Should ONEOK, Inc. (NYSE:OKE) Focus On Improving This Fundamental Metric?
Should ONEOK, Inc. (NYSE:OKE) Focus On Improving This Fundamental Metric?
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 ONEOK, Inc. (NYSE:OKE).
虽然一些投资者已经熟悉财务指标（鸣谢），但本文是给那些想要学习回报率（ROE）及其重要性的人。为了让我们更好地了解ONEOk，我们会使用ROE来保持课程的实用性。（纽交所：OKE）
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
roe，即净资产收益率，是一种评估公司如何有效地从股东手中获取投资回报的有用工具。换句话说，它是一种盈利能力比率，衡量公司股东提供的资本的回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 ONEOK is:
因此，根据上述公式，ONEOk的ROE为：
14% = US$2.2b ÷ US$16b (Based on the trailing twelve months to March 2024).
14％= US$22亿 ÷ US$160亿（根据截至2024年3月的过去十二个月）
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.14 in profit.
‘回报’是指公司在过去一年内的盈利。这意味着公司每1美元的股东权益，产生了0.14美元的利润。
Does ONEOK Have A Good Return On Equity?
ONEOk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. 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, ONEOK has a lower ROE than the average (18%) in the Oil and Gas industry classification.
通过将公司的ROE与其所属行业的平均数进行比较，我们可以快速衡量其优劣。不过，这种方法只适用于初步检查，因为即使是在同一行业分类中，公司之间的差异也很大。如下图所示，ONEOk的ROE低于石油和天然气行业分类的平均水平（18％）。
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 ONEOK.
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低，这仍然为公司以未来发展扩大负债预留了空间。高负债的公司ROE低可能面临不同的情况，是我们看作是一项高风险投资。我们的风险控制严密的特斯拉-仪表中应该有我们为ONEOk识别出的3个风险。
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. That cash can come from issuing shares, retained earnings, 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 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.
大多数公司都需要根据情况从某处获取资金，这些资金可以来自发行股票、保留收益或负债。 在第一和第二种情况下，ROE将反映出这些资金被用于投资企业。 在后一种情况下，用于增长的债务将改善回报率，但不会影响总股本。 通过这种方式，债务的使用将提高ROE，即使业务的核心经济学没有改变。
Combining ONEOK's Debt And Its 14% Return On Equity
结合ONEOk的负债和其14％的ROE
It's worth noting the high use of debt by ONEOK, leading to its debt to equity ratio of 1.34. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，ONEOk采用了较高的负债率，导致其资产负债比为1.34。其ROE无疑是不错的，但公司负载的非常高的负债并不令人兴奋。投资者应认真考虑公司如果无法轻松借贷时的表现，因为信贷市场随着时间而变化。
Summary
总的来说，我们对伟明环保的表现非常满意。具体而言，我们喜欢公司以高回报率再投资了其利润的很大一部分。当然，这导致公司的收益大幅增长。但是，最新的行业分析师预测表明，该公司的收益预计将加速增长。
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
roe对于比较不同企业的质量很有用。一家能够在不借债的情况下实现高股东权益投资回报率的公司可以被认为是高质量的企业。如果两家公司具有相同的roe，则我通常更喜欢负债更少的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但是，ROE只是更大难题的一部分，因为高质量的企业通常以高倍数的收益进行交易。因此，重要的是要考虑其他因素，例如未来的利润增长以及未来需要多少投资。因此，我认为值得检查有关该公司分析师预测的免费报告。
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。
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