Did OGE Energy Corp. (NYSE:OGE) Use Debt To Deliver Its ROE Of 9.2%?
Did OGE Energy Corp. (NYSE:OGE) Use Debt To Deliver Its ROE Of 9.2%?
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 OGE Energy Corp. (NYSE:OGE), 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考察OGE能源公司（紐約證券交易所代碼：OGE）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股本回報率或投資回報率是對公司增值和管理投資者資金的有效性的考驗。簡而言之，它用於評估公司相對於其股權資本的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
ROE can be calculated by using the formula:
ROE 可以通過以下公式計算：
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 OGE Energy is:
因此，根據上述公式，OGE Energy的投資回報率爲：
9.2% = US$417m ÷ US$4.5b (Based on the trailing twelve months to December 2023).
9.2% = 4.17億美元 ÷ 45億美元（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 $0.09 in profit.
“回報” 是企業去年獲得的收入。另一種看法是，每持有價值1美元的股權，該公司就能獲得0.09美元的利潤。
Does OGE Energy Have A Good ROE?
OGE Energy 的投資回報率不錯嗎？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. The image below shows that OGE Energy has an ROE that is roughly in line with the Electric Utilities industry average (9.0%).
確定公司股本回報率是否不錯的一種簡單方法是將其與該行業的平均水平進行比較。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。下圖顯示，OGE Energy的投資回報率與電力公用事業行業的平均水平（9.0％）大致持平。
That isn't amazing, but it is respectable. 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. You can see the 2 risks we have identified for OGE Energy by visiting our risks dashboard for free on our platform here.
這並不奇怪，但值得尊敬。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。您可以通過訪問我們的 OGE Energy 查看我們爲OGE Energy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？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from retained earnings, issuing new shares (equity), or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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.
幾乎所有公司都需要資金來投資業務，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情況。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。
OGE Energy's Debt And Its 9.2% ROE
OGE Energy的債務及其9.2％的投資回報率
OGE Energy clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.07. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
OGE Energy顯然使用大量債務來提高回報，因爲其負債權益比率爲1.07。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 useful for comparing the quality of different businesses. In our books, the highest quality companies have high return on equity, despite low debt. 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。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 when a business is high quality, the market often bids it up to a price that reflects this. 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 check this FREE visualization of analyst forecasts for the company.
但是，當企業質量很高時，市場通常會以反映這一點的價格出價。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，您可能需要查看該公司的分析師預測的免費可視化效果。
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
如果你更願意去另一家公司——一家財務狀況可能優越的公司——那麼千萬不要錯過這份免費的股本回報率高、債務低的有趣公司的名單。
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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。