Can Kontoor Brands, Inc.'s (NYSE:KTB) ROE Continue To Surpass The Industry Average?
Can Kontoor Brands, Inc.'s (NYSE:KTB) ROE Continue To Surpass The Industry Average?
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). We'll use ROE to examine Kontoor Brands, Inc. (NYSE:KTB), by way of a worked example.
許多投資者仍在學習分析股票時可以使用的各種指標。本文是爲那些想學習股息收益率(ROE)的人而寫的。我們將使用ROE通過一個案例研究Kontoor Brands, Inc. (紐交所:KTB)。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之,它用於評估公司相對於其權益資本的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算?
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 Kontoor Brands is:
因此,根據上述公式,Kontoor Brands的ROE爲:
65% = US$240m ÷ US$367m (Based on the trailing twelve months to June 2024).
65% = 24000萬美元 ÷ 36700萬美元(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. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.65.
'回報'是稅後的收益,過去12個月的收益。這意味着,對於每1美元的股東投資,公司可以獲得0.65美元的利潤。
Does Kontoor Brands Have A Good ROE?
Kontoor Brands擁有良好的ROE嗎?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. 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, Kontoor Brands has a higher ROE than the average (13%) in the Luxury industry.
可以說,評估公司ROE的最簡單方法是將其與其所在行業的平均水平進行比較。這種方法的侷限性在於,即使在同一行業分類中,某些公司也可能非常不同。正如下圖所示,Kontoor Brands的ROE高於奢侈品行業的平均水平(13%)。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240813/0-cecdd0be2084047715617387b20dad7a-0-73570217fd5ec49493b02979efc8fb6d.png/big)
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. 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 3 risks we have identified for Kontoor Brands.
這正是我們想看到的。不過,高ROE並不總是表明高盈利能力。公司資本結構中更高比例的債務也可能導致高ROE,而高債務水平可能是巨大的風險。我們的風險面板應該亮出了我們已爲Kontoor Brands確定的3個風險。
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 two cases, the ROE will capture this use of capital to grow. 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.
大多數公司需要資本來增加利潤。這些資本可以來自保留收益,發行新股(權益)或債務。在前兩種情況下,ROE將捕獲這種資本用於增長的情況。在後一種情況下,使用債務將提高回報,但不會改變股權。這將使ROE看起來比沒有使用債務要好。
Combining Kontoor Brands' Debt And Its 65% Return On Equity
結合Kontoor Brands的債務和其65%的股本回報率。
It's worth noting the high use of debt by Kontoor Brands, leading to its debt to equity ratio of 2.04. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. 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Kontoor Brands高額的債務使用,導致其債務股本比率爲2.04。它的ROE相當令人印象深刻,但如果沒有使用債務,它可能會較低。債務確實帶來額外的風險,因此只有在公司從中獲得可觀的回報時才真正值得。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
ROE是我們比較不同公司業務質量的一種方法。一般而言,能夠在不過度依賴於債務的情況下獲得高回報的公司通常是優質的公司。除此之外,其他條件相同,更高的ROE更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但ROE只是更大圖景中的一部分,因爲高質量企業常常以高倍數的市盈率交易。相對於當前價格所反映的盈利增長預期,盈利增長速度必須被考慮在內。所以你可能想看看這個數據豐富的互動圖表,了解該公司的預測情況。
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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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。