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Is Carrier Global Corporation's (NYSE:CARR) 11% ROE Worse Than Average?

Is Carrier Global Corporation's (NYSE:CARR) 11% ROE Worse Than Average?

開利環球公司(紐約證券交易所代碼:CARR)11%的投資回報率是否低於平均水平?
Simply Wall St ·  05/22 00:50

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 Carrier Global Corporation (NYSE:CARR), by way of a worked example.

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。我們將使用投資回報率來考察開利環球公司(紐約證券交易所代碼:CARR),舉一個很好的例子。

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. 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,它用於評估公司相對於其股權資本的盈利能力。

How To Calculate Return On Equity?

如何計算股本回報率?

The formula for ROE is:

ROE 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 Carrier Global is:

因此,根據上述公式,開利環球的投資回報率爲:

11% = US$1.3b ÷ US$12b (Based on the trailing twelve months to March 2024).

11% = 13億美元 ÷ 120億美元(基於截至2024年3月的過去十二個月)。

The 'return' refers to a company's earnings over the last year. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.11 in profit.

“回報” 是指公司去年的收益。將其概念化的一種方法是,公司每擁有1美元的股東資本,就能獲得0.11美元的利潤。

Does Carrier Global Have A Good ROE?

開利環球的投資回報率是否良好?

Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. The limitation of this approach is that some companies are quite different from others, even within the same industry classification. As is clear from the image below, Carrier Global has a lower ROE than the average (17%) in the Building industry.

可以說,評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。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。如下圖所示,開利環球的投資回報率低於建築行業的平均水平(17%)。

roe
NYSE:CARR Return on Equity May 21st 2024
紐約證券交易所:CARR 股本回報率 2024 年 5 月 21 日

That certainly isn't ideal. That being said, a low ROE is not always a bad thing, especially if the company has low leverage as this still leaves room for improvement if the company were to take on more debt. A high debt company having a low ROE is a different story altogether and a risky investment in our books. You can see the 4 risks we have identified for Carrier Global by visiting our risks dashboard for free on our platform here.

這當然不理想。話雖如此,低投資回報率並不總是一件壞事,尤其是在公司的槓桿率低的情況下,因爲如果公司承擔更多債務,這仍有改進的餘地。投資回報率低的高負債公司完全是另一回事,對我們的賬面來說也是一項風險投資。您可以訪問我們的 4 種風險,查看我們爲開利環球確定的四種風險 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?

Companies usually need to invest money to grow their profits. The cash for investment can come from prior year profits (retained earnings), issuing new shares, or borrowing. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt used for growth will improve returns, but won't affect the total 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。投資現金可以來自上一年度的利潤(留存收益)、發行新股或借款。就第一和第二種選擇而言,投資回報率將反映現金的這種用途,以實現增長。在後一種情況下,用於增長的債務將提高回報,但不會影響總權益。這將使投資回報率看起來比不使用債務時要好。

Combining Carrier Global's Debt And Its 11% Return On Equity

合併開利環球的債務及其11%的股本回報率

Carrier Global clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.42. 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.

開利環球顯然使用大量債務來提高回報,因爲其債務與權益比率爲1.42。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. 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。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 I think it may be worth checking this free report on analyst 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,但您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。

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。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對這篇文章有反饋嗎?對內容感到擔憂?直接聯繫我們。 或者,給編輯團隊 (at) simplywallst.com 發送電子郵件。
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。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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