Is Xcel Energy Inc.'s (NASDAQ:XEL) 10% ROE Better Than Average?
Is Xcel Energy Inc.'s (NASDAQ:XEL) 10% ROE Better Than Average?
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). We'll use ROE to examine Xcel Energy Inc. (NASDAQ:XEL), by way of a worked example.
很多投资者仍在学习如何分析股票时有哪些指标有用。本文介绍了一些想要了解回报率（ROE）的人。我们将通过实例来使用ROE来检查Xcel Energy Inc.（NASDAQ:XEL）。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股东权益回报率是评估公司如何有效地从股东那里获得回报的有用工具。简而言之，它用于评估公司相对于其权益资本的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for ROE is:
roe的公式是：
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 Xcel Energy is:
因此，根据上述公式，Xcel Energy的ROE为：
10% = US$1.8b ÷ US$18b (Based on the trailing twelve months to March 2024).
10% = 18亿美元 ÷ 180亿美元（截至2024年3月的过去12个月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.10.
“回报”是过去12个月的利润。这意味着，对于其股东的每1美元投资，公司产生0.10美元的利润。
Does Xcel Energy Have A Good ROE?
Xcel Energy的ROE好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. You can see in the graphic below that Xcel Energy has an ROE that is fairly close to the average for the Electric Utilities industry (8.9%).
确定公司的回报率是否良好的一个简单方法是将其与所在行业的平均水平进行比较。这种方法的局限性在于，即使是在同一行业分类中，有些公司也与其他公司相差很大。您可以看到下图中，Xcel Energy的ROE与电力公用事业行业的平均水平（8.9%）非常接近。
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. To know the 2 risks we have identified for Xcel Energy visit our risks dashboard for free.
这并不是令人惊讶的结果，但它还是很可观的。虽然至少ROE不低于行业平均水平，但还是值得看看公司的债务扮演的角色，因为相对于资产的高债务水平也可能使ROE看起来很高。如果公司承担过多的债务，就会面临着高风险违约利息的风险。了解我们为Xcel Energy确定的两个风险，请免费访问我们的风险仪表盘。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Companies usually need to invest money 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 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.
公司通常需要投资资金来增长其利润。投资的现金可以来自前年的利润（留存收益），发行新股或借款。在前两种情况下，ROE将反映这种用于投资业务的现金使用。在后一种情况下，债务的使用将提高回报率，但不会改变公司的股本。通过这种方式，借款将推动ROE增长，即使业务的基本经济情况保持不变。
Combining Xcel Energy's Debt And Its 10% Return On Equity
结合Xcel Energy的债务和其10%的ROE
It's worth noting the high use of debt by Xcel Energy, leading to its debt to equity ratio of 1.54. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，Xcel Energy使用了大量债务，导致其债权与股权比率为1.54。即使使用了相当多的债务，其ROE仍然很低；在我们看来，这是不好的结果。债务会增加风险并在未来减少公司的选择，因此您通常希望使用它时获得一些良好的回报。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
ROE是评估企业创造利润并将其归还给股东的能力的有用指标。如果一家公司没有负债就能实现高ROE，那么可以认为它是一家高质量的公司。其他条件相同，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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to check this FREE visualization of analyst forecasts for the company.
话虽如此，ROE是业务质量的一个有用指标，但您还必须考虑一整套因素来确定购买股票的正确价格。因此需要考虑其他因素，如未来的利润增长以及未来需要投入的资金。因此，您可能希望查看本公司的分析师预测的免费可视化。
Of course Xcel Energy 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，Xcel Energy可能不是最好的股票可供购买。因此，您可能希望查看具有高ROE和低债务的其他公司的免费收藏。
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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
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。