A Closer Look At Clean Harbors, Inc.'s (NYSE:CLH) Impressive ROE
A Closer Look At Clean Harbors, Inc.'s (NYSE:CLH) Impressive ROE
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 Clean Harbors, Inc. (NYSE:CLH), by way of a worked example.
我們能做的最好的投資之一，就是投資於我們自己的知識和技能。因此，本文將通過使用淨資產收益率(ROE)來更好地了解一個業務，並通過一個案例來檢驗Clean Harbors，Inc. (NYSE:CLH)的ROE。
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. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
roe指股東權益回報率，是一種有用的工具，用於評估公司如何有效地從股東獲得的投資中產生回報。簡單來說，這衡量了一家公司相對於股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
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 Clean Harbors is:
因此，基於上述公式，Clean Harbors的ROE爲:
16% = US$393m ÷ US$2.4b (Based on the trailing twelve months to June 2024).
16% = US$39300萬 ÷ US$24億 (基於截至2024年6月的過去12個月).
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.16.
「回報」是企業在過去一年內獲得的收入。這意味着，該公司爲每個股東投資的1美元賺取了0.16美元的利潤。
Does Clean Harbors Have A Good Return On Equity?
Clean Harbors的淨資產收益率如何？
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. Pleasingly, Clean Harbors has a superior ROE than the average (12%) in the Commercial Services industry.
通過將一家公司的ROE與其行業平均水平進行比較，我們可以快速衡量其表現如何。這種方法的侷限性在於，即使在同一行業分類中，有些公司也與其他公司有很大的不同。令人高興的是，Clean Harbors的ROE優於商業服務行業的平均水平(12%)。
That's what we like to see. 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. To know the 2 risks we have identified for Clean Harbors visit our risks dashboard for free.
這正是我們想要看到的。請記住，高ROE並不總是意味着優秀的財務績效。除了淨利潤的變化之外，高ROE同樣可能是相對於股權而言較高的債務的結果，這表明可能存在風險。請瀏覽我們的風險儀表盤以了解我們爲Clean Harbors確定的2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？
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資資金來增加利潤。這筆現金可以來自保留收益、發行新股份(股權)或債務。對於前兩個選項，ROE將反映出這種用於增長的現金。對於後一種情況，用於增長的債務將提高回報，但不會影響總股本。因此，債務的使用可以提高ROE，儘管在像意喻的暴風雨這樣的風險情況下，會帶來額外的風險。
Combining Clean Harbors' Debt And Its 16% Return On Equity
結合Clean Harbors的欠債和其16%的淨資產收益率。
Clean Harbors does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.14. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Clean Harbors確實使用大量債務來增加回報。其負債-權益比爲1.14。儘管其ROE值得尊重，但值得記住的是，一家公司可以使用的債務總量通常是有限的。債務確實帶來額外的風險，因此只有當公司從中獲得一些不錯的回報時，它才是真正有價值的。
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
企業獲得利潤並將其返還給股東的能力是企業能否賺錢的有用指標。如果一家公司可以在沒有債務的情況下實現較高的roe，那麼它可以被認爲是一家高質量的企業。如果兩家公司的roe相同，那麼我通常更喜歡負債較少的那一家公司。
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: Clean Harbors 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：Clean Harbors可能不是最好的股票。因此，看一下這份免費的高roe和低債務的有趣公司列表吧。
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