Is Tenet Healthcare Corporation's (NYSE:THC) 24% ROE Better Than Average?
Is Tenet Healthcare Corporation's (NYSE:THC) 24% ROE Better Than Average?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Tenet Healthcare Corporation (NYSE:THC).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。爲了使本課以實用爲基礎，我們將使用投資回報率來更好地了解Tenet Healthcare Corporation（紐約證券交易所代碼：THC）。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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。簡而言之，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 的公式是：
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 Tenet Healthcare is:
因此，根據上述公式，Tenet Healthcare的投資回報率爲：
24% = US$1.3b ÷ US$5.5b (Based on the trailing twelve months to December 2023).
24% = 13億美元 ÷ 55億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.24 in profit.
“回報” 是過去十二個月的利潤。將其概念化的一種方法是，公司每擁有1美元的股東資本，就能獲得0.24美元的利潤。
Does Tenet Healthcare Have A Good ROE?
Tenet Healthcare 的投資回報率是否良好？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Tenet Healthcare has a better ROE than the average (12%) in the Healthcare industry.
確定公司股本回報率是否不錯的一種簡單方法是將其與該行業的平均水平進行比較。重要的是，這遠非一個完美的衡量標準，因爲各公司在相同的行業分類中差異很大。如下圖所示，Tenet Healthcare的投資回報率高於醫療保健行業的平均水平（12％）。
That's what we like to see. 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 . You can see the 4 risks we have identified for Tenet Healthcare by visiting our risks dashboard for free on our platform here.
這就是我們喜歡看到的。話雖如此，高投資回報率並不總是表示高盈利能力。公司資本結構中債務比例的增加也可能導致較高的投資回報率，而高債務水平可能構成巨大的風險。您可以訪問我們的 Tenet Healthcare 查看我們爲Tenet Healthcare確定的4種風險 風險儀表板 在我們的平台上免費使用。
How Does Debt Impact ROE?
債務如何影響投資回報率？
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. That will make the ROE look better than if no debt was used.
大多數公司需要來自某個地方的資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。在第一和第二種情況下，投資回報率將反映現金用於企業投資的這種用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。這將使投資回報率看起來比不使用債務時更好。
Combining Tenet Healthcare's Debt And Its 24% Return On Equity
合併Tenet Healthcare的債務及其24％的股本回報率
It's worth noting the high use of debt by Tenet Healthcare, leading to its debt to equity ratio of 2.69. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，Tenet Healthcare大量使用債務，使其債務與權益比率爲2.69。它的投資回報率相當可觀，但是，如果不使用債務，投資回報率可能會更低。債務會增加風險，減少公司未來的選擇，因此您通常希望從使用債務中獲得豐厚的回報。
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.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。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視爲高質量的企業。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。
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
話雖如此，儘管投資回報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正確價格。重要的是要考慮其他因素，例如未來的利潤增長，以及未來需要多少投資。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course Tenet Healthcare may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，Tenet Healthcare可能不是最好的買入股票。因此，您不妨免費查看其他投資回報率高、負債率低的公司的名單。
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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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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，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本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型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。