Should We Be Delighted With International Business Machines Corporation's (NYSE:IBM) ROE Of 35%?
Should We Be Delighted With International Business Machines Corporation's (NYSE:IBM) ROE Of 35%?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand International Business Machines Corporation (NYSE:IBM).
對於那些想要了解return on equity (ROE)及其重要性的人，本文可以幫到你。爲了講解更實際，我們將使用ROE來更好地理解IBM（紐交所：IBM）公司。儘管一些投資者已經精通財務指標，但本文還是爲那些想要學習的人準備的（致謝）。
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. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
roe或股東權益回報率是評估公司如何有效地從股東那裏獲得回報的有用工具。簡而言之，它用於評估公司相對於其權益資本的盈利能力。
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 International Business Machines is:
因此，根據上述公式，IBM的ROE爲:
35% = US$8.2b ÷ US$23b (Based on the trailing twelve months to March 2024).
35％= US$82億 ÷ US$230億（以2024年3月的過去12個月爲基礎）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.35.
“回報”是企業在過去一年內實現的收入。因此，這意味着對於每美元股東的投資，該公司可以創造0.35美元的利潤。
Does International Business Machines Have A Good Return On Equity?
IBM的ROE表現良好嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. Pleasingly, International Business Machines has a superior ROE than the average (14%) in the IT industry.
可以說，評估公司ROE的最簡單方法是將其與同行業平均水平進行比較。但是，由於處於同一行業分類中的公司存在很大差異，因此這種方法只有作爲粗略檢查有用。令人高興的是，IBM的ROE表現優於IT行業的平均水平（14％）。
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.
這是一個好跡象。請記住，高ROE並不總是意味着卓越的財務表現。特別是當公司使用大量債務來融資時，ROE可能會提高，但高槓杆會使公司面臨風險。
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. 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. That will make the ROE look better than if no debt was used.
公司通常需要投入資金來增加利潤。這些投資資金可以來自以前的年度利潤（保留收益），發行新股或借款。在前兩種情況下，ROE將反映此類用於業務投資的資金使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響股東權益。這將使ROE看起來比不使用債務的情況要好。
Combining International Business Machines' Debt And Its 35% Return On Equity
結合IBM的債務和其35%的ROE
International Business Machines clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.52. 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 increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
IBM顯然使用大量債務來提高回報，因爲它的債務股本比爲2.52。毫無疑問，ROE令人印象深刻，但值得記住的是，如果該公司減少其債務，這個指標可能會更低。債務增加了風險並減少了公司在未來的選擇，因此通常希望從中獲得一些良好的回報。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. Companies that can achieve high returns on equity without too much debt are generally of good quality. 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.
股東權益回報率是衡量企業盈利能力並將利潤返還給股東的有效指標。沒有太多債務的公司能夠實現高回報率通常是高品質的。如果兩家公司的債務股本比大致相同，並且其中一家公司的roe更高，我通常會更喜歡roe更高的一家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst forecasts for the company.
但是roe只是更大難題中的一部分，因爲高質量的企業通常以高市盈率交易。考慮到股票價格所反映的預期，利潤增長率尤爲重要。因此，您可能需要查看該公司分析師預測的免費可視化工具。
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.
對本文有反饋？關注內容？請直接與我們聯繫。或者，發送電子郵件至editorial-team@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。