Can Kontoor Brands, Inc.'s (NYSE:KTB) ROE Continue To Surpass The Industry Average?
Can Kontoor Brands, Inc.'s (NYSE:KTB) ROE Continue To Surpass The Industry Average?
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 Kontoor Brands, Inc. (NYSE:KTB), by way of a worked example.
许多投资者仍在学习分析股票时可以使用的各种指标。本文是为那些想学习股息收益率(ROE)的人而写的。我们将使用ROE通过一个案例研究Kontoor Brands, Inc. (纽交所:KTB)。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股东权益回报率是评估公司如何有效地从股东那里获得回报的有用工具。简而言之,它用于评估公司相对于其权益资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算?
ROE can be calculated by using the formula:
净资产收益率可以使用以下公式进行计算:
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 Kontoor Brands is:
因此,根据上述公式,Kontoor Brands的ROE为:
65% = US$240m ÷ US$367m (Based on the trailing twelve months to June 2024).
65% = 24000万美元 ÷ 36700万美元(截至2024年6月的过去12个月)。
The 'return' is the amount earned after tax over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.65.
'回报'是税后的收益,过去12个月的收益。这意味着,对于每1美元的股东投资,公司可以获得0.65美元的利润。
Does Kontoor Brands Have A Good ROE?
Kontoor Brands拥有良好的ROE吗?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Kontoor Brands has a higher ROE than the average (13%) in the Luxury industry.
可以说,评估公司ROE的最简单方法是将其与其所在行业的平均水平进行比较。这种方法的局限性在于,即使在同一行业分类中,某些公司也可能非常不同。正如下图所示,Kontoor Brands的ROE高于奢侈品行业的平均水平(13%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-cecdd0be2084047715617387b20dad7a-0-73570217fd5ec49493b02979efc8fb6d.png/big)
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. 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 3 risks we have identified for Kontoor Brands.
这正是我们想看到的。不过,高ROE并不总是表明高盈利能力。公司资本结构中更高比例的债务也可能导致高ROE,而高债务水平可能是巨大的风险。我们的风险面板应该亮出了我们已为Kontoor Brands确定的3个风险。
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 two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
大多数公司需要资本来增加利润。这些资本可以来自保留收益,发行新股(权益)或债务。在前两种情况下,ROE将捕获这种资本用于增长的情况。在后一种情况下,使用债务将提高回报,但不会改变股权。这将使ROE看起来比没有使用债务要好。
Combining Kontoor Brands' Debt And Its 65% Return On Equity
结合Kontoor Brands的债务和其65%的股本回报率。
It's worth noting the high use of debt by Kontoor Brands, leading to its debt to equity ratio of 2.04. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是Kontoor Brands高额的债务使用,导致其债务股本比率为2.04。它的ROE相当令人印象深刻,但如果没有使用债务,它可能会较低。债务确实带来额外的风险,因此只有在公司从中获得可观的回报时才真正值得。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
ROE是我们比较不同公司业务质量的一种方法。一般而言,能够在不过度依赖于债务的情况下获得高回报的公司通常是优质的公司。除此之外,其他条件相同,更高的ROE更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但ROE只是更大图景中的一部分,因为高质量企业常常以高倍数的市盈率交易。相对于当前价格所反映的盈利增长预期,盈利增长速度必须被考虑在内。所以你可能想看看这个数据丰富的互动图表,了解该公司的预测情况。
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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