Should You Be Excited About Clean Harbors, Inc.'s (NYSE:CLH) 16% Return On Equity?
Should You Be Excited About Clean Harbors, Inc.'s (NYSE:CLH) 16% 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 Clean Harbors, Inc. (NYSE:CLH), 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考察Clean Harbors, Inc.（紐約證券交易所代碼：CLH）。
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？
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 Clean Harbors is:
因此，根據上述公式，清潔港的投資回報率爲：
16% = US$375m ÷ US$2.3b (Based on the trailing twelve months to March 2024).
16% = 3.75億美元 ÷ 23億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.16 in profit.
“回報” 是過去十二個月的利潤。這意味着，公司每獲得價值1美元的股東權益，就會產生0.16美元的利潤。
Does Clean Harbors Have A Good Return On Equity?
Clean Harbors 有良好的股本回報率嗎？
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, Clean Harbors has a higher ROE than the average (11%) in the Commercial Services 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。這種方法的侷限性在於，有些公司與其他公司有很大不同，即使在相同的行業分類中也是如此。如下圖所示，Clean Harbors的投資回報率高於商業服務行業的平均水平（11％）。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. 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. To know the 2 risks we have identified for Clean Harbors visit our risks dashboard for free.
這顯然是積極的。請記住，高投資回報率並不總是意味着卓越的財務業績。尤其是當一家公司使用高額債務爲其債務融資時，這可能會提高其投資回報率，但高槓杆率會使公司面臨風險。要了解我們爲Clean Harbors確定的兩種風險，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 retained earnings, issuing new shares (equity), 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
實際上，所有公司都需要資金來投資業務，以增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。在第一和第二種情況下，投資回報率將反映出現金投資業務的使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總權益。因此，債務的使用可以提高投資回報率，儘管比喻地說，在暴風雨天氣中還會帶來額外的風險。
Clean Harbors' Debt And Its 16% ROE
Clean Harbors 的債務及其16％的投資回報率
Clean Harbors does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.21. 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.
Clean Harbors確實使用大量債務來增加回報。它的債務權益比率爲1.21。毫無疑問，其投資回報率不錯，但該公司揹負的巨額債務並不令人興奮。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 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。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.
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。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, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，通過尋找其他地方，你可能會找到一筆不錯的投資。因此，來看看這份有趣的公司的免費清單吧。
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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。