Should You Be Worried About SMART Global Holdings, Inc.'s (NASDAQ:SGH) 5.4% Return On Equity?
Should You Be Worried About SMART Global Holdings, Inc.'s (NASDAQ:SGH) 5.4% Return On Equity?
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. We'll use ROE to examine SMART Global Holdings, Inc. (NASDAQ:SGH), by way of a worked example.
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。舉一個有效的例子，我們將使用投資回報率來研究SMART Global Holdings, Inc.（納斯達克股票代碼：SGH）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. 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用於評估公司管理層利用公司資本效率的關鍵指標。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 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 SMART Global Holdings is:
因此，根據上述公式，SMART Global Holdings的投資回報率爲：
5.4% = US$22m ÷ US$412m (Based on the trailing twelve months to March 2024).
5.4% = 2200萬美元 ÷ 4.12億美元（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. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.05 in profit.
“回報” 是企業去年獲得的收入。將其概念化的一種方法是，每持有1美元的股東資本，公司就會獲得0.05美元的利潤。
Does SMART Global Holdings Have A Good ROE?
SMART Global Holdings的投資回報率是否
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As shown in the graphic below, SMART Global Holdings has a lower ROE than the average (15%) in the Semiconductor industry classification.
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。重要的是，這遠非完美的衡量標準，因爲各公司在相同的行業分類中差異很大。如下圖所示，SMART Global Holdings的投資回報率低於半導體行業分類中的平均水平（15％）。
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. To know the 3 risks we have identified for SMART Global Holdings visit our risks dashboard for free.
這當然不理想。但是，低投資回報率並不總是壞事。如果公司的債務水平處於中等至低水平，那麼仍然有可能通過使用財務槓桿來提高回報。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。要了解我們爲SMART Global Holdings確定的三種風險，請免費訪問我們的風險控制面板。
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. That cash can come from issuing shares, retained earnings, 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。這些現金可以來自發行股票、留存收益或債務。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，使用債務將提高回報，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。
SMART Global Holdings' Debt And Its 5.4% ROE
SMART Global Holdings的債務及其5.4％的投資回報率
SMART Global Holdings clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.80. With a fairly low ROE, and significant use of debt, it's hard to get excited about this business at the moment. Debt increases risk and reduces options for the company in the future, so you generally want to see some good returns from using it.
SMART Global Holdings顯然使用大量債務來提高回報，因爲其債務與權益比率爲1.80。由於投資回報率相當低，而且債務使用量很大，目前很難對這項業務感到興奮。債務會增加風險，減少公司未來的選擇，因此您通常希望從使用債務中獲得豐厚的回報。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。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。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
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 you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是投資回報率只是更大難題中的一部分，因爲高質量的企業通常以高倍的收益進行交易。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。
Of course SMART Global Holdings 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，SMART Global Holdings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。
譯文內容由第三人軟體翻譯。