Should You Be Impressed By DTE Energy Company's (NYSE:DTE) ROE?
Should You Be Impressed By DTE Energy Company's (NYSE:DTE) ROE?
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 DTE Energy Company (NYSE:DTE).
對於一些已經熟悉財務指標的投資者（致敬），本文是爲那些想了解股本回報率（ROE）及其重要性的人而寫的。爲了讓課堂更加實用，我們將利用ROE來更好地了解DTE Energy Company（NYSE：DTE）.
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.
股東必須考慮股本回報率或ROE，因爲它告訴他們公司如何有效地重新投資他們的資本。 簡而言之，ROE顯示每美元股東投資所產生的利潤。
How Is ROE Calculated?
淨資產收益率怎麼計算？
The formula for return on equity is:
權益回報率的計算公式是：
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
淨資產收益率 = 淨利潤（從持續經營中獲得）÷ 股東權益
So, based on the above formula, the ROE for DTE Energy is:
因此，根據上述公式，DTE Energy的ROE爲：
11% = US$1.3b ÷ US$11b (Based on the trailing twelve months to March 2024).
11％= 13億美元÷ 110億美元（基於截至2024年3月的過去12個月）。
The 'return' refers to a company's earnings over the last year. That means that for every $1 worth of shareholders' equity, the company generated $0.11 in profit.
“回報”是指公司過去一年的收益。這意味着對於每1美元的股東權益，公司產生了0.11美元的利潤。
Does DTE Energy Have A Good ROE?
DTE Energy的ROE表現良好嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, DTE Energy has a better ROE than the average (9.4%) in the Integrated Utilities industry.
通過將公司的ROE與同行業平均水平進行比較，我們可以快速了解其表現如何。但是，這種方法只是一個粗略的檢查，因爲同一行業分類中的公司差異很大。如下圖所示，DTE Energy的ROE優於公用事業行業的平均水平（9.4％）。
That's clearly a positive. With that said, a high ROE doesn't always indicate high profitability. 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. You can see the 3 risks we have identified for DTE Energy by visiting our risks dashboard for free on our platform here.
這顯然是一個積極的方面。但是，高ROE並不總是表示高盈利能力。特別是當公司使用高負債水平來融資其債務時，這可能會提高其ROE，但高槓杆率會使公司處於風險之中。您可以訪問我們風險儀表板在瀏覽完所有相關因素確定股票購買價格後，ROE是一個有用的公司質量指標。此外，還需要考慮其他因素，例如未來盈利增長以及未來需要投入多少投資。因此，我認爲值得查看這份免費的詳細收益、營收和現金流圖表。
Why You Should Consider Debt When Looking At ROE
爲什麼在觀察ROE時你應該考慮債務問題？
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 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.
通常，公司需要投資資金來增加利潤。投資資金可以來自前年的利潤（保留收益），發行新股或借款。在前兩種情況下，ROE將反映這種用於增長的現金使用。在後一種情況下，債務的使用將提高回報，但不會改變股本。以這種方式使用債務將提高ROE，即使業務的基本經濟學仍然相同。
DTE Energy's Debt And Its 11% ROE
DTE Energy的債務和其11％的ROE
It's worth noting the high use of debt by DTE Energy, leading to its debt to equity ratio of 1.96. 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.
值得注意的是，DTE Energy使用了大量債務，導致其資產負債比爲1.96。由於ROE相對較低，並且使用了大量債務，目前很難對這家企業感到興奮。債務會增加風險並減少公司未來的選擇，因此通常希望從中獲得一些良好的收益。
Summary
總的來說，我們對偉明環保的表現非常滿意。具體而言，我們喜歡公司以高回報率再投資了其利潤的很大一部分。當然，這導致公司的收益大幅增長。但是，最新的行業分析師預測表明，該公司的收益預計將加速增長。
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. If two companies have the same ROE, then I would generally prefer the one with less debt.
ROE是我們可以比較不同公司業務質量的一種方式。能夠在不太依賴債務的情況下實現高ROE的公司通常是高品質的。如果兩家公司的ROE相同，則通常會更喜歡債務較少的那家公司。
But when a business is high quality, the market often bids it up to a price that reflects this. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
但是，當企業具有高質量時，市場通常會將其競價提高到反映這一點的價格。重要的是考慮其他因素，例如未來的利潤增長 – 以及未來需要多少投資。因此，您可能需要看一下該公司預測數據豐富，交互式圖形。
But note: DTE Energy 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.
但要注意：DTE Energy可能不是最好的股票。因此，可以查看此免費清單，其中包含ROE高且債務低的有趣公司。
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