How Did European Wax Center, Inc.'s (NASDAQ:EWCZ) 14% ROE Fare Against The Industry?
How Did European Wax Center, Inc.'s (NASDAQ:EWCZ) 14% ROE Fare Against The Industry?
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 European Wax Center, Inc. (NASDAQ:EWCZ), by way of a worked example.
许多投资者仍在学习有助于分析股票的各种指标。本文是为那些想学习股东权益回报率（ROE）的人准备的。我们将使用ROE来以欧洲蜡烛公司（NASDAQ：EWCZ）为例进行分析。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东权益回报率（ROE）是检验公司增加其价值和管理投资者资金有效性的测试。简而言之，ROE显示每个美元的利润与其股东的投资有关。
How Do You Calculate Return On Equity?
怎样计算ROE?
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 European Wax Center is:
因此，按照以上公式，欧洲蜡烛公司的ROE为：
14% = US$17m ÷ US$120m (Based on the trailing twelve months to April 2024).
14％= US$1700万 ÷ US$12000万（截至2024年4月的过去十二个月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.14 in profit.
所谓“回报率”是公司在过去一年中赚取的收入。这意味着，对于每1美元的股东权益，该公司创造了0.14美元的利润。
Does European Wax Center Have A Good ROE?
欧洲蜡烛公司具有良好的ROE吗？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that European Wax Center has an ROE that is roughly in line with the Consumer Services industry average (14%).
通过将公司的ROE与行业平均水平进行比较，我们可以快速衡量其表现。这种方法的局限性在于，有些公司甚至在同一行业分类内也非常不同。下图显示，欧洲蜡烛公司的ROE与消费服务行业平均水平（14％）大致相同。
So while the ROE is not exceptional, at least its acceptable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 2 risks we have identified for European Wax Center.
因此，虽然ROE并不是特别出色，但至少是可以接受的。尽管ROE至少不低于行业平均水平，但仍值得检查公司的债务在其中扮演了什么角色，因为相对于股本来说，高负债水平可能也会使ROE看起来更高。如果确实如此，则会增加其金融风险敞口。我们的风险仪表板应该显示出我们已经为欧洲蜡烛公司确定的2种风险。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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 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.
大多数公司需要资金来增加利润。这些资金可以来自留存收益、发行新股票（股本）或债务。在第一和第二种情况下，ROE将反映用于投资业务的现金使用情况。在后一种情况下，为增长所需的债务会提高回报，但不会影响股东权益。这将使ROE看起来比不使用债务要好。
European Wax Center's Debt And Its 14% ROE
欧洲蜡烛公司的债务及其14％的ROE
It seems that European Wax Center uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.13. Its ROE is pretty good, but given the impact of the debt, we're less than enthused, overall.
似乎欧洲蜡烛公司使用大量债务来资助业务，因为其极高的负债股本比率为3.13倍。虽然ROE相当不错，但考虑到债务的影响，我们总体上不是很满意。
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 one way we can compare its business quality of different companies. 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.
净资产收益率是比较不同公司业务质量的一种方法。可以认为，不借债就能实现高净资产收益率的公司是高品质的公司。如果两个公司的净资产收益率相同，则我通常更喜欢负债较少的公司。
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. 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, 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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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。