Is Kontoor Brands, Inc. (NYSE:KTB) A High Quality Stock To Own?
Is Kontoor Brands, Inc. (NYSE:KTB) A High Quality Stock To Own?
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. To keep the lesson grounded in practicality, we'll use ROE to better understand Kontoor Brands, Inc. (NYSE:KTB).
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。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Kontoor Brands, Inc.（紐約證券交易所代碼：KTB）。
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 Do You Calculate Return On Equity?
你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 Kontoor Brands is:
因此，根據上述公式，Kontoor品牌的投資回報率爲：
62% = US$231m ÷ US$372m (Based on the trailing twelve months to December 2023).
62% = 2.31億美元 ÷ 3.72億美元（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 $0.62 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0.62美元的利潤。
Does Kontoor Brands Have A Good Return On Equity?
Kontoor品牌的股本回報率是否良好？
One simple way to determine if a company has a good return on equity is to compare it to the average for its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Kontoor Brands has a better ROE than the average (13%) in the Luxury industry.
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。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。如下圖所示，Kontoor Brands的投資回報率高於奢侈品行業的平均水平（13％）。
That's what we like to see. With that said, a high ROE doesn't always indicate high profitability. Especially when a firm uses high levels of debt to finance its debt which may boost its ROE but the high leverage puts the company at risk. To know the 2 risks we have identified for Kontoor Brands visit our risks dashboard for free.
這就是我們喜歡看到的。話雖如此，高投資回報率並不總是表示高盈利能力。尤其是當一家公司使用高額債務爲其債務融資時，這可能會提高其投資回報率，但高槓杆率會使公司面臨風險。要了解我們爲Kontoor品牌確定的兩種風險，請免費訪問我們的風險控制面板。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Companies usually need to invest money to grow their profits. That cash can come from retained earnings, issuing new shares (equity), 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 use of debt will improve the returns, but will not change the 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。這些現金可以來自留存收益、發行新股（股權）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，債務的使用將提高回報，但不會改變股權。這將使投資回報率看起來比不使用債務時更好。
Kontoor Brands' Debt And Its 62% ROE
Kontoor Brands的債務及其62％的投資回報率
Kontoor Brands clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 2.11. Its ROE is pretty impressive but, it would have probably been lower without the use of debt. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Kontoor Brands顯然使用大量債務來提高回報，因爲其債務與權益比率爲2.11。它的投資回報率相當可觀，但是，如果不使用債務，投資回報率可能會更低。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. 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。
But when a business is high quality, the market often bids it up to a price that reflects this. 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，當企業質量很高時，市場通常會以反映這一點的價格對其進行出價。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, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，通過尋找其他地方，你可能會找到一筆不錯的投資。因此，來看看這份有趣的公司的免費清單吧。
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