Can WEC Energy Group, Inc.'s (NYSE:WEC) ROE Continue To Surpass The Industry Average?
Can WEC Energy Group, Inc.'s (NYSE:WEC) ROE Continue To Surpass The Industry Average?
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. We'll use ROE to examine WEC Energy Group, Inc. (NYSE:WEC), by way of a worked example.
尽管一些投资者已经精通财务指标（帽子提示），但本文适用于那些想了解股本回报率（ROE）及其重要性的人。举一个有效的例子，我们将使用投资回报率来考察WEC能源集团有限公司（纽约证券交易所代码：WEC）。
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.
股本回报率或投资回报率是对公司增值和管理投资者资金的有效性的考验。简而言之，它用于评估公司相对于其股权资本的盈利能力。
How Is ROE Calculated?
ROE 是如何计算的？
ROE can be calculated by using the formula:
ROE 可以通过以下公式计算：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
股本回报率 = 净利润（来自持续经营业务）÷ 股东权益
So, based on the above formula, the ROE for WEC Energy Group is:
因此，根据上述公式，WEC Energy Group的投资回报率为：
12% = US$1.4b ÷ US$12b (Based on the trailing twelve months to March 2024).
12% = 14亿美元 ÷ 120亿美元（基于截至2024年3月的过去十二个月）。
The 'return' is the income the business earned over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.12 in profit.
“回报” 是企业在过去一年中获得的收入。对此进行概念化的一种方法是，该公司每拥有1美元的股东资本，就会获得0.12美元的利润。
Does WEC Energy Group Have A Good ROE?
WEC能源集团的投资回报率是否良好？
Arguably the easiest way to assess company's ROE is to compare it with the average in 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 you can see in the graphic below, WEC Energy Group has a higher ROE than the average (9.4%) in the Integrated Utilities industry.
可以说，评估公司投资回报率的最简单方法是将其与行业平均水平进行比较。但是，这种方法仅在粗略检查时有用，因为各公司在相同的行业分类中确实存在很大差异。如下图所示，WEC能源集团的投资回报率高于综合公用事业行业的平均水平（9.4％）。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for WEC Energy Group visit our risks dashboard for free.
这是一个好兆头。话虽如此，高投资回报率并不总是表示高盈利能力。除了净收入的变化外，较高的投资回报率也可能是高债务相对于股本的结果，这表明存在风险。要了解我们为WEC Energy Group确定的两种风险，请免费访问我们的风险仪表板。
How Does Debt Impact Return On Equity?
债务如何影响股本回报率？
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, 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. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
几乎所有公司都需要资金来投资业务，增加利润。这些现金可以来自发行股票、留存收益或债务。在前两个案例中，投资回报率将涵盖这种资本用于增长的用途。在后一种情况下，债务的使用将提高回报，但不会改变股权。以这种方式，债务的使用将提高投资回报率，尽管该业务的核心经济学保持不变。
Combining WEC Energy Group's Debt And Its 12% Return On Equity
合并WEC能源集团的债务及其12％的股本回报率
It's worth noting the high use of debt by WEC Energy Group, leading to its debt to equity ratio of 1.48. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
值得注意的是，WEC能源集团大量使用债务，导致其债务权益比率为1.48。相当低的投资回报率和大量使用债务相结合并不是特别有吸引力。债务会增加风险，减少公司未来的选择，因此您通常希望从使用债务中获得丰厚的回报。
Conclusion
结论
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. 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.
股本回报率是我们可以比较不同公司的业务质量的一种方式。能够在没有债务的情况下实现高股本回报率的公司可以被视为高质量的企业。如果两家公司的债务与股权比率大致相同，而一家公司的投资回报率更高，那么我通常更喜欢投资回报率更高的那家公司。
But ROE is just one piece of a bigger puzzle, since high quality businesses often trade on high multiples of earnings. 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，投资回报率只是更大难题中的一部分，因为高质量的企业通常以较高的收益倍数进行交易。与股票价格所反映的预期相比，利润增长率尤其需要考虑。因此，我认为可能值得查看这份关于分析师对公司的预测的免费报告。
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.
如果你更愿意去另一家公司——一家财务状况可能优越的公司——那么千万不要错过这份免费的股本回报率高、债务低的有趣公司的名单。
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