Should You Be Excited About DTE Energy Company's (NYSE:DTE) 13% Return On Equity?
Should You Be Excited About DTE Energy Company's (NYSE:DTE) 13% Return On 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 DTE Energy Company (NYSE:DTE).
雖然一些投資者已經對財務指標熟稔於心(致敬),但本文是爲了那些想要了解淨資產回報率(ROE)及其重要性的人。通過實踐學習,我們將關注ROE,以更好地理解DTE能源公司(紐交所:DTE)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
股本回報率(ROE)是衡量公司如何有效地增長其價值和管理投資者資金的指標。簡單來說,它衡量公司的盈利能力相對於股東權益的情況。
How Is ROE Calculated?
淨資產收益率怎麼計算?
Return on equity can be calculated by using the formula:
淨資產收益率可以通過以下公式計算:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股東權益回報率 = 凈利潤(來自持續運營)÷ 股東權益
So, based on the above formula, the ROE for DTE Energy is:
因此,基於上述公式,DTE能源的ROE爲:
13% = US$1.5b ÷ US$12b (Based on the trailing twelve months to September 2024).
13% = 15億美元 ÷ 120億美元(基於截至2024年9月的過去十二個月)。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.13 in profit.
「回報」指的是公司在過去一年中的收益。這意味着對於每1美元的股東權益,公司產生了0.13美元的利潤。
Does DTE Energy Have A Good ROE?
DTE能源的ROE好嗎?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, DTE Energy has a better ROE than the average (9.2%) in the Integrated Utilities industry.
評估一家公司的ROE最簡單的方法可能是將其與行業平均水平進行比較。然而,這種方法只適用於粗略檢查,因爲同一行業分類中的公司之間差異很大。從下面的圖像可以看出,DTE能源的ROE優於綜合公用股行業的平均水平(9.2%)。
That's what we like to see. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. A higher proportion of debt in a company's capital structure may also result in a high ROE, where the high debt levels could be a huge risk . You can see the 2 risks we have identified for DTE Energy by visiting our risks dashboard for free on our platform here.
這正是我們想要看到的。然而,請記住,高ROE並不一定意味着有效的利潤生成。公司資本結構中較高的債務比例也可能導致高ROE,而高債務水平可能帶來巨大風險。你可以通過訪問我們在平台上的風險儀表板,免費查看我們爲DTE能源識別出的兩個風險。
How Does Debt Impact Return On Equity?
債務如何影響凈利潤回報率?
Virtually all companies need money to invest in the business, to grow profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the first two cases, the ROE will capture this use of capital to grow. 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.
幾乎所有公司都需要資金來投資於業務,以增加利潤。投資的現金來源可以是之前年度的利潤(留存收益)、發行新股或借款。在前兩種情況下,ROE將反映這種用於增長的資本的使用。在後者的情況下,增長所需的債務將提升回報,但不會影響股東權益。因此,債務的使用可以提高ROE,儘管在暴風雨天氣的情況下,風險會增加,借用比喻說法。
Combining DTE Energy's Debt And Its 13% Return On Equity
結合DTE能源的債務和其13%的ROE
DTE Energy does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.12. While its ROE is pretty respectable, the amount of debt the company is carrying currently is not ideal. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
DTE能源確實使用了大量的債務來增加回報。它的負債與股本比率爲2.12。雖然它的ROE相當可觀,但公司目前承載的債務額度並不理想。債務增加了風險,減少了公司未來的期權,因此通常希望看到使用債務能夠帶來好的回報。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率(ROE)對於比較不同企業的質量非常有用。能夠在沒有過多債務的情況下實現高ROE的公司通常質量較好。如果兩家公司的ROE相同,我通常會選擇負債較少的那一家。
But when a business is high quality, the market often bids it up to a price that reflects this. 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.
但是,當一項業務質量較高時,市場通常會將其價格抬高,反映出這一點。相對於當前價格中反映的利潤增長預期,利潤可能增長的速度也需要考慮。因此,我認爲查看一下公司分析師預測的免費報告可能是值得的。
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.
如果你更願意查看另一家公司——一家潛在的財務狀況優秀的公司——那麼一定不要錯過這份有趣公司的免費列表,這些公司有高股本回報率和低負債。
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