A Note On Exelon Corporation's (NASDAQ:EXC) ROE and Debt To Equity
A Note On Exelon Corporation's (NASDAQ:EXC) ROE and Debt To Equity
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. We'll use ROE to examine Exelon Corporation (NASDAQ:EXC), by way of a worked example.
雖然有些投資者已經熟知金融指標（致敬），但本文是專門爲那些想了解回報率（ROE）及其重要性的人準備的。我們將使用Exelon Corporation（納斯達克股票代碼：EXC）作爲案例分析，以ROE作爲參考指標。
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股東要考慮的關鍵因素之一是淨資產收益率或roe，因爲它告訴他們公司如何有效地重新投資他們的資本。簡單點說，它衡量了公司與股東權益相關的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for 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 Exelon is:
因此，基於上述公式，Exelon的ROE爲:
8.9% = US$2.3b ÷ US$26b (Based on the trailing twelve months to March 2024).
8.9% = 23億美元 ÷ 260億美元(基於最近12個月截止2024年3月數據)。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.
'回報'指的是公司過去一年的收益。因此，這意味着對於每1美元的股東投資，公司創造了0.09美元的利潤。
Does Exelon Have A Good Return On Equity?
Exelon的股東權益回報率如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see Exelon has a similar ROE to the average in the Electric Utilities industry classification (8.9%).
通過將一家公司的ROE與行業平均水平進行比較，我們可以快速衡量該公司的表現如何。但是，由於同一行業的公司之間有很大的差異，因此這種方法只適用於粗略檢查。如果您查看下面的圖像，就會發現Exelon的ROE與電力公用事業行業板塊（8.9%）的平均水平相似。
That's neither particularly good, nor bad. 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 a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Exelon.
這既不算太好，也不算太差。即使與產業相比，ROE是可觀的，但請注意該公司的ROE是否受到高負債水平的支持。如果一家公司承擔過多的債務，那麼它將面臨較高的利息支付違約風險。我們的風險管理儀表板應該有我們已經爲Exelon確定的2個風險。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
公司通常需要投資資金來增加利潤。這些資金可以來自股票發行、留存收益或債務。在前兩種情況下，ROE將捕捉到這種使用資本創造增長的情況。在後一種情況下，用於增長的債務將提高回報率，但不會影響總股本。這將使ROE看起來比沒有使用債務要好。
Combining Exelon's Debt And Its 8.9% Return On Equity
結合Exelon的負債以及其8.9%的股東權益回報率
Exelon clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.74. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
顯然，Exelon使用大量債務來提高回報率，因爲它的負債權益比率爲1.74。而這種相對較低的ROE與大量使用負債並不十分吸引人。債務的確會帶來額外的風險，因此只有當一家公司可以從中獲得一些不錯的回報時，才是真正值得的。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
淨資產收益率是衡量企業創造利潤並將其返還給股東的能力的有用指標。如果一家公司能夠在沒有債務的情況下實現高回報股東的回報，那麼可以認爲這是一家高質量的公司。如果兩家公司的股權和債務水平大致相同，並且一家公司的ROE較高，那麼我通常會選擇那個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。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果您想查看另一家可能具有更好財務狀況的公司 - 具有高股本回報率和低債務的公司，那麼請不要錯過這份有趣公司列表，該列表免費提供。
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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。