Should You Be Excited About Janus International Group, Inc.'s (NYSE:JBI) 26% Return On Equity?
Should You Be Excited About Janus International Group, Inc.'s (NYSE:JBI) 26% 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 Janus International Group, Inc. (NYSE:JBI), 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考察駿利國際集團有限公司（紐約證券交易所代碼：JBI）。
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 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，投資回報率顯示了每美元從其股東投資中產生的利潤。
How To Calculate Return On Equity?
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 Janus International Group is:
因此，根據上述公式，駿利國際集團的投資回報率爲：
26% = US$140m ÷ US$535m (Based on the trailing twelve months to March 2024).
26% = 1.4億美元 ÷ 5.35億美元（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 $0.26 in profit.
“回報” 是指公司去年的收益。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0.26美元的利潤。
Does Janus International Group Have A Good Return On Equity?
駿利國際集團有良好的股本回報率嗎？
By comparing a company's ROE with its industry average, we can get a quick measure of how good it is. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Janus International Group has a better ROE than the average (17%) in the Building industry.
通過將公司的投資回報率與其行業平均水平進行比較，我們可以快速衡量其表現如何。重要的是，這遠非一個完美的衡量標準，因爲各公司在相同的行業分類中差異很大。如下圖所示，駿利國際集團的投資回報率高於建築行業的平均水平（17％）。
That's clearly a positive. However, bear in mind that a high ROE doesn't necessarily indicate efficient profit generation. 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。但是，請記住，較高的投資回報率並不一定表示有效的利潤產生。尤其是當一家公司使用高額債務爲其債務融資時，這可能會提高其投資回報率，但高槓杆率使公司處於危險之中。
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 issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. 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。這些現金可以來自發行股票、留存收益或債務。在第一和第二種情況下，投資回報率將反映現金用於企業投資的情況。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。
Janus International Group's Debt And Its 26% ROE
駿利國際集團的債務及其26％的投資回報率
It's worth noting the high use of debt by Janus International Group, leading to its debt to equity ratio of 1.14. There's no doubt the ROE is impressive, but it's worth keeping in mind that the metric could have been lower if the company were to reduce its debt. 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，駿利國際集團大量使用債務，導致其債務權益比率爲1.14。毫無疑問，投資回報率令人印象深刻，但值得記住的是，如果該公司減少債務，該指標可能會更低。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. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have around the same level of debt to equity, and one has a higher ROE, I'd generally prefer the one with higher ROE.
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。能夠在沒有債務的情況下實現高股本回報率的公司可以被視爲高質量的企業。如果兩家公司的債務與股權比率大致相同，而一家公司的投資回報率更高，那麼我通常更喜歡投資回報率更高的那家公司。
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，當企業質量很高時，市場通常會以反映這一點的價格出價。重要的是要考慮其他因素，例如未來的利潤增長，以及未來需要多少投資。因此，你可能想看看這張數據豐富的公司預測交互式圖表。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
當然，通過尋找其他地方，你可能會找到一筆不錯的投資。因此，來看看這份有趣的公司的免費清單吧。
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