Why Worthington Steel, Inc. (NYSE:WS) Looks Like A Quality Company
Why Worthington Steel, Inc. (NYSE:WS) Looks Like A Quality Company
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. We'll use ROE to examine Worthington Steel, Inc. (NYSE:WS), by way of a worked example.
我們可以通過不斷學習和提升自身技能來進行最佳的投資。因此，本文將通過一個 Worthington Steel, Inc. (NYSE:WS)的案例，教大家如何運用roe來更好地理解一家公司。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
The formula for ROE is:
roe的公式是：
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 Worthington Steel is:
據上述公式可知，Worthington Steel的roe爲：
15% = US$170m ÷ US$1.1b (Based on the trailing twelve months to May 2024).
15% = 1.1億美元 ÷ 17億美元（截止至2024年5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 $0.15 in profit.
“回報”是企業在過去一年中獲得的收益。換個角度思考，就是對於每1美元的股權，該公司能夠獲得0.15美元的利潤。
Does Worthington Steel Have A Good ROE?
Worthington Steel的roe表現如何？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. Pleasingly, Worthington Steel has a superior ROE than the average (9.8%) in the Metals and Mining industry.
在評估公司roe表現時，可能最簡單的方法是將其與同行業平均值進行比較。但需要注意的是，公司在同一行業分類中仍可能有很大差異，因此這並不完美。值得稱讚的是，Worthington Steel在Metals and Mining行業的平均值（9.8%）之上，擁有較高的roe。
That is a good sign. Bear in mind, a high ROE doesn't always mean superior financial performance. 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 2 risks we have identified for Worthington Steel visit our risks dashboard for free.
這是一個很好的信號。但需要注意的是，高roe並不總是意味着出色的財務表現，尤其是如果公司使用大量債務來融資，可能會提高其roe，但高槓杆會增加公司的風險。如果想要了解 Worthington Steel 的兩個風險，請訪問我們的風險儀表板。
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 first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
幾乎所有公司都需要通過之前年度利潤（保留收益）、發行新股或貸款來投資業務和增長利潤。前兩種情況，roi將反映出資本用於增長的效益。而資本用於增長所需的債務將提高回報率，但不會影響股東權益。這將使ROE看起來比不使用債務時好。
Worthington Steel's Debt And Its 15% ROE
Worthington Steel的債務和15%的ROE
Although Worthington Steel does use debt, its debt to equity ratio of 0.13 is still low. Its very respectable ROE, combined with only modest debt, suggests the business is in good shape. Judicious use of debt to improve returns can certainly be a good thing, although it does elevate risk slightly and reduce future optionality.
儘管Worthington Steel使用了債務，但其債務股本比爲0.13，仍然較低，其相當優秀的ROE，加上只有適度的債務，表明這家企業狀況良好。適度使用債務來提高回報確實是一件好事，但這會略微增加風險並降低未來的選擇餘地。
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. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
股東回報率對於比較不同業務的質量很有用。能夠在沒有債務的情況下實現高回報率的公司可以被認爲是高質量的公司。如果兩家公司的債務與股權水平大致相同，而其中一家公司的ROE較高，我通常會更喜歡ROE較高的公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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，ROE只是一個大問題的一部分，因爲高質量企業通常以高的收益倍數進行交易。考慮到其他因素，例如未來的利潤增長以及未來需要投入多少投資，這一點非常重要。因此，您可能需要查看該公司的數據豐富的交互式預測圖表。
But note: Worthington Steel 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：Worthington Steel可能不是最好的股票購買選擇。所以看一下這個免費的感興趣的高ROE，低債務的公司列表吧。
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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。