A Note On Antero Midstream Corporation's (NYSE:AM) ROE and Debt To Equity
A Note On Antero Midstream Corporation's (NYSE:AM) ROE and Debt To 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). To keep the lesson grounded in practicality, we'll use ROE to better understand Antero Midstream Corporation (NYSE:AM).
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。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解Antero Midstream Corporation（紐約證券交易所代碼：AM）。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. 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股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
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 Antero Midstream is:
因此，根據上述公式，Antero Midstream的投資回報率爲：
18% = US$389m ÷ US$2.2b (Based on the trailing twelve months to March 2024).
18% = 3.89億美元 ÷ 22億美元（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 $0.18 in profit.
“回報” 是過去十二個月的利潤。這意味着，每持有價值1美元的股東權益，公司就會產生0.18美元的利潤。
Does Antero Midstream Have A Good Return On Equity?
Antero Midstream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. The image below shows that Antero Midstream has an ROE that is roughly in line with the Oil and Gas industry average (19%).
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。下圖顯示，Antero Midstream的投資回報率與石油和天然氣行業的平均水平（19％）大致持平。
So while the ROE is not exceptional, at least its acceptable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If true, then it is more an indication of risk than the potential. You can see the 2 risks we have identified for Antero Midstream by visiting our risks dashboard for free on our platform here.
因此，儘管投資回報率並不例外，但至少是可以接受的。儘管投資回報率與行業相似，但我們仍應進行進一步檢查，看看高額債務水平是否提振了公司的投資回報率。如果屬實，則與其說是潛在風險，不如說是風險。您可以訪問我們的 Antero Midstream 確定的 2 種風險 風險儀表板 在我們的平台上免費使用。
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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
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情況。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。以這種方式，債務的使用將提高投資回報率，儘管該業務的核心經濟學保持不變。
Combining Antero Midstream's Debt And Its 18% Return On Equity
合併Antero Midstream的債務及其18％的股本回報率
Antero Midstream does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.48. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Antero Midstream確實使用大量債務來增加回報。它的負債權益比率爲1.48。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 one way we can compare its business quality of different companies. 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.
股本回報率是我們可以比較不同公司的業務質量的一種方式。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。
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. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. 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。還必須考慮利潤可能增長的速度，相對於當前價格所反映的利潤增長預期。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。