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).
尽管一些投资者已经精通财务指标（帽子提示），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。为了使本课以实用为基础，我们将使用投资回报率来更好地了解公共服务企业集团公司（纽约证券交易所代码：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.
股本回报率或投资回报率是用于评估公司管理层利用公司资本效率的关键指标。换句话说，它揭示了公司成功地将股东投资转化为利润。
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for ROE is:
ROE 的公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for Public Service Enterprise Group is:
因此，根据上述公式，公共服务企业集团的投资回报率为：
12% = US$1.8b ÷ US$16b (Based on the trailing twelve months to March 2024).
12% = 18亿美元 ÷ 160亿美元（基于截至2024年3月的过去十二个月）。
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.
“回报” 是指公司去年的收益。因此，这意味着其股东每投资1美元，公司就会产生0.12美元的利润。
Does Public Service Enterprise Group Have A Good ROE?
公共服务企业集团的投资回报率是否良好？
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.
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。重要的是，这远非一个完美的衡量标准，因为各公司在相同的行业分类中差异很大。如下图所示，公共服务企业集团的投资回报率高于综合公用事业行业的平均水平（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.
这显然是一个积极的方面。请记住，高投资回报率并不总是意味着卓越的财务业绩。尤其是当一家公司使用高额债务为其债务融资时，这可能会提高其投资回报率，但高杠杆率会使公司面临风险。您可以访问我们的 3 种风险来查看我们为公共服务企业集团确定的三种风险 风险仪表板 在我们的平台上免费使用。
The Importance Of Debt To Return On Equity
债务对股本回报率的重要性
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.
几乎所有公司都需要资金来投资业务，增加利润。投资现金可以来自上一年的利润（留存收益）、发行新股或借款。对于第一和第二种选择，投资回报率将反映现金用于增长的这种用途。在后一种情况下，增长所需的债务将提高回报，但不会影响股东权益。因此，使用债务可以提高投资回报率，尽管可以隐喻地说，暴风雨天气会带来额外的风险。
Combining Public Service Enterprise Group's Debt And Its 12% Return On Equity
合并公共服务企业集团的债务及其12％的股本回报率
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.
公共服务企业集团确实使用大量债务来增加回报。它的负债权益比率为1.39。即使使用了巨额债务，其投资回报率也相当低；在我们看来，这不是一个好结果。投资者应该仔细考虑如果一家公司无法如此轻易地借款，其表现会如何，因为信贷市场确实会随着时间的推移而发生变化。
Conclusion
结论
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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。在我们的账簿中，尽管债务很低，但质量最高的公司的股本回报率却很高。如果两家公司的投资回报率相同，那么我通常更喜欢负债较少的公司。
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，当企业质量很高时，市场通常会以反映这一点的价格出价。与股票价格所反映的预期相比，利润增长率尤其值得考虑。因此，你可能想看看这张数据丰富的公司预测交互式图表。
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.
但请注意：公共服务企业集团可能不是最值得购买的股票。因此，来看看这份投资回报率高、债务低的有趣公司的免费清单。
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