With A 5.1% Return On Equity, Is Hilton Grand Vacations Inc. (NYSE:HGV) A Quality Stock?
With A 5.1% Return On Equity, Is Hilton Grand Vacations Inc. (NYSE:HGV) A Quality Stock?
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. We'll use ROE to examine Hilton Grand Vacations Inc. (NYSE:HGV), by way of a worked example.
雖然一些投資者已經對財務指標非常熟悉（感謝指點），但這篇文章是爲那些想要了解股東權益回報率（roe）及其重要性的人準備的。我們將通過一個實例來使用roe來檢查hilton grand vacations inc.（紐交所：HGV）。
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 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（來自持續經營） ÷ 股東權益
So, based on the above formula, the ROE for Hilton Grand Vacations is:
那麼，根據上述公式，hilton grand vacations的roe爲：
5.1% = US$102m ÷ US$2.0b (Based on the trailing twelve months to September 2024).
5.1% = 10200萬美元 ÷ 20億美金（基於截至2024年9月的過去12個月）。
The 'return' is the profit over the last twelve months. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.05.
'回報'是過去十二個月的利潤。這意味着，對於股東每1美元的投資，公司產生0.05美元的利潤。
Does Hilton Grand Vacations Have A Good Return On Equity?
hilton grand vacations的淨利潤表現如何？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Hilton Grand Vacations has a lower ROE than the average (12%) in the Hospitality industry classification.
通過將公司的roe與其行業平均水平進行比較，我們可以快速衡量其表現如何。 這種方法的侷限性在於，有些公司之間的差異很大，即使在同一行業分類中。 如果你查看下面的圖像，你會看到hilton grand vacations的roe低於酒店行業分類的平均水平（12%）。
That certainly isn't ideal. 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. You can see the 4 risks we have identified for Hilton Grand Vacations by visiting our risks dashboard for free on our platform here.
這顯然不是理想的。 雖然我們認爲較低的roe仍然意味着公司可以利用財務槓桿來改善其回報，前提是其現有債務水平較低。 一家高負債的公司如果roe較低，情況就完全不同了，這在我們看來是一項風險投資。 你可以通過訪問我們平台上的風險特斯拉-儀表免費查看我們爲hilton grand vacations識別的4個風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 case of the first and second options, the ROE will reflect this use of cash, for growth. 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.
大多數公司需要通過某種方式獲得資金來增加利潤。這筆資金可以來自留存收益、發行新股（權益）或債務。在前兩種選項的情況下，roe將反映出這種現金的使用情況，以支持增長。在後一種情況下，用於增長的債務將改善回報率，但不會影響總權益。這將使roe看起來比沒有使用債務時要好。
Hilton Grand Vacations' Debt And Its 5.1% ROE
hilton grand vacations的債務及其5.1%的roe
It seems that Hilton Grand Vacations uses a huge volume of debt to fund the business, since it has an extremely high debt to equity ratio of 3.32. We consider it to be a negative sign when a company has a rather low ROE despite a rather high debt to equity.
看起來hilton grand vacations使用了大量債務來資助業務，因爲它的債務與股本比率高達3.32。我們認爲，當公司在高債務與股本比率的情況下，淨利潤率卻相對較低時，這是一個負面信號。
Summary
總結
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。
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. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So I think it may be worth checking this free report on analyst forecasts for the company.
話雖如此，雖然roe是業務質量的有用指標，但您必須考慮一整套因素來確定購買股票的正確價格。考慮到其他因素，例如未來的利潤增長情況和今後需要投入多少投資等等，這些也是很重要的。因此，我認爲值得查看有關公司分析師預測的免費報告。
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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
對這篇文章有反饋嗎？對內容感到擔憂嗎？請直接與我們聯繫。或者，發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論，使用公正的方法，我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議，並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。
