A Note On Whirlpool Corporation's (NYSE:WHR) ROE and Debt To Equity
A Note On Whirlpool Corporation's (NYSE:WHR) ROE and Debt To Equity
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. We'll use ROE to examine Whirlpool Corporation (NYSE:WHR), by way of a worked example.
我們可以在自己的知識和技能上做出最好的投資之一。考慮到這一點，本文將通過ROE(Return On Equity)的使用方法來更好地了解企業業務。我們將通過實例來使用ROE來檢驗惠而浦公司(NYSE:WHR)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之，它用於評估公司相對於其股本資本的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for ROE is:
roe的公式是：
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 Whirlpool is:
因此，基於上述公式，惠而浦的roe爲：
16% = US$548m ÷ US$3.4b (Based on the trailing twelve months to June 2024).
16% = 5,4800萬美元 ÷ 34億美元 (基於2024年6月的過去12個月計算)
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.16 in profit.
'回報'是每年的利潤。一個理解它的方式是，對於每個股東的資本1美元，公司賺取了16美分的利潤。
Does Whirlpool Have A Good ROE?
惠而浦的ROE表現如何？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Whirlpool has a similar ROE to the average in the Consumer Durables industry classification (14%).
評估公司ROE的一種最簡單的方法，是將其與同一行業中的平均ROE進行比較。重要的是要注意，這並不是完美的衡量標準，因爲即使是同一行業中的公司，它們之間也會存在顯著的差異。如果您觀察下面的圖像，您可以看到惠而浦的ROE類似於消費者耐用品行業板塊的平均水平（14%）。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 3 risks we have identified for Whirlpool.
因此，雖然ROE並不出色，但至少它是可以接受的。儘管ROE與行業相似，但我們仍應該進行進一步的檢查，以確定公司的ROE是否受到高負債水平的提振。如果是這樣，這將增加其對金融風險的敞口。我們的風險儀表板應該列出了我們爲惠而浦確定的3個風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投資才能增加利潤。投資所需的資金可以來自前年的利潤(保留盈利)、發行新股或借債。在前兩種情況下，ROE將反映這種用於增長的現金使用。在後一種情況下，用於增長的債務將提高回報率，但不會影響總股本。這將使ROE看起來比不借債時更好。
Whirlpool's Debt And Its 16% ROE
惠而浦的債務和其16%的ROE
It's worth noting the high use of debt by Whirlpool, leading to its debt to equity ratio of 2.22. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
值得注意的是，惠而浦使用了大量的債務，導致其債務與股本比率爲2.22。毫無疑問，它的ROE是不錯的，但公司所承擔的高額債務並不是令人興奮的事情。債務確實帶來了額外的風險，因此只有當公司從中獲得一些相當不錯的回報時，才是真正值得投資的。
Conclusion
結論
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 when a business is high quality, the market often bids it up to a price that reflects this. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So I think it may be worth checking this free report on analyst forecasts for the company.
但當一個企業是高品質時，市場通常會將它競拍到反映這一點的價格。考慮到利潤增長的速度，相對於當前價格所反映的利潤增長預期，也必須加以考慮。因此，我認爲值得查看此公司的分析師預測免費報告。
But note: Whirlpool 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.
但請注意：惠而浦可能不是最好的股票。因此，請查看這個免費列表，其中包含ROE高且負債低的有趣公司。
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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。