Should We Be Delighted With Progress Software Corporation's (NASDAQ:PRGS) ROE Of 18%?
Should We Be Delighted With Progress Software Corporation's (NASDAQ:PRGS) ROE Of 18%?
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 Progress Software Corporation (NASDAQ:PRGS), by way of a worked example.
我们可以在自己的知识和技能上进行最好的投资之一。有了这个想法，本文将通过一个实例来讲解我们如何使用ROE（净资产收益率）更好地了解一个企业。我们将使用ROC来检验Progress Software Corporation（纳斯达克：PRGS）的业务。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率（roe）是衡量公司经营管理层如何有效利用公司资本的关键指标。换言之，它是一种利润率，衡量由公司股东提供的资本的回报率。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Progress Software is:
因此，根据上述公式，Progress Software的ROE为：
18% = US$73m ÷ US$402m (Based on the trailing twelve months to May 2024).
18％= 7300万美元÷ 40200万美元（基于到2024年5月底的过去十二个月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.18.
“回报”是年利润。这意味着对于每一美元的股东投资，该公司可以创造出0.18美元的利润。
Does Progress Software Have A Good ROE?
Progress Software的ROE表现如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Progress Software has a better ROE than the average (11%) in the Software industry.
通过将公司的ROE与其行业平均值进行比较，我们可以快速衡量其水平。但是，这种衡量标准远非完美，因为在相同行业分类中，公司差异很大。显然，如下图所示，Progress Software的ROE优于软件行业的平均水平（11％）。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
这正是我们想看到的结果。然而，高ROE并不总是意味着高利润。除了净利润的变化之外，相对于股权的高债务也可能是高ROE的结果，这表明风险很大。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, 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.
公司通常需要投资才能增加利润。这些现金可以来自发行股票、留存收益或债务。在第一种和第二种情况下，ROE将反映这些资金用于业务投资。在后一种情况下，用于增长的债务会提高回报率，但不会影响总股权。通过这种方式，尽管业务的核心经济学保持不变，但债务的使用将提高ROE。
Combining Progress Software's Debt And Its 18% Return On Equity
纳斯达克：PRGS股权回报率2024年8月5日
It's worth noting the high use of debt by Progress Software, leading to its debt to equity ratio of 1.98. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. 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，Progress Software高使用债务，导致其债务股本比达到1.98。毫无疑问，它的ROE不错，但公司所承担的债务非常高，这并不值得期待。投资者应仔细考虑如果公司不能轻易借款，其表现将如何，因为信贷市场随着时间的推移而变化。
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. All else being equal, a higher ROE is better.
ROE是我们可以比较不同公司业务质量的一种方式，能够在不使用债务的情况下实现高ROE的公司可以被认为是高质量的企业，其他情况相等的情况下，较高的ROE更佳。
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roe只是更大谜题中的一部分，因为高质量企业通常以高倍数的收益率交易。利润增长率与股票价格所体现的预期相比，是一个特别重要的考虑因素。因此，您可能想要查看这个数据丰富的互动预测图表。
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。
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。