What Amcor Plc's (NYSE:AMCR) ROE Can Tell Us
What Amcor Plc's (NYSE:AMCR) 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 Amcor plc (NYSE:AMCR).
儘管一些投資者已經精通財務指標（帽子提示），但本文適用於那些想了解股本回報率（ROE）及其重要性的人。通過邊幹邊學的方式，我們將研究投資回報率，以更好地了解Amcor plc（紐約證券交易所代碼：AMCR）。
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 other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.
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。換句話說，它是衡量公司股東提供的資本回報率的盈利比率。
How Do You Calculate Return On Equity?
你如何計算股本回報率？
The formula for ROE is:
ROE 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 Amcor is:
因此，根據上述公式，Amcor的投資回報率爲：
17% = US$663m ÷ US$4.0b (Based on the trailing twelve months to March 2024).
17% = 6.63億美元 ÷ 40億美元（基於截至2024年3月的過去十二個月）。
The 'return' is the yearly profit. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.17.
“回報” 是每年的利潤。因此，這意味着公司每投資1美元，就會產生0.17美元的利潤。
Does Amcor Have A Good ROE?
Amcor 有不錯的投資回報率嗎？
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. You can see in the graphic below that Amcor has an ROE that is fairly close to the average for the Packaging industry (16%).
可以說，評估公司投資回報率的最簡單方法是將其與行業平均水平進行比較。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。你可以在下圖中看到，Amcor的投資回報率與包裝行業的平均水平（16％）相當接近。
So while the ROE is not exceptional, at least its acceptable. Even if the ROE is respectable when compared to the industry, its worth checking if the firm's ROE is being aided by high debt levels. If a company takes on too much debt, it is at higher risk of defaulting on interest payments. Our risks dashboardshould have the 2 risks we have identified for Amcor.
因此，儘管投資回報率並不例外，但至少是可以接受的。即使與行業相比，投資回報率可觀，也值得檢查一下公司的投資回報率是否受到高額債務水平的支撐。如果一家公司承擔了過多的債務，則拖欠利息的風險就會更高。我們的風險儀表板應該包含我們爲Amcor確定的兩種風險。
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 two cases, the ROE will capture this use of capital to grow. 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.
公司通常需要投資來增加利潤。這些現金可能來自發行股票、留存收益或債務。在前兩個案例中，投資回報率將利用這種資本來增長。在後一種情況下，使用債務將提高回報，但不會改變權益。這將使投資回報率看起來比不使用債務時的投資回報率要好。
Combining Amcor's Debt And Its 17% Return On Equity
合併安姆科的債務及其17％的股本回報率
Amcor clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.82. 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. 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.
Amcor顯然使用大量債務來提高回報，因爲其債務與權益比率爲1.82。儘管其投資回報率可觀，但值得記住的是，公司可以使用多少債務通常是有限制的。投資者應該仔細考慮如果一家公司無法如此輕易地借款，其表現會如何，因爲信貸市場確實會隨着時間的推移而發生變化。
Conclusion
結論
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. In our books, the highest quality companies have high return on equity, despite low debt. If two companies have the same ROE, then I would generally prefer the one with less debt.
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。在我們的賬簿中，儘管債務很低，但質量最高的公司的股本回報率卻很高。如果兩家公司的投資回報率相同，那麼我通常更喜歡負債較少的公司。
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 check this FREE visualization of analyst 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，您可能需要查看該公司的分析師預測的免費可視化效果。
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。
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.
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，給編輯團隊 (at) simplywallst.com 發送電子郵件。
Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
對這篇文章有反饋嗎？對內容感到擔憂？直接聯繫我們。 或者，發送電子郵件至 editorial-team@simplywallst.com
譯文內容由第三人軟體翻譯。