A Closer Look At Public Service Enterprise Group Incorporated's (NYSE:PEG) Impressive ROE
A Closer Look At Public Service Enterprise Group Incorporated's (NYSE:PEG) Impressive ROE
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. To keep the lesson grounded in practicality, we'll use ROE to better understand Public Service Enterprise Group Incorporated (NYSE:PEG).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。爲了使本課以實用爲基礎，我們將使用投資回報率來更好地了解公共服務企業集團公司（紐約證券交易所代碼：PEG）。
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 Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 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 Public Service Enterprise Group is:
因此，根據上述公式，公共服務企業集團的投資回報率爲：
12% = US$1.8b ÷ US$16b (Based on the trailing twelve months to March 2024).
12% = 18億美元 ÷ 160億美元（基於截至2024年3月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.12.
“回報” 是指公司去年的收益。因此，這意味着其股東每投資1美元，公司就會產生0.12美元的利潤。
Does Public Service Enterprise Group Have A Good ROE?
公共服務企業集團的投資回報率是否良好？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Public Service Enterprise Group has a better ROE than the average (9.4%) in the Integrated Utilities industry.
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。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。如下圖所示，公共服務企業集團的投資回報率高於綜合公用事業行業的平均水平（9.4％）。
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. You can see the 3 risks we have identified for Public Service Enterprise Group by visiting our risks dashboard for free on our platform here.
這顯然是一個積極的方面。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。您可以訪問我們的 3 種風險來查看我們爲公共服務企業集團確定的三種風險 風險儀表板 在我們的平台上免費使用。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金來投資業務，增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。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，增長所需的債務將提高回報，但不會影響股東權益。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Combining Public Service Enterprise Group's Debt And Its 12% Return On Equity
合併公共服務企業集團的債務及其12％的股本回報率
Public Service Enterprise Group does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.39. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
公共服務企業集團確實使用大量債務來增加回報。它的負債權益比率爲1.39。即使使用了巨額債務，其投資回報率也相當低；在我們看來，這不是一個好結果。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
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 the same ROE, then I would generally prefer the one with less debt.
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。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
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。
But note: Public Service Enterprise Group may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：公共服務企業集團可能不是最值得購買的股票。因此，來看看這份投資回報率高、債務低的有趣公司的免費清單。
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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.
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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。