A Closer Look At Post Holdings, Inc.'s (NYSE:POST) Uninspiring ROE
A Closer Look At Post Holdings, Inc.'s (NYSE:POST) Uninspiring ROE
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 Post Holdings, Inc. (NYSE:POST).
我們最好的投資之一就是投資於自身的知識和技能。基於此，本文將討論如何使用股東權益回報率（ROE）更好地了解一個業務。爲了使這節課更貼近實際情況，我們將使用ROE更好地了解紐交所上市的Post Holdings, Inc.（NYSE：POST）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Post Holdings is:
因此，基於上述公式，Post Holdings的ROE爲：
8.8% = US$349m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
8.8％= 3.49億美元 ÷ 40億美元（截至2024年3月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.09 in profit.
“回報”是年利潤。換句話說，對於每1美元的股本，公司能夠獲得0.09美元的利潤。
Does Post Holdings Have A Good ROE?
Post Holdings的ROE怎麼樣？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Post Holdings has a lower ROE than the average (14%) in the Food industry classification.
可以說，評估公司ROE的最簡單方法是將其與同行業平均水平進行比較。重要的是，這遠非完美的衡量方法，因爲同一行業的公司差異很大。從下面的圖片中可以看出，Post Holdings的ROE低於食品行業分類的平均水平（14％）。
Unfortunately, that's sub-optimal. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 3 risks we have identified for Post Holdings by visiting our risks dashboard for free on our platform here.
不幸的是，這是次優的。雖然我們認爲較低的ROE仍然意味着公司有機會通過利用槓桿來提高回報，但前提是其現有的債務水平較低。高負債公司的低ROE是完全不同的故事，這是一項風險較高的投資案例。您可以通過訪問我們的風險儀表板免費了解Post Holdings的三個風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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 case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
實際上，幾乎所有公司都需要資金來投資業務以增加利潤。這些資金可以來自留存收益、發行新股（股權）或債務。對於前兩個選擇，roe將反映這種用於增長的現金使用情況。對於後者情況，用於增長的債務將提高回報率，但不會影響股東權益。這將使roe看起來比不使用債務更好。
Combining Post Holdings' Debt And Its 8.8% Return On Equity
結合Post Holdings的債務和其8.8％的股東權益回報率
Post Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.61. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Post Holdings確實使用大量債務來提高回報。其負債權益比爲1.61。相對較低的ROE和顯著的債務使用的組合並不特別有吸引力。債務確實帶來了額外的風險，因此只有在公司從中獲得一些可觀的回報時才真正值得。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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. 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.
股東回報率對於比較不同業務的質量很有用。能夠在沒有債務的情況下實現高回報率的公司可以被認爲是高質量的公司。如果兩家公司的債務與股權水平大致相同，而其中一家公司的ROE較高，我通常會更喜歡ROE較高的公司。
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 I think it may be worth checking this free report on analyst forecasts for the company.
儘管ROE是公司質量的一個有用指標，但您必須查看一系列因素才能確定購買股票的正確價格。還必須考慮利潤增長率與當前股票價格反映的利潤增長預期相對的速度。因此，我認爲值得查看公司分析師預測的免費報告。
But note: Post Holdings 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.
但請注意：Post Holdings可能不是最佳的股票。所以來看看這份免費的有着高ROE和低債務的有趣公司列表。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對本文有反饋？對內容感到擔憂？請直接與我們聯繫。或者，發送電子郵件至editorial-team@simplywallst.com。