How Did Equifax Inc.'s (NYSE:EFX) 12% ROE Fare Against The Industry?
How Did Equifax Inc.'s (NYSE:EFX) 12% ROE Fare Against The Industry?
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE). To keep the lesson grounded in practicality, we'll use ROE to better understand Equifax Inc. (NYSE:EFX).
許多投資者仍在學習分析股票時可以有用的各種指標。本文是給那些想了解ROE的人而寫的。爲了讓課程更實際，我們將使用ROE來更好地了解Equifax Inc. (紐交所:EFX)。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
股東權益回報率（ROE）是測試公司如何有效地增加其價值並管理投資者資金的指標。簡而言之，它用於評估公司相對於股本資本的盈利能力。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
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 Equifax is:
因此，根據上述公式，Equifax的ROE爲：
12% = US$564m ÷ US$4.7b (Based on the trailing twelve months to March 2024).
12％= US$564m ÷ US$4.7b（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. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.12.
“回報”是指公司過去一年的收益。這意味着對於每美元股東的投資，該公司會產生0.12美元的利潤。
Does Equifax Have A Good Return On Equity?
Equifax的ROE表現好嗎？
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. The image below shows that Equifax has an ROE that is roughly in line with the Professional Services industry average (14%).
可以說評估公司ROE最簡單的方法是將其與所在行業的平均水平進行比較。重要的是，這遠非是完美的衡量標準，因爲即使在相同的行業分類中，公司之間也存在明顯的差異。下圖顯示Equifax的ROE大致與專業服務行業的平均水平（14％）相當。
That's neither particularly good, nor bad. While at least the ROE is not lower than the industry, its still worth checking what role the company's debt plays as high debt levels relative to equity may also make the ROE appear high. If a company takes on too much debt, it is at higher risk of defaulting on interest payments.
並不特別好，也不差。儘管ROE至少不低於行業平均水平，但仍值得檢查公司債務在其中扮演的角色，因爲與權益相比較高的債務水平可能也會使ROE看起來較高。如果公司承擔過多債務，就更容易面臨未能支付利息的風險。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
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 and second cases, the ROE will reflect this use of cash for investment in the business. 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其利潤。這些資金可以來自保留收益、發行新股（股權）或債務。在前兩種情況下，ROE將反映出這些用於投資的現金流。在後一種情況下，債務的使用將提高收益，但不會改變權益。這將使ROE比沒有使用債務時看起來更好。
Equifax's Debt And Its 12% ROE
Equifax的債務及其12％的ROE
Equifax does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.19. 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.
Equifax確實使用了大量債務來增加回報，其債務與權益比率爲1.19。即使在使用了大量債務的情況下，其ROE也相當低；這在我們看來並不是一個好結果。債務確實帶來了額外的風險，因此只有在公司從中獲得一定的回報時才是值得的。
Conclusion
結論
Return on equity is one way we can compare its business quality of different companies. 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.
ROE是我們可以比較不同公司業務質量的一種方式。沒有負債可以實現高ROE的公司可以被認爲是高質量的公司。如果兩家公司的負債與股本約同，並且一家公司的ROE更高，則我通常更喜歡ROE更高的公司。
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 I think it may be worth checking this free report on analyst forecasts for the company.
但ROE只是更大難題中的一部分，因爲高質量的企業通常在高收益的倍數上進行交易。利潤增長率與股票價格所體現的預期相比是特別重要的因素。因此，我認爲檢查此公司分析師預測的免費報告可能是值得的。
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.
如果您想查看另一傢俱有潛在優越財務狀況的公司，則不要錯過此具有高ROE和低債務的有趣公司的免費列表。
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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論，只使用公正的方法論，我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議，也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意，我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
譯文內容由第三人軟體翻譯。