Boasting A 42% Return On Equity, Is EBay Inc. (NASDAQ:EBAY) A Top Quality Stock?
Boasting A 42% Return On Equity, Is EBay Inc. (NASDAQ:EBAY) A Top Quality Stock?
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 eBay Inc. (NASDAQ:EBAY).
我們能做的最好的投資之一是提升自己的知識和技能。有了這個想法，本文將會通過如何使用ROE（淨資產收益率）更好地理解一個業務的方式來爲您提供幫助。爲了保持實用性，我們將使用ROE來更好地了解ebay inc.（納斯達克代碼：ebay）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE，即淨資產收益率，測試一家公司有效增加價值和管理股東資金的能力。換句話說，它揭示了公司將股東投資轉化爲利潤的成功程度。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
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 eBay is:
因此，根據以上公式，ebay的ROE爲：
42% = US$2.6b ÷ US$6.3b (Based on the trailing twelve months to March 2024).
42% = 26億美元 ÷ 63億美元（基於過去12個月截至2024年3月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.42 in profit.
‘回報’是年度利潤。這意味着對於每1美元的股東權益，公司產生了0.42美元的利潤。
Does eBay Have A Good Return On Equity?
ebay的淨資產收益率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, eBay has a superior ROE than the average (20%) in the Multiline Retail industry.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速衡量其表現的好壞。然而，這種方法只有作爲粗略檢查時才有用，因爲在同一行業分類中公司會有很大不同。令人高興的是，ebay在多元零售行業的ROE高於行業平均水平（20%）。
That's clearly a positive. 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 . Our risks dashboardshould have the 4 risks we have identified for eBay.
這顯然是一個積極的信號。需要注意的是，高ROE並不總是意味着優異的財務表現。公司資本結構中債務的比例較高也可能導致ROE較高，而高債務水平可能是一個巨大的風險。我們的風險面板應該會列出我們爲ebay確定的4個風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 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.
大多數公司需要資金來增加利潤。這些資金可以來自保留收益，發行新股（股權）或債務。在第一和第二種情況下，ROE將反映這種用於投資業務的現金使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。通過這種方式，債務的使用將提高ROE，即使業務的核心經濟學保持不變。
Combining eBay's Debt And Its 42% Return On Equity
結合ebay的債務和其42%的淨資產收益率
It's worth noting the high use of debt by eBay, leading to its debt to equity ratio of 1.23. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower 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.
值得注意的是，ebay大量使用債務，導致其債務股本比率爲1.23。雖然毫無疑問它的ROE令人印象深刻，但是我們會更爲印象深刻，如果公司通過更少的債務實現此目標。投資者應認真考慮一家公司如果無法輕鬆借款將會表現如何，因爲信貸市場隨時間會發生變化。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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. 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.
ROE是我們可以比較不同公司業務質量的一種方式。沒有負債可以實現高ROE的公司可以被認爲是高質量的公司。如果兩家公司的負債與股本約同，並且一家公司的ROE更高，則我通常更喜歡ROE更高的公司。
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.
但是，roe只是更重要的謎題的一部分，因爲高品質的企業通常以高倍數的盈利交易。考慮利潤增長率，與股票價格反映的預期相比，尤其重要。因此，您可能想要查看這個數據豐富的交互式預測圖表。
But note: eBay may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但是請注意：ebay可能不是最好的股票買入選擇。因此請參閱這份免費的有高ROE和低負債的有趣公司列表。
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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.
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。