Is Group 1 Automotive, Inc.'s (NYSE:GPI) ROE Of 19% Impressive?
Is Group 1 Automotive, Inc.'s (NYSE:GPI) ROE Of 19% Impressive?
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 Group 1 Automotive, Inc. (NYSE:GPI), by way of a worked example.
虽然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。我们将使用投资回报率来研究Group 1 Automotive, Inc.（纽约证券交易所代码：GPI），举一个可行的例子。
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 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 Group 1 Automotive is:
因此，根据上述公式，第一组汽车的投资回报率为：
19% = US$558m ÷ US$2.9b (Based on the trailing twelve months to June 2024).
19% = 5.58亿美元 ÷ 29亿美元（基于截至2024年6月的过去十二个月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.19 in profit.
“回报” 是过去十二个月的税后收入。对此进行概念化的一种方法是，该公司每拥有1美元的股东资本，就能获得0.19美元的利润。
Does Group 1 Automotive Have A Good Return On Equity?
第一组汽车的股本回报率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. The image below shows that Group 1 Automotive has an ROE that is roughly in line with the Specialty Retail industry average (19%).
通过将公司的投资回报率与其行业平均水平进行比较，我们可以快速衡量其表现如何。但是，这种方法仅在粗略检查时有用，因为各公司在相同的行业分类中确实存在很大差异。下图显示，第一组汽车的投资回报率与专业零售行业的平均水平（19％）大致持平。
That isn't amazing, but it is respectable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Group 1 Automotive by visiting our risks dashboard for free on our platform here.
这并不奇怪，但值得尊敬。即使与行业相比，投资回报率可观，也值得检查一下公司的投资回报率是否受到高额债务水平的支撑。如果是这样，这会增加其金融风险敞口。您可以在此处的平台上免费访问我们的风险控制面板，查看我们为第1组汽车确定的2种风险。
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. That cash can come from issuing shares, retained earnings, 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投资资金来增加利润。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，用于增长的债务将提高回报，但不会影响总资产。因此，使用债务可以提高投资回报率，尽管可以隐喻地说，暴风雨天气会带来额外的风险。
Group 1 Automotive's Debt And Its 19% ROE
第一集团汽车的债务及其19％的投资回报率
Group 1 Automotive does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.47. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Group 1 Automotive确实使用大量债务来增加回报。它的债务与权益比率为1.47。尽管其投资回报率相当可观，但该公司目前的债务额并不理想。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 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. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回报率是衡量企业创造利润并将其返还给股东的能力的有用指标。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。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 when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是，当企业质量很高时，市场通常会以反映这一点的价格出价。与股票价格所反映的预期相比，利润增长率尤其值得考虑。因此，您可能需要查看该公司的分析师预测的免费可视化效果。
But note: Group 1 Automotive 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：Group 1 Automotive可能不是最佳的买入股票。因此，来看看这份投资回报率高、负债率低的有趣公司的免费清单。
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