Should You Be Impressed By BWX Technologies, Inc.'s (NYSE:BWXT) ROE?
Should You Be Impressed By BWX Technologies, Inc.'s (NYSE:BWXT) ROE?
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 BWX Technologies, Inc. (NYSE:BWXT).
虽然有些投资者已经精通金融指标（点头致意），但本文是为那些想要学习Return On Equity（ROE）以及它的重要性的人而写的。通过学以致用的方式，我们将通过ROE来更好地了解BWX Technologies，Inc.（纽交所：BWXT）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东权益回报率（ROE）是检验公司增加其价值和管理投资者资金有效性的测试。简而言之，ROE显示每个美元的利润与其股东的投资有关。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 BWX Technologies is:
因此，根据上述公式，BWX Technologies的ROE为:
27% = US$254m ÷ US$946m (Based on the trailing twelve months to March 2024).
27％=2.54亿美元÷9.46亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.27 in profit.
“回报”是指过去十二个月的利润。另一种理解方式是，对于每1美元的股权，公司能够赚取0.27美元的利润。
Does BWX Technologies Have A Good Return On Equity?
BWX Technologies的ROE表现如何？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, BWX Technologies has a superior ROE than the average (14%) in the Aerospace & Defense industry.
判断一家公司的ROE是否良好的一个简单方法是将其与其所在行业的平均值进行比较。但是，由于公司在同一行业分类中存在相当大的差异，这种方法仅对检查大致情况有用。令人高兴的是，BWX Technologies的ROE superior了航空与国防行业（14％）的平均水平。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk.
这正是我们想看到的。但是，高ROE并不总是表示高盈利能力，尤其是当公司利用大量负债来融资，这可能会提高其ROE，但高杠杆将使公司面临风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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 required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要筹集资金-从某个地方-来增加其利润。这笔资金可以来自留存利润、发行新股（股权）或债务。在前两种情况下，ROE将反映出这种用于投资业务的现金使用情况。在后一种情况下，用于增长的债务将提高回报率，但不会影响股东的权益。因此，利用债务可以改善ROE，尽管在比喻性说法中会导致额外的风险。
Combining BWX Technologies' Debt And Its 27% Return On Equity
结合BWX Technologies的债务和其27％的ROE
BWX Technologies clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.30. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
很明显，BWX Technologies利用大量债务来提高回报率，因为其债务-to-股本比率为1.30。毫无疑问，ROE是令人印象深刻的，但值得注意的是，如果公司减少其债务，则该指标可能会降低。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有价值。
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 a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回报率是衡量企业创造利润并返还给股东的能力的有用指标。在我们的观念中，高股本回报率的高质量公司尽管负债率较低，但其他事项均相等。 其他事项均相等的情况下，较高的ROE更好。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是，当企业质量高时，市场往往会抬高其价格以反映这一点。必须考虑收益增长的可能速度，相对于当前价格中反映的收益增长预期。因此，我认为可以值得查看有关该公司分析师预测的免费报告。
Of course BWX Technologies 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，BWX Technologies可能不是最好的股票购买的选择。因此，您可能希望查看此免费的其他具有高ROE和低债务的公司的收藏。
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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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