Is Tripadvisor, Inc.'s (NASDAQ:TRIP) 2.9% ROE Worse Than Average?
Is Tripadvisor, Inc.'s (NASDAQ:TRIP) 2.9% ROE Worse Than Average?
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 Tripadvisor, Inc. (NASDAQ:TRIP).
儘管有些投資者已經熟悉財務指標（鳴謝），但本文旨在爲那些想了解股東權益回報率（ROE）及其重要性的人服務。爲了使課堂更加具有實用性，我們將使用ROE來更好地了解貓途鷹（納斯達克代碼：TRIP）。
Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors' money. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
股東權益回報率（ROE）是檢驗公司增加其價值和管理投資者資金有效性的測試。簡而言之，ROE顯示每個美元的利潤與其股東的投資有關。
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 Tripadvisor is:
因此，根據上述公式，貓途鷹的ROE是：
2.9% = US$24m ÷ US$825m (Based on the trailing twelve months to March 2024).
2.9% = 2.4億美元 ÷ 8.25億美元（基於截至2024年3月的最近十二個月）。
The 'return' is the profit over the last twelve months. That means that for every $1 worth of shareholders' equity, the company generated $0.03 in profit.
‘回報’是過去12個月的利潤。這意味着對於每1美元的股東權益，公司產生了0.03美元的利潤。
Does Tripadvisor Have A Good ROE?
貓途鷹的ROE良好嗎？
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. If you look at the image below, you can see Tripadvisor has a lower ROE than the average (7.4%) in the Interactive Media and Services industry classification.
通過將公司的ROE與其行業平均水平進行比較，我們可以快速衡量其水平。但由於公司在同一行業分類中存在顯著差異，因此這並不是一個完美的衡量標準。通過下面的圖表，您可以看到在互動媒體和服務業行業板塊中，貓途鷹的ROE低於平均水平（7.4％）。
That certainly isn't ideal. 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. When a company has low ROE but high debt levels, we would be cautious as the risk involved is too high.
然而，低ROE並不總是不好的。如果公司的債務水平適中或較低，則仍有可能通過利用槓桿的財務操作來提高回報。當一家公司ROE較低但債務水平較高時，我們會持謹慎態度，因爲所涉及的風險太高。
How Does Debt Impact Return On Equity?
債務如何影響股東回報率？
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 use of debt will improve the returns, but will not change the equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
大多數公司需要資金以實現利潤增長。這些資金可以來自發行股票、留存收益或債務。在前兩個選項的情況下，ROE將反映出這種用於增長的現金使用情況。在後一種情況下，債務的使用將提高收益，但不會改變股權。因此，債務的使用會提高ROE，但風險也會隨之增加，這在驟雨天氣的情況下是一樣的。
Combining Tripadvisor's Debt And Its 2.9% Return On Equity
綜合考慮貓途鷹的債務和其2.9％的ROE
It's worth noting the high use of debt by Tripadvisor, leading to its debt to equity ratio of 1.02. 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.
值得注意的是，貓途鷹高額使用債務，導致其負債股本比達到1.02。即使有了大量的債務，其ROE仍然相當低，這在我們看來不是一個好結果。債務確實帶來額外的風險，因此只有當一家公司從中獲得一些不錯的回報時，它才真正值得。
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.
淨資產收益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。如果一家公司能夠在沒有債務的情況下實現高回報股東的回報，那麼可以認爲這是一家高質量的公司。如果兩家公司的股權和債務水平大致相同，並且一家公司的ROE較高，那麼我通常會選擇那個ROE較高的公司。
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. 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 check this FREE visualization of analyst forecasts for the company.
話雖如此，ROE是業務質量的一個有用指標，但您還必須考慮一整套因素來確定購買股票的正確價格。因此需要考慮其他因素，如未來的利潤增長以及未來需要投入的資金。因此，您可能希望查看本公司的分析師預測的免費可視化。
Of course Tripadvisor may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
當然，貓途鷹可能不是最好的股票購買選擇。因此，您可能希望查看這些高ROE低債務的其他公司的免費集合。
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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.
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。
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。