Can Booz Allen Hamilton Holding Corporation (NYSE:BAH) Maintain Its Strong Returns?
Can Booz Allen Hamilton Holding Corporation (NYSE:BAH) Maintain Its Strong Returns?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Booz Allen Hamilton Holding Corporation (NYSE:BAH).
我們可以做的最好的投資之一就是提升自己的知識和技能。考慮到這一點，本文將通過運用股東權益回報率（ROE）來更好地了解一家企業。通過學以致用，我們將看一下BAH（紐交所：BAH）的ROE，以更好地了解它。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
淨資產收益率（roe）是衡量公司經營管理層如何有效利用公司資本的關鍵指標。換言之，它是一種利潤率，衡量由公司股東提供的資本的回報率。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 Booz Allen Hamilton Holding is:
因此，基於上述公式，BAH的ROE爲:
58% = US$606m ÷ US$1.0b (Based on the trailing twelve months to March 2024).
58％=606百萬美元÷ 10億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.58.
“回報”是過去十二個月的利潤。這意味着，對於每1美元股東的投資，該公司可獲得0.58美元的利潤。
Does Booz Allen Hamilton Holding Have A Good ROE?
Booz Allen Hamilton Holding的ROE表現如何？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. 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, Booz Allen Hamilton Holding has a higher ROE than the average (14%) in the Professional Services industry.
確定一家公司的股東權益回報率表現是否良好的一種簡單方法是將其與所在行業的平均水平進行比較。這種方法的侷限性在於，即使在同一行業分類中，有些公司也會與其他公司大相徑庭。正如下圖所示，BAH在專業服務行業的ROE高於平均水平（14％）。
That's what we like to see. Bear in mind, a high ROE doesn't always mean superior financial performance. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這正是我們喜歡看到的。請記住，高股東權益回報率並不總是意味着優越的財務表現。除了淨收入變化外，高股東權益回報率也可以是公司相對於股本的高負債的結果，這意味着存在風險。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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 first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
公司通常需要投資以增加利潤。投資所需的現金可以來自於前年的利潤（保留收益），發行新股票或借款。在第一種和第二種情況下，ROE將反映用於投資企業的現金使用情況。在後一種情況下，用於增長的債務將改善回報，但不會影響總股本。這將使ROE看起來比不使用債務好。
Booz Allen Hamilton Holding's Debt And Its 58% ROE
Booz Allen Hamilton Holding的債務和58％的ROE
It appears that Booz Allen Hamilton Holding makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 3.26. Its ROE is clearly quite good, but it seems to be boosted by the significant use of debt by the company.
看起來，Booz Allen Hamilton Holding廣泛使用債務來提高其回報率，因爲其債務股本比率高達3.26。其ROE顯然相當不錯，但似乎是由公司大量使用債務提高的。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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 when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業具有高質量時，市場通常會將其競價提高到反映這一點的價格。重要的是考慮其他因素，例如未來的利潤增長 – 以及未來需要多少投資。因此，您可能需要看一下該公司預測數據豐富，交互式圖形。
But note: Booz Allen Hamilton Holding 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：Booz Allen Hamilton Holding可能不是最佳的股票購買選擇。因此，查看此免費的高ROE和低債務有趣公司列表。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
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
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者發送電子郵件至editorial-team@simplywallst.com。
譯文內容由第三人軟體翻譯。