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With A Return On Equity Of 8.6%, Has Evergy, Inc.'s (NASDAQ:EVRG) Management Done Well?

With A Return On Equity Of 8.6%, Has Evergy, Inc.'s (NASDAQ:EVRG) Management Done Well?

以8.6%的股本回报率,西星能源公司(纳斯达克:EVRG)的管理层表现如何?
Simply Wall St ·  2024/12/16 23:11

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 Evergy, Inc. (NASDAQ:EVRG), by way of a worked example.

虽然有些投资者已经对财务指标很熟悉(感谢提示),但本文是为了那些希望了解股本回报率(ROE)及其重要性的人准备的。我们将通过一个实际例子来用ROE分析西星能源公司(纳斯达克:EVRG)。

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.

股本回报率(ROE)是用于评估公司管理层如何有效利用公司资本的关键指标。换句话说,它揭示了公司将股东投资转化为利润的成功程度。

How Is ROE Calculated?

净资产收益率怎么计算?

Return on equity can be calculated by using the formula:

净资产收益率可以通过以下公式计算:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

股东权益回报率 = 净利润(来自持续运营)÷ 股东权益

So, based on the above formula, the ROE for Evergy is:

因此,基于上述公式,西星能源的ROE为:

8.6% = US$866m ÷ US$10b (Based on the trailing twelve months to September 2024).

8.6% = 86600万美元 ÷ 100亿美金(基于截至2024年9月的过去十二个月)。

The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.09 in profit.

‘回报’是指公司在过去一年的收益。另一种理解方式是,对于每1美元的股本,该公司能够赚取0.09美元的利润。

Does Evergy Have A Good ROE?

Evergy的 ROE 是否优秀?

By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that Evergy has an ROE that is roughly in line with the Electric Utilities industry average (9.3%).

通过将公司的 ROE 与其行业平均水平进行比较,我们可以快速衡量其优劣。 这种方法的局限性在于,即便是在同一行业分类内,不同公司的情况也可能相差很大。 下图显示,Evergy的 ROE 大致与公用股行业平均水平(9.3%)相符。

big
NasdaqGS:EVRG Return on Equity December 16th 2024
纳斯达克GS:EVRG 股东权益回报率 2024年12月16日

So while the ROE is not exceptional, at least its acceptable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If true, then it is more an indication of risk than the potential. You can see the 3 risks we have identified for Evergy by visiting our risks dashboard for free on our platform here.

因此,尽管 ROE 不算特别优秀,但至少是可以接受的。 尽管 ROE 至少不低于行业水平,但仍值得检查公司债务所起的作用,因为较高的债务水平相对于股本可能会使 ROE 看起来很高。 如果确实如此,那么这更多是风险的指示,而不是潜力的体现。您可以通过访问我们平台上的风险特斯拉-仪表,免费查看我们为Evergy识别的3个风险。

How Does Debt Impact Return On Equity?

债务如何影响净利润回报率?

Virtually all companies need money to invest in the business, to grow 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 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.

几乎所有公司都需要资金投资于业务,以实现利润增长。 投资所需的现金可以来自于前一年的利润(留存收益)、发行新股或借款。在前两种情况下,ROE 将反映这种用于业务投资的现金使用。在后者的情况下,用于增长的债务将改善回报,但不会影响总股本。这将使 ROE 看起来比没有使用债务时更好。

Evergy's Debt And Its 8.6% ROE

西星能源的债务和8.6%的ROE

Evergy does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.37. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.

西星能源确实使用大量债务来提高回报。它的债务与股本比率为1.37。相对较低的ROE和显著使用债务的结合并不特别吸引人。债务增加了风险,并减少了公司未来的选择,因此您通常希望看到一些良好的回报。

Conclusion

结论

Return on equity is one way we can compare its business quality of different companies. 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.

股本回报率是我们比较不同公司业务质量的一种方式。一个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业务。如果两家公司债务与股本的比率大致相同,而一家的ROE更高,我通常会偏好ROE更高的那家。

But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.

但是ROE只是更大拼图中的一部分,因为高质量的企业往往以高倍数的收入交易。相对于当前价格中反映的利润增长预期,利润可能增长的速率也必须考虑。因此,我认为检查一下有关该公司的分析师预测的免费报告可能是值得的。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

当然,你可能会在其他地方找到一个了不起的投资机会。所以查看一下这个有趣公司的免费清单。

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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.

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