Is Veralto Corporation's (NYSE:VLTO) ROE Of 54% Impressive?
Is Veralto Corporation's (NYSE:VLTO) ROE Of 54% Impressive?
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 Veralto Corporation (NYSE:VLTO).
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Veralto公司（紐約證券交易所代碼：VLTO）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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，它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
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 Veralto is:
因此，根據上述公式，Veralto的投資回報率爲：
54% = US$798m ÷ US$1.5b (Based on the trailing twelve months to March 2024).
54% = 7.98億美元 ÷ 15億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.54 in profit.
“回報” 是每年的利潤。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.54美元的利潤。
Does Veralto Have A Good Return On Equity?
Veralto 有良好的股本回報率嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, Veralto has a superior ROE than the average (12%) in the Commercial Services 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。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。令人高興的是，Veralto的投資回報率高於商業服務行業的平均水平（12％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
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。除了淨收入的變化外，較高的投資回報率也可能是高債務相對於股本的結果，這表明存在風險。
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
Companies usually need to invest money to grow their 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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投資資金來增加利潤。投資現金可以來自上一年度的利潤（留存收益）、發行新股或借款。就第一和第二種選擇而言，投資回報率將反映現金的這種用途，以實現增長。在後一種情況下，用於增長的債務將提高回報，但不會影響總權益。這將使投資回報率看起來比不使用債務時要好。
Combining Veralto's Debt And Its 54% Return On Equity
合併Veralto的債務及其54％的股本回報率
Veralto does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.76. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. 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.
Veralto確實使用大量債務來增加回報。它的債務與權益比率爲1.76。儘管毫無疑問，其投資回報率令人印象深刻，但如果該公司以較低的債務實現這一目標，我們會給我們留下更深刻的印象。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. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
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。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。在其他條件相同的情況下，更高的投資回報率更好。
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。
But note: Veralto 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：Veralto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、負債率低的有趣公司的免費清單。
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譯文內容由第三人軟體翻譯。