Is AbbVie Inc.'s (NYSE:ABBV) ROE Of 77% Impressive?
Is AbbVie Inc.'s (NYSE:ABBV) ROE Of 77% Impressive?
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). To keep the lesson grounded in practicality, we'll use ROE to better understand AbbVie Inc. (NYSE:ABBV).
许多投资者仍在学习在分析股票时可能有用的各种指标。这篇文章是为那些想了解股本回报率(ROE)的人准备的。为了让这一课立足于实践，我们将使用净资产收益率来更好地理解艾伯维公司。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回报率(ROE)是对一家公司增值和管理投资者资金的效率的测试。换句话说，它揭示了该公司成功地将股东投资转化为利润。
See our latest analysis for AbbVie
查看我们对AbbVie的最新分析
How To Calculate Return On Equity?
如何计算股本回报率？
ROE can be calculated by using the formula:
可使用以下公式计算净资产收益率：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率=(持续经营的)净利润？股东权益
So, based on the above formula, the ROE for AbbVie is:
因此，根据上面的公式，AbbVie的ROE为：
77% = US$12b ÷ US$16b (Based on the trailing twelve months to March 2022).
77%=120亿美元×160亿美元(基于截至2022年3月的12个月的往绩)。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.77 in profit.
“报税表”是过去12个月的税后收入。一种将其概念化的方法是，公司每拥有1美元的股东资本，就能获得0.77美元的利润。
Does AbbVie Have A Good Return On Equity?
AbbVie的股本回报率高吗？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As you can see in the graphic below, AbbVie has a higher ROE than the average (21%) in the Biotechs industry.
确定一家公司是否拥有良好的股本回报率的一个简单方法是将其与所在行业的平均水平进行比较。这种方法的局限性是，一些公司与其他公司有很大的不同，甚至在相同的行业分类中也是如此。如下图所示，艾伯维的净资产收益率高于生物技术行业的平均水平(21%)。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. You can see the 4 risks we have identified for AbbVie by visiting our risks dashboard for free on our platform here.
这就是我们希望看到的。话虽如此，高净资产收益率并不总是意味着高盈利。尤其是当一家公司使用高水平的债务为其债务融资时，这可能会提高其净资产收益率，但高杠杆将公司置于风险之中。您可以通过访问我们的风险控制面板在我们的平台上是免费的。
How Does Debt Impact Return On Equity?
债务对股本回报率有何影响？
Most companies need money -- from somewhere -- 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 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.
大多数公司都需要资金--从某个地方--来增加利润。这些现金可以来自发行股票、留存收益或债务。在第一种和第二种情况下，净资产收益率将反映对企业投资的现金使用情况。在后一种情况下，债务的使用将提高回报，但不会改变股权。在这种情况下，债务的使用将提高净资产收益率，即使企业的核心经济保持不变。
Combining AbbVie's Debt And Its 77% Return On Equity
结合AbbVie的债务和77%的股本回报率
It appears that AbbVie makes extensive use of debt to improve its returns, because it has an alarmingly high debt to equity ratio of 4.51. While its ROE is no doubt quite impressive, it could give a false impression about the company's returns given that its huge debt could be boosting those returns.
AbbVie似乎大量利用债务来提高回报，因为它的债务与股本比率高得惊人，高达4.51。虽然它的净资产收益率无疑令人印象深刻，但它可能会给人一种关于公司回报的错误印象，因为它的巨额债务可能会提高这些回报。
Conclusion
结论
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
股本回报率是衡量一家企业产生利润并将其返还给股东的能力的有用指标。一家能够在没有债务的情况下实现高股本回报率的公司可以被认为是一家高质量的企业。在其他条件相同的情况下，净资产收益率越高越好。
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 this data-rich interactive graph of forecasts for the company.
话虽如此，虽然净资产收益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合适价格。相对于当前价格反映的利润增长预期，也必须考虑利润可能增长的速度。因此，你可能想看看这张数据丰富的公司预测互动图表。
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.
如果你更愿意看看另一家公司--一家财务状况可能更好的公司--那么不要错过这一点免费列出了一些有趣的公司，这些公司拥有高股本回报率和低债务。
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本文由Simply Wall St.撰写，具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论，我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议，也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意，我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
译文内容由第三方软件翻译。