Boasting A 78% Return On Equity, Is Hertz Global Holdings, Inc. (NASDAQ:HTZ) A Top Quality Stock?
Boasting A 78% Return On Equity, Is Hertz Global Holdings, Inc. (NASDAQ:HTZ) 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. We'll use ROE to examine Hertz Global Holdings, Inc. (NASDAQ:HTZ), by way of a worked example.
虽然一些投资者已经精通财务指标（帽子小贴士），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。我们将使用ROE来研究赫兹环球控股公司（纳斯达克股票代码：HTZ），举一个行之有效的例子。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。换句话说，它揭示了公司成功地将股东投资转化为利润。
See our latest analysis for Hertz Global Holdings
查看我们对赫兹环球控股的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
这个 投资回报率公式 是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营）≥ 股东权益
So, based on the above formula, the ROE for Hertz Global Holdings is:
因此，根据上述公式，赫兹环球控股的投资回报率为：
78% = US$2.1b ÷ US$2.6b (Based on the trailing twelve months to December 2022).
78% = 21亿美元 ≥ 26亿美元（基于截至2022年12月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.78 in profit.
“回报” 是过去十二个月的税后收入。另一种看法是，每持有价值1美元的股权，该公司就能获得0.78美元的利润。
Does Hertz Global Holdings Have A Good ROE?
赫兹环球控股的投资回报率是否良好？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Hertz Global Holdings has a better ROE than the average (26%) in the Transportation industry.
确定公司是否具有良好的股本回报率的一种简单方法是将其与该行业的平均水平进行比较。但是，这种方法只能用作粗略的检查，因为公司在同一行业分类中确实存在很大差异。从下图可以明显看出，赫兹环球控股的投资回报率高于运输行业的平均水平（26％）。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 4 risks we have identified for Hertz Global Holdings.
这就是我们喜欢看到的。请记住，高投资回报率并不总是意味着卓越的财务业绩。公司资本结构中较高的债务比例也可能导致较高的投资回报率，而高债务水平可能构成巨大的风险。我们的风险仪表板应该包含我们为Hertz Global Holdings确定的4种风险。
Why You Should Consider Debt When Looking At ROE
为什么在考虑投资回报率时应该考虑债务
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要来自某个地方的资金来增加利润。投资现金可以来自上一年的利润（留存收益）、发行新股或借款。在前两个案例中，投资回报率将利用这种资本来增长。在后一种情况下，增长所需的债务将提高回报，但不会影响股东权益。通过这种方式，尽管企业的核心经济保持不变，但债务的使用将提高投资回报率。
Hertz Global Holdings' Debt And Its 78% ROE
赫兹环球控股的债务及其78％的投资回报率
It seems that Hertz Global Holdings uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 5.24. Its ROE is clearly quite good, but it seems to be boosted by the significant use of debt by the company.
Hertz Global Holdings似乎使用大量债务为该业务提供资金，因为它的债务与权益比率极高，为5.24。其投资回报率显然相当不错，但该公司大量使用债务似乎提振了投资回报率。
Conclusion
结论
Return on equity is useful for comparing the quality of different businesses. 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.
股本回报率对于比较不同业务的质量很有用。能够在不负债过多的情况下获得高股本回报的公司通常质量很好。在其他条件相同的情况下，更高的投资回报率更好。
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 check this FREE visualization of analyst forecasts for the company.
但是投资回报率只是更大难题中的一部分，因为高质量的企业通常以高倍的收益进行交易。还必须考虑利润可能增长的速度，相对于当前价格所反映的利润增长预期。因此，您可能需要查看该公司的分析师预测的免费可视化效果。
Of course Hertz Global Holdings may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
当然 赫兹环球控股可能不是最值得买入的股票。所以你可能希望看到这个 免费的 收集其他投资回报率高、负债低的公司。
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Simply Wall St 的这篇文章本质上是一般性的。 我们仅使用不偏不倚的方法根据历史数据和分析师预测提供评论，我们的文章并非旨在提供财务建议。 它不构成买入或卖出任何股票的建议，也没有考虑您的目标或财务状况。我们的目标是为您提供由基本面数据驱动的长期重点分析。请注意，我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。简而言之，华尔街对上述任何股票都没有头寸。