A Closer Look At Murphy USA Inc.'s (NYSE:MUSA) Impressive ROE
A Closer Look At Murphy USA Inc.'s (NYSE:MUSA) Impressive 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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Murphy USA Inc. (NYSE:MUSA).
很多投資者仍在學習有用的股票分析指標。本文是爲那些想要了解回報率(ROE)的人而準備的。通過實踐學習，我們將通過ROE來更好地了解Murphy USA Inc. (紐交所：MUSA)。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東要考慮的關鍵因素之一是淨資產收益率或roe，因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說，它衡量了公司與股東權益相關的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Murphy USA is:
所以，根據上述公式，Murphy USA的ROE爲：
66% = US$517m ÷ US$782m (Based on the trailing twelve months to March 2024).
66％= US $ 517m ÷ US $ 782m（基於截至2024年3月的過去12個月）。
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 $0.66 in profit.
所謂"回報"是指企業在過去一年賺取的收入。這意味着公司每1美元的股東權益中，產生了66美分的利潤。
Does Murphy USA Have A Good Return On Equity?
Murphy USA的回報率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Murphy USA has a higher ROE than the average (19%) in the Specialty Retail industry.
通過將公司的ROE與行業平均水平進行比較，我們可以快速衡量它的好壞程度。這種方法的限制在於，即使在同一行業分類中，有些公司差異很大。從下面的圖表可以看出，在專業零售行業中，Murphy USA的ROE高於平均水平(19%)。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 .
那是一個好的跡象。請記住，高roe並不總是意味着更好的財務表現。公司資本結構中更高比例的債務也可能導致高roe，而高負債水平可能是一個巨大的風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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 and second cases, the ROE will reflect this use of cash for investment in the business. 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.
大多數公司需要資金 - 來自某個地方 - 來增加其利潤。這些現金可以來自保留收益，發行新股（股權）或債務。在前兩種情況下，ROE將反映這些用於業務投資的現金使用情況。在後一種情況下，債務的使用將改進回報，但不會改變股本。這將使ROE看起來比未使用債務好。
Murphy USA's Debt And Its 66% ROE
Murphy USA的債務和其66%的ROE
Murphy USA clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.14. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Murphy USA顯然使用了大量的債務來提高回報率，因爲其負債股本比率爲2.14。其ROE相當出色，但如果不使用債務，則可能會更低。債務增加了公司的風險，減少了公司未來的選擇，因此您通常希望從中獲得一些良好的回報。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
ROE可用於比較不同企業的質量。在我們看來，高ROE且負債率較低的公司是最優質的公司。其他條件相等的情況下，較高的ROE更好。
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.
話雖如此，雖然ROE是業務質量的有用指標，但您必須查看一系列因素來確定購買股票的正確價格。考慮到利潤增長率與股票價格中反映的預期相比，這是要考慮的非常重要的因素。因此，您可能需要查看該公司的其他分析師預測的免費可視化。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，您也可能通過尋找其他地方來找到出色的投資。因此，不妨查看這個有趣公司的免費列表。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或電郵 editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，也可以發送電子郵件至editorial-team@simplywallst.com