Is Group 1 Automotive, Inc.'s (NYSE:GPI) ROE Of 19% Impressive?
Is Group 1 Automotive, Inc.'s (NYSE:GPI) ROE Of 19% Impressive?
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 Group 1 Automotive, Inc. (NYSE:GPI), by way of a worked example.
儘管一些投資者已經對財務指標非常熟悉（致敬），但本文是爲那些想要學習什麼是淨資產回報率（ROE）以及它爲何重要的人準備的。 通過一個實例，我們將使用ROE來分析紐交所的汽車一組公司（NYSE：GPI）的情況。
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 Is ROE Calculated?
淨資產收益率怎麼計算？
ROE can be calculated by using the formula:
淨資產收益率可以使用以下公式進行計算：
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 Group 1 Automotive is:
因此，基於以上公式，Group 1 Automotive的ROE爲：
19% = US$558m ÷ US$2.9b (Based on the trailing twelve months to June 2024).
19％= 5.58億美元 ÷ 29億美元（基於截至2024年6月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.19 in profit.
『回報率』是指過去十二個月稅後收益。一個概念是，針對每1美元的股東資本，公司賺取了0.19美元的利潤。
Does Group 1 Automotive Have A Good Return On Equity?
汽車一組的股東權益回報率怎麼樣？
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. The image below shows that Group 1 Automotive has an ROE that is roughly in line with the Specialty Retail industry average (19%).
通過將一家公司的ROE與其行業平均水平進行比較，我們可以快速衡量其表現。然而，該方法僅可作爲粗略檢查工具，因爲即使在同一行業分類中，公司之間也存在相當大的差異。下圖顯示了汽車一組的ROE大致與專業零售行業平均水平(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 so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Group 1 Automotive by visiting our risks dashboard for free on our platform here.
這並不算驚人，但也算得上體面。即使與行業平均水平相比，如果公司的ROE受到高債務水平的幫助，其值得檢查。如果是這樣，將增加公司的財務風險敞口。您可以在我們的平台上免費查看我們爲汽車一組確定的兩項風險，請訪問我們的風險特斯拉-儀表。
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. That cash can come from issuing shares, retained earnings, or debt. 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 used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資資金來實現利潤增長。這些資金可以來自發行股票、留存收益或債務。在前兩種情況下，ROE將反映出這些資金用於業務投資。而在後一種情況下，用於增長的債務將提高回報率，但不會影響總股本。因此，負債的使用可以改善ROE，儘管在暴風雨來臨時會伴隨額外的風險，比喻意義上的。
Group 1 Automotive's Debt And Its 19% ROE
汽車一組的債務及其19%的roe
Group 1 Automotive does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.47. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
汽車一組確實使用了大量的債務來增加收益。其資產負債比爲1.47。儘管其roe相當可觀，但目前公司所承載的債務量並不理想。債務確實帶來額外風險，因此只有在公司能夠從中獲得一些可觀回報時才真正值得。
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 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 the same ROE, then I would generally prefer the one with less debt.
企業獲得利潤並將其返還給股東的能力是企業能否賺錢的有用指標。如果一家公司可以在沒有債務的情況下實現較高的roe，那麼它可以被認爲是一家高質量的企業。如果兩家公司的roe相同，那麼我通常更喜歡負債較少的那一家公司。
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，當一個業務質量高的公司時，市場通常會將其競拍到反映這一點的價格。利潤增長率相對於股票價格反映的預期，是特別重要考慮的因素。因此，您可能想要查看分析師對該公司的預測的這個免費可視化。
But note: Group 1 Automotive 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：汽車一組可能不是最好的股票買入選擇。因此，請查看這個免費的感興趣的公司名單，這些公司具有高roe和低債務。
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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。
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