Is Marathon Petroleum Corporation (NYSE:MPC) A High Quality Stock To Own?
Is Marathon Petroleum Corporation (NYSE:MPC) A High Quality Stock To Own?
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Marathon Petroleum Corporation (NYSE:MPC).
我们可以进行的最好投资之一是投资我们自己的知识和技能。出于这个目的,本文将通过ROE(净资产收益率)的使用,帮助我们更好地理解一个企业。通过实际操作来学习,我们将通过ROE来更好地理解马拉松原油公司(NYSE:MPC)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股东权益回报率(ROE)是检验公司增加其价值和管理投资者资金有效性的测试。简而言之,ROE显示每个美元的利润与其股东的投资有关。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
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 Marathon Petroleum is:
那么,根据上述公式,Marathon Petroleum的ROE为:
31% = US$8.8b ÷ US$28b (Based on the trailing twelve months to June 2024).
31% = 88亿美元 ÷ 280亿美元(基于截至2024年6月的过去12个月数据)。
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 $0.31 in profit.
“回报”是企业在过去一年中赚取的收益。一个概念化的方法是对于每1美元的股东资本,公司赚取了0.31美元的利润。
Does Marathon Petroleum Have A Good ROE?
马拉松原油是否拥有良好的roe?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Marathon Petroleum has a superior ROE than the average (16%) in the Oil and Gas industry.
判断一家公司是否具有良好的净资产收益率的一种简单方法是将其与同行业的平均水平进行比较。 但是,这种方法只能作为一个粗略的检查,因为不同公司在同一行业分类中存在较大的差异。 令人高兴的是,马拉松原油的roe优于石油和天然气行业的平均水平(16%)。
![1725107068136](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240831/43150276-0-f25d37277ee3ff9bd1a4b0cfe8e052e3.webp/bigjpg)
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 Marathon Petroleum.
这正是我们喜欢看到的。 请记住,高净资产收益率并不总意味着超强的财务表现。 公司资本结构中负债比例较高可能导致高净资产收益率,而高负债水平可能是一个巨大的风险。 我们的风险仪表板中应该包含我们为马拉松原油确定的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. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要资金,无论从哪里获得,才能增加利润。投资现金可以来自早年利润(保留盈余),发行新股或借款。在前两种情况下,roe将反映这种用于业务投资的现金使用情况。在后一种情况下,用于增长的债务将提高回报率,但不会影响总股本。因此,债务的使用可以提高roe,尽管在暴风雨的情况下,比喻性地说,伴随着额外的风险。
Marathon Petroleum's Debt And Its 31% ROE
马拉松原油的债务及其31%的roe
Marathon Petroleum does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.01. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. 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.
马拉松原油确实使用大量债务来提高回报。其资产负债比率为1.01。毫无疑问,roe令人印象深刻,但值得记住的是,如果公司减少债务,这一指标可能会较低。投资者应仔细考虑如果公司无法如此轻松地借款,其表现可能如何,因为信贷市场会随时间变化。
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. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是比较不同公司业务质量的一种方式。在我们看来,高回报率(ROE)的高质量公司,尽管债务较低。如果两家公司的ROE相同,则通常会更喜欢债务较少的那家。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是roe仅是更大拼图中的一部分,因为高质量企业通常以高市盈率交易。重要的是考虑其他因素,如未来盈利增长以及未来需要投入多少投资。因此,您可能要查看这个数据丰富的交互式预测图表的数据。
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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