Northrop Grumman Corporation (NYSE:NOC) Has A ROE Of 15%
Northrop Grumman Corporation (NYSE:NOC) Has A ROE Of 15%
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. We'll use ROE to examine Northrop Grumman Corporation (NYSE:NOC), by way of a worked example.
虽然一些投资者已经精通财务指标（致敬），但本文是为那些想学习ROE并了解其重要性的人准备的。我们将使用ROE来通过实例分析诺斯罗普格鲁曼公司（NYSE:NOC）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即净资产收益率，测试一家公司有效增加价值和管理股东资金的能力。换句话说，它揭示了公司将股东投资转化为利润的成功程度。
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 Northrop Grumman is:
因此，根据上述公式，诺斯罗普格鲁曼的ROE为：
15% = US$2.2b ÷ US$14b (Based on the trailing twelve months to March 2024).
15％ = 2200万美元÷ 140亿美元（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. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.15 in profit.
“回报”是企业在过去一年中赚取的收入。 一个概念化的方法是，对于每1美元的股东资本，公司赚取了0.15美元的利润。
Does Northrop Grumman Have A Good ROE?
诺斯罗普格鲁曼的ROE好吗？
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. The image below shows that Northrop Grumman has an ROE that is roughly in line with the Aerospace & Defense industry average (14%).
通过将公司的ROE与其行业平均值进行比较，我们可以快速衡量其好坏。这种方法的局限性在于，即使在同一行业分类中，有些公司也会有截然不同的表现。下图显示，诺斯罗普格鲁曼的ROE大致与航空与国防行业的平均水平（14％）相当。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 2 risks we have identified for Northrop Grumman.
因此，虽然ROE并不出色，但至少可以接受。尽管ROE与行业相似，我们仍应进一步检查公司的ROE是否受到高负债水平的推动。如果是这样，这将增加其面临的金融风险。我们的风险仪表板应该有两个我们为诺斯罗普格鲁曼确定的风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投资来增加利润。资金可以来自保留收益，发行新股（股权）或债务。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，用于增长的债务将提高回报，但不会影响总权益。通过这种方式，虽然企业的核心经济学保持不变，但债务的使用将提高ROE。
Northrop Grumman's Debt And Its 15% ROE
诺斯罗普格鲁曼的债务和其15％的ROE
Northrop Grumman does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.15. 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. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
诺斯罗普格鲁曼确实使用了大量的债务来提高回报。它的资产负债比率为1.15。虽然其ROE可观，但值得记住的是，公司可以使用的债务数量通常是有限的。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，才真正值得这样做。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
回报率是我们比较不同公司业务质量的一种方式。在我们的书籍中，高质量的公司具有高的资本回报率，尽管低债务。其他因素相等的情况下，高ROE越好。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 take a peek at this data-rich interactive graph of forecasts for the company.
但是，当企业具有高质量时，市场通常会将其竞价提高到反映这一点的价格。重要的是考虑其他因素，例如未来的利润增长 – 以及未来需要多少投资。因此，您可能需要看一下该公司预测数据丰富，交互式图形。
Of course Northrop Grumman 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，诺斯罗普格鲁曼可能不是最好的股票买入选择。因此，您可能希望查看此免费的其他具有高ROE和低债务的公司收藏。
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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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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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