Should You Be Worried About Matthews International Corporation's (NASDAQ:MATW) 6.5% Return On Equity?
Should You Be Worried About Matthews International Corporation's (NASDAQ:MATW) 6.5% Return On Equity?
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 Matthews International Corporation (NASDAQ:MATW).
我们能做的最好的投资之一就是投资于自身的知识和技能。有了这个想法，本文将通过使用 ROE（净资产收益率）来更好地理解业务经营状况。通过实践学习，我们将查看 ROE，以更好地了解马修国际（纳斯达克股票代码：MATW）
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE（净资产收益率）是股东需考虑的一个重要因素，因为它告诉他们资本被有效地再投资的效果如何。换句话说，它揭示了公司将股东的投资转化为利润的成功程度。
How Do You Calculate Return On Equity?
怎样计算ROE?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算：
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 Matthews International is:
因此，根据上述公式，马修国际的 ROE 为：
6.5% = US$33m ÷ US$509m (Based on the trailing twelve months to March 2024).
6.5％= 3300万美元 ÷ 50900万美元（截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.06 in profit.
“回报”指的是公司过去一年的收益。可以这样理解，对于每1美元的股东资本，公司获得了0.06美元的利润。
Does Matthews International Have A Good ROE?
马修国际是否拥有良好的 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. As shown in the graphic below, Matthews International has a lower ROE than the average (12%) in the Commercial Services industry classification.
判断公司ROE表现是否良好的一种简单方法是将其与其所在行业的平均水平进行比较。但这并不是十分完美的衡量标准，因为同一行业分类中的公司存在显著差异。如下图所示，马修国际在商业服务行业分类中的 ROE 低于平均水平（12％）。
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 3 risks we have identified for Matthews International.
这当然不是理想的。但是，低 ROE 并不总是坏事。如果公司的债务水平中等至低，仍有可能通过使用财务杠杆来改善回报。当公司 ROE 很低但债务水平很高时，我们应该保持警惕，因为涉及的风险过高。我们的风险管理仪表板应包含我们已经为马修国际确定的 3 个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
公司通常需要投资资金来增长其利润。投资的现金可以来自前年的利润（留存收益），发行新股或借款。在前两种情况下，ROE将反映这种用于投资业务的现金使用。在后一种情况下，债务的使用将提高回报率，但不会改变公司的股本。通过这种方式，借款将推动ROE增长，即使业务的基本经济情况保持不变。
Matthews International's Debt And Its 6.5% ROE
马修国际的债务和其 6.5％ 的 ROE
Matthews International does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.62. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
马修国际确实使用了大量债务来提高回报。它的负债股本比率为 1.62。在 ROE 相对较低且债务使用较多的情况下，目前很难对这家公司感到兴奋。债务确实带来额外的风险，因此只有在公司从中获得一些可观的回报时才真正值得投资。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回报率在比较不同企业质量时很有用。一家可以在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的公司。其他条件相同，股本回报率越高，越好。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，当企业属于高质量时，市场经常将其标价以反映其优势。折现率的盈利增长率与股票价格中体现的预期相比，是需要特别考虑的。因此，您可能需要查看这份数据丰富的交互式图表，以了解该公司的预测。
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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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
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