Should We Be Delighted With Solventum Corporation's (NYSE:SOLV) ROE Of 37%?
Should We Be Delighted With Solventum Corporation's (NYSE:SOLV) ROE Of 37%?
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 Solventum Corporation (NYSE:SOLV), by way of a worked example.
我们所做的最好的投资之一就是投入我们自己的知识和技能。考虑到这一点，本文将通过使用ROE(Return On Equity)更好地了解一家公司，以Solventum Corporation(NYSE:SOLV)作为案例展开讲解。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率ROE是测试公司增值能力和管理股东投资的有效性的指标。更简单地说，它衡量公司在股东权益中的盈利能力。
How To Calculate Return On Equity?
如何计算股东权益报酬率？
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 Solventum is:
那么，根据上面的公式，Solventum的ROE是：
37% = US$1.1b ÷ US$2.9b (Based on the trailing twelve months to June 2024).
37% = 11亿美元 ÷ 29亿美元（基于最近12个月截至2024年6月）。
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 $0.37.
“回报”指的是公司过去一年的收益。这意味着，对于每美元股东的投资，该公司会产生0.37美元的利润。
Does Solventum Have A Good ROE?
Solventum有良好的ROE吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, Solventum has a better ROE than the average (11%) in the Medical Equipment industry.
判断一家公司是否具有良好的股本回报率的一种简单方法是将其与同行业板块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，有些公司也非常不同。从下图可以清楚地看出，相较于医疗设备行业(11%)的平均水平，Solventum的ROE更好。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 2 risks we have identified for Solventum visit our risks dashboard for free.
这是一个好迹象。请记住，高ROE并不总是意味着优越的财务表现。特别是当公司使用高额杠杆来偿还债务时，杠杆率会提高公司的ROE，但也会使公司面临风险。要了解Solventum的2个我们已经确定的风险，请免费访问我们的风险监控着陆页。
How Does Debt Impact ROE?
债务对ROE的影响是怎样的？
Most companies need money -- from somewhere -- 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 use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要资金——从某个地方——以增加盈利。投资的现金可以来自于去年的盈利（留存收益），发行新股或借款。对于前两个选项的情况，ROE将反映出公司为了增长所使用的此项投资。对于后一种情况，债务的使用将提高回报，但不会改变股本。通过这种方式，尽管业务的核心经济状况保持不变，但债务的使用将提高ROE。
Combining Solventum's Debt And Its 37% Return On Equity
结合Solventum的债务和其37%的股本回报率
Solventum does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.90. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Solventum确实使用了大量债务来提高回报。它的资产负债比为2.90。虽然公司的ROE令人印象深刻，但如果公司在更低的债务水平下实现了这一点，我们会更加深刻。负债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，它才真正值得。
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 useful for comparing the quality of different businesses. 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.
股东回报率对于比较不同业务的质量很有用。能够在没有债务的情况下实现高回报率的公司可以被认为是高质量的公司。如果两家公司的债务与股权水平大致相同，而其中一家公司的ROE较高，我通常会更喜欢ROE较高的公司。
But when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
但是，当一个业务质量高的公司时，市场通常会将其竞拍到反映这一点的价格。利润增长率相对于股票价格反映的预期，是特别重要考虑的因素。因此，您可能想要查看分析师对该公司的预测的这个免费可视化。
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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