With A 3.2% Return On Equity, Is TTM Technologies, Inc. (NASDAQ:TTMI) A Quality Stock?
With A 3.2% Return On Equity, Is TTM Technologies, Inc. (NASDAQ:TTMI) A Quality Stock?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). We'll use ROE to examine TTM Technologies, Inc. (NASDAQ:TTMI), by way of a worked example.
许多投资者仍在学习在分析股票时可能有用的各种指标。本文适用于那些想了解股本回报率（ROE）的人。我们将用ROE来研究TTM Technologies, Inc.（纳斯达克股票代码：TTMI），举一个行之有效的例子。
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. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率或投资回报率是股东需要考虑的重要因素，因为它可以告诉他们资本再投资的有效性。换句话说，它揭示了公司成功地将股东投资转化为利润。
Check out our latest analysis for TTM Technologies
检查 发布我们对 TTM Technologies 的最新分析
How Do You Calculate Return On Equity?
你如何计算股本回报率？
The formula for return on equity is:
这个 股本回报率公式 是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营）≥ 股东权益
So, based on the above formula, the ROE for TTM Technologies is:
因此，根据上述公式，TTM Technologies的投资回报率为：
3.2% = US$41m ÷ US$1.3b (Based on the trailing twelve months to December 2019).
3.2％ = 4100万美元兑13亿美元（基于截至2019年12月的过去十二个月）。
The 'return' is the yearly profit. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.03 in profit.
“回报” 是每年的利润。将其概念化的一种方法是，公司每拥有1美元的股东资本，就会获得0.03美元的利润。
Does TTM Technologies Have A Good Return On Equity?
TTM Technologies 的股本回报率是否良好？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see TTM Technologies has a lower ROE than the average (11%) in the Electronic industry classification.
一种简单的方法 决定 如果一家公司的股本回报率很高，则将其与该行业的平均水平进行比较。但是，这种方法只能用作粗略的检查，因为公司在同一行业分类中确实存在很大差异。如果你看下图，你可以看到TTM Technologies的投资回报率低于电子行业分类中的平均水平（11％）。
Unfortunately, that's sub-optimal. 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 company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 4 risks we have identified for TTM Technologies visit ourrisks dashboard for free.
不幸的是，这并不理想。但是，我们认为，较低的投资回报率仍然可能意味着公司有机会通过使用杠杆来提高回报，前提是其现有债务水平很低。考虑到所涉及的风险，我们希望避免将债务水平高而投资回报率低的公司组合在一起。要了解我们为TTM Technologies确定的4种风险，请免费访问我们的风险控制面板。
How Does Debt Impact ROE?
债务如何影响投资回报率？
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 use of debt will improve the returns, but will not change the equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多数公司需要来自某个地方的资金来增加利润。这些现金可能来自留存收益、发行新股（股权）或债务。对于第一和第二种选择，投资回报率将反映这种对现金增长的使用。在后一种情况下，使用债务将提高回报，但不会改变权益。通过这种方式，尽管企业的核心经济保持不变，但债务的使用将提高投资回报率。
TTM Technologies' Debt And Its 3.2% ROE
迅达科技的债务及其 3.2% 的投资回报率
It's worth noting the high use of debt by TTM Technologies, leading to its debt to equity ratio of 1.16. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，TTM Technologies大量使用债务，导致其债务与权益比率为1.16。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。债务会增加风险并减少公司未来的选择，因此您通常希望通过使用它获得一些可观的回报。
Summary
摘要
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. All else being equal, a higher ROE is better.
股本回报率对于比较不同业务的质量很有用。在我们的账簿中，尽管债务很低，但质量最高的公司的股本回报率却很高。在其他条件相同的情况下，更高的投资回报率更好。
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 take a peek at thisdata-rich interactive graph of forecasts for the company.
话虽如此，尽管投资回报率是衡量业务质量的有用指标，但你必须考虑一系列因素才能确定购买股票的正确价格。还必须考虑利润可能增长的速度，相对于当前价格所反映的利润增长预期。因此，你可能想看看这张数据丰富的公司预测交互式图表。
But note: TTM Technologies may not be the best stock to buy . So take a peek at this free list of interesting companies with high ROE and low debt.
但请注意： TTM Technologies 可能不是最值得买入的股票 。所以来看看这个 免费的 投资回报率高、负债低的有趣公司名单。
If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned.
如果你发现值得更正的错误，请联系编辑 ateditorial-team@simplywallst.com。Simply Wall St 的这篇文章本质上是一般性的。它不构成买入或卖出任何股票的建议，也没有考虑您的目标或财务状况。简而言之，华尔街在上述股票中没有头寸。
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Thank you for reading.
我们的目标是为您提供由基本面数据驱动的长期重点研究分析。请注意，我们的分析可能未将最新的价格敏感型公司公告或定性材料考虑在内。谢谢你的阅读。
译文内容由第三方软件翻译。