A Closer Look At CSX Corporation's (NASDAQ:CSX) Impressive ROE
A Closer Look At CSX Corporation's (NASDAQ:CSX) Impressive 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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of CSX Corporation (NASDAQ:CSX).
雖然一些投資者已經熟悉了一些財務指標（致敬），但本文是爲那些想了解淨資產收益率（ROE）及其重要性的人而寫的。通過學以致用，我們將通過分析CSX Corporation（納斯達克：CSX）的ROE來更好地理解它。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
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 CSX is:
因此，根據上述公式，CSX的ROE爲:
29% = US$3.6b ÷ US$13b (Based on the trailing twelve months to March 2024).
29％= 36億美元÷ 130億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.29 in profit.
“回報”是企業在過去一年中獲得的收入。換句話說，對於每1美元的股本，公司能夠獲得0.29美元的利潤。
Does CSX Have A Good Return On Equity?
CSX淨資產收益率好嗎？
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 is clear from the image below, CSX has a better ROE than the average (11%) in the Transportation industry.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速衡量其好壞。這種方法的侷限性在於，有些公司與同一行業分類中的其他公司相比有很大的不同。從下圖中可以清楚地看出，CSX的ROE比運輸行業的平均水平（11％）要好。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk.
這是一個好的跡象。儘管如此，高淨資產收益率並不總是表明高盈利能力。除了淨利潤的變化之外，高淨資產收益率也可能是相對於淨資產的高負債水平的結果，這表明存在風險。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
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 first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
幾乎所有公司都需要資金投資業務以增加利潤。這種投資所需的現金可以來自前一年的利潤（留存收益），發行新股或借款。在第一種和第二種情況下，ROE將反映出這種用於業務投資的現金使用情況。在後一種情況下，爲了增長所需的債務將提高回報，但不會影響股東權益。因此，債務的使用可以提高ROE，儘管在像暴風雨般的天氣情況下也伴隨着額外的風險，比喻性地說。
CSX's Debt And Its 29% ROE
CSX的負債及其29％的ROE
CSX clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.48. 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 does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
CSX顯然使用了大量的債務來提高收益，因爲其負債股本比爲1.48。毫無疑問，ROE令人印象深刻，但值得記住的是，如果公司減少其債務，則該指標可能會降低。負債確實帶來額外的風險，因此只有在公司從中獲得可觀的回報時才真正值得。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回報率在比較不同企業質量時很有用。一家可以在沒有債務的情況下實現高股本回報率的公司可以被認爲是一家高質量的公司。其他條件相同，股本回報率越高，越好。
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.
儘管ROE是業務質量的一個有用指標，但您必須查看一系列因素，以確定購買股票的正確價格。還必須考慮利潤增長的預期速度，相對於反映在當前價格中的利潤增長預期。因此，您可能需要查看預測該公司數據的數據豐富的交互式圖表。
But note: CSX 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.
但需要注意：CSX可能不是最好的股票。因此，瀏覽此高淨資產收益率，低負債的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.
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
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譯文內容由第三人軟體翻譯。