A Note On Whirlpool Corporation's (NYSE:WHR) ROE and Debt To Equity
A Note On Whirlpool Corporation's (NYSE:WHR) ROE and Debt To Equity
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. We'll use ROE to examine Whirlpool Corporation (NYSE:WHR), by way of a worked example.
我们可以在自己的知识和技能上做出最好的投资之一。考虑到这一点，本文将通过ROE(Return On Equity)的使用方法来更好地了解企业业务。我们将通过实例来使用ROE来检验惠而浦公司(NYSE:WHR)。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回报率或ROE是一项用于评估公司管理层如何利用公司资本的效率的关键指标。简而言之，它用于评估公司相对于其股本资本的盈利能力。
How Is ROE Calculated?
净资产收益率怎么计算？
The formula for ROE is:
roe的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
净资产收益率 = 净利润（从持续经营中获得）÷ 股东权益
So, based on the above formula, the ROE for Whirlpool is:
因此，基于上述公式，惠而浦的roe为：
16% = US$548m ÷ US$3.4b (Based on the trailing twelve months to June 2024).
16% = 5,4800万美元 ÷ 34亿美元 (基于2024年6月的过去12个月计算)
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.16 in profit.
'回报'是每年的利润。一个理解它的方式是，对于每个股东的资本1美元，公司赚取了16美分的利润。
Does Whirlpool Have A Good ROE?
惠而浦的ROE表现如何？
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 Whirlpool has a similar ROE to the average in the Consumer Durables industry classification (14%).
评估公司ROE的一种最简单的方法，是将其与同一行业中的平均ROE进行比较。重要的是要注意，这并不是完美的衡量标准，因为即使是同一行业中的公司，它们之间也会存在显著的差异。如果您观察下面的图像，您可以看到惠而浦的ROE类似于消费者耐用品行业板块的平均水平（14%）。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. Our risks dashboardshould have the 3 risks we have identified for Whirlpool.
因此，虽然ROE并不出色，但至少它是可以接受的。尽管ROE与行业相似，但我们仍应该进行进一步的检查，以确定公司的ROE是否受到高负债水平的提振。如果是这样，这将增加其对金融风险的敞口。我们的风险仪表板应该列出了我们为惠而浦确定的3个风险。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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 case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投资才能增加利润。投资所需的资金可以来自前年的利润(保留盈利)、发行新股或借债。在前两种情况下，ROE将反映这种用于增长的现金使用。在后一种情况下，用于增长的债务将提高回报率，但不会影响总股本。这将使ROE看起来比不借债时更好。
Whirlpool's Debt And Its 16% ROE
惠而浦的债务和其16%的ROE
It's worth noting the high use of debt by Whirlpool, leading to its debt to equity ratio of 2.22. 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.
值得注意的是，惠而浦使用了大量的债务，导致其债务与股本比率为2.22。毫无疑问，它的ROE是不错的，但公司所承担的高额债务并不是令人兴奋的事情。债务确实带来了额外的风险，因此只有当公司从中获得一些相当不错的回报时，才是真正值得投资的。
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. All else being equal, a higher ROE is better.
ROE是评估企业创造利润并将其归还给股东的能力的有用指标。如果一家公司没有负债就能实现高ROE，那么可以认为它是一家高质量的公司。其他条件相同，较高的ROE更好。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但当一个企业是高品质时，市场通常会将它竞拍到反映这一点的价格。考虑到利润增长的速度，相对于当前价格所反映的利润增长预期，也必须加以考虑。因此，我认为值得查看此公司的分析师预测免费报告。
But note: Whirlpool 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：惠而浦可能不是最好的股票。因此，请查看这个免费列表，其中包含ROE高且负债低的有趣公司。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈？对内容有任何疑虑？请直接与我们联系。或者，发送电子邮件至editorial-team@simplywallst.com。