Based On Its ROE, Is Iridium Communications Inc. (NASDAQ:IRDM) A High Quality Stock?
Based On Its ROE, Is Iridium Communications Inc. (NASDAQ:IRDM) A High Quality Stock?
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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Iridium Communications Inc. (NASDAQ:IRDM).
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。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解銥通公司（納斯達克股票代碼：IRDM）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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對公司增值和管理投資者資金的有效性的考驗。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？
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 Iridium Communications is:
因此，根據上述公式，銥星通信的投資回報率爲：
3.0% = US$25m ÷ US$854m (Based on the trailing twelve months to March 2024).
3.0% = 2500萬美元 ÷ 8.54億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.03 in profit.
“回報” 是過去十二個月的稅後收入。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0.03美元的利潤。
Does Iridium Communications Have A Good ROE?
銥星通信的投資回報率是否良好？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Iridium Communications has a lower ROE than the average (9.2%) in the Telecom 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。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。從下圖中可以明顯看出，銥通的投資回報率低於電信行業的平均水平（9.2％）。
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. Our risks dashboard should have the 3 risks we have identified for Iridium Communications.
這不是我們喜歡看到的。但是，我們認爲，只要現有債務水平較低，較低的投資回報率仍可能意味着公司有機會通過使用槓桿提高回報。鑑於所涉及的風險，高債務水平和低投資回報率的公司是我們希望避免的組合。我們的風險儀表板應包含我們爲銥星通信確定的三種風險。
How Does Debt Impact Return On Equity?
債務如何影響股本回報率？
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 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.
實際上，所有公司都需要資金來投資業務，以增加利潤。這些現金可以來自發行股票、留存收益或債務。就第一和第二種選擇而言，投資回報率將反映出現金的使用情況，以實現增長。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要好。
Combining Iridium Communications' Debt And Its 3.0% Return On Equity
合併銥星通信的債務及其3.0％的股本回報率
Iridium Communications clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.88. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Iridium Communications顯然使用大量債務來提高回報，因爲其債務與權益比率爲1.88。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。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. 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.
股本回報率是我們可以比較不同公司的業務質量的一種方式。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 when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst 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對其進行出價。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，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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。