Should You Be Impressed By Service Corporation International's (NYSE:SCI) ROE?
Should You Be Impressed By Service Corporation International's (NYSE:SCI) ROE?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Service Corporation International (NYSE:SCI).
许多投资者仍在学习分析股票时可能有用的各种指标。本文是为那些希望学习净资产收益率(ROE)的人准备的。为了使课堂内容更加实际,我们将使用ROE来更好地理解Service Corporation International(纽交所:SCI)。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股本回报率是评估公司如何有效产生股东投资回报的有用工具。换句话说,它揭示了公司将股东投资转化为利润的成功程度。
How Is ROE Calculated?
ROE是如何计算的?
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
股东权益回报率 = 净利润(来自持续运营)÷ 股东权益
So, based on the above formula, the ROE for Service Corporation International is:
因此,根据上述公式,Service Corporation International的ROE为:
31% = US$506m ÷ US$1.6b (Based on the trailing twelve months to September 2024).
31% = US$50600万 ÷ US$16亿(基于截至2024年9月的过去十二个月)。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.31 in profit.
“回报”是过去十二个月的净利润。也就是说,对于每1美元的股东权益,公司产生了0.31美元的利润。
Does Service Corporation International Have A Good Return On Equity?
Service Corporation International的ROE表现好吗?
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, Service Corporation International has a better ROE than the average (15%) in the Consumer Services industry.
判断一家公司的ROE表现是否良好的一种简单方法是将其与同行业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,不同公司的情况也可能相差甚远。 从下图可见,Service Corporation International的ROE优于消费服务行业的平均水平(15%)。

That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. Our risks dashboardshould have the 2 risks we have identified for Service Corporation International.
这正是我们想看到的。 话虽如此,高ROE并不总是表示高盈利能力。 除了净利润的变化外,高ROE还可能是相对于权益的高负债的结果,这表示风险。 我们的风险仪表盘应有我们为Service Corporation International识别的2个风险。
Why You Should Consider Debt When Looking At ROE
在考虑ROE时,为什么应该考虑负债
Virtually all companies need money to invest in the business, to grow 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 debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有公司都需要资金来投资于业务,以增长利润。这笔资金可以来自留存收益、发行新股(股本)或债务。在前两种情况下,ROE将反映资本的使用以实现增长。在后一种情况下,用于增长的债务将提高回报,但不会影响总权益。通过这种方式,债务的使用将提升ROE,即使业务的核心经济状况保持不变。
Service Corporation International's Debt And Its 31% ROE
Service Corporation International的债务和31%的ROE
Service Corporation International clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.88. Its ROE is pretty impressive but, it would have probably been lower without the use of 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.
Service Corporation International显然使用了大量债务来提高回报,因为它的债务股权比为2.88。它的ROE相当可观,但如果没有债务的使用,可能会更低。投资者应该仔细考虑,如果一家公司无法如此轻易借贷,它可能会表现如何,因为信用市场会随着时间而变化。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是一个有用的指标,能够判断一个业务产生利润并将其返还给股东的能力。能够在不需要太多债务的情况下获得高股本回报率的公司通常质量较好。如果两家公司的ROE相同,我通常更偏好负债较少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是ROE只是更大拼图中的一部分,因为高质量的企业往往以高倍数的收益进行交易。必须考虑到相对于当前价格中反映的利润增长预期,利润可能增长的速度。因此,您可能想看一下该公司的预测数据丰富的互动图表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
当然,你可能会在其他地方找到一个了不起的投资机会。所以查看一下这个有趣公司的免费清单。
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