Should Kinder Morgan, Inc. (NYSE:KMI) Focus On Improving This Fundamental Metric?
Should Kinder Morgan, Inc. (NYSE:KMI) Focus On Improving This Fundamental Metric?
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). We'll use ROE to examine Kinder Morgan, Inc. (NYSE:KMI), by way of a worked example.
许多投资者仍在学习有用的股票分析指标。本篇文章是为想了解股本回报率（ROE）的读者准备的。我们将使用ROE通过金德尔摩根公司（NYSE:KMI）的案例研究来详细解释。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回报率或roe是评估公司管理层如何有效利用公司资本的关键指标。简而言之，ROE显示每美元股东投资所产生的利润。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for ROE is:
roe的公式是：
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 Kinder Morgan is:
因此，根据上述公式，金德尔摩根的ROE为：
8.1% = US$2.6b ÷ US$32b (Based on the trailing twelve months to March 2024).
8.1％= 26亿美元 ÷ 320亿美元（基于截至2024年3月的过去十二个月）。
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.08 in profit.
‘回报’指的是公司过去一年的盈利。从另一个角度来看，每1美元的股本，公司能够获得0.08美元的利润。
Does Kinder Morgan Have A Good ROE?
金德尔摩根的ROE表现好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see Kinder Morgan has a lower ROE than the average (18%) in the Oil and Gas industry classification.
判断公司的回报率好坏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，由于在同一行业分类中公司的情况有很大的区别，因此这种方法只能作为一个大概的检查。如果您看一下下面的图像，您会发现金德尔摩根所在的石油和天然气行业分类中，其ROE低于平均水平（18%）。
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. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for Kinder Morgan visit our risks dashboard for free.
当然这不是理想的情况。然而，低ROE并不总是不好的。 如果公司的债务水平中等偏低，那么仍有可能通过使用财务杠杆来改善回报率。 高债务水平和低ROE的公司是我们不愿冒险的组合。 要了解我们为金德尔摩根确定的三个风险，请免费查询我们的风险仪表板。
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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
几乎所有公司都需要资金来投资业务以增加利润。资金来源可以是往年的利润（保留收益），发行新股或借款。在前两种情况下，ROE将捕捉到使用资本进行增长的情况。在后一种情况下，用于增长的债务将提高收益，但不会影响总股本。因此，借款可以提高ROE，但在像是借来的，需要承担额外风险的情况下，这就如同在暴风雨中前进。
Kinder Morgan's Debt And Its 8.1% ROE
金德尔摩根的负债和其8.1%的ROE
It's worth noting the high use of debt by Kinder Morgan, leading to its debt to equity ratio of 1.01. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，金德尔摩根使用了大量债务，导致其资产负债率为1.01。即使使用了大量的债务，其ROE也相当低，这在我们看来并不好。 债务会增加风险并减少公司未来的选择空间，因此您通常希望看到通过使用债务获得一些良好回报的情况。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是比较不同公司业务质量的一种方式。在我们看来，高回报率（ROE）的高质量公司，尽管债务较低。如果两家公司的ROE相同，则通常会更喜欢债务较少的那家。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst forecasts for the company.
尽管ROE是业务质量的一个有用指标，但您必须考虑各种因素才能确定购买股票的正确价格。考虑与股票价格反映的预期相比的盈利增长率特别重要。因此，我认为值得查看有关该公司分析师预测的免费报告。
Of course Kinder Morgan 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，金德尔摩根可能不是最好的股票买入选择。因此，您可能希望查看此免费集锦，其中包含其他ROE高且负债较低的公司。
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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.
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 (at) simplywallst.com。
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。