ 782m（基于截至2024年3月的过去12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 $0.66 in profit.
所谓"回报"是指企业在过去一年赚取的收入。这意味着公司每1美元的股东权益中，产生了66美分的利润。
Does Murphy USA Have A Good Return On Equity?
Murphy USA的回报率如何？
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 you can see in the graphic below, Murphy USA has a higher ROE than the average (19%) in the Specialty Retail industry.
通过将公司的ROE与行业平均水平进行比较，我们可以快速衡量它的好坏程度。这种方法的限制在于，即使在同一行业分类中，有些公司差异很大。从下面的图表可以看出，在专业零售行业中，Murphy USA的ROE高于平均水平(19%)。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk .
那是一个好的迹象。请记住，高roe并不总是意味着更好的财务表现。公司资本结构中更高比例的债务也可能导致高roe，而高负债水平可能是一个巨大的风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Most companies need money -- from somewhere -- to grow their 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. That will make the ROE look better than if no debt was used.
大多数公司需要资金 - 来自某个地方 - 来增加其利润。这些现金可以来自保留收益，发行新股（股权）或债务。在前两种情况下，ROE将反映这些用于业务投资的现金使用情况。在后一种情况下，债务的使用将改进回报，但不会改变股本。这将使ROE看起来比未使用债务好。
Murphy USA's Debt And Its 66% ROE
Murphy USA的债务和其66%的ROE
Murphy USA clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.14. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Murphy USA显然使用了大量的债务来提高回报率，因为其负债股本比率为2.14。其ROE相当出色，但如果不使用债务，则可能会更低。债务增加了公司的风险，减少了公司未来的选择，因此您通常希望从中获得一些良好的回报。
Conclusion
结论
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. All else being equal, a higher ROE is better.
ROE可用于比较不同企业的质量。在我们看来，高ROE且负债率较低的公司是最优质的公司。其他条件相等的情况下，较高的ROE更好。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
话虽如此，虽然ROE是业务质量的有用指标，但您必须查看一系列因素来确定购买股票的正确价格。考虑到利润增长率与股票价格中反映的预期相比，这是要考虑的非常重要的因素。因此，您可能需要查看该公司的其他分析师预测的免费可视化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然，您也可能通过寻找其他地方来找到出色的投资。因此，不妨查看这个有趣公司的免费列表。
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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.
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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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