With A Return On Equity Of 17%, Has Group 1 Automotive, Inc.'s (NYSE:GPI) Management Done Well?
With A Return On Equity Of 17%, Has Group 1 Automotive, Inc.'s (NYSE:GPI) Management Done Well?
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 Group 1 Automotive, Inc. (NYSE:GPI), by way of a worked example.
最好的投资之一就是投资于我们自己的知识和技能。考虑到这一点，本文将探讨如何利用净资产收益率（roe）来更好地理解一项业务。我们将通过一个实例来检查汽车一组（纽约证券交易所：GPI）的roe。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股东权益回报率（roe）是一种关键指标，用于评估公司管理层如何有效利用公司资本。更简单地说，它衡量了公司相对股东权益的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
ROE can be calculated by using the formula:
roe可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（来自持续经营） ÷ 股东权益
So, based on the above formula, the ROE for Group 1 Automotive is:
因此，根据上述公式，汽车一组的roe为：
17% = US$511m ÷ US$3.0b (Based on the trailing twelve months to September 2024).
17% = US$51100万 ÷ US$30亿（基于截至2024年9月的过去12个月数据）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.17 in profit.
'回报'是每年的利润。可以将其理解为，每1美元的股权，公司能够赚取0.17美元的利润。
Does Group 1 Automotive Have A Good Return On Equity?
汽车一组的净利润表现如何？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. You can see in the graphic below that Group 1 Automotive has an ROE that is fairly close to the average for the Specialty Retail industry (19%).
判断一家公司净利润是否良好的一个简单方法是将其与同行业的平均水平进行比较。重要的是，这远非一个完美的衡量标准，因为同一行业分类内的公司差异显著。您可以在下图中看到，汽车一组的roe与专业零售行业的平均水平（19%）非常接近。
That's neither particularly good, nor bad. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 2 risks we have identified for Group 1 Automotive by visiting our risks dashboard for free on our platform here.
这既不算特别好，也不算坏。虽然至少这个roe并没有低于行业水平，但仍值得检查一下公司的债务在多大程度上影响了这个数字，因为相对于股本的高债务可能也会使roe显得很高。如果一家公司背负过多债务，它面临的违约风险也会增大。您可以通过访问我们的平台来查看我们为汽车一组识别的两个风险，免费查看我们的风险仪表板。
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。
Group 1 Automotive's Debt And Its 17% ROE
汽车一组的债务及其17%的roe
Group 1 Automotive clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.62. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
汽车一组显然使用了大量债务来提升回报，其债务与股本比率为1.62。毫无疑问，其roe相当不错，但是公司所承载的高额债务并不令人兴奋。债务确实带来了额外的风险，因此只有在公司从中获得可观回报时才真正值得。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. 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.
股本回报率是衡量企业盈利能力，并将其利润分配给股东的一项有用指标。在我们的清单中，高质量的公司股本回报率高，债务压力不大。如果两家公司的债务资本比大致相同，并且一家公司的ROE更高，则我通常更喜欢具有较高ROE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。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然，您也可能通过寻找其他地方来找到出色的投资。因此，不妨查看这个有趣公司的免费列表。
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