Is AbbVie Inc.'s (NYSE:ABBV) ROE Of 77% Impressive?
Is AbbVie Inc.'s (NYSE:ABBV) ROE Of 77% Impressive?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand AbbVie Inc. (NYSE:ABBV).
許多投資者仍在學習在分析股票時可能有用的各種指標。這篇文章是為那些想了解股本回報率(ROE)的人準備的。為了讓這一課立足於實踐，我們將使用淨資產收益率來更好地理解艾伯維公司。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率(ROE)是對一家公司增值和管理投資者資金的效率的測試。換句話説，它揭示了該公司成功地將股東投資轉化為利潤。
See our latest analysis for AbbVie
查看我們對AbbVie的最新分析
How To Calculate Return On Equity?
如何計算股本回報率？
ROE can be calculated by using the formula:
可使用以下公式計算淨資產收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率=(持續經營的)淨利潤？股東權益
So, based on the above formula, the ROE for AbbVie is:
因此，根據上面的公式，AbbVie的ROE為：
77% = US$12b ÷ US$16b (Based on the trailing twelve months to March 2022).
77%=120億美元×160億美元(基於截至2022年3月的12個月的往績)。
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 $0.77 in profit.
“報税表”是過去12個月的税後收入。一種將其概念化的方法是，公司每擁有1美元的股東資本，就能獲得0.77美元的利潤。
Does AbbVie Have A Good Return On Equity?
AbbVie的股本回報率高嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, AbbVie has a higher ROE than the average (21%) in the Biotechs industry.
確定一家公司是否擁有良好的股本回報率的一個簡單方法是將其與所在行業的平均水平進行比較。這種方法的侷限性是，一些公司與其他公司有很大的不同，甚至在相同的行業分類中也是如此。如下圖所示，艾伯維的淨資產收益率高於生物技術行業的平均水平(21%)。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. You can see the 4 risks we have identified for AbbVie by visiting our risks dashboard for free on our platform here.
這就是我們希望看到的。話雖如此，高淨資產收益率並不總是意味着高盈利。尤其是當一家公司使用高水平的債務為其債務融資時，這可能會提高其淨資產收益率，但高槓杆將公司置於風險之中。您可以通過訪問我們的風險控制面板在我們的平臺上是免費的。
How Does Debt Impact Return On Equity?
債務對股本回報率有何影響？
Most companies need money -- from somewhere -- 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 use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司都需要資金--從某個地方--來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一種和第二種情況下，淨資產收益率將反映對企業投資的現金使用情況。在後一種情況下，債務的使用將提高回報，但不會改變股權。在這種情況下，債務的使用將提高淨資產收益率，即使企業的核心經濟保持不變。
Combining AbbVie's Debt And Its 77% Return On Equity
結合AbbVie的債務和77%的股本回報率
It appears that AbbVie makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 4.51. While its ROE is no doubt quite impressive, it could give a false impression about the company's returns given that its huge debt could be boosting those returns.
AbbVie似乎大量利用債務來提高回報，因為它的債務與股本比率高得驚人，高達4.51。雖然它的淨資產收益率無疑令人印象深刻，但它可能會給人一種關於公司回報的錯誤印象，因為它的鉅額債務可能會提高這些回報。
Conclusion
結論
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.
股本回報率是衡量一家企業產生利潤並將其返還給股東的能力的有用指標。一家能夠在沒有債務的情況下實現高股本回報率的公司可以被認為是一家高質量的企業。在其他條件相同的情況下，淨資產收益率越高越好。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
話雖如此，雖然淨資產收益率是衡量業務質量的有用指標，但你必須考慮一系列因素，才能確定購買股票的合適價格。相對於當前價格反映的利潤增長預期，也必須考慮利潤可能增長的速度。因此，你可能想看看這張數據豐富的公司預測互動圖表。
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.
如果你更願意看看另一家公司--一家財務狀況可能更好的公司--那麼不要錯過這一點免費列出了一些有趣的公司，這些公司擁有高股本回報率和低債務。
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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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本文由Simply Wall St.撰寫，具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論，我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議，也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意，我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
譯文內容由第三人軟體翻譯。