Can Sally Beauty Holdings, Inc. (NYSE:SBH) Maintain Its Strong Returns?
Can Sally Beauty Holdings, Inc. (NYSE:SBH) Maintain Its Strong Returns?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Sally Beauty Holdings, Inc. (NYSE:SBH).
我們能做的最好的投資之一是我們自己的知識和技能。考慮到這一點，本文將探討如何使用股本回報率（ROE）來更好地了解業務。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解莎莉美容控股有限公司（紐約證券交易所代碼：SBH）。
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 short, ROE shows the profit each dollar generates with respect to its shareholder investments.
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，投資回報率顯示了每美元從其股東投資中產生的利潤。
How Is ROE Calculated?
ROE 是如何計算的？
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 Sally Beauty Holdings is:
因此，根據上述公式，Sally Beauty Holdings的投資回報率爲：
29% = US$161m ÷ US$551m (Based on the trailing twelve months to March 2024).
29% = 1.61億美元 ÷ 5.51億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.29 in profit.
“回報” 是指過去十二個月的利潤。概念化這一點的一種方法是，公司每擁有1美元的股東資本，就會獲得0.29美元的利潤。
Does Sally Beauty Holdings Have A Good ROE?
Sally Beauty Holdings的投資回報率是否不錯？
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. Pleasingly, Sally Beauty Holdings has a superior ROE than the average (19%) in the Specialty Retail 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。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。令人高興的是，Sally Beauty Holdings的投資回報率高於專業零售行業的平均水平（19％）。
That's clearly a positive. Bear in mind, a high ROE doesn't always mean superior financial performance. 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.
這顯然是積極的。請記住，高投資回報率並不總是意味着卓越的財務業績。尤其是當一家公司使用高額債務爲債務融資時，這可能會提高其投資回報率，但高槓杆率使公司面臨風險。
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. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資以增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。就第一和第二種選擇而言，投資回報率將反映現金的使用情況，以實現增長。在後一種情況下，債務的使用將提高回報，但不會改變權益。因此，隱喻地說，債務的使用可以提高投資回報率，儘管在暴風雨天氣下還會帶來額外的風險。
Sally Beauty Holdings' Debt And Its 29% ROE
Sally Beauty Holdings的債務及其29％的投資回報率
It's worth noting the high use of debt by Sally Beauty Holdings, leading to its debt to equity ratio of 1.90. While no doubt that its ROE is impressive, we would have been even more impressed had the company achieved this with lower debt. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，莎莉美容控股公司大量使用債務，導致其負債權益比率爲1.90。儘管毫無疑問，其投資回報率令人印象深刻，但如果該公司以較低的債務實現這一目標，我們會給我們留下更深刻的印象。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Summary
摘要
Return on equity is one way we can compare its business quality of different companies. Companies that can achieve high returns on equity without too much debt are generally of good quality. All else being equal, a higher ROE is better.
股本回報率是我們可以比較不同公司的業務質量的一種方式。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。在其他條件相同的情況下，更高的投資回報率更好。
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
話雖如此，儘管投資回報率是衡量業務質量的有用指標，但你必須考慮一系列因素才能確定購買股票的正確價格。與股票價格所反映的預期相比，利潤增長率尤其值得考慮。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
But note: Sally Beauty Holdings may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.
但請注意：莎莉美容控股公司可能不是最值得購買的股票。因此，來看看這份投資回報率高、債務低的有趣公司的免費清單。
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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。