What Vail Resorts, Inc.'s (NYSE:MTN) ROE Can Tell Us
What Vail Resorts, Inc.'s (NYSE:MTN) ROE Can Tell Us
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 Vail Resorts, Inc. (NYSE:MTN), by way of a worked example.
我們可以通過投資自己的知識和技能來獲得最好的回報。有了這個想法，本文將探討如何使用回報率（ROE）更好地了解業務。我們將通過一個實例來使用ROE來檢查Vail Resorts，Inc.（紐交所：MTN）。
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 Do You Calculate Return On Equity?
怎樣計算ROE?
Return on equity can be calculated by using the formula:
股東權益報酬率可以使用以下公式計算：
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 Vail Resorts is:
因此，根據上述公式，Vail Resorts 的 ROE 爲:
22% = US$294m ÷ US$1.3b (Based on the trailing twelve months to April 2024).
22％= US$294m ÷ US$1.3b (基於過去十二個月截至2024年4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 $0.22.
“回報”是過去12個月的利潤。這意味着對於每1美元的股東投資，該公司可以獲得0.22美元的利潤。
Does Vail Resorts Have A Good ROE?
Vail Resorts是否擁有良好的roe？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. The image below shows that Vail Resorts has an ROE that is roughly in line with the Hospitality industry average (19%).
判斷公司回報率是否良好的一個簡單方法是將其與其行業的平均值進行比較。但很重要的是要明白，這遠非完美的衡量標準，因爲即使在同一行業分類中，公司也存在顯著差異。下圖顯示，Vail Resorts的ROE大致與酒店行業的平均水平（19%）相當。
That isn't amazing, but it is respectable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If true, then it is more an indication of risk than the potential. To know the 2 risks we have identified for Vail Resorts visit our risks dashboard for free.
這不算驚人，但也算得上可觀。即使與行業相比，ROE值也相當可觀。但有必要檢查公司的ROE是否受到高負債水平的幫助。如果是真的，則更多地是風險指標而非潛力。了解我們爲Vail Resorts確定的2個風險，請免費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？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要從某個地方獲取資金來增加利潤。這筆資金可以來自保留的利潤，發行新股（股權）或債務。在前兩種情況下，ROE將捕捉到這種利用資本增長的情況。在後一種情況下，債務的使用將改善回報，但不會改變所有者權益。因此，債務的使用可能會提高ROE，但在比喻性地說的“風聲鶴唳”的情況下也會伴隨着額外的風險。
Vail Resorts' Debt And Its 22% ROE
Vail Resorts的負債及其22%的ROE
Vail Resorts clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.82. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. 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.
Vail Resorts顯然利用了大量負債來提高回報率，因爲其負債股本比爲1.82。雖然它的ROE相當可觀，但公司目前所負擔的債務量並不理想。投資者應該仔細思考，如果一家公司無法輕易借貸，它可能會表現如何，因爲信貸市場隨時間而變化。
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 one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
淨資產收益率是比較不同公司業務質量的一種方法。可以認爲，不借債就能實現高淨資產收益率的公司是高品質的公司。如果兩個公司的淨資產收益率相同，則我通常更喜歡負債較少的公司。
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。
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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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
對本文有任何反饋？對內容有任何疑慮？請直接與我們聯繫。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。