Does Dominion Energy, Inc. (NYSE:D) Create Value For Shareholders?
Does Dominion Energy, Inc. (NYSE:D) Create Value For Shareholders?
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 Dominion Energy, Inc. (NYSE:D), by way of a worked example.
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。舉一個行之有效的例子，我們將使用投資回報率來研究道明能源公司（紐約證券交易所代碼：D）。
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. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股本回報率或投資回報率是股東需要考慮的重要因素，因爲它可以告訴他們資本再投資的有效性。簡而言之，投資回報率顯示了每美元從其股東投資中產生的利潤。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for ROE is:
ROE 的公式是：
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 Dominion Energy is:
因此，根據上述公式，道明能源的投資回報率爲：
7.8% = US$2.2b ÷ US$28b (Based on the trailing twelve months to December 2023).
7.8% = 22億美元 ÷ 280億美元（基於截至2023年12月的過去十二個月）。
The 'return' refers to a company's earnings over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.08.
“回報” 是指公司去年的收益。因此，這意味着其股東每投資1美元，公司就會產生0.08美元的利潤。
Does Dominion Energy Have A Good Return On Equity?
道明能源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. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. The image below shows that Dominion Energy has an ROE that is roughly in line with the Integrated Utilities industry average (9.5%).
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。但是，這種方法僅在粗略檢查時有用，因爲各公司在相同的行業分類中確實存在很大差異。下圖顯示，Dominion Energy的投資回報率與綜合公用事業行業的平均水平（9.5％）大致持平。
That isn't amazing, but it is respectable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If so, this increases its exposure to financial risk. You can see the 2 risks we have identified for Dominion Energy by visiting our risks dashboard for free on our platform here.
這並不奇怪，但值得尊敬。儘管投資回報率與行業相似，但我們仍應進行進一步檢查，看看高額債務水平是否提振了公司的投資回報率。如果是這樣，這會增加其金融風險敞口。您可以通過訪問我們的 Dominion Energy 查看我們爲道明能源確定的兩種風險 風險儀表板 在我們的平台上免費使用。
How Does Debt Impact Return On Equity?
債務如何影響股本回報率？
Companies usually need to invest money to grow their profits. That cash can come from issuing shares, retained earnings, 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
公司通常需要投資資金來增加利潤。這些現金可以來自發行股票、留存收益或債務。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。以這種方式，債務的使用將提高投資回報率，儘管該業務的核心經濟學保持不變。
Combining Dominion Energy's Debt And Its 7.8% Return On Equity
合併Dominion Energy的債務及其7.8％的股本回報率
Dominion Energy does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.61. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
道明能源確實使用大量債務來增加回報。它的債務權益比率爲1.61。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。債務確實會帶來額外的風險，因此只有當公司從中獲得可觀的回報時，債務才是真正值得的。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
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。能夠在不負債過多的情況下獲得高股本回報的公司通常質量很好。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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，投資回報率只是更大難題中的一部分，因爲高質量的企業通常以較高的收益倍數進行交易。相對於當前價格所反映的利潤增長預期，還必須考慮利潤可能的增長速度。因此，我認爲可能值得查看這份關於分析師對公司的預測的免費報告。
Of course Dominion Energy may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，道明能源可能不是最值得購買的股票。因此，您不妨免費查看其他投資回報率高、負債率低的公司的名單。
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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.
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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。