Is Phibro Animal Health Corporation's (NASDAQ:PAHC) 7.6% ROE Worse Than Average?
Is Phibro Animal Health Corporation's (NASDAQ:PAHC) 7.6% ROE Worse Than Average?
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 Phibro Animal Health Corporation (NASDAQ:PAHC), by way of a worked example.
尽管一些投资者已经精通财务指标(帽子提示),但本文适合那些想了解股本回报率(ROE)及其重要性的人。我们将使用ROE来检查Phibro Animal Health Corporation(纳斯达克股票代码:PAHC),举一个实例。
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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回报率或投资回报率是股东需要考虑的重要因素,因为它可以告诉他们资本再投资的有效性。换句话说,它是衡量公司股东提供的资本回报率的盈利比率。
See our latest analysis for Phibro Animal Health
查看我们对 Phibro 动物健康的最新分析
How Is ROE Calculated?
ROE 是如何计算的?
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Phibro Animal Health is:
因此,根据上述公式,Phibro Animal Health 的投资回报率为:
7.6% = US$21m ÷ US$273m (Based on the trailing twelve months to September 2023).
7.6% = 2100万美元 ¥2.73亿美元(基于截至2023年9月的过去十二个月)。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.08 in profit.
“回报” 是过去十二个月的利润。这意味着,公司每获得价值1美元的股东权益,就会产生0.08美元的利润。
Does Phibro Animal Health Have A Good Return On Equity?
Phibro Animal Health 有良好的股本回报率吗?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As shown in the graphic below, Phibro Animal Health has a lower ROE than the average (11%) in the Pharmaceuticals industry classification.
确定一家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行业的平均水平进行比较。这种方法的局限性在于,有些公司与其他公司有很大不同,即使属于相同的行业分类也是如此。如下图所示,Phibro Animal Health的投资回报率低于制药行业分类中的平均水平(11%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231206/0-2f51b5a4c33adff712af7f98344999d8-0-e94a2239dfd6cd109d4d9671b277afe4.png/big)
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 company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for Phibro Animal Health visit our risks dashboard for free.
这不是我们喜欢看到的。话虽如此,较低的投资回报率并不总是一件坏事,尤其是在公司的杠杆率较低的情况下,因为如果公司承担更多债务,这仍有改善的余地。考虑到所涉及的风险,我们希望避免将高债务水平和低投资回报率的公司结合起来。要了解我们为 Phibro Animal Health 确定的三种风险,请免费访问我们的风险控制面板。
How Does Debt Impact ROE?
债务如何影响投资回报率?
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), 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 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.
几乎所有公司都需要资金来投资该业务,以增加利润。这些现金可以来自留存收益、发行新股(股权)或债务。在第一种和第二种情况下,投资回报率将反映现金用于业务投资的这种用途。在后一种情况下,增长所需的债务将提高回报,但不会影响股东的权益。因此,隐喻地说,债务的使用可以提高投资回报率,尽管在暴风雨天气下还会带来额外的风险。
Combining Phibro Animal Health's Debt And Its 7.6% Return On Equity
将 Phibro Animal Health 的债务及其7.6%的股本回报率相结合
Phibro Animal Health clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.77. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
Phibro Animal Health显然使用大量债务来提高回报,因为它的负债权益比率为1.77。即使使用了大量债务,它的投资回报率也相当低;在我们看来,这不是一个好结果。投资者应该仔细考虑如果一家公司无法如此轻易地借款,它会如何表现,因为信贷市场确实会随着时间的推移而变化。
Summary
摘要
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. 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。能够在没有债务的情况下实现高股本回报率的公司可以被视为高质量的企业。在其他条件相同的情况下,更高的投资回报率更好。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
但是,当企业质量很高时,市场通常会以反映这一点的价格对其进行出价。重要的是要考虑其他因素,例如未来的利润增长以及未来需要多少投资。因此,我认为可能值得查看这份关于分析师对公司的预测的免费报告。
Of course Phibro Animal Health 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,Phibro Animal Health 可能不是最值得买入的股票。因此,您可能希望看到这份免费收藏的其他投资回报率高、债务低的公司。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。