What Norfolk Southern Corporation's (NYSE:NSC) ROE Can Tell Us
What Norfolk Southern Corporation's (NYSE:NSC) ROE Can Tell Us
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand Norfolk Southern Corporation (NYSE:NSC).
我们能做的最好的投资之一是我们自己的知识和技能。考虑到这一点，本文将探讨如何使用股本回报率（ROE）来更好地了解业务。为了使课程以实用为基础，我们将使用投资回报率来更好地了解诺福克南方公司（纽约证券交易所代码：NSC）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了公司成功地将股东投资转化为利润。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Norfolk Southern is:
因此，根据上述公式，诺福克南方航空的投资回报率为：
11% = US$1.4b ÷ US$13b (Based on the trailing twelve months to March 2024).
11% = 14亿美元 ÷ 130亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.11 in profit.
“回报” 是企业在过去一年中获得的收入。另一种思考方式是，每持有价值1美元的股权，该公司就能获得0.11美元的利润。
Does Norfolk Southern Have A Good ROE?
诺福克南方航空的投资回报率不错吗？
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. You can see in the graphic below that Norfolk Southern has an ROE that is fairly close to the average for the Transportation industry (11%).
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。但是，这种方法仅在粗略检查时有用，因为各公司在相同的行业分类中确实存在很大差异。你可以在下图中看到，诺福克南方航空的投资回报率与运输行业的平均水平（11％）相当接近。
That isn't amazing, but it is respectable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 4 risks we have identified for Norfolk Southern.
这并不奇怪，但值得尊敬。即使与行业相比，投资回报率可观，也值得检查一下公司的投资回报率是否受到高额债务水平的支撑。如果是这样，这会增加其金融风险敞口。我们的风险仪表板应包含我们为诺福克南方航空确定的4种风险。
How Does Debt Impact ROE?
债务如何影响投资回报率？
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. 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.
几乎所有公司都需要资金来投资业务，增加利润。投资现金可以来自上一年的利润（留存收益）、发行新股或借款。在前两个案例中，投资回报率将涵盖这种资本用于增长的用途。在后一种情况下，用于增长的债务将提高回报，但不会影响总资产。这将使投资回报率看起来比不使用债务时更好。
Norfolk Southern's Debt And Its 11% ROE
诺福克南方航空的债务及其11％的投资回报率
It's worth noting the high use of debt by Norfolk Southern, leading to its debt to equity ratio of 1.45. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，诺福克南方航空大量使用债务，导致其债务权益比率为1.45。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。债务确实会带来额外的风险，因此只有当公司从中获得可观的回报时，债务才是真正值得的。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. 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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。能够在没有债务的情况下实现高股本回报率的公司可以被视为高质量的企业。如果两家公司的投资回报率相同，那么我通常更喜欢负债较少的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
话虽如此，尽管投资回报率是衡量业务质量的有用指标，但你必须考虑一系列因素才能确定购买股票的正确价格。还必须考虑利润可能增长的速度，相对于当前价格所反映的利润增长预期。因此，你可能想看看这张数据丰富的公司预测交互式图表。
But note: Norfolk Southern may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：诺福克南方航空可能不是最好的买入股票。因此，来看看这份投资回报率高、负债率低的有趣公司的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论，我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议，也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意，我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之，华尔街没有持有任何上述股票的头寸。
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