Should You Be Concerned About Ameresco, Inc.'s (NYSE:AMRC) ROE?
Should You Be Concerned About Ameresco, Inc.'s (NYSE:AMRC) ROE?
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 Ameresco, Inc. (NYSE:AMRC).
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Ameresco, Inc.（紐約證券交易所代碼：AMRC）。
Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.
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，它衡量公司相對於股東權益的盈利能力。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
Return on equity can be calculated by using the formula:
股本回報率可以使用以下公式計算：
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 Ameresco is:
因此，根據上述公式，Ameresco的投資回報率爲：
5.8% = US$56m ÷ US$974m (Based on the trailing twelve months to March 2024).
5.8% = 5,600萬美元 ÷ 9.74億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.06 in profit.
“回報” 是過去十二個月的稅後收入。對此進行概念化的一種方法是，該公司每擁有1美元的股東資本，就能獲得0.06美元的利潤。
Does Ameresco Have A Good Return On Equity?
Ameresco有良好的股本回報率嗎？
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. If you look at the image below, you can see Ameresco has a lower ROE than the average (12%) in the Construction 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。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。如果你看下圖，你會發現Ameresco的投資回報率低於建築行業分類中的平均水平（12％）。
That's not what we like to see. 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 company with high debt levels and low ROE is a combination we like to avoid given the risk involved. To know the 3 risks we have identified for Ameresco visit our risks dashboard for free.
這不是我們喜歡看到的。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。鑑於所涉及的風險，高債務水平和低投資回報率的公司是我們希望避免的組合。要了解我們爲Ameresco確定的三種風險，請免費訪問我們的風險儀表板。
Why You Should Consider Debt When Looking At ROE
爲什麼在考慮投資回報率時應該考慮債務
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 first two cases, the ROE will capture this use of capital to grow. In the latter case, the debt used for growth will improve returns, but won't affect the total equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
公司通常需要投資資金來增加利潤。這些現金可以來自留存收益、發行新股（股權）或債務。在前兩個案例中，投資回報率將涵蓋這種資本用於增長的用途。在後一種情況下，用於增長的債務將提高回報，但不會影響總資產。因此，使用債務可以提高投資回報率，儘管可以隱喻地說，暴風雨天氣會帶來額外的風險。
Ameresco's Debt And Its 5.8% ROE
Ameresco的債務及其5.8％的投資回報率
It's worth noting the high use of debt by Ameresco, leading to its debt to equity ratio of 2.10. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. 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，Ameresco大量使用債務，導致其負債權益比率爲2.10。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。
Summary
摘要
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. 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.
股本回報率是衡量企業創造利潤並將其返還給股東的能力的有用指標。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. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to check this FREE visualization of 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，但你必須考慮一系列因素才能確定購買股票的正確價格。還必須考慮利潤可能增長的速度，相對於當前價格所反映的利潤增長預期。因此，您可能需要查看該公司的分析師預測的免費可視化效果。
But note: Ameresco 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：Ameresco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、負債率低的有趣公司的免費清單。
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