A Note On Exelon Corporation's (NASDAQ:EXC) ROE and Debt To Equity
A Note On Exelon Corporation's (NASDAQ:EXC) ROE and Debt To Equity
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Exelon Corporation (NASDAQ:EXC), by way of a worked example.
虽然有些投资者已经熟知金融指标（致敬），但本文是专门为那些想了解回报率（ROE）及其重要性的人准备的。我们将使用Exelon Corporation（纳斯达克股票代码：EXC）作为案例分析，以ROE作为参考指标。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东要考虑的关键因素之一是净资产收益率或roe，因为它告诉他们公司如何有效地重新投资他们的资本。简单点说，它衡量了公司与股东权益相关的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
The formula for return on equity is:
权益回报率的计算公式是：
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 Exelon is:
因此，基于上述公式，Exelon的ROE为:
8.9% = US$2.3b ÷ US$26b (Based on the trailing twelve months to March 2024).
8.9% = 23亿美元 ÷ 260亿美元(基于最近12个月截止2024年3月数据)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.
'回报'指的是公司过去一年的收益。因此，这意味着对于每1美元的股东投资，公司创造了0.09美元的利润。
Does Exelon Have A Good Return On Equity?
Exelon的股东权益回报率如何？
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. If you look at the image below, you can see Exelon has a similar ROE to the average in the Electric Utilities industry classification (8.9%).
通过将一家公司的ROE与行业平均水平进行比较，我们可以快速衡量该公司的表现如何。但是，由于同一行业的公司之间有很大的差异，因此这种方法只适用于粗略检查。如果您查看下面的图像，就会发现Exelon的ROE与电力公用事业行业板块（8.9%）的平均水平相似。
That's neither particularly good, nor bad. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Exelon.
这既不算太好，也不算太差。即使与产业相比，ROE是可观的，但请注意该公司的ROE是否受到高负债水平的支持。如果一家公司承担过多的债务，那么它将面临较高的利息支付违约风险。我们的风险管理仪表板应该有我们已经为Exelon确定的2个风险。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. 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. That will make the ROE look better than if no debt was used.
公司通常需要投资资金来增加利润。这些资金可以来自股票发行、留存收益或债务。在前两种情况下，ROE将捕捉到这种使用资本创造增长的情况。在后一种情况下，用于增长的债务将提高回报率，但不会影响总股本。这将使ROE看起来比没有使用债务要好。
Combining Exelon's Debt And Its 8.9% Return On Equity
结合Exelon的负债以及其8.9%的股东权益回报率
Exelon clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.74. 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.
显然，Exelon使用大量债务来提高回报率，因为它的负债权益比率为1.74。而这种相对较低的ROE与大量使用负债并不十分吸引人。债务的确会带来额外的风险，因此只有当一家公司可以从中获得一些不错的回报时，才是真正值得的。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
净资产收益率是衡量企业创造利润并将其返还给股东的能力的有用指标。如果一家公司能够在没有债务的情况下实现高回报股东的回报，那么可以认为这是一家高质量的公司。如果两家公司的股权和债务水平大致相同，并且一家公司的ROE较高，那么我通常会选择那个ROE较高的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，ROE只是一个大问题的一部分，因为高质量企业通常以高的收益倍数进行交易。考虑到其他因素，例如未来的利润增长以及未来需要投入多少投资，这一点非常重要。因此，您可能需要查看该公司的数据丰富的交互式预测图表。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家可能具有更好财务状况的公司 - 具有高股本回报率和低债务的公司，那么请不要错过这份有趣公司列表，该列表免费提供。
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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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