Boasting A 49% Return On Equity, Is PepsiCo, Inc. (NASDAQ:PEP) A Top Quality Stock?
Boasting A 49% Return On Equity, Is PepsiCo, Inc. (NASDAQ:PEP) A Top Quality Stock?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of PepsiCo, Inc. (NASDAQ:PEP).
雖然一些投資者已經熟悉了財務指標（感謝提示），但本文是爲那些想學習回報率（roe）及其重要性的人而寫的。通過學以致用，我們將研究roe，以更好地了解百事可樂公司（納斯達克：pep）。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE（淨資產收益率）是股東需考慮的一個重要因素，因爲它告訴他們資本被有效地再投資的效果如何。換句話說，它揭示了公司將股東的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？
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 PepsiCo is:
因此，根據上述公式，百事可樂的roe爲：
49% = US$9.6b ÷ US$20b (Based on the trailing twelve months to June 2024).
49％= 96億美元 ÷ 200億美元（基於截至2024年6月的過去12個月）。
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 $0.49 in profit.
“回報率”是過去12個月稅後所賺取的金額。有一種概念化的方法是，對於每1美元的股東資本投入，公司賺取了0.49美元的利潤。
Does PepsiCo Have A Good Return On Equity?
百事可樂的roe良好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, PepsiCo has a superior ROE than the average (21%) in the Beverage industry.
通過將公司的roe與其所處行業的平均水平進行比較，我們可以快速衡量其優劣。值得注意的是，這遠非完美的衡量指標，因爲同一行業分類中的公司存在顯著差異。令人高興的是，百事可樂的roe優於（21％）飲料行業的平均水平。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 PepsiCo.
這是一個好的跡象。請記住，高roe並不總是意味着卓越的財務表現。除了淨利潤的變化之外，高roe還可以是高負債相對於所有者權益的結果，這表明存在風險。我們的風險儀表板應該列出了我們爲百事可樂確定的3個風險。
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. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要資金（從某個地方）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將捕捉到這種使用資本增長的情況。在後一種情況下，用於增長的債務將提高回報，但不會影響股東權益。因此，債務的使用可以提高roe，儘管在不穩定的情況下會伴隨額外的風險（比喻來說，是暴風雨天氣的情況下）。
PepsiCo's Debt And Its 49% ROE
百事可樂的債務及其49％的roe值得注意。值得注意的是，由於使用了較高的債務，其債務股本比爲2.29。儘管無疑其roe令人印象深刻，但如果公司能夠同時具有較低的債務，我們會更加印象深刻。債務增加了風險並減少了公司未來的選擇機會，因此通常希望使用它來獲得一些良好的回報。
It's worth noting the high use of debt by PepsiCo, leading to its debt to equity ratio of 2.29. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower 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.
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. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是評估企業生成利潤並將其返還給股東能力的有用指標。能夠在不使用過多債務的情況下實現高回報率的公司通常是高質量的公司。如果兩家公司具有相同的ROE，那麼我通常會更喜歡負債較少的公司。
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. 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 check this FREE visualization of analyst forecasts for the company.
話雖如此，ROE是業務質量的一個有用指標，但您還必須考慮一整套因素來確定購買股票的正確價格。因此需要考慮其他因素，如未來的利潤增長以及未來需要投入的資金。因此，您可能希望查看本公司的分析師預測的免費可視化。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司，那麼請不要錯過這份有趣公司列表，該列表免費提供。
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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。