A Closer Look At Post Holdings, Inc.'s (NYSE:POST) Uninspiring ROE
A Closer Look At Post Holdings, Inc.'s (NYSE:POST) Uninspiring ROE
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Post Holdings, Inc. (NYSE:POST).
我们最好的投资之一就是投资于自身的知识和技能。基于此，本文将讨论如何使用股东权益回报率（ROE）更好地了解一个业务。为了使这节课更贴近实际情况，我们将使用ROE更好地了解纽交所上市的Post Holdings, Inc.（NYSE：POST）。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率（roe）是一种关键指标，用于评估公司管理层如何有效利用公司资本。更简单地说，它衡量了公司相对股东权益的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Post Holdings is:
因此，基于上述公式，Post Holdings的ROE为：
8.8% = US$349m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
8.8％= 3.49亿美元 ÷ 40亿美元（截至2024年3月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.09 in profit.
“回报”是年利润。换句话说，对于每1美元的股本，公司能够获得0.09美元的利润。
Does Post Holdings Have A Good ROE?
Post Holdings的ROE怎么样？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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 Post Holdings has a lower ROE than the average (14%) in the Food industry classification.
可以说，评估公司ROE的最简单方法是将其与同行业平均水平进行比较。重要的是，这远非完美的衡量方法，因为同一行业的公司差异很大。从下面的图片中可以看出，Post Holdings的ROE低于食品行业分类的平均水平（14％）。
Unfortunately, that's sub-optimal. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 3 risks we have identified for Post Holdings by visiting our risks dashboard for free on our platform here.
不幸的是，这是次优的。虽然我们认为较低的ROE仍然意味着公司有机会通过利用杠杆来提高回报，但前提是其现有的债务水平较低。高负债公司的低ROE是完全不同的故事，这是一项风险较高的投资案例。您可以通过访问我们的风险仪表板免费了解Post Holdings的三个风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
实际上，几乎所有公司都需要资金来投资业务以增加利润。这些资金可以来自留存收益、发行新股（股权）或债务。对于前两个选择，roe将反映这种用于增长的现金使用情况。对于后者情况，用于增长的债务将提高回报率，但不会影响股东权益。这将使roe看起来比不使用债务更好。
Combining Post Holdings' Debt And Its 8.8% Return On Equity
结合Post Holdings的债务和其8.8％的股东权益回报率
Post Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.61. 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.
Post Holdings确实使用大量债务来提高回报。其负债权益比为1.61。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。
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. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股东回报率对于比较不同业务的质量很有用。能够在没有债务的情况下实现高回报率的公司可以被认为是高质量的公司。如果两家公司的债务与股权水平大致相同，而其中一家公司的ROE较高，我通常会更喜欢ROE较高的公司。
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. 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 I think it may be worth checking this free report on analyst forecasts for the company.
尽管ROE是公司质量的一个有用指标，但您必须查看一系列因素才能确定购买股票的正确价格。还必须考虑利润增长率与当前股票价格反映的利润增长预期相对的速度。因此，我认为值得查看公司分析师预测的免费报告。
But note: Post Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意：Post Holdings可能不是最佳的股票。所以来看看这份免费的有着高ROE和低债务的有趣公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。