Should Edison International (NYSE:EIX) Focus On Improving This Fundamental Metric?
Should Edison International (NYSE:EIX) Focus On Improving This Fundamental Metric?
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 Edison International (NYSE:EIX).
雖然一些投資者已經熟悉財務指標（致敬），但本文是爲那些想要了解淨資產收益率（roe）及其重要性的人準備的。通過實踐學習，我們將研究淨資產收益率，以更好地理解愛迪生國際（紐交所：EIX）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東權益回報率（ROE）是測試公司如何有效地增加其價值並管理投資者資金的指標。簡而言之，它用於評估公司相對於股本資本的盈利能力。
How Is ROE Calculated?
淨資產收益率怎麼計算？
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（來自持續經營） ÷ 股東權益
So, based on the above formula, the ROE for Edison International is:
因此，根據上述公式，愛迪生國際的淨資產收益率爲：
7.3% = US$1.3b ÷ US$18b (Based on the trailing twelve months to September 2024).
7.3% = 美元13億 ÷ 美元180億（基於截至2024年9月的過去十二個月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.07 in profit.
「收益率」是企業在過去一年中獲得的收入。一個概念化的方法是，對於每1美元的股東資本，公司實現了0.07美元的利潤。
Does Edison International Have A Good ROE?
愛迪生國際的roe好嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for 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, Edison International has a lower ROE than the average (9.3%) in the Electric Utilities industry classification.
判斷一家公司的淨利潤是否良好的一種簡單方法是將其與行業板塊的平均水平進行比較。 重要的是，這遠不是一個完美的衡量指標，因爲同一行業分類下的公司差異顯著。 如下圖所示，愛迪生國際的roe低於電力公用股行業分類的平均值（9.3%）。
That's not what we like to see. 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 high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 3 risks we have identified for Edison International visit our risks dashboard for free.
這不是我們想看到的。 不過，我們認爲較低的roe仍然可能意味着公司有機會利用槓桿改善回報，前提是其現有的債務水平較低。 一家負債高的公司擁有較低的roe，則完全是另一回事，在我們看來是一個風險投資。 要了解我們爲愛迪生國際識別的3個風險，歡迎免費訪問我們的風險特斯拉-儀表。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Most companies need money -- from somewhere -- to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司需要資金——從某個地方獲得——以增加其利潤。這筆現金可以來自留存收益、發行新股（股權）或債務。在前兩種情況下，roe將反映出這筆現金用於投資業務。在後一種情況下，用於增長的債務將改善回報，但不會影響總資產。通過這種方式，債務的使用將提升roe，即使業務的核心經濟狀況保持不變。
Combining Edison International's Debt And Its 7.3% Return On Equity
結合愛迪生國際的債務和其7.3%的roe
Edison International clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.96. The combination of a rather low ROE and significant use of debt is not particularly appealing. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
愛迪生國際顯然使用了大量債務來提升回報，因爲它的債務股本比率爲1.96。相對較低的roe與顯著的債務使用相結合並不是特別吸引人。投資者應該仔細考慮如果一家公司無法如此輕鬆借貸，它可能會有怎樣的表現，因爲信用市場是會隨時間變化的。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. 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.
對於比較不同業務質量的公司，ROE很有用。在我們的書中，最高質量的公司具有高ROE，儘管其債務較低。如果兩家公司的債務與股本比例大致相同，並且其中一家公司的ROE更高，我通常更喜歡ROE更高的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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 I think it may be worth checking this free report on analyst forecasts for the company.
但roe只是一個更大難題的一部分，因爲高質量的企業通常會以高的盈利倍數交易。 必須考慮到利潤增長的預期相對於當前價格反映的利潤增長預期的速度。 因此，我認爲檢查這份公司分析師預測的免費報告可能是值得的。
Of course Edison International 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，愛迪生國際可能不是最適合買入的股票。所以你可能想看看這份免費的其他高roe和低債務公司的合集。
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