What SkyWest, Inc.'s (NASDAQ:SKYW) ROE Can Tell Us
What SkyWest, Inc.'s (NASDAQ:SKYW) ROE Can Tell Us
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. To keep the lesson grounded in practicality, we'll use ROE to better understand SkyWest, Inc. (NASDAQ:SKYW).
我们能够做出的最好投资之一就是提升自己的知识和技能。为此,本文将通过讲解如何运用净资产收益率(ROE)来更好地理解一个企业。为保持实用性,我们将运用ROE来更好地理解SkyWest Inc.(纳斯达克股票代码:SKYW)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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)是衡量公司增值和管理投资者资金有效性的测试。换句话说,它是一种盈利能力比率,用于衡量公司股东提供的资金回报率。
How To Calculate Return On Equity?
如何计算股东权益报酬率?
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 SkyWest is:
因此,基于上述公式,SkyWest的roe为:
7.9% = US$177m ÷ US$2.2b (Based on the trailing twelve months to June 2024).
7.9% = 1.77亿美元÷ 22亿美元(截至2024年6月12个月)
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
“回报”是业务在过去一年内赚取的收入。这意味着对于每1美元的股东权益,公司创造了0.08美元的利润。
Does SkyWest Have A Good ROE?
SkyWest的ROE是否良好?
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that SkyWest has an ROE that is fairly close to the average for the Airlines industry (9.2%).
通过将公司的ROE与行业平均水平进行比较,我们可以快速判断其优劣。然而,这种方法只能作为大致检查的参考,因为在同一行业分类中,公司之间存在较大的差异。您可以在下图中看到,SkyWest的ROE与航空业平均水平(9.2%)相差不远。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If true, then it is more an indication of risk than the potential.
因此,尽管ROE并不突出,但至少是可接受的。虽然ROE与行业相似,但我们仍然应该进一步检查,以确定公司的ROE是否受到高债务水平的推动。如果是真的,那么这更多是风险的指示,而不是潜力的表征。
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. 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 required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多数公司需要从某处获得资金来增加利润。这些资金可以来自留存收益、发行新股(股权)或债务。对于前两种选项,roe将反映出这种资金的使用,用于增长。而在后一种情况下,用于增长的债务将提高回报,但不会影响股东权益。因此,债务的使用可以改善roe,尽管在比喻意义上的风雨风险情况下可能会带来额外风险。
SkyWest's Debt And Its 7.9% ROE
西空航空公司的债务及其7.9%的roe
SkyWest does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.25. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
西空航空公司确实使用了大量的债务来增加回报。其资产负债比为1.25。由于roe相对较低,债务的使用较大,所以此刻很难对这个业务感到兴奋。债务会带来额外风险,因此只有当公司能够从中获得一些可观回报时,债务才真正值得去考虑。
Conclusion
结论
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。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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.
虽然ROE是业务质量的有用指标,但您需要考虑一整套因素来确定购买股票的正确价格。盈利增长率与价格反映的预期是特别重要的考虑因素。因此,您可能需要查看该公司的分析师预测的免费可视化内容。
Of course SkyWest may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
当然,西空航空公司可能不是最好的股票买入选择。所以,您可能希望查看这个免费收藏的其他具有高roe和低债务的公司。
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