How Good Is Archrock, Inc. (NYSE:AROC), When It Comes To ROE?
How Good Is Archrock, Inc. (NYSE:AROC), When It Comes To 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. We'll use ROE to examine Archrock, Inc. (NYSE:AROC), by way of a worked example.
雖然一些投資者已經熟知財務指標（致敬），但本文是爲那些想學習回報率（ROE）及其重要性的人準備的。我們將使用ROE來以實例的方式檢驗Archrock，Inc.（紐交所：AROC）的表現。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或roe是評估公司管理層如何有效利用公司資本的關鍵指標。簡而言之，ROE顯示每美元股東投資所產生的利潤。
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 Archrock is:
因此，根據上述公式，Archrock的ROE爲：
15% = US$129m ÷ US$882m (Based on the trailing twelve months to March 2024).
15% = 129美元 ÷ 882美元（根據截至2024年3月的過去12個月）。
The 'return' is the yearly profit. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.15 in profit.
“回報”是年度利潤。用這種方法思考即可，即對於每$1的淨資產，公司能夠賺取$0.15的利潤。
Does Archrock Have A Good Return On Equity?
Archrock的ROE表現良好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. You can see in the graphic below that Archrock has an ROE that is fairly close to the average for the Energy Services industry (13%).
通過將公司ROE與行業平均水平進行比較，我們可以迅速衡量其表現。然而，這種方法僅作爲 rough check 有用，因爲即使在同一行業分類中，公司之間也存在相當大的差異。從下面的圖表中可以看到，Archrock的ROE相當接近能源服務行業的平均水平（13%）。
So while the ROE is not exceptional, at least its acceptable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Archrock by visiting our risks dashboard for free on our platform here.
因此，儘管ROE並不出色，但至少是可以接受的。至少ROE不低於行業標準，不過仍值得檢查公司的負債在其中扮演了什麼角色，因爲與股本相對較高的高負債水平可能會增加其暴露於財務風險的風險。通過訪問我們的網站，可以看到我們爲Archrock確定的兩個風險。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？
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投入資金來增加利潤。這些現金可以來自發行股票、保留收益或債務。在前兩種情況下，ROE將反映出這些用於投資業務的現金的使用。在後一種情況下，債務的使用將改善回報，但不會改變股本。通過這種方式，債務的使用將提高ROE的表現，儘管業務的核心經濟狀況保持不變。
Combining Archrock's Debt And Its 15% Return On Equity
結合Archrock的負債和其15％的ROE
It's worth noting the high use of debt by Archrock, leading to its debt to equity ratio of 1.78. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
需要注意的是，Archrock使用了高比例的負債，導致其負資產比率爲1.78。毫無疑問，其ROE是不錯的，但公司負擔的非常高額的債務並不令人興奮。債務確實帶來了額外的風險，因此僅在公司從中獲得一些不錯的回報時才真正值得。
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.
ROE是比較不同公司業務質量的一種方式。在我們看來，高回報率（ROE）的高質量公司，儘管債務較低。如果兩家公司的ROE相同，則通常會更喜歡債務較少的那家。
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. 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.
話雖如此，儘管ROE是業務質量的一個有用指標，但您還必須查看一系列因素，才能確定購買股票的正確價格。盈利增長率與體現在股價中的預期之間的比較，是特別需要考慮的。因此，您可能希望查看此充滿數據的互動預測圖，了解該公司的情況。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，您也可能通過尋找其他地方來找到出色的投資。因此，不妨查看這個有趣公司的免費列表。
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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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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。