Select Medical Holdings Corporation (NYSE:SEM) Delivered A Better ROE Than Its Industry
Select Medical Holdings Corporation (NYSE:SEM) Delivered A Better ROE Than Its Industry
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 Select Medical Holdings Corporation (NYSE:SEM).
雖然一些投資者已經精通金融指標（帽子），但本文是爲那些想學習回報率（ROE）以及其重要性的人準備的。爲了讓課程更加務實，我們將使用ROE來更好地了解Select Medical Holdings Corporation（NYSE：SEM）。
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.
股東權益回報率（roe）是一種關鍵指標，用於評估公司管理層如何有效利用公司資本。更簡單地說，它衡量了公司相對股東權益的盈利能力。
How Do You Calculate Return On Equity?
怎樣計算ROE?
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 Select Medical Holdings is:
因此，基於以上公式，Select Medical Holdings的ROE爲：
20% = US$332m ÷ US$1.7b (Based on the trailing twelve months to March 2024).
20％= US$ 332m ÷ US$ 1.7b（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. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.20 in profit.
“回報”指的是公司過去一年的收益。另一種思考方式是，對於每1美元的股本，公司能夠獲得0.20美元的利潤。
Does Select Medical Holdings Have A Good Return On Equity?
Select Medical Holdings是否具有良好的淨資產收益率？
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. As is clear from the image below, Select Medical Holdings has a better ROE than the average (11%) in the Healthcare industry.
可以說，評估公司的ROE最簡單的方法是將其與同行業中的平均值相比較。然而，這種方法只適用於一個粗略的檢查，因爲公司在同一行業分類中確實存在相當大的差異。如下圖所示，Select Medical Holdings的ROE比醫療保健行業的平均值（11％）更好。
That is a good sign. With that said, a high ROE doesn't always indicate high profitability. Aside from changes in net income, a high ROE can also be the outcome of high debt relative to equity, which indicates risk. To know the 2 risks we have identified for Select Medical Holdings visit our risks dashboard for free.
那是一個好兆頭。話雖如此，高ROE並不總是表明高盈利能力。除了淨收入的變化外，高ROE還可能是相對於股權的高債務的結果，這表明風險。了解我們已經爲Select Medical Holdings確定的兩種風險，請訪問我們的風險儀表板（免費）。
The Importance Of Debt To Return On Equity
債務對股本回報率的重要性
Most companies need money -- from somewhere -- 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 debt used for growth will improve returns, but won't affect the total equity. In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.
大多數公司需要資金來增加利潤。這些資金可以來自保留收益，發行新股（股權）或債務。在第一和第二種情況下，ROE將反映這種用於投資業務的現金使用情況。在後一種情況下，用於增長的債務將提高回報，但不會影響總股本。通過這種方式，債務的使用將提高ROE，即使業務的核心經濟學保持不變。
Combining Select Medical Holdings' Debt And Its 20% Return On Equity
合併Select Medical Holdings的債務和其20％的淨資產收益率
Select Medical Holdings does use a high amount of debt to increase returns. It has a debt to equity ratio of 2.31. While its ROE is respectable, it is worth keeping in mind that there is usually a limit as to how much debt a company can use. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Select Medical Holdings確實使用大量債務來增加回報。它的資產負債比率爲2.31。雖然其ROE是可觀的，但值得注意的是，公司可以使用的債務通常是有限的。債務確實帶來額外風險，因此只有在公司從中獲得一些良好回報時，才是真正值得的。
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。
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 I think it may be worth checking this free report on analyst forecasts for the company.
儘管ROE是企業質量的有用指標，但您還需要考慮一系列因素來確定購買股票的正確價格。重要的是要考慮其他因素，例如未來的利潤增長以及今後需要多少投資。因此，我認爲值得查看有關該公司分析師預測的免費報告。
Of course Select Medical Holdings 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，Select Medical Holdings可能不是最好的股票購買選項。因此，您可能希望查看此免費收藏中具有高ROE和低負債的其他公司。
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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。