A Closer Look At Edison International's (NYSE:EIX) Uninspiring ROE
A Closer Look At Edison International's (NYSE:EIX) Uninspiring ROE
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Edison International (NYSE:EIX).
许多投资者还在学习股票分析时有哪些有用的指标。本文是为那些想学习回报率（ROE）的人准备的。为了使课程更实用，我们将使用ROE来更好地了解爱迪生国际（纽交所:EIX）。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
roe或权益回报率是评估公司有效利用股东投资产生回报效率的有用工具。简而言之，roe显示每个股东投资所产生的利润。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
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 Edison International is:
因此，根据上述公式，爱迪生国际（Edison International）的ROE为：
5.0% = US$876m ÷ US$18b (Based on the trailing twelve months to March 2024).
5.0％=美元8,760万/美元180亿（截至2024年3月为止的过去12个月）。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
“回报率”是税后在过去的12个月中获得的收益。因此，这意味着公司为其股东的每1美元投资创造了0.05美元的利润。
Does Edison International Have A Good Return On Equity?
爱迪生国际的回报率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Edison International has a lower ROE than the average (8.9%) in the Electric Utilities industry classification.
通过将公司的ROE与其行业平均水平进行比较，我们可以快速衡量其好坏。但需要注意的是，这并非完美的衡量指标，因为在同一行业分类下的公司存在重大差异。如果您查看下图，您会发现爱迪生国际的ROE低于电力公用事业行业分类的平均水平（8.9%）。
Unfortunately, that's sub-optimal. 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. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. You can see the 3 risks we have identified for Edison International by visiting our risks dashboard for free on our platform here.
不幸的是，这种情况并不理想。但是，低回报率并不总是不好的。如果公司的债务水平适中或较低，则仍有可能通过使用财务杠杆来提高回报率。高债务水平和低回报率的组合是我们希望避免的，因为涉及较大的风险。您可以在我们平台上免费访问我们为爱迪生国际确定的3个风险仪表盘。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
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 case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the use of debt will improve the returns, but will not change the 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资业务以实现利润增长。投资的现金可以来自前一年的利润（留存收益）、发行新股或借贷。在第一和第二个选项的情况下，ROE将反映出这种用于增长的现金使用。在后一种情况下，债务使用将提高回报，但不会改变股权。通过此种方式，债务的使用将提高ROE，尽管业务的基本经济条件保持不变。
Edison International's Debt And Its 5.0% ROE
爱迪生国际的负债及其5.0％的ROE
Edison International does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.01. 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.
爱迪生国际确实使用了大量的债务来提高回报。它的债权股权比为2.01。相对较低的ROE和显著的债务使用的组合并不特别有吸引力。债务确实带来了额外的风险，因此只有在公司从中获得一些可观的回报时才真正值得。您可以查看这个免费收集的其他具有高ROE和低债务的公司。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
企业获得利润并将其返还给股东的能力是企业能否赚钱的有用指标。如果一家公司可以在没有债务的情况下实现较高的roe，那么它可以被认为是一家高质量的企业。如果两家公司的roe相同，那么我通常更喜欢负债较少的那一家公司。
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 I think it may be worth checking this free report on analyst forecasts for the company.
当然，Verra Mobility 可能并不是最好的股票。因此，您可能需要查看这些具有高 ROE 和低债务的其他公司的 免费集锦。
Of course Edison International 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，爱迪生国际可能不是最好的股票买入选择。因此，您可能希望查看这些高ROE和低债务的其他公司的免费收藏。
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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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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。