Should You Be Excited About Archrock, Inc.'s (NYSE:AROC) 16% Return On Equity?
Should You Be Excited About Archrock, Inc.'s (NYSE:AROC) 16% Return On Equity?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' 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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Archrock, Inc. (NYSE:AROC).
雖然一些投資者已經對財務指標（致敬）有所了解，但本文是爲那些想了解淨資產收益率（ROE）及其重要性的人準備的。通過實際操作來學習，我們將通過研究ROE來更好地了解Archrock, Inc.（紐交所：AROC）。
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 Archrock is:
因此，根據上述公式，Archrock的ROE爲：
16% = US$139m ÷ US$894m (Based on the trailing twelve months to June 2024).
16% = 1.39億美元 ÷ 8.94億美元（基於截至2024年6月的過去十二個月）。
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 $0.16.
「回報」是企業在過去一年內獲得的收入。這意味着，該公司爲每個股東投資的1美元賺取了0.16美元的利潤。
Does Archrock Have A Good ROE?
Archrock的ROE好嗎？
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. As you can see in the graphic below, Archrock has a higher ROE than the average (13%) in the Energy Services industry.
通過將公司的ROE與行業平均水平進行比較，我們可以快速了解公司的質量如何。然而，這種方法只能作爲粗略檢查的有用指標，因爲即使在相同的行業分類中，公司之間也會有很大差異。如下圖所示，Archrock在能源服務行業的ROE（13%）高於行業平均水平。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. 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. To know the 3 risks we have identified for Archrock visit our risks dashboard for free.
這是個好兆頭。但是，高ROE並不總是意味着高利潤能力。特別是當公司使用大量債務來融資，這可能會提高其ROE，但高槓杆水平也會使公司面臨風險。了解我們爲Archrock確定的3個風險，請免費訪問我們的風險儀表板。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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. 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提高利潤。投資所需的資金可以來自於前年的利潤（留存收益），發行新股或借款。在前兩種情況下，ROE將反映出這些資金用於業務投資。在後一種情況下，爲了增長所需的債務將提高回報率，但不會影響股東權益。因此，債務的使用可以提高ROE，儘管在有波動的情況下也會帶來額外的風險，這是一種隱喻。
Combining Archrock's Debt And Its 16% Return On Equity
結合Archrock的債務和其16%的股東權益回報率
Archrock does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.80. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Archrock確實使用大量債務來提高回報率。其債務與股東權益比例爲1.80。雖然其股東權益回報率還算可觀，但值得注意的是，公司可以使用的債務總有一個限度。債務增加了風險，減少了公司未來的選擇，因此你通常希望從中獲得一些良好的回報。
Conclusion
結論
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。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of analyst forecasts for the company.
話雖如此，雖然ROE是業務質量的一個有用指標，但你需要考慮很多因素才能確定購買股票的正確價格。還必須考慮盈利率預計與當前價格反映的盈利增長預期之間的關係。因此，您可能需要查看該公司的分析師預測的這個免費可視化工具。
Of course Archrock may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，Archrock可能不是最好的股票可供購買。所以你可能希望查看這個免費收藏的其他具有高股東權益回報率和低債務的公司。
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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。
譯文內容由第三人軟體翻譯。
