Is Open Text Corporation's (NASDAQ:OTEX) 11% ROE Better Than Average?
Is Open Text Corporation's (NASDAQ:OTEX) 11% ROE Better Than Average?
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity 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 Open Text Corporation (NASDAQ:OTEX).
我們能做出的最好投資之一是投資於自己的知識和技能。考慮到這一點，本文將介紹如何利用淨資產收益率（roe）來更好地理解一家業務。爲了使課程具有實際性，我們將使用roe來更好地了解開放文本公司（納斯達克：OTEX）。
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？
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 Open Text is:
因此，根據上述公式，Open Text的roe爲：
11% = US$465m ÷ US$4.2b (Based on the trailing twelve months to June 2024).
11% = 46500萬美元 ÷ 42億美元（截至2024年6月的最近十二個月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.
「回報」是指過去十二個月內的利潤。一種概念化的方法是，對於每1美元的股東資本，該公司賺取了0.11美元的利潤。
Does Open Text Have A Good ROE?
Open Text的roe指標如何？
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. You can see in the graphic below that Open Text has an ROE that is fairly close to the average for the Software industry (13%).
評估公司roe的一種最簡單的方法是將其與同行業的平均水平進行比較。重要的是要明確，這並不是一個完美的衡量標準，因爲同一行業分類中的公司存在顯著差異。您可以在下圖中看到，Open Text的roe與軟件行業的平均水平（13%）非常接近。
That isn't amazing, but it is respectable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If true, then it is more an indication of risk than the potential. To know the 2 risks we have identified for Open Text visit our risks dashboard for free.
這並不是令人驚歎的，但它是值得尊重的。至少roe不低於行業水平，但仍然值得檢查公司的債務起到了什麼作用，因爲與股本相比較高的債務水平也會使roe看起來較高。如果是真的，那它更多地表示了風險而不是潛力。要了解我們已經爲Open Text識別出的兩個風險，請免費訪問我們的風險儀表盤。
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？
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增加利潤。這些資金可以來自發行股票、留存收益或債務。在第一和第二種情況下，roe將反映此類現金用於投資業務。而在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。因此，債務的使用可以改善roe，儘管在風雨飄搖的情況下會帶來額外的風險，打個比方。
Combining Open Text's Debt And Its 11% Return On Equity
結合Open Text的債務和其11%的股本回報率
Open Text clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.52. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Open Text顯然利用大量債務來提高回報率，其資產負債比爲1.52。儘管利用了大量債務，其roe相當低；在我們看來，這並不是一個好結果。債務會增加風險，並減少公司未來的選擇，因此通常希望能從中獲得一些不錯的回報。
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 one way we can compare its business quality of different companies. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是比較不同公司業務質量的一種方式。在我們看來，高回報率（ROE）的高質量公司，儘管債務較低。如果兩家公司的ROE相同，則通常會更喜歡債務較少的那家。
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 I think it may be worth checking this free report on analyst forecasts for the company.
當然，索尼克汽車可能不是最好的股票購買。因此，您可能希望查看此高ROE和低債務的其他公司的免費收藏。
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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