Boasting A 42% Return On Equity, Is EBay Inc. (NASDAQ:EBAY) A Top Quality Stock?
Boasting A 42% Return On Equity, Is EBay Inc. (NASDAQ:EBAY) A Top Quality Stock?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' 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. To keep the lesson grounded in practicality, we'll use ROE to better understand eBay Inc. (NASDAQ:EBAY).
我们能做的最好的投资之一是提升自己的知识和技能。有了这个想法，本文将会通过如何使用ROE（净资产收益率）更好地理解一个业务的方式来为您提供帮助。为了保持实用性，我们将使用ROE来更好地了解ebay inc.（纳斯达克代码：ebay）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即净资产收益率，测试一家公司有效增加价值和管理股东资金的能力。换句话说，它揭示了公司将股东投资转化为利润的成功程度。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
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 eBay is:
因此，根据以上公式，ebay的ROE为：
42% = US$2.6b ÷ US$6.3b (Based on the trailing twelve months to March 2024).
42% = 26亿美元 ÷ 63亿美元（基于过去12个月截至2024年3月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.42 in profit.
‘回报’是年度利润。这意味着对于每1美元的股东权益，公司产生了0.42美元的利润。
Does eBay Have A Good Return On Equity?
ebay的净资产收益率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, eBay has a superior ROE than the average (20%) in the Multiline Retail industry.
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表现的好坏。然而，这种方法只有作为粗略检查时才有用，因为在同一行业分类中公司会有很大不同。令人高兴的是，ebay在多元零售行业的ROE高于行业平均水平（20%）。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . Our risks dashboardshould have the 4 risks we have identified for eBay.
这显然是一个积极的信号。需要注意的是，高ROE并不总是意味着优异的财务表现。公司资本结构中债务的比例较高也可能导致ROE较高，而高债务水平可能是一个巨大的风险。我们的风险面板应该会列出我们为ebay确定的4个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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 used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要资金来增加利润。这些资金可以来自保留收益，发行新股（股权）或债务。在第一和第二种情况下，ROE将反映这种用于投资业务的现金使用情况。在后一种情况下，用于增长的债务将提高回报，但不会影响总股本。通过这种方式，债务的使用将提高ROE，即使业务的核心经济学保持不变。
Combining eBay's Debt And Its 42% Return On Equity
结合ebay的债务和其42%的净资产收益率
It's worth noting the high use of debt by eBay, leading to its debt to equity ratio of 1.23. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，ebay大量使用债务，导致其债务股本比率为1.23。虽然毫无疑问它的ROE令人印象深刻，但是我们会更为印象深刻，如果公司通过更少的债务实现此目标。投资者应认真考虑一家公司如果无法轻松借款将会表现如何，因为信贷市场随时间会发生变化。
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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
ROE是我们可以比较不同公司业务质量的一种方式。没有负债可以实现高ROE的公司可以被认为是高质量的公司。如果两家公司的负债与股本约同，并且一家公司的ROE更高，则我通常更喜欢ROE更高的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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，roe只是更重要的谜题的一部分，因为高品质的企业通常以高倍数的盈利交易。考虑利润增长率，与股票价格反映的预期相比，尤其重要。因此，您可能想要查看这个数据丰富的交互式预测图表。
But note: eBay 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.
但是请注意：ebay可能不是最好的股票买入选择。因此请参阅这份免费的有高ROE和低负债的有趣公司列表。
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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.
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@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。