Should We Be Cautious About Leidos Holdings, Inc.'s (NYSE:LDOS) ROE Of 4.9%?
Should We Be Cautious About Leidos Holdings, Inc.'s (NYSE:LDOS) ROE Of 4.9%?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Leidos Holdings, Inc. (NYSE:LDOS).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解萊多斯控股有限公司（紐約證券交易所代碼：LDOS）。
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 simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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，它衡量公司相對於股東權益的盈利能力。
How To Calculate Return On Equity?
如何計算股本回報率？
The formula for return on equity is:
股本回報率的公式是：
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 Leidos Holdings is:
因此，根據上述公式，Leidos Holdings的投資回報率爲：
4.9% = US$208m ÷ US$4.3b (Based on the trailing twelve months to December 2023).
4.9% = 2.08億美元 ÷ 43億美元（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 $0.05 in profit.
“回報” 是每年的利潤。這意味着，每持有價值1美元的股東權益，該公司就會產生0.05美元的利潤。
Does Leidos Holdings Have A Good Return On Equity?
Leidos Holdings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. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. If you look at the image below, you can see Leidos Holdings has a lower ROE than the average (12%) in the Professional Services 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。這種方法的侷限性在於，有些公司與其他公司有很大不同，即使在相同的行業分類中也是如此。如果你看下圖，你會發現Leidos Holdings的投資回報率低於專業服務行業分類中的平均水平（12％）。
That certainly isn't ideal. 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. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 4 risks we have identified for Leidos Holdings by visiting our risks dashboard for free on our platform here.
這當然不理想。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。投資回報率低的高負債公司完全是另一回事，對我們的賬面來說也是一項風險投資。您可以通過訪問我們的 Leidos Holdings 查看我們爲萊多斯控股確定的 4 種風險 風險儀表板 在我們的平台上免費使用。
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. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first two cases, the ROE will capture this use of capital to grow. In the latter case, the use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
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。在前兩個案例中，投資回報率將涵蓋這種資本用於增長的用途。在後一種情況下，債務的使用將提高回報，但不會改變股權。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Combining Leidos Holdings' Debt And Its 4.9% Return On Equity
合併Leidos Holdings的債務及其4.9％的股本回報率
Leidos Holdings clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.08. 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.
Leidos Holdings顯然使用大量債務來提高回報，因爲其負債權益比率爲1.08。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 a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. All else being equal, a higher ROE is better.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。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。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 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。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，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 Leidos Holdings 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，Leidos Holdings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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。