Boasting A 23% Return On Equity, Is ATI Inc. (NYSE:ATI) A Top Quality Stock?
Boasting A 23% Return On Equity, Is ATI Inc. (NYSE:ATI) A Top Quality Stock?
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 ATI Inc. (NYSE:ATI).
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。為了使課程立足於實踐,我們將使用淨資產收益率來更好地理解ATI Inc.(紐約證券交易所代碼:ATI)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率(ROE)是用來評估公司管理層利用公司資本效率的關鍵指標。換句話說,它揭示了該公司成功地將股東投資轉化為利潤。
Check out our latest analysis for ATI
查看我們對ATI的最新分析
How Is ROE Calculated?
淨資產收益率是如何計算的?
Return on equity can be calculated by using the formula:
股本回報率可使用以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤?股東權益
So, based on the above formula, the ROE for ATI is:
因此,根據上述公式,ATI的ROE為:
23% = US$297m ÷ US$1.3b (Based on the trailing twelve months to June 2023).
23%=2.97億美元×13億美元(基於截至2023年6月的12個月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.23.
“回報”指的是一家公司過去一年的收益。因此,這意味著股東每投資1美元,公司就會產生0.23美元的利潤。
Does ATI Have A Good ROE?
ATI的淨資產收益率好嗎?
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. As you can see in the graphic below, ATI has a higher ROE than the average (12%) in the Metals and Mining industry.
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水準進行比較。重要的是,這遠遠不是一個完美的衡量標準,因為在同一行業分類中,公司的差異很大。如下圖所示,ATI的淨資產收益率高於金屬和礦業行業的平均水準(12%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20230928/0-29b9fe797158dd03bf832c8f3d7cfc6d-0-a6c9223cc1cf604b69f8e360fdd1f841.png/big)
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. 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 .
這就是我們希望看到的。話雖如此,高淨資產收益率並不總是意味著高盈利。債務在公司資本結構中的比例較高也可能導致較高的淨資產收益率,而較高的債務水準可能是一個巨大的風險。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響?
Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投入資金來增加利潤。投資的現金可以來自上一年的利潤(留存收益)、發行新股或借款。在前兩種情況下,淨資產收益率將抓住這種資本增長的用途。在後一種情況下,增長所需的債務將提高回報,但不會影響股東權益。因此,債務的使用可以提高淨資產收益率,儘管打個比方說,在暴風雨天氣的情況下會有額外的風險。
ATI's Debt And Its 23% ROE
ATI的債務及其23%的淨資產收益率
ATI clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.30. 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. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
ATI顯然使用了大量的債務來提高回報,因為它的債務與股本比率為1.30。毫無疑問,淨資產收益率令人印象深刻,但值得記住的是,如果該公司削減債務,這一指標可能會更低。債務確實會帶來額外的風險,所以只有當一家公司從債務中獲得一些可觀的回報時,它才是真正值得的。
Summary
摘要
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 the same ROE, then I would generally prefer the one with less debt.
股本回報率是衡量一家企業產生利潤並將其返還給股東的能力的有用指標。在我們的賬目中,最高質量的公司擁有高股本回報率,儘管債務水準較低。如果兩家公司的淨資產收益率相同,那麼我通常會傾向於債務較少的那一家。
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 take a peek at this data-rich interactive graph of forecasts for the company.
但當一項業務是高質量的時,市場往往會將其抬高到反映這一點的價格。相對於股價反映的預期,利潤增長率是一個特別重要的考慮因素。因此,你可能想看看這張數據豐富的公司預測互動圖表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然了,如果你把目光投向別處,你可能會發現這是一筆很棒的投資。所以讓我們來看看這個免費有趣的公司名單。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫.或者,也可以給編輯組發電子郵件,地址是暗示Wallst.com。
本文由Simply Wall St.撰寫,具有概括性.我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議.它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況.我們的目標是為您帶來由基本面數據驅動的長期重點分析.請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內.Simply Wall St.對上述任何一隻股票都沒有持倉.