Read This Before Judging Spire Inc.'s (NYSE:SR) ROE
Read This Before Judging Spire Inc.'s (NYSE:SR) ROE
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Spire Inc. (NYSE:SR).
我們最好的投資之一就是投資於自己的知識和技能。有了這個想法，本文將通過ROE（股東權益回報率）來更好地理解業務。爲了使課程更加實用，我們將使用ROE來更好地了解Spire Inc。（NYSE：SR）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或ROE是一項用於評估公司管理層如何利用公司資本的效率的關鍵指標。簡而言之，它用於評估公司相對於其股本資本的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Spire is:
因此，根據上述公式，Spire的ROE爲：
7.0% = US$237m ÷ US$3.4b (Based on the trailing twelve months to March 2024).
7.0％= 2.37億美元 ÷ 34億美元（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 $0.07 in profit.
‘return’是這家企業在過去一年裏的收益。換句話說，對於每一美元的淨資產，該公司能夠賺取0.07美元的利潤。
Does Spire Have A Good ROE?
Spire的ROE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. As shown in the graphic below, Spire has a lower ROE than the average (10.0%) in the Gas Utilities industry classification.
可以說，評估公司ROE最簡單的方法是將其與同一行業中的平均值進行比較。重要的是要注意，這遠非一種完美的衡量方法，因爲同一行業分類中的公司存在明顯的差異。如下圖所示，Spire的ROE低於燃氣業的平均水平（10.0％）。
That certainly isn't ideal. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A company with high debt levels and low ROE is a combination we like to avoid given the risk involved. Our risks dashboard should have the 3 risks we have identified for Spire.
那肯定不是理想狀態。儘管如此，我們認爲較低的ROE可能仍意味着公司有利用槓桿提高回報的機會，前提是其現有的債務水平較低。高負債水平和低ROE的公司是我們希望避免的風險組合。我們的風險儀表板應包含我們爲Spire確定的3個風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投資資金來增長其利潤。投資的現金可以來自前年的利潤（留存收益），發行新股或借款。在前兩種情況下，ROE將反映這種用於投資業務的現金使用。在後一種情況下，債務的使用將提高回報率，但不會改變公司的股本。通過這種方式，借款將推動ROE增長，即使業務的基本經濟情況保持不變。
Combining Spire's Debt And Its 7.0% Return On Equity
結合Spire的債務和其7.0％的股東權益回報率（ROE）
Spire clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.33. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
顯然，Spire使用大量債務來提高回報，因爲其債務股本比爲1.33。相對較低的ROE和大量使用債務的組合並不特別具有吸引力。債務增加了風險，並削減了公司未來的選擇，因此您通常希望從使用債務中獲得一些良好的回報。
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 when a business is high quality, the market often bids it up to a price that reflects this. 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，當一家企業的質量很高時，市場往往會將其出價以反映這一點。考慮利潤增長率與股票價格反映的預期之間的比較非常重要。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。
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。