Is Celanese Corporation's (NYSE:CE) 21% ROE Better Than Average?
Is Celanese Corporation's (NYSE:CE) 21% ROE Better Than 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). To keep the lesson grounded in practicality, we'll use ROE to better understand Celanese Corporation (NYSE:CE).
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了解塞拉尼斯公司(纽约证券交易所股票代码：CE)。
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 Celanese
查看我们对塞拉尼斯的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
The formula for return on equity is:
这个股本回报率公式是：
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 Celanese is:
因此，根据上面的公式，塞拉尼斯的净资产收益率为：
21% = US$1.3b ÷ US$6.1b (Based on the trailing twelve months to June 2023).
21%=13亿美元×61亿美元(基于截至2023年6月的12个月的往绩)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.21 in profit.
“回报”指的是一家公司过去一年的收益。这意味着，股东权益每增加1美元，公司就会产生0.21美元的利润。
Does Celanese Have A Good ROE?
塞拉尼斯的净资产收益率好吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As you can see in the graphic below, Celanese has a higher ROE than the average (15%) in the Chemicals industry.
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。重要的是，这远远不是一个完美的衡量标准，因为在同一行业分类中，公司的差异很大。正如你在下图中看到的，塞拉尼斯的净资产收益率高于化工行业的平均水平(15%)。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 3 risks we have identified for Celanese visit our risks dashboard for free.
这就是我们希望看到的。然而，请记住，高净资产收益率并不一定意味着有效的利润创造。尤其是当一家公司使用高水平的债务为其债务融资时，这可能会提高其净资产收益率，但高杠杆将公司置于风险之中。要了解我们为塞拉尼斯确定的3个风险，请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, 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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
几乎所有的公司都需要资金来投资于业务，以增加利润。这些现金可以来自发行股票、留存收益或债务。在第一种和第二种选择的情况下，净资产收益率将反映现金用于增长的这种情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。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 Celanese's Debt And Its 21% Return On Equity
塞拉尼斯的债务及其21%的股本回报率
Celanese clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.34. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
塞拉尼斯显然使用了大量债务来提高回报，因为它的债务与股本比率为2.34。毫无疑问，它的净资产收益率是不错的，但该公司背负的非常高的债务并不太令人兴奋。债务确实会带来额外的风险，所以只有当一家公司从债务中获得一些可观的回报时，它才是真正值得的。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率在比较不同企业的质量时很有用。在我们的账目中，最高质量的公司拥有高股本回报率，尽管债务水平较低。如果两家公司的净资产收益率相同，那么我通常会倾向于债务较少的那一家。
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.
但净资产收益率只是一个更大的谜题的一部分，因为高质量企业的市盈率往往很高。相对于股价反映的预期，利润增长率是一个特别重要的考虑因素。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: Celanese 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：塞拉尼斯可能不是最值得买入的股票。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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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。