Is The Wendy's Company's (NASDAQ:WEN) ROE Of 70% Impressive?
Is The Wendy's Company's (NASDAQ:WEN) ROE Of 70% Impressive?
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 The Wendy's Company (NASDAQ:WEN).
許多投資者仍在學習分析股票時可以使用的各種指標。這篇文章是爲了那些想學習 Return On Equity (ROE) 的人準備的。爲了使課堂更加貼近實際,我們將使用 ROE 來更好地了解 The Wendy's Company (納斯達克:WEN)。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說,股東回報率(ROE)是一個重要的考慮因素,因爲它告訴股東他們的資本被有效地再投資了多少。換句話說,它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How Do You Calculate Return On Equity?
怎樣計算ROE?
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算:
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 Wendy's is:
因此,根據上述公式,Wendy的 ROE 是:
70% = US$207m ÷ US$294m (Based on the trailing twelve months to March 2024).
70% = US$20700萬 ÷ US$29400萬 (根據過去 12 個月至 2024 年 3 月)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.70 in profit.
「回報」是公司上一年度稅後收益。可以這樣理解,在每 $1 的股東資本中,公司創造了 $0.70 的利潤。
Does Wendy's Have A Good ROE?
Wendy的 ROE 怎麼樣?
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 is clear from the image below, Wendy's has a better ROE than the average (19%) in the Hospitality industry.
通過將公司的 ROE 與行業平均水平進行比較,我們可以快速衡量公司的表現。這種方法的侷限性在於,即使在同一行業分類中,某些公司也相當不同。從下圖中可以看出,Wendy在餐飲行業中的 ROE 要優於行業平均水平(19%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240726/0-806c930dc461baa3f6e643266de737a4-0-2410679004b73c1fd2b6448a79a7dc2d.png/big)
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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 3 risks we have identified for Wendy's.
這正是我們所希望看到的。但是,請記住,高 ROE 並不一定說明有效的利潤生成。除了淨利潤的變化外,高 ROE 還可能是相對於股權而言高負債的結果,這表明存在風險。我們的風險儀表板應該顯示了我們爲Wendy確定的3種風險。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題?
Most companies need money -- from somewhere -- 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. 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才能獲得利潤增長。 這些投資資金可以來自前一年的利潤(留存收益),發行新股或借款。 在前兩種情況下,roe將捕捉這種資本用於增長的用途。 在後一種情況下,爲了增長所需的債務會提高回報,但不會影響股東權益。 以這種方式使用債務將提高roe,即使業務的核心經濟情況保持不變。
Combining Wendy's' Debt And Its 70% Return On Equity
結合 Wendy 的債務和其 70% 的 ROE
It appears that Wendy's makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 9.39. So although the company has an impressive ROE, the company might not have been able to achieve this without the significant use of debt.
看起來 Wendy 利用了大量債務來提高其回報,這是因爲其有一個驚人的 9.39 債務資本比率。因此,儘管該公司具有令人印象深刻的 ROE,該公司可能無法在沒有大量使用債務的情況下實現這一點。
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 a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
ROE是評估企業創造利潤並將其歸還給股東的能力的有用指標。如果一家公司沒有負債就能實現高ROE,那麼可以認爲它是一家高質量的公司。其他條件相同,較高的ROE更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是roe僅是更大拼圖中的一部分,因爲高質量企業通常以高市盈率交易。重要的是考慮其他因素,如未來盈利增長以及未來需要投入多少投資。因此,您可能要查看這個數據豐富的交互式預測圖表的數據。
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。