Should We Be Delighted With Belden Inc.'s (NYSE:BDC) ROE Of 21%?
Should We Be Delighted With Belden Inc.'s (NYSE:BDC) ROE Of 21%?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand Belden Inc. (NYSE:BDC).
我们能做的最好的投资之一是我们自己的知识和技能。考虑到这一点,本文将探讨如何使用股本回报率(ROE)来更好地了解业务。为了使课程以实用为基础,我们将使用投资回报率来更好地了解百通公司(纽约证券交易所代码:BDC)。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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。简而言之,它衡量公司相对于股东权益的盈利能力。
How To Calculate Return On Equity?
如何计算股本回报率?
The formula for ROE is:
ROE 的公式是:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润(来自持续经营业务)÷ 股东权益
So, based on the above formula, the ROE for Belden is:
因此,根据上述公式,百通的投资回报率为:
21% = US$243m ÷ US$1.2b (Based on the trailing twelve months to December 2023).
21% = 2.43亿美元 ÷ 12亿美元(基于截至2023年12月的过去十二个月)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.21.
“回报” 是指公司去年的收益。因此,这意味着公司每投资1美元,就会产生0.21美元的利润。
Does Belden Have A Good ROE?
百通有不错的投资回报率吗?
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. 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, Belden has a higher ROE than the average (10%) in the Electronic industry.
确定公司股本回报率是否不错的一种简单方法是将其与该行业的平均水平进行比较。重要的是,这远非一个完美的衡量标准,因为各公司在相同的行业分类中差异很大。如下图所示,百通的投资回报率高于电子行业的平均水平(10%)。
![roe](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240326/0-51a909b3019a50f1c06e61140a6dd46c-0-a848e15c47ca1ec401cbc5be826ab37e.png/big)
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
这显然是积极的。请记住,高投资回报率并不总是意味着卓越的财务业绩。除了净收入的变化外,高投资回报率也可能是高债务相对于权益的结果,这表明存在风险。
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 and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
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。在第一和第二种情况下,投资回报率将反映现金用于企业投资的情况。在后一种情况下,债务的使用将提高回报,但不会改变股权。这将使投资回报率看起来比不使用债务时更好。
Combining Belden's Debt And Its 21% Return On Equity
合并百通的债务及其21%的股本回报率
Belden does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.03. 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 does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
百通确实使用大量债务来增加回报。它的负债权益比率为1.03。尽管其投资回报率可观,但值得记住的是,公司可以使用多少债务通常是有限制的。债务确实会带来额外的风险,因此只有当公司从中获得可观的回报时,债务才是真正值得的。
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.
股本回报率对于比较不同业务的质量很有用。在我们的账簿中,尽管债务很低,但质量最高的公司的股本回报率却很高。如果两家公司的投资回报率相同,那么我通常更喜欢负债较少的公司。
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 I think it may be worth checking this free report on 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较高的收益倍数进行交易。与股票价格所反映的预期相比,利润增长率尤其需要考虑。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。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更愿意去另一家公司——一家财务状况可能优越的公司——那么千万不要错过这份免费的股本回报率高、债务低的有趣公司的名单。
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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。