With A 3.7% Return On Equity, Is Open Text Corporation (NASDAQ:OTEX) A Quality Stock?
With A 3.7% Return On Equity, Is Open Text Corporation (NASDAQ:OTEX) A Quality Stock?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand Open Text Corporation (NASDAQ:OTEX).
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。为了使课程立足于实践，我们将使用净资产收益率来更好地理解Open Text Corporation(纳斯达克：OTX)。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
净资产收益率，即股本回报率，是评估一家公司从股东那里获得投资回报的有效程度的有用工具。换句话说，这是一个衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for Open Text
查看我们对Open Text的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for ROE is:
这个净资产收益率公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for Open Text is:
因此，根据上面的公式，开放文本的ROE为：
3.7% = US$151m ÷ US$4.0b (Based on the trailing twelve months to June 2023).
3.7%=1.51亿美元×40亿美元(基于截至2023年6月的12个月)。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.04 in profit.
“回报”指的是企业在过去一年中获得的收入。一种将其概念化的方法是，公司每拥有1美元的股东资本，就能获得0.04美元的利润。
Does Open Text Have A Good Return On Equity?
Open Text是否有良好的股本回报率？
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 is clear from the image below, Open Text has a lower ROE than the average (9.8%) in the Software industry.
可以说，评估公司净资产收益率最简单的方法是将其与所在行业的平均水平进行比较。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。如下图所示，Open Text的净资产收益率低于软件行业的平均水平(9.8%)。
That's not what we like to see. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 5 risks we have identified for Open Text visit our risks dashboard for free.
这不是我们希望看到的。话虽如此，低ROE并不总是一件坏事，特别是如果公司的杠杆率较低，因为如果公司承担更多债务，这仍有改进的空间。一家高负债、净资产收益率低的公司则完全是另一回事，在我们的账面上是一种高风险的投资。要了解我们为Open Text确定的5个风险，请免费访问我们的风险仪表板。
How Does Debt Impact ROE?
债务对净资产收益率有何影响？
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 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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投入资金来增加利润。投资的现金可以来自上一年的利润(留存收益)、发行新股或借款。在前两种情况下，净资产收益率将抓住这种资本增长的用途。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。因此，债务的使用可以提高净资产收益率，尽管打个比方说，在暴风雨天气的情况下会有额外的风险。
Combining Open Text's Debt And Its 3.7% Return On Equity
合并Open Text的债务和3.7%的股本回报率
It's worth noting the high use of debt by Open Text, leading to its debt to equity ratio of 2.21. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，Open Text高度利用债务，导致其债务与股本比率为2.21。由于净资产收益率(ROE)相当低，而且大量使用债务，目前很难对这项业务感到兴奋。债务增加了风险，减少了公司未来的选择，所以你通常希望看到使用它的一些良好回报。
Conclusion
结论
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 around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。如果两家公司的债务权益比大致相同，而其中一家公司的净资产收益率更高，我通常会更喜欢净资产收益率更高的那家公司。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. 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.
话虽如此，虽然净资产收益率是衡量业务质量的有用指标，但你必须考虑一系列因素，才能确定购买股票的合适价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想查看分析师对该公司预测的免费可视化。
But note: Open Text 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.
但请注意：Open Text可能不是买入的最佳股票。所以让我们来看看这个免费高净资产收益率和低负债的有趣公司名单。
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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.
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。