Taking A Look At CMS Energy Corporation's (NYSE:CMS) ROE
Taking A Look At CMS Energy Corporation's (NYSE:CMS) ROE
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. To keep the lesson grounded in practicality, we'll use ROE to better understand CMS Energy Corporation (NYSE:CMS).
我們能做的最好的投資之一是我們自己的知識和技能。考慮到這一點，本文將探討如何使用股本回報率（ROE）來更好地了解業務。爲了使課程以實用爲基礎，我們將使用投資回報率來更好地了解CMS能源公司（紐約證券交易所代碼：CMS）。
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？
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 CMS Energy is:
因此，根據上述公式，CMS Energy的投資回報率爲：
9.9% = US$807m ÷ US$8.1b (Based on the trailing twelve months to December 2023).
9.9% = 8.07億美元 ÷ 81億美元（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 $0.10.
“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0.10美元的利潤。
Does CMS Energy Have A Good Return On Equity?
CMS Energy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 CMS 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，CMS 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。
So while the ROE is not exceptional, at least its acceptable. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. To know the 3 risks we have identified for CMS Energy visit our risks dashboard for free.
因此，儘管投資回報率並不例外，但至少是可以接受的。儘管至少投資回報率不低於該行業，但仍值得檢查該公司的債務起了什麼作用，因爲相對於股權的高債務水平也可能使投資回報率顯得很高。如果一家公司承擔了過多的債務，則拖欠利息的風險就會更高。要了解我們爲CMS Energy確定的三種風險，請免費訪問我們的風險儀表板。
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 used for growth will improve returns, but won't affect the total equity. That will make the ROE look better than if no debt was used.
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，用於增長的債務將提高回報，但不會影響總資產。這將使投資回報率看起來比不使用債務時更好。
Combining CMS Energy's Debt And Its 9.9% Return On Equity
合併CMS Energy的債務及其9.9％的股本回報率
CMS Energy clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.92. 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.
CMS Energy顯然使用大量債務來提高回報，因爲其債務與權益比率爲1.92。相當低的投資回報率和大量使用債務相結合並不是特別有吸引力。債務會增加風險，減少公司未來的選擇，因此您通常希望從使用債務中獲得豐厚的回報。
Conclusion
結論
Return on equity is useful for comparing the quality of different businesses. 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.
股本回報率對於比較不同業務的質量很有用。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。在其他條件相同的情況下，更高的投資回報率更好。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of 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高倍的收益進行交易。重要的是要考慮其他因素，例如未來的利潤增長，以及未來需要多少投資。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course CMS 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，CMS Energy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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