Should We Be Delighted With Ryan Specialty Holdings, Inc.'s (NYSE:RYAN) ROE Of 20%?
Should We Be Delighted With Ryan Specialty Holdings, Inc.'s (NYSE:RYAN) ROE Of 20%?
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 Ryan Specialty Holdings, Inc. (NYSE:RYAN), by way of a worked example.
我們能做的最好的投資之一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）來更好地了解業務。舉一個行之有效的例子，我們將使用投資回報率來研究瑞安專業控股有限公司（紐約證券交易所代碼：RYAN）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
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，它揭示了公司成功地將股東投資轉化爲利潤。
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 Ryan Specialty Holdings is:
因此，根據上述公式，瑞安專業控股的投資回報率爲：
20% = US$199m ÷ US$975m (Based on the trailing twelve months to March 2024).
20% = 199億美元 ÷ 9.75億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.20 in profit.
“回報” 是每年的利潤。另一種思考方式是，每持有價值1美元的股權，該公司就能獲得0.20美元的利潤。
Does Ryan Specialty Holdings Have A Good Return On Equity?
瑞安專業控股的股本回報率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. 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, Ryan Specialty Holdings has a higher ROE than the average (13%) in the Insurance 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。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，瑞安專業控股的投資回報率高於保險行業的平均水平（13％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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. Our risks dashboardshould have the 2 risks we have identified for Ryan Specialty Holdings.
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。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。我們的風險儀表板應包含我們爲Ryan Specialty Holdings確定的兩種風險。
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
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. 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。這些現金可以來自留存收益、發行新股（股權）或債務。對於第一和第二種選擇，投資回報率將反映現金用於增長的這種用途。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。
Ryan Specialty Holdings' Debt And Its 20% ROE
瑞安專業控股公司的債務及其20％的投資回報率
Ryan Specialty Holdings clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.03. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
瑞安專業控股公司顯然使用大量債務來提高回報，因爲其負債權益比率爲2.03。儘管其投資回報率相當可觀，但該公司目前的債務額並不理想。債務確實會帶來額外的風險，因此只有當公司從中獲得可觀的回報時，債務才是真正值得的。
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. 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。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 when a business is high quality, the market often bids it up to a price that reflects this. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業質量很高時，市場通常會以反映這一點的價格出價。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，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course Ryan Specialty Holdings 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，瑞安專業控股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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