Should You Be Worried About Ford Motor Company's (NYSE:F) 8.8% Return On Equity?
Should You Be Worried About Ford Motor Company's (NYSE:F) 8.8% Return On 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. We'll use ROE to examine Ford Motor Company (NYSE:F), by way of a worked example.
我们能做的最好的投资之一就是提升自己的知识和技能水平。因此，本文将通过一个实例来详细介绍如何使用净资产收益率（ROE）更好地了解一个企业。我们将以福特汽车公司（纽交所：F）为例，用ROE进行探讨。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股东权益报酬率是一种有用的工具，用于评估一家公司能否有效地利用来自股东的投资产生回报。换句话说，它揭示了公司将股东的投资变成利润的成功程度。
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 Ford Motor is:
有鉴于以上公式，福特汽车的ROE为：
8.8% = US$3.8b ÷ US$44b (Based on the trailing twelve months to June 2024).
8.8% = 38亿美元 ÷ 440亿美元（截至2024年6月最近12个月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.09 in profit.
这个“收益率”是企业在过去一年中获得的收入。一种描述它的方式是，企业每拥有1美元的股东资本，就能赚取0.09美元的利润。
Does Ford Motor Have A Good Return On Equity?
福特汽车是否具备良好的净资产收益率？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Ford Motor has a lower ROE than the average (19%) in the Auto industry.
判断公司是否具备良好的净资产收益率的一种简单方法是将其与所在行业的平均水平进行比较。这显然不是一种完美的度量方式，因为即使在相同的行业分类中，公司之间的差异也很大。就像下图所示，福特汽车的ROE低于汽车行业的平均水平（19%）。
That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 3 risks we have identified for Ford Motor visit our risks dashboard for free.
这当然不是理想的情况。但是，低净资产收益率并不总是一件坏事，尤其是如果公司负债不高，仍有改善空间，如果公司承担更多的债务，情况就会有所不同，是一项风险投资。要了解福特汽车的3项风险，请免费访问我们的风险仪表。
How Does Debt Impact Return On Equity?
债务如何影响股东回报率？
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
公司通常需要投资资金来增加利润。投资资金可以来自前年的利润（留存收益），发行新股或借款。对于前两种选择，ROE将反映这种用于增长的现金。在后一种情况下，债务的使用将提高回报率，但不会影响股东权益。这将使ROE看起来比未使用债务时更好。
Ford Motor's Debt And Its 8.8% ROE
福特汽车的债务和它的8.8% ROE。
It appears that Ford Motor makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 3.46. Most investors would need a low share price to be interested in a company with low ROE and high debt to equity.
看起来福特汽车广泛利用债务来提高其回报率，因为它的资产负债比率高达3.46，这很危险。大多数投资者需要低股价才会对低净资产收益率和高资产负债比率的公司感兴趣。
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. In our books, the highest quality companies have high return on equity, despite low debt. 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.
股本收益率是我们可以比较不同公司业务质量的一种方式。在我们书中，具有高股本收益率的最高质量公司，尽管负债率低。如果两家公司的负债与股权水平大致相同，并且其中一家公司的ROE更高，我通常会更喜欢ROE更高的公司。
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. 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.
话虽如此，尽管ROE是业务质量的一个有用指标，但您还必须查看一系列因素，才能确定购买股票的正确价格。盈利增长率与体现在股价中的预期之间的比较，是特别需要考虑的。因此，您可能希望查看此充满数据的互动预测图，了解该公司的情况。
But note: Ford Motor 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：福特汽车可能不是最好的买入股票。请查看这份免费的有高净资产收益率和低负债的有趣公司列表。
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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。