Should You Be Excited About Pegasystems Inc.'s (NASDAQ:PEGA) 20% Return On Equity?
Should You Be Excited About Pegasystems Inc.'s (NASDAQ:PEGA) 20% Return On Equity?
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 Pegasystems Inc. (NASDAQ:PEGA).
許多投資者仍在學習分析股票時有用的各種指標。本文是爲那些想要了解股本回報率（ROE）的人而準備的。通過學以致用的方式，我們將研究ROE以更好地了解Pegasystems Inc. （納斯達克：PEGA）。
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.
ROE或股東權益報酬率是一種有用的工具，用於評估一家公司能否有效地利用來自股東的投資產生回報。換句話說，它揭示了公司將股東的投資變成利潤的成功程度。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Pegasystems is:
因此，根據上述公式，Pegasystems的ROE爲：
20% = US$76m ÷ US$390m (Based on the trailing twelve months to March 2024).
20％= US $ 76m ÷ US $ 390m（基於截至2024年3月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.20 in profit.
‘回報’指的是公司過去一年的盈利。將其概念化的一種方法是，對於每$ 1的股東資本，公司獲得了$ 0.20的利潤。
Does Pegasystems Have A Good ROE?
Pegasystems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. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Pegasystems has a better ROE than the average (12%) in the Software industry.
確定一家公司的股本回報率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。但是，這種方法僅適用於粗略檢查，因爲在同一行業分類中，公司確實存在很大差異。從下圖可以清楚地看出，Pegasystems的ROE優於軟件行業的平均水平（12％）。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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. To know the 3 risks we have identified for Pegasystems visit our risks dashboard for free.
這就是我們喜歡看到的。但是請記住，高ROE並不一定表明高效的利潤生成。特別是當公司使用高額的債務來融資其債務時，可能會提高其ROE，但高槓杆會讓公司面臨風險。要了解我們已經爲Pegasystems確定的3個風險，請免費訪問我們的風險儀表板。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Most companies need money -- from somewhere -- 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.
大多數公司需要資金-從某個地方-來增加利潤。投資的資金可以來自往年的利潤（保留收益），發行新股或借款。在前兩種選擇的情況下，roe將反映出這種用於增長的現金。在後一種情況下，用於增長的債務將改善回報，但不會影響股權總額。這將使roe看起來比沒有使用債務時要好。
Combining Pegasystems' Debt And Its 20% Return On Equity
將Pegasystems的債務和其20％的ROE相結合
Pegasystems does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.28. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. 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.
Pegasystems確實使用了大量的債務來提高回報。其負債股本比爲1.28。儘管其ROE可觀，但值得記住的是，公司可以使用的債務通常有限制。投資者應仔細考慮如果公司無法輕鬆借債，其表現可能如何，因爲信貸市場隨着時間會發生變化。
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 useful for comparing the quality of different businesses. 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.
股本回報率可以用於比較不同企業的質量。沒有太多負債即可實現高回報的公司通常質量較好。其他因素相等的情況下，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。
But note: Pegasystems 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：Pegasystems可能不是最佳的股票購買選擇。因此，請看一下這份免費的高ROE和低債務的有趣公司名單。
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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。