Is Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) ROE Of 40% Impressive?
Is Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) ROE Of 40% 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). By way of learning-by-doing, we'll look at ROE to gain a better understanding of Hyster-Yale Materials Handling, Inc. (NYSE:HY).
許多投資者仍在學習分析股票時可能有用的各種指標。本文適用於那些想了解股本回報率（ROE）的人。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解海斯特-耶魯物料搬運公司（紐約證券交易所代碼：HY）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Put another way, it reveals the company's success at turning shareholder investments into profits.
股本回報率或投資回報率是用於評估公司管理層利用公司資本效率的關鍵指標。換句話說，它揭示了公司成功地將股東投資轉化爲利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回報率 = 淨利潤（來自持續經營業務）÷ 股東權益
So, based on the above formula, the ROE for Hyster-Yale Materials Handling is:
因此，根據上述公式，海斯特-耶魯物料搬運的投資回報率爲：
40% = US$128m ÷ US$321m (Based on the trailing twelve months to December 2023).
40% = 1.28億美元 ÷ 3.21億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the yearly profit. That means that for every $1 worth of shareholders' equity, the company generated $0.40 in profit.
“回報” 是每年的利潤。這意味着，每獲得價值1美元的股東權益，該公司就會產生0.40美元的利潤。
Does Hyster-Yale Materials Handling Have A Good Return On Equity?
海斯特-耶魯材料處理有良好的股本回報率嗎？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Hyster-Yale Materials Handling has a better ROE than the average (12%) in the Machinery industry.
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。重要的是，這遠非一個完美的衡量標準，因爲各公司在相同的行業分類中差異很大。從下圖可以清楚地看出，海斯特-耶魯物料搬運公司的投資回報率高於機械行業的平均水平（12％）。
That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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. To know the 2 risks we have identified for Hyster-Yale Materials Handling visit our risks dashboard for free.
這顯然是一個積極的方面。但是，請記住，高投資回報率並不一定意味着有效的利潤創造。尤其是當一家公司使用高額債務爲其債務融資時，這可能會提高其投資回報率，但高槓杆率會使公司面臨風險。要了解我們爲海斯特-耶魯物料搬運確定的兩種風險，請免費訪問我們的風險控制面板。
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 required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
大多數公司需要來自某個地方的資金來增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。對於第一和第二種選擇，投資回報率將反映現金用於增長的這種用途。在後一種情況下，增長所需的債務將提高回報，但不會影響股東權益。這將使投資回報率看起來比不使用債務時更好。
Hyster-Yale Materials Handling's Debt And Its 40% ROE
海斯特-耶魯物資處理公司的債務及其40％的投資回報率
Hyster-Yale Materials Handling does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.59. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. 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.
海斯特-耶魯物料搬運公司確實使用大量債務來增加回報。它的債務權益比率爲1.59。毫無疑問，投資回報率令人印象深刻，但值得記住的是，如果該公司減少債務，該指標可能會更低。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Conclusion
結論
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.
股本回報率是我們可以比較不同公司的業務質量的一種方式。在我們的賬簿中，儘管債務很低，但質量最高的公司的股本回報率卻很高。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
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.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但你必須考慮一系列因素才能確定購買股票的正確價格。還必須考慮利潤可能增長的速度，相對於當前價格所反映的利潤增長預期。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
But note: Hyster-Yale Materials Handling 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.
但請注意：海斯特-耶魯材料處理可能不是最好的買入股票。因此，來看看這份投資回報率高、債務低的有趣公司的免費清單。
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。