Should You Be Excited About The Cheesecake Factory Incorporated's (NASDAQ:CAKE) 32% Return On Equity?
Should You Be Excited About The Cheesecake Factory Incorporated's (NASDAQ:CAKE) 32% Return On Equity?
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). We'll use ROE to examine The Cheesecake Factory Incorporated (NASDAQ:CAKE), by way of a worked example.
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率（ROE）的人。舉一個有效的例子，我們將使用投資回報率來研究芝士蛋糕工廠公司（納斯達克股票代碼：CAKE）。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
投資回報率或股本回報率是評估公司如何有效地從股東那裏獲得投資回報的有用工具。簡而言之，它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Cheesecake Factory is:
因此，根據上述公式，芝士蛋糕工廠的投資回報率爲：
32% = US$101m ÷ US$318m (Based on the trailing twelve months to January 2024).
32% = 1.01億美元 ÷ 3.18億美元（基於截至2024年1月的過去十二個月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.32.
“回報” 是過去十二個月的利潤。因此，這意味着公司每投資1美元，就會產生0.32美元的利潤。
Does Cheesecake Factory Have A Good Return On Equity?
芝士蛋糕工廠的股本回報率高嗎？
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. Pleasingly, Cheesecake Factory has a superior ROE than the average (18%) in the Hospitality industry.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。令人高興的是，芝士蛋糕工廠的投資回報率高於酒店業的平均水平（18％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 3 risks we have identified for Cheesecake Factory visit our risks dashboard for free.
這就是我們喜歡看到的。但是，請記住，高投資回報率並不一定意味着有效的利潤創造。除了淨收入的變化外，較高的投資回報率也可能是高債務相對於股本的結果，這表明存在風險。要了解我們爲芝士蛋糕工廠確定的三種風險，請免費訪問我們的風險儀表板。
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
Virtually all companies need money to invest in the business, to grow 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 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.
幾乎所有公司都需要資金來投資業務，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，增長所需的債務將提高回報，但不會影響股東權益。這將使投資回報率看起來比不使用債務時更好。
Combining Cheesecake Factory's Debt And Its 32% Return On Equity
合併芝士蛋糕工廠的債務及其32％的股本回報率
Cheesecake Factory clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.48. 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.
芝士蛋糕工廠顯然使用大量債務來提高回報，因爲其負債權益比率爲1.48。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。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率對於比較不同業務的質量很有用。在我們的賬簿中，儘管債務很低，但質量最高的公司的股本回報率卻很高。在其他條件相同的情況下，更高的投資回報率更好。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So I think it may be worth checking this free report on analyst 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，但您必須考慮一系列因素才能確定購買股票的正確價格。與股票價格所反映的預期相比，利潤增長率尤其需要考慮。因此，我認爲可能值得查看這份關於分析師對公司的預測的免費報告。
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.
如果你更願意去另一家公司——一家財務狀況可能優越的公司——那麼千萬不要錯過這份免費的股本回報率高、債務低的有趣公司的名單。
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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。