What Vail Resorts, Inc.'s (NYSE:MTN) ROE Can Tell Us
What Vail Resorts, Inc.'s (NYSE:MTN) 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. We'll use ROE to examine Vail Resorts, Inc. (NYSE:MTN), by way of a worked example.
我们可以通过投资自己的知识和技能来获得最好的回报。有了这个想法，本文将探讨如何使用回报率（ROE）更好地了解业务。我们将通过一个实例来使用ROE来检查Vail Resorts，Inc.（纽交所：MTN）。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具，用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说，它揭示了公司将股东的投资变成利润的成功程度。
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 Vail Resorts is:
因此，根据上述公式，Vail Resorts 的 ROE 为:
22% = US$294m ÷ US$1.3b (Based on the trailing twelve months to April 2024).
22％= US$294m ÷ US$1.3b (基于过去十二个月截至2024年4月)。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.22.
“回报”是过去12个月的利润。这意味着对于每1美元的股东投资，该公司可以获得0.22美元的利润。
Does Vail Resorts Have A Good ROE?
Vail Resorts是否拥有良好的roe？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Vail Resorts has an ROE that is roughly in line with the Hospitality industry average (19%).
判断公司回报率是否良好的一个简单方法是将其与其行业的平均值进行比较。但很重要的是要明白，这远非完美的衡量标准，因为即使在同一行业分类中，公司也存在显著差异。下图显示，Vail Resorts的ROE大致与酒店行业的平均水平（19%）相当。
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 true, then it is more an indication of risk than the potential. To know the 2 risks we have identified for Vail Resorts visit our risks dashboard for free.
这不算惊人，但也算得上可观。即使与行业相比，ROE值也相当可观。但有必要检查公司的ROE是否受到高负债水平的帮助。如果是真的，则更多地是风险指标而非潜力。了解我们为Vail Resorts确定的2个风险，请免费访问我们的风险仪表板。
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 retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要从某个地方获取资金来增加利润。这笔资金可以来自保留的利润，发行新股（股权）或债务。在前两种情况下，ROE将捕捉到这种利用资本增长的情况。在后一种情况下，债务的使用将改善回报，但不会改变所有者权益。因此，债务的使用可能会提高ROE，但在比喻性地说的“风声鹤唳”的情况下也会伴随着额外的风险。
Vail Resorts' Debt And Its 22% ROE
Vail Resorts的负债及其22%的ROE
Vail Resorts clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.82. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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.
Vail Resorts显然利用了大量负债来提高回报率，因为其负债股本比为1.82。虽然它的ROE相当可观，但公司目前所负担的债务量并不理想。投资者应该仔细思考，如果一家公司无法轻易借贷，它可能会表现如何，因为信贷市场随时间而变化。
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 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.
净资产收益率是比较不同公司业务质量的一种方法。可以认为，不借债就能实现高净资产收益率的公司是高品质的公司。如果两个公司的净资产收益率相同，则我通常更喜欢负债较少的公司。
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, 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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