What Harley-Davidson, Inc.'s (NYSE:HOG) ROE Can Tell Us
What Harley-Davidson, Inc.'s (NYSE:HOG) ROE Can Tell Us
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. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Harley-Davidson, Inc. (NYSE:HOG).
一些投資者對金融指標已經非常熟悉（鳴謝），本文是爲那些想要學習回報率（ROE）及其重要性的人而編寫的。通過學以致用，我們將研究ROE，以更好地理解哈雷戴維森（Harley-Davidson，Inc.）的情況（NYSE：HOG）。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
對於股東來說，股東回報率（ROE）是一個重要的考慮因素，因爲它告訴股東他們的資本被有效地再投資了多少。換句話說，它是一個衡量公司股東提供的資本回報率的盈利能力比率。
How To Calculate Return On Equity?
如何計算股東權益報酬率？
The formula for ROE is:
roe的公式是：
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 Harley-Davidson is:
因此，根據上述公式，哈雷戴維森的ROE爲：
19% = US$625m ÷ US$3.3b (Based on the trailing twelve months to March 2024).
19％= 6.25億美元÷ 33億美元（根據最近十二個月至2024年3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 $0.19 in profit.
‘回報率’是指過去十二個月稅後收益。一個概念是，針對每1美元的股東資本，公司賺取了0.19美元的利潤。
Does Harley-Davidson Have A Good Return On Equity?
哈雷戴維森的回報率如何？
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. If you look at the image below, you can see Harley-Davidson has a similar ROE to the average in the Auto industry classification (19%).
可以說，評估公司的ROE最容易的方法是將其與行業內平均水平進行比較。然而，由於公司在相同行業分類中的差異很大，因此這種方法只是一個粗略的檢查。如果您查看以下圖像，您會發現哈雷戴維森的ROE與汽車行業分類的平均值（19％）相似。
That isn't amazing, but it is respectable. Although the ROE is similar to the industry, we should still perform further checks to see if the company's ROE is being boosted by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. You can see the 2 risks we have identified for Harley-Davidson by visiting our risks dashboard for free on our platform here.
這並不令人驚訝，但是很值得尊敬。儘管ROE與行業相似，但我們仍然應該進一步檢查公司的ROE是否因高負債水平而提高。如果公司承擔過多的債務，則更容易面臨不能支付利息的風險。您可以訪問我們的網站，了解我們已經爲哈雷戴維森確定的這兩個風險。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。
How Does Debt Impact ROE?
債務對ROE的影響是怎樣的？
Most companies need money -- from somewhere -- 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 debt required for growth will boost returns, but will not impact the shareholders' equity. That will make the ROE look better than if no debt was used.
大多數公司需要資金——從某個地方獲取——以增加其利潤。這些資金可以來自發行股票、保留收益或債務。對於第一種和第二種選擇，ROE將反映出這種通過增長使用現金的情況。對於後一種情況，用於增長所需的債務將提高回報率，但不會影響股東權益。這將使ROE看起來比不使用債務要好。
Harley-Davidson's Debt And Its 19% ROE
哈雷戴維森的債務和其19％ROE
It's worth noting the high use of debt by Harley-Davidson, leading to its debt to equity ratio of 2.17. There's no doubt its ROE is decent, but the very high debt the company carries is not too exciting to see. Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.
值得注意的是，哈雷戴維森大量使用債務，導致其負債權益比爲2.17。毫無疑問，它的ROE表現不錯，但公司承擔的非常高的債務並不太令人興奮。投資者應仔細思考，如果公司不能如此輕易地借債，它可能的表現如何，因爲信貸市場隨時間而變化。
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. In our books, the highest quality companies have high return on equity, despite low debt. 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.
股本收益率是我們可以比較不同公司業務質量的一種方式。在我們書中，具有高股本收益率的最高質量公司，儘管負債率低。如果兩家公司的負債與股權水平大致相同，並且其中一家公司的ROE更高，我通常會更喜歡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. 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，ROE只是一個大問題的一部分，因爲高質量企業通常以高的收益倍數進行交易。考慮到其他因素，例如未來的利潤增長以及未來需要投入多少投資，這一點非常重要。因此，您可能需要查看該公司的數據豐富的交互式預測圖表。
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。
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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.
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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。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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譯文內容由第三人軟體翻譯。