Is Entegris, Inc.'s (NASDAQ:ENTG) ROE Of 9.2% Concerning?
Is Entegris, Inc.'s (NASDAQ:ENTG) ROE Of 9.2% Concerning?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Entegris, Inc. (NASDAQ:ENTG).
我们能够做的最好的投资之一就是提高自己的知识和技能水平。基于这一点，本文将通过分析如何使用净资产收益率（ROE）来更好地了解一个企业。我们将通过实践学习，通过分析Entegris, Inc.（纳斯达克：ENTG）的ROE，以更好地了解ROE，从而获得更好的了解。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股东权益回报率是评估公司如何有效地从股东那里获得回报的有用工具。简而言之，它用于评估公司相对于其权益资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Entegris is:
因此，根据上述公式，Entegris的ROE为:
9.2% = US$314m ÷ US$3.4b (Based on the trailing twelve months to March 2024).
9.2％= 3.14亿美元÷ 34亿美元（基于过去12个月，截至2024年3月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.
'回报'指的是公司过去一年的收益。因此，这意味着对于每1美元的股东投资，公司创造了0.09美元的利润。
Does Entegris Have A Good ROE?
Entegris有良好的ROE吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Entegris has a lower ROE than the average (15%) in the Semiconductor industry classification.
判断一家公司的净资产收益率是否良好的一种简单方法是将其与行业平均水平进行比较。这种方法的限制在于，即使在同一行业分类中，一些公司也与其他公司相差很大。如果您查看下面的图像，您会发现Entegris的ROE低于半导体行业分类的平均水平（15％）。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high. Our risks dashboard should have the 2 risks we have identified for Entegris.
这显然不是理想的结果。但是，低ROE并不总是不好的。如果公司的债务水平适中到低，那么仍有可能通过使用财务杠杆来改善回报率。当一家公司的ROE较低但债务水平较高时，我们应该谨慎，因为涉及的风险过高。我们的风险仪表板将显示我们为Entegris确定的2个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Virtually all companies need money to invest in the business, to grow 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.
几乎所有公司都需要资金来投入业务以实现利润增长。这些资金可以来自发行股票，保留收益或债务。在第一种和第二种情况下，ROE将反映用于投资业务的这笔资金。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本净值。通过这种方式，债务使用将提高ROE，即使业务的核心经济学仍然保持不变。
Combining Entegris' Debt And Its 9.2% Return On Equity
Entegris的债务和9.2％的ROE相结合
Entegris clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.22. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Entegris显然使用大量债务提高回报率，因为其负债权益比为1.22。即使使用了大量债务，其ROE也相当低；在我们看来这不是一个好的结果。债务确实带来额外的风险，因此只有在公司从中获得合理回报时才真正值得。
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. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率有助于比较不同企业的质量。能够在不太多债务的情况下实现高roe的公司通常都是高质量的。如果两家公司的roe相同，则我通常更喜欢那家负债较少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.
但是ROE只是一个复杂问题中的一部分，因为高质量的企业往往以高倍数的收益交易。相对于当前价格反映的利润增长预期，利润增长率的可能速度也必须考虑在内。因此，您可能需要查看这家公司预测的数据丰富的交互式图表。
Of course Entegris 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，Entegris可能不是最好的股票可供购买。因此，您可能希望查看此免费收集的其他具有高ROE和低债务的公司。
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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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这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论，只使用公正的方法论，我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议，也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意，我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有反馈？对内容感到担忧？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。