Is Hyster-Yale, Inc. (NYSE:HY) A High Quality Stock To Own?
Is Hyster-Yale, Inc. (NYSE:HY) A High Quality Stock To Own?
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 Hyster-Yale, Inc. (NYSE:HY).
雖然一些投資者已經熟悉財務指標（致敬），但本文是爲那些想學習什麼是ROE以及爲什麼它很重要的人準備的。爲了使課堂更有實際意義，我們將使用ROE來更好地了解海斯特-嶽利公司（紐交所：HY）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率ROE是測試公司增值能力和管理股東投資的有效性的指標。更簡單地說，它衡量公司在股東權益中的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for Hyster-Yale is:
因此，根據上述公式，Hyster-Yale的ROE爲：
36% = US$153m ÷ US$429m (Based on the trailing twelve months to March 2024).
36% = 1.53億美元÷ 4.29億美元（基於截至2024年3月的過去12個月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.36 in profit.
“回報”是指公司在過去一年的收益。這意味着針對每1美元的股東權益，公司創造了0.36美元的利潤。
Does Hyster-Yale Have A Good Return On Equity?
海斯特-嶽利的ROE如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, Hyster-Yale has a higher ROE than the average (14%) in the Machinery industry.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速得出一個衡量評估公司是否優秀的標準。這種方法的侷限性在於，有些公司與其他公司相比具有很大的不同，即使在同行業中也是如此。如下圖所示，海斯特-嶽利在機械行業中的ROE高於平均水平（14%）。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . You can see the 2 risks we have identified for Hyster-Yale by visiting our risks dashboard for free on our platform here.
這是一個好的跡象。話雖如此，高ROE並不總是表示高盈利能力。公司資本結構中更高比例的債務也可能導致ROE高，高債務水平可能是一個巨大的風險。風險儀表板在瀏覽完所有相關因素確定股票購買價格後，ROE是一個有用的公司質量指標。此外，還需要考慮其他因素，例如未來盈利增長以及未來需要投入多少投資。因此，我認爲值得查看這份免費的詳細收益、營收和現金流圖表。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題？
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. 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以增加利潤。投資的現金可以來自前年的利潤（留存收益），發行新股或債務融資。在第一和第二種情況下，ROE將反映這種用於增長的現金。在後一種情況下，用於增長所需的債務將提高回報率，但不會影響股東權益。這種情況下，使用債務將提高ROE，即使業務的核心經濟學保持不變。
Combining Hyster-Yale's Debt And Its 36% Return On Equity
將海斯特-嶽利的債務和36%的ROE相結合
Hyster-Yale does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.04. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
海斯特-嶽利確實使用了大量債務來提高回報率。其負債-股本比率爲1.04。毫無疑問，ROE令人印象深刻，但值得記住的是，如果公司減少債務，指標可能會更低。債務增加了風險，減少了公司未來的選擇，因此您通常希望從中獲得一些良好的回報。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率是衡量企業創造利潤並返還給股東的能力的有用指標。在我們的觀念中，高股本回報率的高質量公司儘管負債率較低，但其他事項均相等。 其他事項均相等的情況下，較高的ROE更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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.
但是ROE只是一個複雜問題中的一部分，因爲高質量的企業往往以高倍數的收益交易。相對於當前價格反映的利潤增長預期，利潤增長率的可能速度也必須考慮在內。因此，您可能需要查看這家公司預測的數據豐富的交互式圖表。
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.
如果您想查看另一傢俱有潛在優越財務狀況的公司，則不要錯過此具有高ROE和低債務的有趣公司的免費列表。
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