Did TETRA Technologies, Inc. (NYSE:TTI) Use Debt To Deliver Its ROE Of 14%?
Did TETRA Technologies, Inc. (NYSE:TTI) Use Debt To Deliver Its ROE Of 14%?
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 TETRA Technologies, Inc. (NYSE:TTI).
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。爲了使本課以實用爲基礎，我們將使用投資回報率來更好地了解利樂科技公司（紐約證券交易所代碼：TTI）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. 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對公司增值和管理投資者資金的有效性的考驗。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？
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 TETRA Technologies is:
因此，根據上述公式，TETRA Technologies的投資回報率爲：
14% = US$20m ÷ US$146m (Based on the trailing twelve months to March 2024).
14% = 2,000萬美元 ÷ 1.46億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.14.
“回報” 是企業在過去一年中獲得的收入。因此，這意味着公司每投資1美元，就會產生0.14美元的利潤。
Does TETRA Technologies Have A Good ROE?
TETRA 科技的投資回報率是否良好？
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. You can see in the graphic below that TETRA Technologies has an ROE that is fairly close to the average for the Energy Services industry (14%).
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。你可以在下圖中看到，TETRA Technologies的投資回報率與能源服務行業的平均水平（14％）相當接近。
That's neither particularly good, nor bad. 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.
這既不是特別好，也不是特別糟糕。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。
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
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 first two cases, the ROE will capture this use of capital to grow. 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.
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。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，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。
Combining TETRA Technologies' Debt And Its 14% Return On Equity
合併TETRA Technologies的債務及其14％的股本回報率
TETRA Technologies clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.23. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
TETRA Technologies顯然使用大量債務來提高回報，因爲其債務與權益比率爲1.23。毫無疑問，其投資回報率不錯，但該公司揹負的巨額債務並不令人興奮。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。
Conclusion
結論
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. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. 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。與股票價格所反映的預期相比，利潤增長率尤其需要考慮。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 TETRA Technologies 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，TETRA Technologies可能不是最好的買入股票。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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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。
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