Should You Be Worried About ADT Inc.'s (NYSE:ADT) 4.1% Return On Equity?
Should You Be Worried About ADT Inc.'s (NYSE:ADT) 4.1% Return On Equity?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of ADT Inc. (NYSE:ADT).
虽然有些投资者已经精通财务指标（帽子），但本文是给那些想要了解ROE和为什么它很重要的人。通过“学以致用”，我们将看ROE以更好地了解ADt Inc. (NYSE:ADT)。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股东应考虑的重要因素是净资产收益率或roe，因为它告诉他们投资的资本如何被有效地再投资。简单来说，它用于评估公司与其股权资本相关的盈利能力。
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 ADT is:
因此，根据上述公式，ADt的ROE为:
4.1% = US$154m ÷ US$3.7b (Based on the trailing twelve months to March 2024).
4.1% = US$15400万 ÷ US$37亿（基于截至2024年3月的过去12个月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.04 in profit.
“利润”是过去十二个月的利润。这意味着对于每美元的股东权益，公司创造了0.04美元的利润。
Does ADT Have A Good Return On Equity?
ADt的ROE好吗？
Arguably the easiest way to assess company's ROE is to compare it with the average in 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 shown in the graphic below, ADT has a lower ROE than the average (14%) in the Consumer Services industry classification.
可以说，评估公司的ROE最简单的方法是将其与行业平均值进行比较。然而，由于同一行业分类中公司之间的差异相当大，因此此方法仅有粗略检查的用途。如下图所示，ADt的ROE低于消费服务行业分类的平均水平（14%）。
That's not what we like to see. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. 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 3 risks we have identified for ADT.
这不是我们想看到的。尽管如此，低ROE并不总是一件坏事，特别是如果公司负债较少，因为这仍然为公司留下了改进的空间，如果公司继续增加债务，就可以实现。如果高负债公司ROE较低，则完全是另一回事，并且是我们书中的高风险投资。我们的风险仪表板应该显示我们已经为ADt确定的3个风险。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. 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.
大多数公司需要钱 - 从某个地方来获取利润。这份现金可以来自发行股票、留存收益或债务。在第一和第二个选项的情况下，净资产收益率将反映出这种用于增长的现金使用情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。这将使ROE的表现比未使用债务要好。
ADT's Debt And Its 4.1% ROE
ADT的债务和其4.1％的ROE
ADT does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.09. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
ADt确实使用了大量的债务来增加回报。它的负债股本比率为2.09。由于ROE相当低且使用了大量债务，目前很难对该企业感到兴奋。债务确实带来额外风险，因此只有在公司从中获得一定的回报时才真正值得做。
Conclusion
结论
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. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股东权益回报率对比不同企业的质量很有用。没有太多债务就能取得高股东权益回报率的公司通常质量较好。如果两家公司的债权与股权大致相同，而一家公司的股东权益回报率较高，则我通常会更喜欢具有较高股东权益回报率的公司。
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. 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 I think it may be worth checking this free report on analyst forecasts for the company.
尽管ROE是公司质量的一个有用指标，但您必须查看一系列因素才能确定购买股票的正确价格。还必须考虑利润增长率与当前股票价格反映的利润增长预期相对的速度。因此，我认为值得查看公司分析师预测的免费报告。
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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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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