A Closer Look At Clean Harbors, Inc.'s (NYSE:CLH) Impressive ROE
A Closer Look At Clean Harbors, Inc.'s (NYSE:CLH) Impressive ROE
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. We'll use ROE to examine Clean Harbors, Inc. (NYSE:CLH), by way of a worked example.
我们能做的最好的投资之一，就是投资于我们自己的知识和技能。因此，本文将通过使用净资产收益率(ROE)来更好地了解一个业务，并通过一个案例来检验Clean Harbors，Inc. (NYSE:CLH)的ROE。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股东权益回报率，是一种有用的工具，用于评估公司如何有效地从股东获得的投资中产生回报。简单来说，这衡量了一家公司相对于股东权益的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
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 Clean Harbors is:
因此，基于上述公式，Clean Harbors的ROE为:
16% = US$393m ÷ US$2.4b (Based on the trailing twelve months to June 2024).
16% = US$39300万 ÷ US$24亿 (基于截至2024年6月的过去12个月).
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.16.
“回报”是企业在过去一年内获得的收入。这意味着，该公司为每个股东投资的1美元赚取了0.16美元的利润。
Does Clean Harbors Have A Good Return On Equity?
Clean Harbors的净资产收益率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. Pleasingly, Clean Harbors has a superior ROE than the average (12%) in the Commercial Services industry.
通过将一家公司的ROE与其行业平均水平进行比较，我们可以快速衡量其表现如何。这种方法的局限性在于，即使在同一行业分类中，有些公司也与其他公司有很大的不同。令人高兴的是，Clean Harbors的ROE优于商业服务行业的平均水平(12%)。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for Clean Harbors visit our risks dashboard for free.
这正是我们想要看到的。请记住，高ROE并不总是意味着优秀的财务绩效。除了净利润的变化之外，高ROE同样可能是相对于股权而言较高的债务的结果，这表明可能存在风险。请浏览我们的风险仪表盘以了解我们为Clean Harbors确定的2种风险。
Why You Should Consider Debt When Looking At ROE
为什么在观察ROE时你应该考虑债务问题？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投资资金来增加利润。这笔现金可以来自保留收益、发行新股份(股权)或债务。对于前两个选项，ROE将反映出这种用于增长的现金。对于后一种情况，用于增长的债务将提高回报，但不会影响总股本。因此，债务的使用可以提高ROE，尽管在像意喻的暴风雨这样的风险情况下，会带来额外的风险。
Combining Clean Harbors' Debt And Its 16% Return On Equity
结合Clean Harbors的欠债和其16%的净资产收益率。
Clean Harbors does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.14. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Clean Harbors确实使用大量债务来增加回报。其负债-权益比为1.14。尽管其ROE值得尊重，但值得记住的是，一家公司可以使用的债务总量通常是有限的。债务确实带来额外的风险，因此只有当公司从中获得一些不错的回报时，它才是真正有价值的。
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 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 the same ROE, then I would generally prefer the one with less debt.
企业获得利润并将其返还给股东的能力是企业能否赚钱的有用指标。如果一家公司可以在没有债务的情况下实现较高的roe，那么它可以被认为是一家高质量的企业。如果两家公司的roe相同，那么我通常更喜欢负债较少的那一家公司。
But when a business is high quality, the market often bids it up to a price that reflects this. 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 I think it may be worth checking this free report on analyst forecasts for the company.
但当一个企业是高品质时，市场通常会将它竞拍到反映这一点的价格。考虑到利润增长的速度，相对于当前价格所反映的利润增长预期，也必须加以考虑。因此，我认为值得查看此公司的分析师预测免费报告。
But note: Clean Harbors 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：Clean Harbors可能不是最好的股票。因此，看一下这份免费的高roe和低债务的有趣公司列表吧。
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