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What Harley-Davidson, Inc.'s (NYSE:HOG) ROE Can Tell Us

What Harley-Davidson, Inc.'s (NYSE:HOG) ROE Can Tell Us

哈雷戴维森公司(纽交所:HOG)的ROE能告诉我们什么
Simply Wall St ·  2024/12/20 10:23

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 Harley-Davidson, Inc. (NYSE:HOG).

我们能做出的最佳投资之一就是投资自己的知识和技能。考虑到这一点,本文将探讨如何利用净资产收益率(ROE)更好地理解一个业务。为了使课程更加实用,我们将使用ROE来更好地理解哈雷戴维森公司(NYSE:HOG)。

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

股东权益回报率或ROE是股东需考虑的重要因素,因为它表明他们的资本再投资的有效性。简而言之,ROE显示每一美元在股东投资方面产生的利润。

How Do You Calculate Return On Equity?

如何计算股本回报率?

Return on equity can be calculated by using the formula:

净资产收益率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 Harley-Davidson is:

因此,基于上述公式,哈雷戴维森的ROE为:

17% = US$587m ÷ US$3.4b (Based on the trailing twelve months to September 2024).

17% = US$58700万 ÷ US$34亿(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. 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”是过去十二个月的利润。另一种理解方式是,对于每1美元的净资产,公司能够赚取0.17美元的利润。

Does Harley-Davidson Have A Good Return On Equity?

哈雷戴维森的股东权益回报率好吗?

Arguably the easiest way to assess company's ROE is to compare it with the average in 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 Harley-Davidson has an ROE that is fairly close to the average for the Auto industry (15%).

评估公司的ROE最简单的方法可能是将其与同行业的平均水平进行比较。重要的是,这远不是一个完美的衡量标准,因为同一行业分类内的公司差异很大。您可以在下面的图形中看到,哈雷戴维森的ROE与汽车行业的平均水平(15%)相当接近。

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NYSE:HOG Return on Equity December 20th 2024
纽交所:HOG 股东权益回报率 2024年12月20日

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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Harley-Davidson.

因此,虽然ROE并不出众,但至少是可以接受的。尽管ROE与行业相似,我们仍然需要进行进一步检查,以查看公司的ROE是否因高债务水平而得到提升。如果一家公司承担过多债务,它在支付利息方面的违约风险会更高。我们的风险仪表盘应该有我们为哈雷戴维森识别出的两个风险。

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 first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.

大多数公司需要资金——来自某个地方——来提高利润。这笔现金可以来自留存收益、发行新股票(股本)或债务。在前两种情况下,ROE将捕捉到这种使用资本来增长的情况。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。这样,ROE看起来会比不使用债务时更好。

Combining Harley-Davidson's Debt And Its 17% Return On Equity

结合哈雷戴维森的债务和17%的净资产收益率

It's worth noting the high use of debt by Harley-Davidson, leading to its debt to equity ratio of 2.28. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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.

值得注意的是哈雷戴维森高比例使用债务,导致其债务与股本比率为2.28。尽管其ROE相当可观,但公司目前所承载的债务量并不理想。投资者应仔细考虑如果一家公司无法如此轻松借贷,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 one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.

净资产收益率是我们比较不同公司业务质量的一种方式。能够在没有债务的情况下实现高净资产收益率的公司可以被视为高质量的业务。在其他条件相同的情况下,更高的ROE更好。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.

但ROE只是一个更大拼图中的一部分,因为高质量的企业通常以高于盈利的倍数进行交易。利润增长率与股票价格中反映的预期相比,特别重要。因此,你可能想看看这个数据丰富的公司的互动预测图。

Of course Harley-Davidson 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,哈雷戴维森可能不是最佳的股票购买选择。因此,您可能希望查看这个免费的其他公司集合,这些公司具有高ROE和低债务。

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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