Should We Be Delighted With Encompass Health Corporation's (NYSE:EHC) ROE Of 19%?
Should We Be Delighted With Encompass Health Corporation's (NYSE:EHC) ROE Of 19%?
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 Encompass Health Corporation (NYSE:EHC), by way of a worked example.
我們可以做的最好的投資之一就是我們自己的知識和技能。考慮到這一點，本文將探討如何使用股本回報率（ROE）來更好地了解企業。我們將使用投資回報率來研究Encompass Health Corporation（紐約證券交易所代碼：EHC），舉一個可行的例子。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
View our latest analysis for Encompass Health
查看我們對 Encompass Health
How Is ROE Calculated?
ROE 是如何計算的？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Encompass Health is:
因此，根據上述公式，Encompass Health的投資回報率爲：
19% = US$379m ÷ US$2.0b (Based on the trailing twelve months to March 2023).
19% = 3.79億美元 ⇒ 20億美元（基於截至2023年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.19 in profit.
“回報” 是企業在過去一年中獲得的收入。這意味着，每持有價值1美元的股東權益，公司就會產生0.19美元的利潤。
Does Encompass Health Have A Good ROE?
Encompass Health 的投資回報率
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, Encompass Health has a higher ROE than the average (11%) in the Healthcare industry.
確定公司是否具有良好的股本回報率的一種簡單方法是將其與其行業的平均水平進行比較。這種方法的侷限性在於，有些公司與其他公司有很大不同，即使屬於相同的行業分類也是如此。如下圖所示，Encompass Health的投資回報率高於醫療保健行業的平均水平（11％）。
That's clearly a positive. With that said, a high ROE doesn't always indicate high profitability. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk .
這顯然是積極的。話雖如此，高投資回報率並不總是表示高盈利能力。公司資本結構中較高的債務比例也可能導致較高的投資回報率，而高債務水平可能是一個巨大的風險。
Why You Should Consider Debt When Looking At ROE
爲什麼在考慮投資回報率時應該考慮債務
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 first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
公司通常需要投資以增加利潤。投資現金可以來自上一年度的利潤（留存收益）、發行新股或借款。在第一種和第二種情況下，投資回報率將反映現金用於業務投資的這種用途。在後一種情況下，增長所需的債務將提高回報，但不會影響股東的權益。這將使投資回報率看起來比不使用債務時更好。
Encompass Health's Debt And Its 19% ROE
涵蓋健康的債務及其19％的投資回報率
Encompass Health does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.22. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Encompass Health 確實使用了大量債務來增加回報。它的債務與權益比率爲1.22。毫無疑問，它的投資回報率不錯，但是該公司揹負的非常高的債務並不令人興奮。債務會增加風險並減少公司未來的選擇，因此您通常希望從使用它中看到一些不錯的回報。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是我們可以比較不同公司的業務質量的一種方式。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.
但是投資回報率只是更大難題中的一部分，因爲高質量的企業通常以高倍的收益進行交易。與股票價格所反映的預期相比，利潤增長率尤其值得考慮。因此，您可能需要查看該公司的分析師預測的免費可視化效果。
But note: Encompass Health 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： Encompass Health 可能不是最值得購買的股票。所以來看看這個 免費的 投資回報率高、負債低的有趣公司名單。
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Simply Wall St 的這篇文章本質上是籠統的。 我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。 它不構成買入或賣出任何股票的建議，也沒有考慮您的目標或財務狀況。我們的目標是爲您提供由基本面數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。簡而言之，華爾街在上述任何股票中都沒有頭寸。
譯文內容由第三人軟體翻譯。