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Does Alarm.com Holdings, Inc. (NASDAQ:ALRM) Create Value For Shareholders?

Does Alarm.com Holdings, Inc. (NASDAQ:ALRM) Create Value For Shareholders?

Alarm.com Holdings, Inc. (納斯達克:ALRM) 爲股東創造價值嗎?
Simply Wall St ·  10/14 14:23

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. We'll use ROE to examine Alarm.com Holdings, Inc. (NASDAQ:ALRM), by way of a worked example.

雖然一些投資者已經精通財務指標(提醒一下),但這篇文章是爲那些想要學習什麼是股東權益回報率(ROE)以及其重要性的人。我們將使用ROE來檢視Alarm.com Holdings, Inc.(納斯達克:ALRM)的情況,通過一個實例來說明。

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 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 Alarm.com Holdings is:

因此,根據上述公式,Alarm.com Holdings的ROE是:

16% = US$106m ÷ US$683m (Based on the trailing twelve months to June 2024).

16% = 1.06億美元 ÷ 6.83億美元(截至2024年6月的過去十二個月)。

The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.16 in profit.

『回報』是企業過去一年賺取的收入。從另一個角度來看,每增加1美元的淨資產,公司能夠賺取0.16美元的利潤。

Does Alarm.com Holdings Have A Good Return On Equity?

Alarm.com Holdings的股東權益回報率如何?

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. You can see in the graphic below that Alarm.com Holdings has an ROE that is fairly close to the average for the Software industry (14%).

可以說,評估公司ROE的最簡單方法是將其與行業平均值進行比較。重要的是,這遠非完美的衡量方式,因爲同一行業分類內的公司存在顯著差異。您可以在下面的圖表中看到,Alarm.com Holdings的ROE與軟件行業的平均水平(14%)相差不大。

big
NasdaqGS:ALRM Return on Equity October 14th 2024
納斯達克GS:ALRm 2024年10月14日的股東權益回報率

That isn't amazing, but it is respectable. 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.

雖然ROE與行業相似,但這並不是驚人的,但仍應進一步檢查以確定公司的ROE是否受到高負債水平的推動。如果是這樣,這將增加其面臨的金融風險。

How Does Debt Impact ROE?

債務對ROE的影響是怎樣的?

Most companies need money -- from somewhere -- to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.

大多數公司需要資金--從某處--來增加他們的利潤。這些資金可以來自發行股票、留存收益或債務。在前兩種情況下,ROE將反映出這些資金用於投資業務。在後一種情況下,用於增長的債務將改善回報率,但不會影響總權益。這將使ROE看起來比不使用債務時更好。

Combining Alarm.com Holdings' Debt And Its 16% Return On Equity

將Alarm.com控股的債務及其16%的股東權益回報結合起來

Alarm.com Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.43. 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 increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

Alarm.com控股確實使用了大量債務來增加回報。其資產負債比率爲1.43。儘管其roe值令人尊敬,但值得記住公司可以使用的債務量通常是有限的。債務增加了風險並減少了公司未來的選擇,因此您通常希望看到它帶來一些好回報。

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. If two companies have the same ROE, then I would generally prefer the one with less debt.

ROE是我們可以比較不同公司業務質量的一種方式。能夠在不太依賴債務的情況下實現高ROE的公司通常是高品質的。如果兩家公司的ROE相同,則通常會更喜歡債務較少的那家公司。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.

但ROE只是一個更大拼圖中的一部分,因爲高質量的企業往往以高倍數的收益交易。利潤增長率與股票價格所反映的預期之間的差異,是特別需要考慮的因素。所以你可能想要檢查一下公司分析師預測的這個免費可視化工具。

But note: Alarm.com Holdings 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:Alarm.com控股可能不是最好的股票買入選擇。因此,看看這個具有高ROE和低債務的有趣公司的免費名單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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。

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