Should Custom Truck One Source, Inc. (NYSE:CTOS) Focus On Improving This Fundamental Metric?
Should Custom Truck One Source, Inc. (NYSE:CTOS) Focus On Improving This Fundamental Metric?
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 Custom Truck One Source, Inc. (NYSE:CTOS).
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。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定製卡車一源公司（紐約證券交易所代碼：CTOS）。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
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 Custom Truck One Source is:
因此，根據上述公式，Custom Truck One Source的投資回報率爲：
5.5% = US$51m ÷ US$917m (Based on the trailing twelve months to December 2023).
5.5% = 5100萬美元 ÷ 9.17億美元（基於截至2023年12月的過去十二個月）。
The 'return' is the income the business earned over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.06 in profit.
“回報” 是企業在過去一年中獲得的收入。另一種思考方式是，每持有價值1美元的股權，該公司就能獲得0.06美元的利潤。
Does Custom Truck One Source Have A Good Return On Equity?
Custom Truck One Source 有良好的股本回報率嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. If you look at the image below, you can see Custom Truck One Source has a lower ROE than the average (18%) in the Trade Distributors industry classification.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。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。如果你看下圖，你會發現定製卡車一號來源的投資回報率低於貿易分銷商行業分類中的平均水平（18％）。
That's not what we like to see. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high.
這不是我們喜歡看到的。但是，低投資回報率並不總是壞事。如果公司的債務水平處於中等至低水平，那麼仍然有可能通過使用財務槓桿來提高回報。當一家公司的投資回報率低但債務水平高時，我們會謹慎行事，因爲所涉及的風險太高。
Why You Should Consider Debt When Looking At ROE
爲什麼在考慮投資回報率時應該考慮債務
Most companies need money -- from somewhere -- to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. 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.
大多數公司需要來自某個地方的資金來增加利潤。投資現金可以來自上一年的利潤（留存收益）、發行新股或借款。在第一和第二種情況下，投資回報率將反映現金用於企業投資的這種用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。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 Custom Truck One Source's Debt And Its 5.5% Return On Equity
將定製卡車One Source的債務及其5.5％的股本回報率合併在一起
Custom Truck One Source does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.35. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
Custom Truck One Source 確實使用了大量債務來增加回報。它的負債權益比率爲2.35。即使使用了巨額債務，其投資回報率也相當低；在我們看來，這不是一個好結果。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. 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.
股本回報率對於比較不同業務的質量很有用。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。
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to check this FREE visualization of analyst 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。與股票價格所反映的預期相比，利潤增長率尤其值得考慮。因此，您可能需要查看該公司的分析師預測的免費可視化效果。
Of course Custom Truck One Source 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，Custom Truck One Source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。